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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

SEC Charges Retirement Home Operator with Fraud

Posted on March 02, 2009

SEC Charges Colorado Resident with Sales of Unregistered Securities

Posted on February 27, 2009

SEC Charges Idaho Resident in Alleged Ponzi Scheme

Posted on February 27, 2009

Statement From Chairman Schapiro on Proposed Budget for SEC

Posted on February 27, 2009

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NYSE Extends Lowering of Market Cap Standard and Application of Stock Price Criteria

Posted on February 27, 2009

NASAA Statement on President Obama's Principles for Regulatory Reform

Posted on February 27, 2009

Two individuals Settle Insider Trading Charges in Engineered Support Systems Stock

Posted on February 26, 2009
The U. S. District Court for the Eastern District of Missouri entered a Final Judgment by consent against Defendants Matthew E. Kopsky and Ronald W. Davis, resolving charges of insider trading in the securities of Engineered Support Systems, Inc. ("ESSI")...

Former Zomax CEO Settles Insider Trading Charges

Posted on February 26, 2009
On February 17, 2009, the U.S. District Court for the District of Minnesota entered a Final Judgment against James T. Anderson, the co-founder and former CEO of Zomax, Inc. The Commission's complaint, which was filed on June 6, 2005, alleged...

SEC Charges New York Resident with "Funds of Funds" Fraud

Posted on February 26, 2009
The SEC charged Mark Bloom and his firm North Hills Management LLC with securities fraud and obtained an emergency court order to freeze their assets and halt an alleged investment scheme involving the marketing of a "fund of funds" investment...

C2 Options Exchange Files Application for National Securities Exchange

Posted on February 26, 2009
The SEChas published for public comment C2 Options Exchange, Incorporated's application (File No. 10-191) for registration as a national securities exchange under Section 6 of the Securities Exchange Act of 1934. Rel. 34-59441

SEC Expected to Get 13% Increase in 2010 Budget

Posted on February 26, 2009
The Wall St. Journal reports that the SEC will receive a 13% increase in funding in the 2010 budget, bringing it to just over $1 billion. The funds will be used to beef up staff and use of technology to...

SEC Adjusts Civil Penalties for Inflation

Posted on February 25, 2009
The SEC adopted a final rule adjusting the maximum amounts of the civil monetary penalties for the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and...

Obama Calls for Regulatory Reform

Posted on February 25, 2009
President Obama calls for a sweeping reform of Wall St. regulations to avoid a repeat of the financial meltdown. According to the President, the economy cannot sustain 21st century markets with 20th century regulation. The question is, of course, what...

SEC Charges Two with Misappropriating Over $500 Million in Investors' Assets

Posted on February 25, 2009
The SEC took emergency action and obtained an asset freeze against two New York residents and their three affiliated entities, who, it charges, orchestrated an investment fraud involving the misappropriation of as much as $554 million in investor assets...

SEC Charges Suspended Broker with Running Fraudulent Hedge Funds

Posted on February 25, 2009
The SEC charged Westgate Capital Management, LLC, a Pearl River, N.Y., investment management firm, and its managing member, James M. Nicholson, with operating a large-scale scheme that defrauded hundreds of investors of millions of dollars by providing them with misleading...

Ketchum Appointed FINRA CEO

Posted on February 24, 2009
As expected, Richard G. (Rick) Ketchum has been appointed FINRA's Chief Executive Officer, replacing the new SEC Chair Mary Schapiro. Ketchum currently serves as CEO of New York Stock Exchange (NYSE) Regulation and as Chairman of FINRA's Board of Governors,...

Former Employees at Leumi and Oppenheimer Settle Order Flow Allegations

Posted on February 24, 2009
The SEC settled charges alleging that two former registered representatives, Victor P. Machado, a former fixed income trader at two related entities, Leumi Investment Services Inc. ("LISI"), a registered broker-dealer, and Bank Leumi USA ("BLUSA") (collectively "Leumi"), and Frank Lu,...

Court Says Thain Can Name Recipients of Merrill Bonuses

Posted on February 24, 2009
A New York State judge ruled that former Merrill Lynch CEO John Thain could identify the Merrill employees who received the largest bonuses last year before the securities firm was acquired by Bank of America. At a deposition before the...

NASAA Requests Comment on Policy Statement on Multi-State Review of Requests for Interpretive Opinions

Posted on February 23, 2009
The NASAA Coordinated Interpretations Project Group requests comment from the public on the adoption of a new Statement of Policy Regarding Multi-State Review of Requests for Interpretative Opinions and No-Action Letters. The comment period begins February 20, 2009 and will...

New York AG Seeks More Information from Thain on ML Bonuses

Posted on February 23, 2009
The New York Attorney General's office asked a state judge to order former Merrill Lynch CEO John Thain to provide more information about those bonuses paid before Merrill's merger with Bank of America last year. In a court filing, the...

Diamondback Capital Management Settles Reg M Charges

Posted on February 23, 2009
On February 20, the Commission settled administrative charges against Diamondback Capital Management, LLC. The Order finds that from August 2005 until October 2005, Diamondback willfully violated Rule 105 of Regulation M on four occasions. On each occasion, in connection with...

Dunbar & Sen on Causation and Damages

Posted on February 22, 2009
Counterfactual Keys to Causation and Damages in Shareholder Class Actions, by Frederick C. Dunbar, NERA Economic Consulting, and Arun Sen, NERA Economic Consulting, was recently posted on SSRN. Here is the abstract:Introducing quantitative rigor into the legal process has been...

Arbitration Filings Up 54% in 2008

Posted on February 20, 2009
New cases filed in FINRA arbitration increased in 2008 by 54% over 2007 -- 4962 cases compared with 3238 in the previous year. This is the highest number of new filings since 2005.

SEC Obtains Emergency Relief Against Hedge Fund, Paramount Partners

Posted on February 20, 2009
On February 18, 2009, the SEC filed an emergency civil action in the U.S. District Court of Minnesota charging Paramount Partners, LP ("Paramount"), a hedge fund, Crossroad Capital Management, LLC ("Crossroad"), Paramount's investment adviser, and John W...

SEC Suspends Former UnitedHealth Group GC From Practicing Before SEC

Posted on February 20, 2009
On February 19, the SEC, pursuant to Rule 102(e) of its Rules of Practice, issued an order (the Rule 102(e) Order) suspending former UnitedHealth Group, Inc. General Counsel David J. Lubben from appearing or practicing before the Commission as an...

SEC's Statement on Robert Allen Stanford

Posted on February 20, 2009
The SEC today made the following statement regarding its enforcement action against Robert Allen Stanford:"At the request of the SEC, Special Agents of the Federal Bureau of Investigation's Richmond Division today located and identified Stanford Financial Group chairman Allen Stanford...

Robert Khuzami Named SEC Director of Enforcement

Posted on February 19, 2009
As expected, Chair Schapiro announced today that former federal prosecutor Robert Khuzami has been named Director of the Division of Enforcement. As the SEC release emphasizes, Mr. Khuzami previously served as a federal prosecutor for 11 years with the United...

SEC Takes Action Against Ponzi Scheme Targeting Deaf Community

Posted on February 19, 2009
On February 18, 2009, the SEC obtained a court order halting an alleged $4 million Ponzi scheme perpetrated by Hawaii-based Billion Coupons, Inc. ("BCI") and its CEO Marvin R. Cooper. The Complaint alleges that BCI and Cooper raised $4.4 million...

The SEC and the Stanford Group Fraud

Posted on February 19, 2009
The fallout over the SEC's failure to uncover earlier the Stanford fraud begins. The New York Times reports that both the SEC and FINRA previously found violations at the Stanford Group, but let it off the hook with small fines....

Insurance and Index Annuity Groups File Brief Challenging SEC Authority to Regulate Index Annuities

Posted on February 18, 2009
In a brief filed with the D.C. Court of Appeals, the National Association of Insurance Commissioners and the National Conference of Insurance Legislators joined a group of equity index annuity companies and argued that the SEC exceeded its authority when...

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