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Post Frequency: 38.1/day

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

Sjostrom on Equity Capital and Share Liquidity

Posted on October 08, 2008
Carving a New Path to Equity Capital and Share Liquidity, by William K. Sjostrom Jr., Northern Kentucky University - Salmon P. Chase College of Law, was recently posted on SSRN. Here is the abstract: The Article advocates regulatory reforms designed....

SEC Charges Stock Promoters with Market Manipulation

Posted on October 08, 2008
The SEC brought two separate actions against stock promoters charging them with market manipulation. What is interesting is that both cases involve sting operations with undercover FBI agents acting as the purported representatives of undisclosed wealthy investors...

Cox Speaks at Roundtable on Modernizing Disclosure

Posted on October 08, 2008
SEC Chairman Cox's Opening Remarks at SEC Roundtable on Modernizing the Securities and Exchange Commission?s Disclosure System on Oct. 8.

SEC Settles ARS Charges with Bank of America and RBC Capital Markets

Posted on October 08, 2008
The SEC, NASAA and New York Attorney General's Office announced two additional agreements in principle with respect to auction rate securities (ARS), one with Bank of America and the other with RBC Capital Markets. Under its agreement Bank of America...

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Former Senior UBS Lawyer Settles New York Charges of Selling ARS on Inside Information

Posted on October 07, 2008
New York Attorney General Andrew M. Cuomo announced a $6.5 million settlement with David Aufhauser, a top executive at UBS, regarding his insider trading of auction rate securities. Today?s agreement will settle allegations that Aufhauser, former General Counsel of UBS...

SEC Announces Agenda for Transparency Roundtable

Posted on October 07, 2008
The SEC announced the agenda for Wednesday?s roundtable on providing more transparency to investors that will include discussion of lessons from the current credit crisis. Among other issues, panelists will address better ways to explain complex financial instruments to investors...

SEC Announces Steps in Mark to Market Accounting Study

Posted on October 07, 2008
The SEC announced additional details on the process and initial steps that the SEC has undertaken to conduct a study on "mark-to-market" accounting, as required by Sec. 133 of the Emergency Economic Stabilization Act of 2008, signed into law by...

SEC Charges Former Restoration Hardware Executive with Tipping Friends

Posted on October 07, 2008
The SEC charged a former vice president of national home furnishing retailer Restoration Hardware with insider trading for tipping three friends that the company was about to be acquired, enabling them to make more than $900,000 in unlawful profits when...

SEC Charges Securities Firm with Illegal Short Sales

Posted on October 07, 2008
The SEC filed an injunctive action in the United States District Court for the Central District of California against Lion Gate Capital, Inc. (Lion Gate) and its principal, Kenneth Rickel alleging illegal short selling. According to the complaint, from January...

President's Working Group on Financial Markets Issues Statement

Posted on October 06, 2008
The President's Working Group on Financial Markets issued the following statement today: Conditions in U.S. and global financial markets remain extremely strained. The President's Working Group on Financial Markets (PWG) is working with market participants and regulators globally to address...

Text of Emergency Economic Stabilization Act

Posted on October 06, 2008
For those who wish to read the complete text of the Emergency Economic Stabilization Act of 2008, here it is.

SEC's Enforcement Division Posts Enforcement Manual

Posted on October 06, 2008
The SEC's Enforcement Division posted its Enforcement Manual on the SEC website. According to the Manual, it is an electronic document designed to be a reference for the staff in the U.S. Securities and Exchange Commission?s (?SEC?) Division of Enforcement...

SEC Files Amicus Brief in Transnational Fraud Case

Posted on October 06, 2008
The SEC filed an amicus brief, at the request of the Second Circuit, in Morrison v. National Australia Bank, Ltd. (No. 07-0583-cv) to offer its views as to whether the antifraud provisions of the U.S. securities laws apply to the...

SEC Charges Next Components & Hsu with Ponzi Scheme

Posted on October 06, 2008
The SEC filed a Complaint in the United States District Court for the Central District of California against Next Components, Ltd. and its principal, Norman Hsu alleging that the defendants operated a nationwide Ponzi scheme. Norman Hsu is in federal...

Short-Selling Ban Ends Oct. 8

Posted on October 06, 2008
The SEC announced that its Emergency Order that prohibits persons from selling short the securities of financial institutions will expire at 11:59 p.m. ET on Wednesday, October 8, 2008.

McAfee GC Acquitted of Fraud on Backdating Charges

Posted on October 04, 2008
The Wall St. Journal reports that a jury acquitted the former general counsel at McAfee Inc., Kent Roberts, of fraud in connection with illegal backdating of stock options in federal district court in San Francisco. While the jury did not...

SEC Charges Five World Securities Brokers with Unsuitable Sales of Variable Universal Life Policies

Posted on October 03, 2008
The SEC filed a complaint against Kederio Ainsworth, Guillermo Haro, Jesus Gutierrez, Gabriel Paredes, and Angel Romo, five World Group Securities (WGS) registered representatives, including a branch office manager, charging them with fraudulently selling unsuitable securities, primarily variable universal life...

SEC Charges 16 Individuals in Insider Trading in advance of Dick's Sporting Goods Merger Announcement

Posted on October 02, 2008
The SEC filed two complaints in the U.S. District Court for the Western District of Pennsylvania against a total of sixteen individuals for insider trading in advance of Dick's Sporting Goods Inc.'s June 21, 2004, announcement that it intended to...

SEC Extends Ban on Short-Selling

Posted on October 02, 2008
The SEC issued the following statement extending its ban on short selling in stocks of financial institutions: The Commission has taken steps during recent weeks to address concerns regarding short sales in light of the ongoing credit crisis. These efforts...

Inspire Pharmaceuticals and Former Officers Settle Disclosure Charges

Posted on October 01, 2008
The SEC settled charges against Inspire Pharmaceuticals, Inc. (Inspire), the company's Chief Executive Officer, Christy L. Shaffer (Shaffer) and former Senior Vice President, Communications, Mary B. Bennett (Bennett), concerning disclosures that Inspire made about the details of a clinical trial...

SEC Settles Fraud Case Involving Pennsylvania School Districts

Posted on October 01, 2008
The SEC charged Stephen R. Moynahan, the former president and chief executive officer of Dolphin & Bradbury, Incorporated, formerly a registered broker-dealer based in Philadelphia, for failing reasonably to supervise Robert J. Bradbury, an investment banker and co-owner of the...

FINRA Issues Investor Alert on Guarantee Program for Money Market Funds

Posted on October 01, 2008
FINRA issued an Investor Alert, Treasury's Guarantee Program for Money Market Mutual Funds: What You Should Know, advising investors that: The insurance provided by the program only covers the total value of a shareholder's account in a participating fund as...

Former BISYS Group Officer Settles SEC Accounting Charges

Posted on September 30, 2008
The SEC filed a civil injunctive action in United States District Court for the Southern District of New York charging Steven Wevodau, former vice president of finance for the Insurance and Education Services group of the BISYS Group, Inc., with...

SEC Settles Insider Trading Charges in ACR Group Stock

Posted on September 30, 2008
The SEC settled insider trading charges against Randolph Leone and Randall Clark Wall, both of whom, the SEC alleged, independently engaged in unlawful insider trading in the securities of ACR Group, Inc. in advance of a public announcement on July...

SEC Settles Insider Trading Charges Against Former Genesis Microchip CEO and Friend

Posted on September 30, 2008
The SEC settled insider trading charges against Elias Antoun, the former President and CEO of Genesis Microchip, Inc. It alleged that Antoun bought Genesis stock while in confidential merger negotiations with STMicroelectronics, one of the world's largest semiconductor companies...

SEC Clarifications on Fair Value Accounting

Posted on September 30, 2008
The SEC posted "SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value Accounting" on its website. It states in full: The current environment has made questions surrounding the determination of fair value particularly challenging for preparers,...

The Penn Traffic Company Settles SEC Accounting Fraud Charges

Posted on September 30, 2008
The SEC charged the supermarket operator and wholesale food distributor The Penn Traffic Company with fraud for orchestrating multi-million dollar accounting schemes that inflated its operating income and overstated its after tax net income. The SEC's complaint, filed in the...

SEC Schedules Roundtable on Disclosure System

Posted on September 29, 2008
The SEC will hold a Roundtable on Modernizing the Securities and Exchange Commission's Disclosure System on Wednesday, Oct. 8, 2008, beginning at 9:00 a.m. (I know, you're thinking that the financial markets are going to hell in a handbasket, but...

Court Finds Hedge fund Adviser Overstated Funds' Valuations

Posted on September 29, 2008
The United States District Court for the Southern District of Florida recently granted the SEC's motion for summary judgment, in part, against Michael Lauer, the architect of a $1.1 billion hedge fund fraud scheme. The Court found that Lauer's fraud....

Former SafeNet Officer Consents to Backdating Judgment

Posted on September 29, 2008
The United States District Court for the District of Columbia entered a Final Judgment of permanent injunction and other relief, including a ten year officer and director bar, against Carole Argo ("Argo"), the former president, Chief Financial Officer and Chief...

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