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

Cunningham on GAAP-IFRS Debate

Posted on April 13, 2009
Treatment Differences and Political Realities in the GAAP-IFRS Debate, by Lawrence A. Cunningham, George Washington University Law School, was recently posted on SSRN. Here is the abstract: The Securities Exchange Commission has introduced a "Roadmap" that describes a process leading...

SEC Releases Information on April 15 Roundtable on CRAs

Posted on April 13, 2009
In February 2009, the SEC issued a proposing release that included several proposals to further the Credit Rating Agency Reform Act?s purpose of promoting accountability, transparency, and competition in the credit rating industry. (The proposing release is available on the...

SEC's Director of Trading & Markets Defends the CSE Program

Posted on April 10, 2009
Erik R. Sirri, the departing Director of the SEC's Division of Trading and Markets made a speech on April 9, 2009 at the National Economists Club on Securities Markets and Regulatory Reform, in which he defended the SEC's much-criticized actions...

SEC Releases Proposals on Short-Selling

Posted on April 10, 2009
Following up on its meeting earlier this week, the SEC today released for comment the two proposals to restrict short sales. Here is the introductory paragraph in its release: The Securities and Exchange Commission (?Commission?) is proposing amendments to Regulation...

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SEC Obtains TRO Against Ohio Adviser Alleging Fraud on Elderly Clients

Posted on April 10, 2009
The SEC filed a civil action on April 8, 2009, against Crossroads Financial Planning, Inc., and Julie M. Jarvis, of Columbus, Ohio, in connection with an alleged scheme by Jarvis to misappropriate funds from two elderly clients. Crossroads is an...

SEC Dismisses Backdating Charges Against Former McAfee GC

Posted on April 10, 2009
The SEC announced that it has voluntarily dismissed all claims against Kent H. Roberts, the former General Counsel of McAfee Inc. in connection with allegations of backdating stock options. On March 20, 2009, the United States District Court for the....

SEC Charges Georgia Attorney with Running a Ponzi Scheme

Posted on April 09, 2009
On April 9, 2009, the SEC filed a Complaint for Injunctive and Other Relief ("Complaint") in the United States District Court for the Northern District of Georgia against Robert P. Copeland ("Copeland"). The Complaint sets forth a classic Ponzi scheme...

Edward D. Jones Settles FINRA Charges for Failure to Deliver Official Statements in Municipal Securities Sales

Posted on April 09, 2009
FINRA announced today that it fined Edward D. Jones & Co., L.P. of St. Louis $900,000 for its failure to timely deliver official statements to customers who purchased new-issue municipal securities and related supervisory and recordkeeping failures. With limited exceptions,...

SEC Charges Colorado Man with Ponzi Scheme

Posted on April 08, 2009
The SEC charged Shawn R. Merriman of Aurora, Colorado, and his firm, Market Street Advisors, with conducting a multi-million dollar Ponzi scheme through the sale of interests in at least four investment funds. The Commission alleges that Merriman raised at...

SEC Gets Injunction Against Massachusetts Hedge Fund Manager

Posted on April 08, 2009
The SEC announced today that the Massachusetts federal district court entered a Final Judgment on April 8, 2009 against defendant Glenn Manterfield, a citizen of the United Kingdom, in connection with a civil injunctive action filed in April 2007 by....

SEC Proposes Alternative Approaches to Short Sale Regulation

Posted on April 08, 2009
The SEC today voted unanimously to seek public comment on whether short sale price restrictions or circuit breaker restrictions should be imposed and whether such measures would help promote market stability and restore investor confidence. In June 2007, the SEC...

SIFMA Calls Proposed Changes to Arbitration Discovery Guide "Fundamentally Unfair"

Posted on April 07, 2009
On March 6, 2009 the SEC published for public comment FINRA's proposed rule change on Amendments to the Discovery Guide to Update the Document Production Lists (Release No. 34-59534; File No. SR-FINRA-2008-024). Comments were due April 3. A number of...

SEC and Beverage Creations Settle Charges of Sales of Unregistered Stock

Posted on April 07, 2009
The SEC announced today that Beverage Creations, Inc., a Minneapolis, Minnesota company, and two of its former officers settled SEC charges that they illegally sold Beverage Creations stock through certain stock promoters and promoted that stock with a false press...

SEC Will Consider Short Sale Restrictions at April 8 Meeting

Posted on April 07, 2009
The SEC's Open Meeting Agenda for its April 8, 2009 meeting has one item that is being closely watched: Item 1: Amendments to Regulation SHO Office: Division of Trading and Markets Staff: James Brigagliano, Josephine Tao, Victoria Crane, Joan Collopy,...

Schapiro Outlines Agenda for Reform

Posted on April 06, 2009
In a speech today before the Council of Institutional Investors, Mary Schapiro set forth an impressive agenda for reform, including shareholder access, disclosure about directors and other corporate governance issues and bolstering oversight over credit rating agencies.

Schapiro Outlines Agenda for Reform

Investor Alert for Stanford Investors

Posted on April 06, 2009
The SEC posted an Investor Alert for Stanford Investors on its website, warning that some investors in the Stanford International Bank CD program are being contacted by crooks who are offering their "services" to help return investors' lost funds. The...

SEC Obtains Emergency Action Against Alleged Ponzi Scheme Targeting Chinese-American Community

Posted on April 06, 2009
On April 3, 2009, the SEC filed an emergency action in the United States District Court for the Northern District of Texas to halt an on-going multi-million dollar Ponzi scheme and affinity fraud involving investments in Oversea Chinese Fund Limited....

SEC Feels Pressure to Limit Short Sales

Posted on April 06, 2009
Should the SEC reinstate the uptick rule or consider other ways to restrict short-selling? The New York Times says that some legislators are putting pressure on the regulator to do just that. NYTimes, Some Revile Plan to Limit Short-Selling. Meanwhile,...

New York AG Charges Madoff Feeder Funds with Fraud

Posted on April 06, 2009
New York Attorney General Andrew M. Cuomo today announced charges against J. Ezra Merkin and the funds he controlled for violating New York?s Martin Act by concealing from his clients the investment of more than $2.4 billion with Bernard L....

Kelly on Soft Law In Securities Regulation

Posted on April 05, 2009
The Hardening of Soft Law in Securities Regulation, by Claire Kelly, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: Securities law regulation frequently utilizes soft law, or non binding standards and principles of conduct. Often soft...

Muradoglu on the UK Financial Crisis

Posted on April 05, 2009
The UK Crisis of 2008: What is Real and What is Behavioural?, by Yaz Gulnur Muradoglu, City University London - Sir John Cass Business School, was recently posted on SSRN. Here is the abstract: This paper is about the crisis...

SEC Charges New York Attorney with Participating in Illegal Penny Stock Scheme

Posted on April 02, 2009
On April 2, 2009, the SEC filed a civil complaint in United States District Court for the Southern District of Florida against south Florida residents Frank C. Calmes, Lynn D. Rowntree, and Manny J. Shulman, New York attorney James E....

University of Cincinnati Presents Symposium on Regulatory Reform

Posted on April 02, 2009
The University of Cincinnati College of Law presents its annual Corporate Law Symposium tomorrow April 3 on New Models of Regulating the Financial Markets: The SEC's Future as it Turns 75. Here is a brief description: April 3, 2009 ?...

G-20 London Summit Communique

Posted on April 02, 2009
Here is the full text of the G-20 Communique resulting from the London Summit.

In re Refco, Inc. Securities Litigation

Posted on April 01, 2009
The federal district court for the Southern District of New York recently dismissed charges against the Meyer Brown law firm in In re Refco, Inc. Securities Litigation, 2009 WL 724378 (S.D.N.Y. Mar. 17, 2009). As you may recall, one of...

Massachusetts Charges Fairfield Greenwich with Fraud

Posted on April 01, 2009
Secretary of the Commonwealth of Masssachusetts Galvin today filed fraud charges against Fairfield Greenwich, a Madoff feed fund. All the documents are available on the website.

NASAA Posts Information on ARS Claims Procedures

Posted on April 01, 2009
NASAA has posted on its website information on how to file ARS claims, specific to the firm and the investor's state. NASAA explains: Several brokerage firms have entered, or are expected to enter into, settlements with state securities regulators in...

FINRA Arbitration Filings Up 90% Over 2008

Posted on April 01, 2009
Summary Arbitration Statistics from FINRA's website: New Case Filings through February 2009: 2007 535 2008 561 2009 1,065 2009 vs 2008 90%

Take-Two Settles Backdating Charges with SEC

Posted on April 01, 2009
The SEC announced the filing of a civil action against video and computer game publisher and distributor Take-Two Interactive Software, Inc. ("Take-Two"), alleging that during a seven year period, Take-Two defrauded investors by granting backdated, undisclosed "in the money" stock...

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