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Securities Law Prof Blog

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

SEC and FSA Explore Common Approaches to Regulating Key Market Participants

Posted on September 16, 2009
The SEC and the UK Financial Services Authority (FSA) announced plans to explore common approaches to reporting and other regulatory requirements for key market participants such as hedge funds and their advisers. In particular, they agreed to identify a common,...

Henry Hu Named Director of SEC's New Division of Risk, Strategy, and Financial Innovation

Posted on September 16, 2009
The SEC announced the creation of a new Division of Risk, Strategy, and Financial Innovation, and University of Texas School of Law Professor Henry T. C. Hu will be its first Director. The new division combines the Office of Economic...

FINRA Sanctions Two Brokers for Stealing from Widow's Charity

Posted on September 15, 2009
A FINRA Hearing Panel has barred John Edward Mullins, a former registered representative with Morgan Stanley DW, Inc., for misappropriating $11,156.47 from the charitable foundation of a 97-year old nursing home resident and widow who was his client for more...

Second Thoughts on Judge Rakoff's Rejection of the SEC-BofA Settlement

Posted on September 15, 2009
I continue to ponder Judge Rakoff's order refusing to approve the SEC-BofA consent judgment in connection with the alleged misstatements about the Merrill bonuses in the BofA proxy statement seeking approval of the merger. The judge acknowledges the deferential standard...

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What's New at SEC's Investor Advisory Committee

Posted on September 15, 2009
The SEC's Investor Advisory Committee has its own home page. Its "big news" to date is the formation of subcommittees "to tackle its ambitious agenda for investors."

Treasury Releases Status Report on Financial Stabilization Efforts

Posted on September 14, 2009
The Treasury Dept. issued a Status Report on Financial Stabilization Efforts and announced the "next phase:" This next phase will focus on winding down those programs that were once necessary to prevent systemic failure. The use of those programs, by...

Obama Repeats Reform Proposals to Wall St.

Posted on September 14, 2009
President Obama delivered his much-publicized speech to Wall St., in which he first asserted that the nation's financial situation has improved since the collapse of Lehman a year ago and that government intervention was effective in dealing with the crisis...

Judge Rejects SEC-BofA Settlement, Sets Trial Date

Posted on September 14, 2009
Judge Rakoff (SDNY) rejected the proposed settlement between the SEC and the Bank of America regarding misleading proxy disclosures over Merrill Lynch bonuses and set a Feb. 1 trial date. In his order, he emphasized the unfairness of making the...

Dana Holding Settles Accounting Fraud Charges

Posted on September 14, 2009
On September 11, the SEC issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order against Dana Holding Corporation (as successor registrant to Dana Corporation)...

Johnson on Private Placements

Posted on September 13, 2009
Private Placements: A Regulatory Black Hole, by Jennifer J. Johnson, Lewis & Clark Law School, was recently posted on SSRN. Here is the abstract: Many investors, including vulnerable senior citizens, are victimized each year in dubious securities offerings, yet governmental...

Booth on Stock Options

Posted on September 13, 2009
Why Stock Options are the Best Form of Executive Compensation (And How to Make Them Even Better), by Richard A. Booth, Villanova University School of Law, was recently posted on SSRN. Here is the abstract: Stock options are the primary...

Painter on Bailouts & Conflicts of Interest

Posted on September 13, 2009
Bailouts: An Essay on Conflicts of Interest and Ethics When Government Pays the Tab, by Richard W. Painter, University of Minnesota Law School, was recently posted on SSRN. Here is the abstract: This essay, a precursor for a book project...

Henning on SEC Enforcement

Posted on September 13, 2009
Should the Sec Spin Off the Enforcement Division?, by Peter J. Henning, Wayne State University Law School, was recently posted on SSRN. Here is the abstract: The current environment is highly supportive of increased government regulation, particularly in the financial...

Hazen on Outsider Trading on Material Non-Public Information

Posted on September 13, 2009
Identifying the Duty Prohibiting Outsider Trading on Material Non-Public Information, by Thomas Lee Hazen, University of North Carolina at Chapel Hill - School of Law, was recently posted on SSRN. Here is the abstract: The federal securities laws do not...

SEC & Former Tenet Healthcare COO Settle Accounting Fraud Charges

Posted on September 13, 2009
On September 10, 2009, the SEC and Thomas B. Mackey, the former co-president and chief operating officer of Tenet Healthcare Corporation, settled accounting fraud charges. Mackey was the sole remaining defendant in an action brought by the Commission on April...

Ernst on Securities Regulation during the New Deal

Posted on September 13, 2009
Dan Ernst has posted Lawyers, Bureaucratic Autonomy, and Securities Regulation during the New Deal as a working paper on "The Scholarly Commons," Georgetown Law's website for prepublication drafts. Here's the abstract: The federal regulation of financial markets was one of...

SEC Announces Upcoming Roundtable on Securities Lending and Short Sales

Posted on September 11, 2009
The SEC will host a one and a half day roundtable, on Sept. 29-30, to solicit the views of investors, issuers, financial services firms, self-regulatory organizations and the academic community regarding securities lending and short sales. The roundtable will include...

Two New Legislative Proposals Introduced to Address Senior Investment Fraud

Posted on September 11, 2009
Congressional members have recently introduced two bills aimed at senior investment fraud. Sen. Herbert Kohl (D-WI), chairman of the U.S. Senate Special Committee on Aging, and Senators Robert Casey (D-PA) and Kirsten Gillibrand (D-NY) introduced the ?Senior Investment Protection Act?...

Senate Banking Committee Holds (Another) Hearing on Madoff

Posted on September 10, 2009
Testimony Concerning the SEC's Failure to Identify the Bernard L. Madoff Ponzi Scheme and How to Improve SEC Performance, by Robert Khuzami, SEC Director, Division of Enforcement, and John Walsh, Acting Director, SEC Office of Compliance Inspections and Examinations...

Former Officers of Marshall Holdings Settle SEC Charges of Improper Form S-8 Registration

Posted on September 10, 2009
On September 4, 2009 the United States District Court for the Central District of California entered Final Judgments by consent against defendants Richard A. Bailey and Florian R. Ternes, residents of Las Vegas, Nevada and former officers and directors of...

SEC Schedules Meeting to Discuss NRSROs & Flash Orders

Posted on September 10, 2009
The SEC will hold an Open Meeting on September 17, 2009. The subject matter of the September 17 Open Meeting will be: 1. Nationally Recognized Statistical Rating Organizations (NRSROs) A. Final Rule Amendments and Proposed Rule Amendments under the Credit...

Treasury Releases Report on 529 Savings Plans for College

Posted on September 10, 2009
The Treasury Dept. released today AN ANALYSIS OF SECTION 529 COLLEGE SAVINGS AND PREPAID TUITION PLANS, A REPORT PREPARED BY THE DEPARTMENT OF TREASURY FOR THE WHITE HOUSE TASK FORCE ON MIDDLE CLASS WORKING FAMILIES. The Report discusses the benefits...

BofA Fights Back Against New York AG

Posted on September 09, 2009
The WSJ reports that Bank of America has responded by letter to the New York AG's charges that its proxy statement in connection with the Merrill Lynch merger was misleading and that it was hiding behind the attorney-client privilege. On...

SEC Charges Former CEO of Globe Tel with Accounting Fraud

Posted on September 09, 2009
The SEC filed a civil action against Timothy J. Huff ("Huff"), the former chief executive officer ("CEO") of GlobeTel Communications Corp. ("GlobeTel" or the "company"), a publicly-traded company headquartered in Fort Lauderdale, Florida, now known as Sanswire Corp...

Married Couple Settle SEC Insider Trading Charges

Posted on September 09, 2009
The SEC filed a settled insider trading action in the United States District Court in Dallas, Texas against Jeff L. Soisson and Karen Kaye Walker. The Commission alleges that Soisson and Walker, who are married, engaged in unlawful insider trading...

Madoff Feeder Fund Settles with Massachusetts Secretary of State

Posted on September 08, 2009
Fairfield Greenwich, Madoff Feeder Fund, Fined and Ordered to Make Restitution In Massachusetts Securities Case Settlement (On September 8, 2009). Here is the final order.

Ohio AG Announces $475 Million Settlement with Merrill Lynch Is Final

Posted on September 08, 2009
Ohio Attorney General Richard Cordray has announced that the $475 million settlement between the State Teachers Retirement System (STRS Ohio) and Merrill Lynch, first reported in January 2009, has been finalized. The settlement, in connection with a class action lawsuit,...

SEC Charges Start-up Biotech Company with Securities Fraud

Posted on September 08, 2009
The SEC charged CellCyte Genetics Corporation, a biotechnology company based in Bothell, Wash., and its former CEO and Chief Scientific Officer, for falsely telling investors that the company's cutting-edge stem cell technology had been proven successful and was headed for...

SEC Charges North Carolina Couple of Bilking Senior Citizens

Posted on September 08, 2009
The SEC announced fraud charges and an asset freeze against the perpetrators of a Charlotte, N.C.-based investment scheme that bilked $32.5 million from approximately 500 investors by falsely promising extraordinarily high returns. The SEC alleges that Sidney S...

Brooklyn Money Manager Settles SEC Charges of Running a Ponzi Scheme

Posted on September 08, 2009
Yet another Ponzi scheme! The SEC charged a Brooklyn money manager with running a $40 million Ponzi scheme in which he promised approximately 800 investors guaranteed high returns from safe, liquid investments, but instead spent their money on real estate,...

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