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Securities Law Prof Blog

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Post Frequency: 38.1/day

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

Going Fishing

Posted on August 27, 2009
I'll be out of town and without a pc for a few days. Check back here on Sept. 2, and I'll be doing some catch-up.

SEC Suspends Las Vegas CPA for Auditing Deficiences

Posted on August 27, 2009
The SEC charged a Las Vegas-based CPA and his public accounting firm with securities fraud for issuing false audit reports that failed to comply with Public Company Accounting Oversight Board ("PCAOB") Standards and were often the product of high school...

Three Defendants Settle SEC Charges Involving Insider Trading in ISE Merger

Posted on August 27, 2009
The SEC announced that it filed an amended complaint in its pending insider trading case originally filed on March 13, 2008, against John F. Marshall, the former Vice Chairman of International Securities Exchange Holdings, Inc. ("ISE"), Alan L. Tucker and...

Assessing Bernanke's First Term

Posted on August 26, 2009
There has been much talk the last few days about the reappointment of Ben Bernanke to head the Federal Reserve, an action that went from unlikely to quite certain in a short period of time. Today's Wall St. Journal offers...

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Judge Asks for More Explanation for SEC-BofA Settlement

Posted on August 25, 2009
Judge Rakoff still isn't satisfied with the explanations given to him by the SEC and the Bank of America about the settlement involving the disclosure (or lack thereof) of Merrill bonuses in the BofA proxy statement. He instructed the SEC...

Bullard on Recursivity in Securities Laws

Posted on August 24, 2009
Professor Mercer Bullard (Mississippi) recently published a commentary on recursivity in the securities laws as illustrated by Bank of America?s recent SEC settlement.

SEC Settles Insider Trading Charges Involving First Indiana Corp. Stock

Posted on August 24, 2009
The SEC today settled charges against Nancy Jewell, Kristin Mays, and Matthew B. Murphy, III, alleging that the defendants violated Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder by buying First Indiana Corporation...

NASAA Identifies Top 10 Investor Traps

Posted on August 24, 2009
NASAA recently published its Top 10 Investor Traps. They are: Entertainment Investments. Gold Bullion and Currency Scams. Leveraged Exchange-Traded Funds (ETFs). Life Settlements. Natural Resource Investments. Ponzi Schemes. Private Placement Offerings...

New Blog on FCPA

Posted on August 24, 2009
Readers of this Blog know that the SEC has recently been enforcing the Foreign Corrupt Practices Act (FCPA) with renewed energy. Mike Koehler (Butler University) has a new blog, FCPA Professor, that is devoted to FCPA issues; check it out!

Velasco on Fiduciary Duties in Corporate Law

Posted on August 23, 2009
How Many Fiduciary Duties Are There in Corporate Law?, by Julian Velasco, University of Notre Dame, was recently posted on SSRN. Here is the abstract: Historically, there were two main fiduciary duties in corporate law, care and loyalty, and only...

SEC & CFTC Announce Public Meetings on Harmonization of Market Regulation

Posted on August 20, 2009
The SEC and the CFTC announced that the two regulatory agencies will hold joint meetings to seek input from the public on harmonization of market regulation. President Barack Obama in June called on the two regulators to recommend changes to...

Will Proxy Access Be Here Soon?

Posted on August 20, 2009
Yesterday I attended a Directors' Roundtable program here in Cincinnati sponsored by the law firm KMK and others. The program was excellent, with panels discussing developments in securities regulation, risk management and D&O insurance. What I found particularly interesting were...

FINRA Expels Maximum Financial Investment Group for Forex Violations

Posted on August 18, 2009
FINRA announced that it has expelled Maximum Financial Investment Group, Inc. of Southfield, MI, for violations arising out of its retail foreign currency (forex) business, as well as for repeated violations of FINRA registration and related rules. FINRA also permanently...

Financial Firms Pay Big Bucks to Lobby Congress

Posted on August 18, 2009
Investment News reports on the big bucks paid by financial firms in the second quarter on lobbying Congress. SIFMA paid $1.25 million, the Investment Company Institute paid $1.23 million, and the American Council of Life Insurers paid $2 million. InvNews,...

FPA Asks SEC to Clarify FINRA's Authority over Financial Planning Activities of Broker Dealer

Posted on August 18, 2009
On August 17 the Financial Planning Association (FPA) wrote to the SEC questioning the authority of FINRA to bring an enforcement action against a dual registrant (Ameritas) relating to its marketing of misleading financial plans. According to FPA, financial planning...

SEC Charges Two with Defrauding Brokers to Manipulate Penny Stocks

Posted on August 18, 2009
On July 21, 2009 the SEC filed an emergency enforcement action against Eric Todd Seiden to halt an ongoing scheme in which Seiden fraudulently induced at least fifteen broker-dealers to buy over $1.8 million worth of thinly traded stock. On...

FINRA and SEC Issue Alert on Leveraged and Inverse ETFs

Posted on August 18, 2009
FINRA and the SEC have issued an Investor Alert called Leveraged and Inverse ETFs: Specialized Products with Extra Risks for Buy-and-Hold Investors warning retail investors of the risks associated with investing in these highly complex financial products...

FINRA Officer's Senate Testimony on Stanford Oversight

Posted on August 17, 2009
On August 17, 2009 Daniel M. Sibears, Executive Vice President, FINRA Market Regulation Programs, testified before the Senate Committee on Banking, Housing and Urban Affairs on FINRA's oversight over Stanford's broker-dealer operations. Mr. Sibears stated that the broker-dealer operations have...

SEC Proposes Alternative Uptick Rule

Posted on August 17, 2009
The SEC announced that it is seeking public comment on an alternative approach to short selling price test restrictions that may be more effective and easier to implement than previously proposed price test restrictions currently under consideration. The alternative uptick...

New York AG Sues Schwab over ARS

Posted on August 17, 2009
Attorney General Andrew M. Cuomo today filed a lawsuit against Charles Schwab & Co. (?Schwab?) charging the discount brokerage firm for falsely representing auction rate securities as liquid, short-term investments without discussing the risks. According to the Attorney General, Schwab...

Black on Reputational Damages

Posted on August 16, 2009
Reputational Damages in Securities Litigation, by Barbara Black, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: This short paper, originating in remarks made at the Institute for Law and Economic Policy's 15th...

Buxbaum on Personal Jurisdiction in Cross-Border Securities Litigation

Posted on August 16, 2009
Personal Jurisdiction Over Foreign Directors in Cross-Border Securities Litigation, by Hannah L. Buxbaum, Indiana University School of Law-Bloomington, was recently posted on SSRN. Here is the abstract: Securities litigation against non-U.S. companies ? on the rise over the past decade...

Frankel on Fiduciary Duties of Securities Professionals

Posted on August 16, 2009
Fiduciary Duties of Brokers-Advisers-Financial Planners and Money Managers, by Tamar Frankel, Boston University School of Law, was recently posted on SSRN. Here is the abstract: Broker dealers and investment advisers form the lifeline of the financial markets...

Bainbridge on STOCK Act

Posted on August 16, 2009
The Stop Trading on Congressional Knowledge Act, by Stephen M. Bainbridge, University of California, Los Angeles - School of Law, was recently posted on SSRN. Here is the abstract: A 2004 study of the results of stock trading by United...

SEC Settles PIPE Offerings Insider Trading Case

Posted on August 12, 2009
On August 7, 2009, the United States District Court for the Southern District of New York entered a final judgment against Edwin "Bucky" Lyon, IV, Gryphon Master Fund, L.P., Gryphon Partners, L.P., Gryphon Partners (QP), L.P., Gryphon Offshore Fund, Ltd...

Florida Attorney Settles SEC Market Manipulation Charges

Posted on August 12, 2009
On July 31, 2009, the SEC filed a civil action in the United States District Court for the Southern District of Florida against L. Daniel Ferrer, a Florida attorney, alleging violations of the federal securities laws in connection with the...

SEC and Terex Settle Accounting Fraud Charges

Posted on August 12, 2009
The SEC charged Terex Corporation, a heavy equipment manufacturer, with accounting fraud for making material misstatements in its own financial reports to investors, as well as aiding and abetting a fraudulent accounting scheme at United Rentals, Inc...

Reviving the Debate on SEC Corporate Penalties

Posted on August 12, 2009
It seems like just yesterday that we were debating whether corporate penalties were too high and were unfair to the corporation's "innocent shareholders"; former SEC Commissioner Paul Atkins was the leading proponent of that view, shared by some academics...

Administration Proposes Legislation to Regulate OTC Derivatives

Posted on August 11, 2009
The Administration delivered legislative language to Capitol Hill today focusing on the regulatory reform of over-the-counter (OTC) derivatives. Under the Administration's legislation, the OTC derivative markets will be comprehensively regulated for the first time...

FINRA Tells SEC It's Premature to Mandate Elimination of Industry Arbitrator in Customer Disputes

Posted on August 11, 2009
One of the persistent criticisms of arbitration of customer-broker disputes before FINRA Dispute Resolution is the requirement that one of three arbitrators must come from the securities industry. Many investors and their advocates are suspicious of an industry-sponsored mandatory dispute...

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