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

SEC Attorneys Investigated for Possible Inside Trading

Posted on May 16, 2009
The SEC's reputation suffers another blow, as both the Wall St. Journal and the New York Times report that the U.S. Attorney in D.C. is investigating whether some SEC enforcement division attorneys violated the insider-trading laws. A report by the...

Former KB Home Officer Settles Backdating Charges

Posted on May 15, 2009
The SEC and Gary A. Ray, the former vice president of human resources at KB Home, Inc., a Los Angeles-based homebuilder, settled options backdating charges. The SEC's complaint alleges that Ray used hindsight to pick advantageous grant dates for KB...

SEC Obtains Emergency Relief Against Two New Jersey Investment Firms

Posted on May 15, 2009
On May 14, 2009, the SEC filed an emergency civil injunctive action in the United States District Court for the District of New Jersey charging two investment firms and their two owner-managers with securities fraud. The Commission alleged that Paul....

Administration Proposes Regulation of OTC Derivatives Market

Posted on May 14, 2009
On March 13 2009 Treasury Secretary Geithner sent to Congress a proposal to regulate OTC Derivatives. The Objectives of Regulatory Reform of OTC Derivatives Markets, as set forth in that proposal, include: The Commodity Exchange Act (CEA) and the securities...

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SEC Considers Proposal for Independent Custodian of Client Assets

Posted on May 14, 2009
The SEC held an open meeting on May 14, 2009 to consider a recommendation from the Division of Investment Management that the Commission propose rules to strengthen the custody controls that apply to investment advisers. The proposal is in response...

Lo on Regulatory Reform

Posted on May 14, 2009
Regulatory Reform in the Wake of the Financial Crisis of 2007-2008, by Andrew W. Lo, MIT Sloan School of Management; National Bureau of Economic Research (NBER), was recently posted on SSRN. Here is the abstract: Financial crises are unavoidable when...

Wang on Insider Trading Damages

Posted on May 14, 2009
Measuring Insider Trading Damages for a Private Plaintiff, by William K.S. Wang, University of California, Hastings College of the Law, was recently posted on SSRN. Here is the abstract: This article discusses various measures of the damages of a private...

Cunningham & Zaring on Financial Regulation

Posted on May 14, 2009
The Three or Four Approaches to Financial Regulation: A Cautionary Analysis Against Exuberance in Crisis Response, by Lawrence A. Cunningham, George Washington University Law School, and David T. Zaring, University of Pennsylvania - Legal Studies Department, was recently posted on...

Booth on Securities Fraud Litigation

Posted on May 14, 2009
Direct and Derivative Claims in Securities Fraud Litigation, by Richard A. Booth, Villanova University School of Law, was recently posted on SSRN. Here is the abstract: In the typical securities fraud class action under Rule 10b-5, the plaintiff class consists...

Wilmarth on Universal Banking

Posted on May 14, 2009
The Dark Side of Universal Banking: Financial Conglomerates and the Origins of the Subprime Financial Crisis, by Arthur E. Wilmarth Jr., George Washington University Law School, was recently posted on SSRN. Here is the abstract: Since the subprime financial crisis...

SEC Proposes Rules Relating to Custody of Customers' Assets by Investment Advisers

Posted on May 14, 2009
The SEC proposes rule amendments to substantially increase protections for investors who entrust their money to investment advisers. The SEC is seeking public comment on the proposed measures, which are intended to ensure that investment advisers who have ?custody? of...

Ingram Micro Settles Charges Related to McAfee Financial Fraud

Posted on May 12, 2009
The SEC instituted settled cease-and-desist proceedings against Ingram Micro Inc. (Ingram Micro), a computer technology distribution company based in Santa Ana, California, finding that the company violated the books and records and internal controls provisions of the securities laws in...

Novo Nordisk Settles FCPA Charges

Posted on May 12, 2009
The SEC settled Foreign Corrupt Practices Act books and records and internal controls charges against Novo Nordisk, a Danish company that specializes in the manufacture and development of pharmaceutical products and is a leading supplier of insulin worldwide...

SEC and Labor Dept. Announce Hearing on Target Date Funds

Posted on May 12, 2009
The SEC and the U.S. Department of Labor will hold a joint one-day hearing on June 18 to explore issues relating to target date or lifecycle funds and other similar investment options. Details concerning the hearing will be announced by...

SEC Brings First Enforcement Action for Proxy Voting Rule Violations

Posted on May 12, 2009
The SEC charged West Palm Beach, Fla.-based INTECH Investment Management LLC and its former chief operating officer David E. Hurley with violating the SEC's proxy voting rule for investment advisers by not sufficiently describing its proxy voting policies and procedures...

Participant in New York CRF Corruption Scheme Pleads Guilty

Posted on May 12, 2009
New York's Attorney General Andrew M. Cuomo announced that Julio Ramirez, an unlicensed placement agent formerly associated with Wetherly Capital Group, has pled guilty to securities fraud under New York?s Martin Act in Cuomo?s ongoing investigation into corruption involving the...

FINRA Suspends Principal of RD Capital Group for Excessive Markups on STRIPs

Posted on May 12, 2009
FINRA announced that it ordered Ramon Luis Dominguez, President of RD Capital Group in Puerto Rico, to pay restitution of $950,000 plus interest to three customers victimized when Dominguez and the firm charged undisclosed, excessive and fraudulent markups on the...

SEC's 2010 Budget Request Emphasizes Enforcement Efforts

Posted on May 07, 2009
President Obama's 2010 budget would increase the SEC's funding by 6.8%, to $1.027 billion, and the CFTC's funding by 8.8%, to $161 million. WSJ, SEC, CFTC Would Get More Enforcement Resources. The SEC has posted on its website its FY...

FINRA Announces ARS Settlements with Four Firms

Posted on May 07, 2009
FINRA announced today that it has entered into final settlements with four additional firms to settle charges relating to the sale of Auction Rate Securities (ARS) that became illiquid when auctions froze in February 2008. To date, FINRA has concluded...

GAO Testifies on Hedge Funds

Posted on May 07, 2009
The GAO released testimony it presented before the Senate Subcommittee on Capital Markets on Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges GAO-09-677T, May 07, 2009. This testimony discusses: (1) federal regulators? oversight of hedge fund-related activities;...

SEC's Enforcement Director Testifies Before Senate Banking Subcommittee

Posted on May 07, 2009
Robert Khuzami, the SEC's Director, Division of Enforcement made his first appearance before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment and presented Testimony Concerning Strengthening the SEC's Vital Enforcement Responsibilities...

SEC Will Consider Custody-Related Issues under IA Act on May 14

Posted on May 07, 2009
SEC Open Meeting - Thursday, May 14, 2009 - 10:00 a.m. The subject matter of the Open Meeting will be: The Commission will consider custody-related matters, including whether to propose amendments to Rule 206(4)-2 under the Investment Advisers Act of...

Results of Stress Tests

Posted on May 07, 2009
Here are the results of the stress tests: The Supervisory Capital Assessment Program:Overview of Results. Also: Statement by Chairman Ben S. Bernanke STATEMENT FROM TREASURY SECRETARY TIM GEITHNER REGARDING THE TREASURY CAPITAL ASSISTANCE PROGRAM AND THE SUPERVISORY CAPITAL ASSESSMENT PROGRAM

Paredes Speaks on Short Selling at Security Traders Association

Posted on May 06, 2009
SEC Commissioner Troy Paredes spoke on short sales on May 6 at the Security Traders Association 13th Annual Washington Conference.

GAO Releases Report on SEC's Enforcement Division and Corporate Penalties Policies

Posted on May 06, 2009
The GAO recently released a report entitled Greater Attention Needed to Enhance Communication and Utilization of Resources in the Division of Enforcement. As the report explains, The Securities and Exchange Commission?s (SEC) Division of Enforcement (Enforcement) plays a key role...

The Gossip about Madoff

Posted on May 06, 2009
The June issue of Vanity Fair has an interview with Bernie Madoff's longtime secretary, detailing unflattering personal details about the Ponzi schemer. The magazine's website has a preview. Bernie Madoff's Secretary Spills His Secrets.

Treasury Will Release Banks' Stress Tests Thursday

Posted on May 06, 2009
The stress tests on the leading banks will be released Thursday May 7 at 5 p.m., although the press is reporting many of the results; see WSJ, Stress Tests Separate Strong Banks From Weak; NYTimes, Bank of America Needs $33.9...

SEC Holds Round Table on Short-Selling

Posted on May 05, 2009
Today is the SEC's Roundtable on Short Selling. Here are Chairman Mary L. Schapiro's written comments.

SEC Charges The Reserve Primary Fund with Fraud

Posted on May 05, 2009
On May 5, 2009, the SEC filed a civil action in the United States District Court for the Southern District of New York charging the entities and individuals who operate The Reserve Primary Fund, including the Reserve Management Company, Inc....

SEC Charges Attorneys with Running a "Rule 144 Legal Opinion Mill"

Posted on May 05, 2009
The SEC filed a complaint in the United States District Court for the Northern District of Georgia against Albert J. Rasch, Jr. ("Rasch") and Sandra B. Masino ("Masino") of Costa Mesa, California, Kathleen R. Novinger ("Novinger") of Cypress, California, and...

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