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Post Frequency: 38.1/day

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

SEC Enforcement Director Testifies on Mortgage Fraud

Posted on December 10, 2009
Robert Khuzami, SEC Director, Division of Enforcement, testified yesterday on Mortgage Fraud, Securities Fraud, and the Financial Meltdown: Prosecuting Those Responsible before the United States Senate Committee on the Judiciary.

SEC Open Meeting Dec. 16

Posted on December 09, 2009
The SEC announced an Open Meeting - Wednesday, December 16, 2009 - 10:00 a.m. The subject matter of the Open Meeting will be: Item 1: The Commission will consider whether to adopt amendments to rules and forms under the Securities...

SEC Delays Effective Date of Rule 151A

Posted on December 09, 2009
In a court filing, the SEC stated that it would delay the effective date of Rule 151A, which makes indexed annuities securities, for two years. The D.C. Circuit had previously upheld the SEC's legal analysis but remanded the Rule for...

SEC Proposes Some Increased Recovery for Early Madoff Investors

Posted on December 09, 2009
The House Capital Markets Subcommittee, chaired by Rep.Kanjorski, held another hearing today on the Madoff fraud, specifically dealing with SIPC. In honor of the occasion, the New York Times today ran an article featuring the head of SIPC, Stephen P....

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Adviser Group Releases Survey of Financial Professionals' Views on Fiduciary Standard

Posted on December 08, 2009
The SEI Advisor Network and The Committee for the Fiduciary Standard recently conducted a survey of financial advisers and brokers to determine the level of support and understanding of the fiduciary standard. The survey was completed by 890 RIAs, IARs...

Emory Law Conference on Teaching Transactional Law and Skills Seeks Proposals

Posted on December 08, 2009
Emory University School of Law?s Center for Transactional Law and Practice will hold its second biennial conference on the teaching of transactional law and skills, Transactional Education: What?s Next? The conference will be held at Emory Law on Friday, June...

Treasury Plans Offering of JPMorgan Chase Warrants

Posted on December 08, 2009
The U.S. Department of the Treasury today announced that it has commenced a secondary public offering of approximately 88,401,697 warrants to purchase the common stock of JPMorgan Chase & Co. (the "Company"). The offering is expected to price through a...

SEC Obtains Asset Freeze Against Alleged Ponzi Schemer

Posted on December 08, 2009
The SEC today halted a Ponzi scheme involving a New York firm that solicited investments involving personal injury lawsuit settlements but instead shipped the money overseas. The SEC obtained a court order freezing the assets of the firm, Rockford Funding...

SEC Charges Brookstreet Securities and CEO with Unsuitable Sales of CMOs

Posted on December 08, 2009
The SEC today charged Brookstreet Securities Corp. and its President and CEO Stanley C. Brooks with fraud for systematically selling risky mortgage-backed securities to customers with conservative investment goals. The fraud cost many Brookstreet investors their savings, homes, or retirement...

FINRA Expels Meeting Street Brokerage for Market Manipulation

Posted on December 08, 2009
FINRA announced today that it expelled Meeting Street Brokerage, LLC of Palm City, FL from the securities industry for market manipulation of Relay Capital Corporation stock ? as well as for violations of Regulation T, Anti-Money Laundering (AML) rules, instant...

FINRA Proposes Rule Change on Communications about Variable Annuities

Posted on December 07, 2009
The SEC noticed a proposed rule change (SR-FINRA-2009-070) submitted by FINRA pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 related to communications with the public about variable life insurance and variable annuities. Publication is expected in the...

SEC Extends Exemptions to Permit ICE Trust to Operate as Central Couunterparty for CDSs

Posted on December 07, 2009
On Dec. 4, 2009, the SEC approved an extension and modification of temporary exemptions that allow ICE Trust U.S. LLC (f/k/a ICE US Trust LLC) to operate as a central counterparty for clearing credit default swaps. On March 6, 2009,...

SEC Releases Enforcement and Market Data for Fiscal 2009

Posted on December 07, 2009
The SEC posted on its website its Select SEC and Market Data for Fiscal 2009, which includes information on enforcement actions. The SEC reports that it obtained disgorgement orders of approximately $2.09 billion and penalty orders of about $345 million...

SEC Charges Former New Century Financial Officers with Securities Fraud

Posted on December 07, 2009
The SEC today charged three former top officers of New Century Financial Corporation with securities fraud for misleading investors as New Century?s subprime mortgage business was collapsing in 2006. At the time of the fraud, New Century was one of...

Hill & Painter on Investment Bankers' Personal Liability

Posted on December 06, 2009
Berle's Vision Beyond Shareholder Interests: Why Investment Bankers Should Have (Some) Personal Liability, by Claire A. Hill, University of Minnesota, Twin Cities - School of Law, and Richard W. Painter, University of Minnesota Law School, was recently posted on SSRN...

Nagy on Free Enterprise Fund v. PCAOB

Posted on December 06, 2009
Is the PCAOB a 'Heavily Controlled Component' of the SEC?: An Essential Question in the Constitutional Controversy, by Donna M. Nagy, Indiana University School of Law-Bloomington, was recently posted on SSRN. Here is the abstract: The U.S. Supreme Court will...

Bebchuk et alia on Executive Compensation at Bear and Lehman

Posted on December 06, 2009
The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008, by Lucian A. Bebchuk, Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI); Alma Cohen, Tel Aviv University - Eitan...

Pildes on Free Enterprise Fund v. PCAOB

Posted on December 06, 2009
Separation of Powers, Independent Agencies, and Financial Regulation: The Case of the Sarbanes-Oxley Act, by Richard H. Pildes, New York University School of Law, was recently posted on SSRN. Here is the abstract: The Supreme Court will hear in December...

Acevedo on GAAP

Posted on December 06, 2009
The Fox and the Ostrich: Is GAAP a Game of Winks and Nods?, by Arthur Acevedo, The John Marshall Law School, was recently posted on SSRN. Here is the abstract: The fox is frequently described as sly, cunning and calculating...

Ford on Principles-Based Securities Regulation

Posted on December 06, 2009
Principles-Based Securities Regulation in the Wake of the Global Financial Crisis, by Cristie L. Ford, University of British Columbia Faculty of Law; Columbia Law School, was recently posted on SSRN. Here is the abstract: This paper seeks to re-examine, and...

Agrawal & Nasser on Insider Trading in Takeover Targets

Posted on December 06, 2009
Insider Trading in Takeover Targets, by Anup Agrawal, University of Alabama - Culverhouse College of Commerce & Business Administration, and Tareque Nasser, University of Alabama, was recently posted on SSRN. Here is the abstract: Takeover announcements typically result in large...

New SEC Portal Devoted to XBRL

Posted on December 06, 2009
The SEC has created on its website a portal devoted to XBRL. The page provides links from the SEC website to sources of information about XBRL technology, as well as creating and submitting XBRL-tagged interactive data files in compliance with...

SEC Charges Bio-Diesel Fuels Company with Fraud

Posted on December 06, 2009
The SEC charged a purported bio-diesel fuels company with making false statements regarding its purported emissions-free coal conversion technology and financial condition. The Commission's complaint names Nova Gen Company ("Nova Gen") of San Diego, Calif...

SEC Obtains Asset Freeze in $485 Million Ponzi Scheme

Posted on December 06, 2009
On December 3, 2009, the SEC obtained a temporary restraining order and emergency asset freeze against Joseph S. Blimline relating to his involvement in a $485 million offering fraud and Ponzi scheme. The scheme was orchestrated by Joseph S. Blimline,...

Black Box and Two Former Officers Settle Back Dating Charges with SEC

Posted on December 06, 2009
The SEC's options backdating cases are not over yet. The agency announced that, on December 4, 2009, it filed a civil action in the United States District Court for the Western District of Pennsylvania against Black Box Corporation ("Black Box"),...

House Capital Markets Subcommittee Schedules Hearing on SIPC Issues Related to Madoff

Posted on December 03, 2009
Congressman Paul E. Kanjorski (D-PA), the Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today announced that he will convene yet another proceeding looking into the Madoff Ponzi scheme. The hearing will focus on a variety...

House Financial Services Committee Passes Financial Reform Package

Posted on December 03, 2009
Yesterday the House Financial Services Committee completed its work on a comprehensive set of reforms intended to modernize America?s financial regulations. The Wall Street Reform and Consumer Protection Act (H.R. 4173), which will be considered on the House floor next...

SEC's Schapiro Addresses Consumer Federation of America Conference

Posted on December 03, 2009
SEC Chairman Mary Schapiro spoke on "The Consumer in the Financial Services Revolution" at the Consumer Federation of America 21st Annual Financial Services Conference today in Washington D.C. Questions she addressed in her remarks: Does the investor make a distinction...

NY AG Announces Another Guilty Plea in Pay-to-Play Kickback Scheme

Posted on December 03, 2009
New York Attorney General Cuomo today announced a felony guilty plea by Elliott Broidy, a founder and Chairman of Markstone Capital Group LLC, for his involvement in a pay-to-play kickback scheme at the Office of the New York State Comptroller...

House Financial Services Committee Passes Financial Stability Improvement Act

Posted on December 02, 2009
Today, the House Financial Services Committee approved legislation that, according to its press release, will put an end to ?too big to fail? financial firms, help prevent the failure of large institutions from becoming a systemwide crisis, and ensure that...

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