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Post Frequency: 38.1/day

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

SEC Charges New York Adviser with Running Ponzi Scheme

Posted on April 01, 2009
The SEC charged Edward T. Stein with securities fraud and froze his assets to halt an ongoing alleged Ponzi scheme. The Court also froze the assets of seven entities, which Stein controlled, and the Commission charged as relief defendants, including....

Wachovia and Citigroup Agree to Buy Back ARS from California Residents

Posted on March 31, 2009
Wachovia Securities and Citigroup Global Markets entered settlements with California to buy back $4.7 billion in ARS from California residents and companies. California regulators say these are "the first two" investment banks to settle with the state and "it won't...

Treasury Extends Money Market Fund Guarantees Until Sept. 18, 2009

Posted on March 31, 2009
The U.S. Treasury Department today announced an extension of its temporary Money Market Funds Guarantee Program through September 18, 2009, in order to support ongoing stability in financial markets. The Program was scheduled to end on April 30, 2009...

SEC Obtains Consent Judgment in Action Involving Sales of Restricted Securities

Posted on March 31, 2009
On March 30, 2009, the United States District Court for the Southern District of New York entered a partial consent judgment against defendant Pinchus Gold, of Brooklyn, New York, in an action filed in February by the SEC. Without admitting...

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SEC Charges Tacoma Wash. Man with Affinity Fraud

Posted on March 31, 2009
The SEC charged John H. Min of Tacoma, Wash., and his company Dime Financial Group LLC with raising more than $6 million in a fraudulent investment scheme that targeted churches, church members and senior citizens. The SEC alleges that Min...

GAO Update on TARP Program

Posted on March 31, 2009
The GAO issued an update on the TARP program, Troubled Asset Relief Program: March 2009 Status of Efforts to Address Transparency and Accountability Issues. GAO-09-504. It contains a useful timeline of programs and selected actions under TARP from Jan 30,...

ARS Purchasers' Suit Against UBS Dismissed Because of SEC Settlement

Posted on March 31, 2009
The federal district court in the Southern District of New York dismissed an investors' action against UBS that charged the investment bank misled them about the safety and liquidity of ARS. The judge said the investors could not continue their...

SEC Defers Consideration of Rule 12b-1 Reform

Posted on March 30, 2009
Andrew J. Donohue, the SEC's Director, Division of Investment Management, gave the Keynote Address at the Investment Company Institute, 2009 Mutual Funds and Investment Management Conference on March 23, 2009. Among the topics covered was Rule 12b-1 reform, which the...

FINRA Panel Awards Customer Over $30 Million in Damages from Merrill

Posted on March 30, 2009
On March 16, A FINRA arbitration panel awarded claimants $30.6 million in compensatory damages (the full amount of claimant's claim), plus 9% interest, against Advest, Inc. and Merrill Lynch, one of the largest awards in a customer dispute. The claimant,...

SEC Obtains Judgment in Ponzi Scheme Targeting Cambodian Immigrants

Posted on March 30, 2009
The SEC announced that on March 26, 2009, the United States District Court for the District of Massachusetts entered final judgments against five defendants in a civil action filed in November 2005 involving a fraudulent investment scheme targeting Cambodian immigrants...

McCoy et alia on Securitization

Posted on March 29, 2009
Systemic Risk through Securitization: The Result of Deregulation and Regulatory Failure, Patricia A. McCoy, University of Connecticut - School of Law, Andrey D. Pavlov, University of Pennsylvania - Real Estate Department; Simon Fraser University - Finance Area, and Susan M...

Three Defendants in Insider Trading Ring Settle Charges

Posted on March 27, 2009
On March 26, 2009, the United States District Court for the Southern District of New York entered final consent judgments against defendants Nickolaus Shuster, Juan C. Renteria, Jr. and Monika Vujovic, in an action filed in 2005 by the Commission,...

FINRA's Ketchum Testifies Before Senate Banking Committee

Posted on March 26, 2009
Richard G. Ketchum, Chairman and Chief Executive Officer, FINRA, testified today before the Senate Committee on Banking, Housing, and Urban Affairs.

Schapiro Testifies Before Financial Services on Enhancing Investor Protection

Posted on March 26, 2009
SEC Chairman Mary L. Schapiro testified today on Enhancing Investor Protection and Regulation of the Securities Markets before the United States Senate Committee on Banking, Housing and Urban Affairs.

SEC Obtains Emergency Freeze Against Millennium Bank Alleging Ponzi Scheme

Posted on March 26, 2009
Another day -- another Ponzi scheme: The SEC obtained an emergency court order halting a $68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit (CDs) by Caribbean-based Millennium Bank. The SEC alleges that the scheme targeted...

GAO Reports on SEC Oversight of Clearing Agencies

Posted on March 26, 2009
The GAO released a report on Securities and Exchange Commission: Oversight of U.S. Equities Market Clearing Agencies.

Geithner Testifies on Regulatory Reform

Posted on March 26, 2009
Here is Treasury Secretary Tim Geithner's Written Testimony before the House Financial Services Committee Hearing today, and here is Framework for Regulatory Reform that Treasury also released.

E&Y Settles HealthSouth Accounting Fraud Charges for $109 Million

Posted on March 25, 2009
Ernst & Young, HealthSouth's auditor from 1996-2002, agreed to pay $109 million to settle accounting fraud charges brought by HealthSouth investors. UBS previously settled similar charges for $100 million. Richard Scrushy, HealthSouth's CEO at the time, was acquitted of accounting...

FINRA Fines Morgan Stanley for Improper Retirement Advice to Kodak and Xerox Employees

Posted on March 25, 2009
FINRA announced that it fined Morgan Stanley & Co. $3 million ? and ordered it to pay more than $4.2 million in restitution to 90 Rochester, NY-area retirees ? to resolve charges that its supervisory system failed to detect and...

SEC's Chief Accountant Testifies on Increased Credit Availability & Prudent Lending Standards

Posted on March 25, 2009
James L. Kroeker, the SEC's Acting Chief Accountant, testified today on Testimony Concerning Exploring the Balance Between Increased Credit Availability and Prudent Lending Standards before the House Committee on Financial Services.

SEC Obtains Preliminary Injunction Against West Virginia-Based Ponzi Scheme

Posted on March 25, 2009
The SEC announced that on March 23, 2009, the federal district court in the Western District of Virginia entered a preliminary injunction order, by consent, against John M. Donnelly, Tower Analysis, Inc., Nasco Tang Corp., and Nadia Capital Corp. The...

SEC Obtains Asset Freeze Against Chicago-Based Investment Advisor

Posted on March 25, 2009
The SEC announced that on March 24, it obtained emergency relief against investment adviser The Nutmeg Group, LLC, and its principals Randall and David Goulding. In its complaint, filed March 23, the Commission alleges that Nutmeg, which controls and provides...

SEC's Inspector General Recommends Improved Procedures for Handling Complaints about Naked Short Selling

Posted on March 25, 2009
The SEC's Office of Inspector General recently released a report on Practices Related to Naked Short Selling Complaints and Referrals, in which it examines the SEC Enforcement Division's procedures relating to naked short selling. The Report explains that Enforcement has...

Bernanke and Geithner Testify Before Financial Services on AIG

Posted on March 24, 2009
Both Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner testified today before House Financial Services Committee on AIG and those bonuses.

FINRA Fines Wachovia for Customer Notification Violations

Posted on March 24, 2009
FINRA announced that it fined Wachovia Securities, LLC and First Clearing, LLC, both of St. Louis, MO, $1.1 million for the firms' failure to provide more than 800,000 required notifications to customers over a five-year period ending in 2008. As...

SEC Freezes Assets in Alleged Oil and Gas Scam

Posted on March 24, 2009
The SEC charged a Los Angeles man and two of his companies with securities fraud and obtained an emergency court order to freeze their assets and halt an alleged ongoing oil and gas investment scheme they have been operating out...

Former Managing Director at San Francisco Brokerage Firm Consents to SEC Fraud Charges

Posted on March 24, 2009
The SEC filed today a civil injunctive action in federal district court in San Francisco against David "Scott" Cacchione, a former Managing Director at San Francisco-based brokerage firm Merriman Curhan Ford & Co. ("Merriman"), alleging that he helped a friend...

SEC Announces Panelists for Credit Rating Agencies Roundtable

Posted on March 24, 2009
The SEC announced the expected panelists for its April 15 roundtable relating to its oversight of credit rating agencies. The roundtable will be held at the SEC's Washington, D.C., headquarters and will begin at 10 a.m. ET with opening remarks...

Palmiter & Taha on Manipulation of Mutual Fund Performance

Posted on March 23, 2009
Star Creation: The Manipulation of Mutual Fund Performance through Incubation, by Alan R. Palmiter, Wake Forest University - School of Law, and Ahmed E. Taha, Wake Forest University - School of Law, was recently posted on SSRN. Here is the...

State Securities Regulators Testify Before Financial Services Committee

Posted on March 23, 2009
Delaware Securities Commissioner James Ropp and Massachusetts Secretary of the Commonwealth William Galvin appeared before the House Financial Services Committee on Friday, March 20. The hearing, led by Committee Chairman Barney Frank (D-MA), brought together federal and state securities regulators...

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