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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

Alleged Embezzlement at Koss Corp. Fuels Debate on Sarbox 404 Exemption

Posted on January 07, 2010
CFO.com reports on the alleged $31 million embezzlement by the former vice president--finance of Koss Corp., a small public corporation that has been exempt from the Sarbanes-Oxley 404(b) requirement that its auditor evaluate its internal controls. Small business advocates have...

Former McKinsey Partner Says He Passed Information to Rajaratnam

Posted on January 07, 2010
Anil Kumar, a former senior partner at McKinsey & Co., pleaded guilty in Manhattan federal court to conspiracy and securities fraud charges, saying that he was paid more than $1 million to give confidential information on McKinsey clients to Raj...

Former Engineered Support CEO Settles Backdating Charges

Posted on January 06, 2010
On Jan. 5, 2010, the United States District Court for the Eastern District of Missouri entered a final judgment by consent against Michael F. Shanahan, Sr., the former Chairman and CEO of Engineered Support Systems, Inc. (Engineered Support or the...

Former Merrill Lynch Banker Settles SEC Charges Relating to Enron's Nigerian Barge Transactions

Posted on January 06, 2010
On Dec. 31, 2009, the U.S. District Court in Houston entered a final judgment in the Commission's civil action against Daniel H. Bayly (Bayly), former global head of investment banking at Merrill Lynch & Co., Inc. (Merrill Lynch). The SEC...

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Former CFO of Investment Adviser Settles SEC Charges She Aided CEO's Misappropriation of Funds

Posted on January 06, 2010
The SEC settled administrative charges against Mary Beth Stevens, the former chief financial officer and chief compliance officer of investment adviser AA Capital Partners Inc. (AA Capital), finding that Stevens aided and abetted the misappropriation of more than $23 million...

SEC Announces Agenda for Jan. 13 Meeting

Posted on January 06, 2010
The SEC announced an Open Meeting for January 13, 2010. The subject matter of the Open Meeting will be: The Commission will consider whether to publish a concept release on equity market structure. The concept release would invite public comment...

Feds Charge Rajaratnam with Paying for Inside Information

Posted on January 06, 2010
Federal prosecutors added another count to its criminal complaint against hedge fund manager Raj Rajaratnam, alleging that in 2006 he paid an unnamed source for advance information about the acquisition of ATI Technologies by Advanced Micro Devices and subsequently made...

Last of Fourteen Defendants Settles Charges in Wall Street Insider Trading Case

Posted on January 05, 2010
On December 17, 2009, the United States District Court for the Southern District of New York entered a final judgment against Ken Okada, the last remaining defendant in SEC v. Guttenberg, et al., C.A. No. 07 CV 1774 (S.D.N.Y.), an...

Former Perot Systems Employee Settles Insider Trading Charges in Connection with Dell Merger

Posted on January 05, 2010
The SEC today announced that Reza Saleh, a former Perot family companies employee, agreed to return all of his profits ? a total of more than $8.6 million -- from alleged insider trading. Just two days after Dell Inc. announced...

WSJ Reports on Brokers' Flight from Brokerage Firms

Posted on January 04, 2010
In case you missed it -- the Wall St. Journal today has a front-page story on the exodus of brokers from major brokerage firms and their transformation into investment advisers. The statistics show a decline in the number of registered...

FINRA Arbitration Panel Awards Punitive Damages Based on Elder Abuse

Posted on January 04, 2010
Arbitration awards against online discount brokerage firms are rare, as are punitive damages in general and punitive damages based on elder abuse. Yet Investment News reports that a FINRA arbitration panel in California awarded $320,000 in compensatory damages and $960,000...

SEC Publishes Corrected Effective Date for Final Temporary Rule on Principal Trades

Posted on January 04, 2010
Today the SEC published a correction to its December 30, 2009 release adopting as final Rule 206(3)-3T under the Investment Advisers Act of 1940, the interim final temporary rule that establishes an alternative means for investment advisers who are registered...

SEC Names PwC Partner as Director of OCIE

Posted on January 04, 2010
The SEC today announced that Carlo V. di Florio has been named Director of the agency?s Office of Compliance Inspections and Examinations (OCIE). OCIE is the division that received so much bad press for its failure to uncover the Madoff...

Ford on Financial Regulation

Posted on January 01, 2010
New Governance in the Teeth of Human Frailty: Lessons from Financial Regulation, by Cristie L. Ford, University of British Columbia Faculty of Law; Columbia Law School, was recently posted on SSRN. Here is the abstract: New Governance scholarship has made...

Choi et al. on Pay to Play in Securities Class Actions

Posted on January 01, 2010
The Price of Pay to Play in Securities Class Actions, by Stephen J. Choi, New York University - School of Law; Drew T. Johnson-Skinner, New York University School of Law; and Adam C. Pritchard, University of Michigan Law School, was...

SEC Adopts Custody and Recordkeeping Rules for Investment Advisers

Posted on December 31, 2009
The SEC adopted amendments to the custody and recordkeeping rules under the Investment Advisers Act of 1940 to provide additional safeguards when a registered adviser has custody of client funds or securities. The final rules require the adviser, among other...

Telecommunications Company Settles FCPA Charges Relating to Asian Business

Posted on December 31, 2009
The SEC charged Alameda, Calif.-based telecommunications company UTStarcom, Inc. with violations of the Foreign Corrupt Practices Act (FCPA) for authorizing millions of dollars in unlawful payments to foreign government officials in Asia. UTStarcom agreed to settle the SEC's charges and...

SEC Charges Broker with Defrauding Two Florida Municipalities

Posted on December 29, 2009
The SEC today charged Harold H. Jaschke, a Houston-based broker, with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while he reaped commissions of more than $14...

Stifel Settles ARS Charges with State Securities Regulators

Posted on December 29, 2009
NASAA today announced that a settlement in principle has been reached between Stifel, Nicolaus & Co., Inc. and state securities regulators to provide relief for the firm?s clients who have had their funds frozen in the auction rate securities (ARS)...

SEC Makes Permanent Investment Advisers Rule on Principal Trades

Posted on December 28, 2009
The SEC adopted as final Rule 206(3)-3T under the Investment Advisers Act of 1940, the interim final temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of...

FINRA Proposes Change to Arbitration Rules Regarding Hearing Location

Posted on December 28, 2009
The SEC noticed a proposed rule change (SR-FINRA-2009-073) submitted by FINRA related to the hearing location rules of the Codes of Arbitration Procedure for customer and industry disputes. Publication is expected in the Federal Register during the week of December...

Ohio Investment Adviser Settles Allegations of Misappropriating Funds from Elderly Clients

Posted on December 28, 2009
Julie M. Jarvis, of Columbus, Ohio, and her financial advisory firm, Crossroads Financial Planning, Inc, have agreed to settle the SEC's pending civil action against them that alleged that Jarvis misappropriated at least $2.3 million from two elderly clients between...

SEC Permanently Disqualifies Former GC of Universal Express

Posted on December 28, 2009
The SEC permanently disqualified Chris G. Gunderson, an attorney and former general counsel for Universal Express, Inc., a Nevada corporation, from appearing or practicing before it pursuant to Rule of Practice 102(e). The Commission found that Gunderson had been permanently...

Former CEO and Securities Counsel Settle Financial Fraud Charges

Posted on December 28, 2009
The SEC settled financial fraud charges against Richard E. McDonald, former President, CEO and Chairman of World Health Alternatives, Inc. ("World Health"), a now defunct medical staffing company previously located in Pittsburgh, Pennsylvania. The Commission's complaint alleges that McDonald was...

SEC Obtains Emergency Relief In Connection with Alleged Trading on Inside Information

Posted on December 28, 2009
On Dec. 23 the SECobtained an emergency asset freeze against two French men it charged with insider trading the day after they tried to illegally profit from a Paris-based manufacturer?s acquisition of another health care products company located in Chattanooga,...

SEC Proposes Amendments to Rule 163

Posted on December 22, 2009
The SEC proposes amendments to Rule 163(c) under the Securities Act of 1933 that would allow a well-known seasoned issuer to authorize an underwriter or dealer to act as its agent or representative in communicating about offerings of the issuer?s...

Oversight Group Charges SEC Delay in Implementing OIG Recommendations

Posted on December 22, 2009
The Project On Government Oversight (POGO), an independent nonprofit that investigates and exposes government corruption and other misconduct, charged in a Dec. 16, 2009 letter to SEC Chair Schapiro that the agency has been dragging its feet on 224 recommendations...

Atlas Mining and Former CEO Settle SEC Fraud Charges

Posted on December 22, 2009
The SEC filed settled charges against Atlas Mining Company, an Idaho mining company, and its former CEO for improperly financing their struggling operations through the illegal distribution of millions of shares of stock to investors. According to the SEC, William...

SEC Settles Fraud Charges Against Texas Investment Adviser Who Used Football Players to Promote Offerings

Posted on December 22, 2009
The SEC filed securities fraud charges against Kurt B. Barton, an Austin, Texas investment adviser, and two businesses he controls for operating a multi-million dollar scam that used former professional football players to promote its offerings. According to the SEC,...

SEC Approves Amendments to FINRA Arbitration Rules

Posted on December 21, 2009
On December 18, the SEC approved amendments to the FINRA arbitration rules. While mostly of a housekeeping nature, the one amendment that could affect investors is a provision that states that customers may be responsible for hearing fees if they...

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