DFPI Enforcement Actions - November 2025

The California Department of Financial Protection and Innovation (DFPI) issued several enforcement actions in November 2025, including consent orders, settlement agreements, and license revocations. These actions address violations of California's Financial Code and Corporations Code related to lending, financing, and securities activities.

DFPI Enforcement Actions and Orders - December 2025

The California Department of Financial Protection and Innovation (DFPI) issued a summary of enforcement actions and orders for December 2025. These actions include desist and refrain orders, accusations, and license revocations against individuals and entities for violations of securities, debt collection, escrow, and financing laws.

FERC Order on Energy Resources in Capacity Auctions Affirmed

The U.S. Court of Appeals for the D.C. Circuit affirmed a Federal Energy Regulatory Commission (FERC) order concerning energy resources in capacity auctions. This decision upholds FERC's authority and previous rulings on the matter, impacting how energy resources are evaluated and procured in organized markets.

SEC v. Gessin, Equifunds, Ice Fleet - Securities Fraud Enforcement

The SEC announced final judgments by default against Equifunds, Inc., John David Gessin, and Ice Fleet LLC for a fraudulent scheme that raised over $1.6 million from retail investors. The judgments include disgorgement, prejudgment interest, and a civil penalty against Gessin.

SEC Obtains Final Judgment Against Nicholas Bowerman in Accounting Fraud Case

The SEC announced it has obtained a final judgment against Nicholas Bowerman, a former finance director at CIRCOR International, for alleged accounting fraud. The judgment includes permanent injunctions, a prohibition from serving in financial roles at public companies, and orders Bowerman to pay disgorgement, interest, and a $75,000 civil penalty.

FINRA Guidance Documents, Interpretive Letters, FAQs, and Best Practices

FINRA has published a collection of its guidance documents, interpretive letters, FAQs, and best practices related to specific topics. This resource aims to provide clarity and support for regulated entities in understanding and adhering to FINRA rules.

Gibbons v. Gibbs - Affirmation of District Court Decision

The Fourth Circuit affirmed a district court's decision in Gibbons v. Gibbs, upholding the dismissal of claims related to the appointment of an election registrar. The court found that the appellant forfeited appellate review by failing to properly proffer evidence and found no abuse of discretion in the district court's evidentiary rulings or jury selection.

Michael Herlihy v. DBMP, LLC - Asbestos Claims in Bankruptcy

The Fourth Circuit Court of Appeals affirmed a bankruptcy court's decision to deny a motion to lift an automatic stay for asbestos claims against DBMP, LLC. The court found that lifting the stay would prejudice the debtor's estate and interfere with a potential Chapter 11 reorganization plan for asbestos claimants.

Lowy v. Daniel Defense, LLC - Product Liability Opinion

The Fourth Circuit Court of Appeals reversed in part and vacated in part a district court's decision in Karen Lowy v. Daniel Defense, LLC. The opinion, decided on February 11, 2026, addresses product liability claims against firearms manufacturers and related entities. The case has been remanded for further proceedings.

Operation 13 Tiers: 25 Defendants Charged in Drug Trafficking Scheme

Florida Attorney General James Uthmeier announced the conviction of Franklin Guillen Lara and the charging of 24 other defendants in Operation 13 Tiers. The operation targeted a drug trafficking organization run by the SUR-13 gang from within Florida prisons, resulting in the seizure of significant quantities of fentanyl and methamphetamine.