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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

Hail, Leuz & Wysocki on IFRS in the US

Posted on March 15, 2009
Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors, by Luzi Hail, University of Pennsylvania - The Wharton School, Christian Leuz, University of Chicago - Booth School of Business,...

Bhattacharya & Marshall on Insider Trading

Posted on March 15, 2009
Do They Do It For The Money?, by Utpal Bhattacharya, Indiana University Bloomington - Department of Finance, and Cassandra D. Marshall, Indiana University Bloomington - Department of Finance, was recently posted on SSRN. Here is the abstract: Using a sample...

Barnard on Securities Fraud Recidivism

Posted on March 15, 2009
Securities Fraud, Recidivism, and Deterrence, by Jayne W. Barnard, William & Mary Law School, was recently posted on SSRN. Here is the abstract: Legal scholars have expended considerable energy on the study of high-level securities fraud violators -- Ken Lay,...

Barnard on SEC & Corporate Therapeutics

Posted on March 15, 2009
Corporate Therapeutics at the Securities and Exchange Commission, by Jayne W. Barnard, William & Mary Law School, was recently posted on SSRN. Here is the abstract: The Securities and Exchange Commission in recent years has often employed its remedial powers...

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Thompson on Superfund for Hedge Funds

Posted on March 15, 2009
Why We Need a Superfund for Hedge Funds, by Dale B. Thompson, University of St. Thomas - Department of Ethics & Business Law, was recently posted on SSRN. Here is the abstract: The current financial crisis has led to numerous...

Reiss on Rating Agencies & Reputational Risk

Posted on March 15, 2009
Rating Agencies and Reputational Risk, by David J. Reiss, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: This essay is a lightly-edited version of a talk given at the University of Maryland School of Law and...

Carlin & Gervais on Legal Protection in Retail Financial Markets

Posted on March 15, 2009
Legal Protection in Retail Financial Markets, by Bruce I. Carlin, University of California, Los Angeles - Anderson School of Management, and Simon Gervais, Duke University - Fuqua School of Business, was recently posted on SSRN. Here is the abstract: Given...

SEC Charges MedQuist and Former Officers with Accounting Fraud

Posted on March 13, 2009
The SEC filed a settled civil injunctive action against MedQuist Inc., a medical transcription company based in New Jersey, charging it with securities fraud and other violations of the federal securities laws. The Commission's complaint alleges that, from 1999 to...

SEC Sets Aside PHLX Sanction for Member's Refusal to Pay Litigation Expenses

Posted on March 13, 2009
The SEC set aside an order of fees, expenses and sanctions imposed by the Philadelphia Stock Exchange, Inc. against Richard B. Feinberg. The PHLX had ordered Feinberg to pay $464,418.51 incurred by the PHLX in connection with a lawsuit Feinberg...

Walter Speaks on Regulatory Reform

Posted on March 13, 2009
SEC Commissioner Elisse B. Walter spoke on "Principles to Help Guide Financial Regulatory Reform" ? before the Institute of International Bankers on March 2.

Quest Software Settles Stock Option Backdating Charges

Posted on March 13, 2009
The SEC settled stock option backdating chargs with software manufacturer Quest Software, Inc. and three current or former officers. According to the SEC's complaint, Quest, its executive chairman Vincent Smith, its former chief financial officer John Laskey, and former controller...

SEC Approves CME Operating as Central Counterparty for CDSs

Posted on March 13, 2009
The SEC approved conditional exemptions that will allow the Chicago Mercantile Exchange Inc. (CME) to operate as a central counterparty for clearing credit default swaps. These conditional exemptions, based on a request by the CME and Citadel Investment Group LLC,...

Six CHX Specialist Firms Settle SEC Charges

Posted on March 13, 2009
The SEC announced that on March 11, 2009, the United States District Judge for the Southern District of New York entered Final Consent Judgments in the Commission's previously filed cases against six specialist firms operating on the Chicago Stock Exchange...

SEC's Accountant Testifies on Mark-to-Market Accounting

Posted on March 12, 2009
James L. Kroeker, the SEC's Acting Chief Accountant, testified today on Testimony Concerning Mark-to-Market Accounting: Practices and Implications, before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Committee on Financial Services.

Attorney Pleads Guilty in Pump & Dump Scheme

Posted on March 12, 2009
The DOJ announced today that it filed criminal charges against Arizona securities lawyer David B. Stocker in the United States District Court for the Eastern District of Virginia, charging him with one count of conspiracy to commit securities fraud involving...

Madoff Goes to Jail

Posted on March 12, 2009
Bernard Madoff's bail was revoked after he pleaded guilty today to eleven felony counts and expressed remorse to his victims. NYTimes, Madoff?s Bail Revoked After Guilty Pleas to All Charges. The DOJ website has a transcript of today's hearing. Besides...

SEC Will Reconsider Uptick Rule

Posted on March 11, 2009
The Wall St. Journal reports that the SEC will consider reinstating the "uptick rule," or some revised version of it, as early as next month. The uptick rule prohibited short sales unless the stock price was higher than its previous...

Government Files Information in Madoff Case

Posted on March 11, 2009
Here is the Information filed by the U.S. Attorney in the Bernard Madoff case. It does not contain much new information about how Madoff conducted his fraud. It alleges that Madoff's ponzi scheme began at least as early as the...

Schapiro Testifies before House Subcommittee

Posted on March 11, 2009
Chairman Schapiro's Testimony Before the House Subcommittee on Financial Services and General Government Committee on Appropriations on March 11, 2009

Court Enjoins Promoter in Internet Pump and Dump Scheme

Posted on March 11, 2009
On March 6, 2009, the United States District Court for the District of Colorado, entered a final judgment against Jonathan Curshen, finding him liable for securities fraud for acting as a promoter in an internet "pump and dump" scheme. Based...

iBiz Technology and Officers Settle "Pump and Dump" Charges

Posted on March 11, 2009
On February 20, 2009, the United States District Court for the District of Arizona entered judgments by consent against iBIZ Technology Corp. formerly based in Phoenix, Arizona, its Chief Executive Officer Kenneth W. Schilling and its Executive Vice President H...

Merrill Lynch Settles "Squawk Box" Violations

Posted on March 11, 2009
The SEC charged Merrill Lynch, Pierce, Fenner & Smith Inc. with securities laws violations for having inadequate policies and procedures for controlling access to institutional customer order flow. Merrill Lynch agreed to settle the SEC?s charges and pay a $7...

Yet Another Ponzi Scheme

Posted on March 11, 2009
The SEC charged Northern California residents Anthony Vassallo and Kenneth Kenitzer for orchestrating a multi-million dollar investment fraud. Vassallo agreed to a court order freezing his assets. The SEC is seeking an emergency court order to also freeze the assets...

GAO Releases Testimony on TARP Transparency and Accountability Issues

Posted on March 11, 2009
The United States Government Accountability Office released Testimony Before the House Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, on the TROUBLED ASSET RELIEF PROGRAM: Status of Efforts to Address Transparency and Accountability Issues (Statement of Richard J...

SEC Takes Action Against Alleged Ponzi Scheme in Virginia

Posted on March 11, 2009
The SEC filed a complaint today in the United States District Court for the Western District of Virginia against John M. Donnelly (Donnelly), a resident of Charlottesville, Virginia, and his firms, Tower Analysis, Inc., Nasco Tang Corp., and Nadia Capital...

SEC Settles with Two Defendants in Peregrine Systems Fraud

Posted on March 11, 2009
The SEC announced settlements with two defendants in connection with the accounting fraud at Peregrine Systems, Inc. ("Peregrine"). On March 4, 2009, United States District Judge John A. Houston entered an Amended Final Judgment by consent against Michael D...

Stanford Refuses to Testify in SEC Probe

Posted on March 11, 2009
The Wall St. Journal has posted on its website a court filing from Allen Stanford in the SEC's action against him, asserting his privilege against self-incrimination and refusing to testify, provide an accounting or produce any documents. WSJ, Stanford Spurns...

Cuomo Says Merrill Misled Congress about Bonuses

Posted on March 11, 2009
The Wall St. Journal reports that the New York State Attorney General accuses Merrill Lynch of "misleading" Congress about the timing of the company's decision to pay $3.6 billion in bonuses. In a court filing, the AG includes a Nov....

Bernanke Speaks on Financial Reform

Posted on March 10, 2009
Chairman Ben S. Bernanke gave a speech today at the Council on Foreign Relations, Washington, D.C. on Financial Reform to Address Systemic Risk:At the same time that we are addressing such immediate challenges, it is not too soon for policymakers...

FINRA Settles Short-Selling Violations with First New York Securities

Posted on March 10, 2009
FINRA announced that it has fined First New York Securities L.L.C. $170,000 for improperly covering short positions with secondary offering shares and related oversight failures. The firm was also ordered to disgorge more than $171,000 in trading profits earned from...

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