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

SEC Files Two Microcap Manipulation Cases

Posted on July 16, 2008
The SEC filed two separate market manipulation enforcement cases involving microcap stocks: one involving Homeland Safety International, Inc. (originally incorporated as Sniffex, Inc.) and the other involving three issuers ? National Storm Management Group, Inc...

Beaufort S.C. Mayor Settles SEC Insider Trading Charges

Posted on July 16, 2008
The SEC charged the mayor of Beaufort, S.C., with insider trading on non-public information that he obtained while doing consulting work for a California biotechnology company. According to the Commission's complaint, Mayor William J. Rauch purchased stock in Advanced Cell...

SEC's Emergency Order on Short-Selling

Posted on July 16, 2008
The SEC issued an emergency order to enhance investor protections against "naked" short selling in the securities of Fannie Mae, Freddie Mac, and primary dealers at commercial and investment banks. The SEC's order will require that anyone effecting a short...

SEC Takes Emergency Action to Curb Short Sales

Posted on July 15, 2008
The SEC announced emergency action to curb short-selling in the stock of Fannie Mae and Freddie Mac, as well as the securities firms (Lehman, Goldman Sachs, Merrill Lynch, Morgan Stanley), in effect for 30 days. Brokers will be required to...

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Cox Testifies on Regulatory Responses to Financial Markets

Posted on July 15, 2008
SEC Chairman Christopher Cox testified on Recent Developments in U.S. Financial Markets and Regulatory Responses before the U.S. Senate Committee on Banking, Housing and Urban Affairs on July 15, 2008. His testimony referred to over four dozen pending enforcement investigations...

NYSE Posts its Market Surveillance Sweep Letter on Rumors

Posted on July 15, 2008
NYSE has posted on its website its and FINRA's Market Surveillance Sweep Letter on Rumors, which asks for an extensive list of documents and other information relating to the firm's compliance policies.

SEC Sends Subpoenas to Hedge Fund Advisers

Posted on July 15, 2008
On Sunday the SEC announced that it was examining internal controls at securities firms against manipulation of stock prices through spreading false rumors. Today the Wall St. Journal reports that the SEC has sent subpoenas to a number of hedge...

SEC Charges Mobile Ready Entertainment with Artificially Inflating Stock Price

Posted on July 14, 2008
The SEC (Commission) filed a civil action in the United States District Court for the Northern District of Georgia against Mobile Ready Entertainment Corp. (Mobile Ready) and its former co-chief executive officers Michael H. Magolnick (Magolnick) and Craig A...

Broker Settles Market-Timing Charges

Posted on July 14, 2008
On July 11, the SEC issued a settled order (Order) against Dogan Baruh (Baruh) in a previously instituted administrative proceeding. The Order finds that Baruh, a former registered representative (RR) at CIBC World Markets Corp. (CIBC) and Fahnestock & Co...

Bylaws Require Activist Shareholders to Disclose Stock Information

Posted on July 14, 2008
The Wall St. Journal reports that many public companies, including Pfizer, Monsanto and Sara Lee, have amended their bylaws to require that investors who propose directors or shareholders' resolutions disclose their activities in the company's shares, including borrowing or lending...

Anheuser Busch Agrees to Acquisition by InBev

Posted on July 14, 2008
InBev and Anheuser-Busch announced an agreement to combine the two companies, forming the world?s leading global brewer. Anheuser-Busch shareholders will receive $70 per share in cash, for an aggregate equity value of $52 billion. The combined company will be called...

SEC Seeks to Quash Rumor-Spreading

Posted on July 14, 2008
The SEC announced that it and other securities regulators will immediately conduct examinations aimed at the prevention of the intentional spread of false information intended to manipulate securities prices. The examinations will be conducted by the SEC's Office of Compliance...

Sen on 10b5-1 Plans

Posted on July 13, 2008
Are Insider Sales Under 10b5-1 Plans Strategically Timed?, by RIK SEN, New York University, was recently posted on SSRN. Here is the abstract: Previous research and numerous media articles suggest that sales executed under 10b5-1 trading plans are strategically timed...

Verret on SEC Certification to Delaware Court

Posted on July 13, 2008
SEC Certification to the Delaware Supreme Court, by J.W. VERRET, George Mason University - School of Law, was recently posted on SSRN. Here is the abstract: This essay, recently featured in the Corporate Governance Advisor, describes a recent development in...

El Paso Settles Charges of Inflating Oil & Gas Reserves

Posted on July 11, 2008
The SEC filed a civil action against El Paso Corporation (El Paso), its subsidiaries and several former employees alleging that they inflated the companies' proved natural gas and oil reserves in violation of the federal securities laws. The complaint names...

SEC Settles Fraud Charges Against Former Transkaryotic Therapies CEO

Posted on July 10, 2008
The SEC announced that on July 9, 2008, a final judgment by consent was entered by the United States District Court Judge for the District of Massachusetts against Richard F. Selden, the former CEO of Transkaryotic Therapies ("TKT"), a biotechnology....

SEC Settles Fraud Charges Against Former Transkaryotic Therapies CEO

ALJ Finds Broker Involved in Late Trading Scheme

Posted on July 10, 2008
An Administrative Law Judge has issued an Initial Decision in Pritchard Capital Partners, LLP, Administrative Proceeding No. 3-12753 and found that Respondent Joseph John VanCook (VanCook), while associated with the broker-dealer Pritchard Capital Partners, LLP (Pritchard Capital), engaged in a...

SEC Settles Fraud Charges Against Former Transkaryotic Therapies CEO

PCAOB Proposes Rule Change Regarding Ethics & Independence Rule

Posted on July 09, 2008
The SEC has published for comment a proposed rule change (Release No. 34-58121; File No. PCAOB-2008-03) by the PCAOB Regarding Ethics and Independence Rule 3526, Communication with Audit Committees Concerning Independence, Amendment to Interim Independence Standards, and Amendment to Rule...

SEC's Chief Economist Testifies on OTC Credit Derivatives Market

Posted on July 09, 2008
James A. Overdahl, the SEC's Chief Economist, testified on July 9, 2008, before the Subcommittee on Securities, Insurance, and Investment of the Senate Committee on Banking, Housing, and Urban Affairs, on Testimony Regarding Reducing Risks and Improving Oversight in the...

Sycamore Networks and Three Former Executives Settle Backdating Charges

Posted on July 09, 2008
The SEC filed a settled civil enforcement action against Sycamore Networks, Inc., an optical networking company, and its former Chief Financial Officer Frances M. Jewels, former Director of Financial Operations Cheryl E. Kalinen, and former Director of Human Resources Robin...

FINRA Staff Provides Interpretation of Notice Regarding Partial Redemptions of ARS

Posted on July 09, 2008
FINRA issued a staff interpretive memo regarding NASD Rule 2110 and NYSE Rule 402.30?Partial Redemption Allocations and Disclosure Practices in Auction Rate Securities, to clarify questions about its recently issued Regulatory Notice 08-21 (the Notice), in which FINRA provided guidance...

SEC Releases Staff Report on Credit Rating Agencies

Posted on July 08, 2008
The SEC released a Summary Report of Issues Identified in the Commission Staff's Examinations of Select Credit Rating Agencies prepared by the staff of the Office of Compliance Inspections and Examinations, Division of Trading and Markets and Office of Economic...

Bernanke on Financial Stability

Posted on July 08, 2008
Federal Reserve Board Chairman Ben S. Bernanke spoke on Financial Regulation and Financial Stability at the Federal Deposit Insurance Corporation's Forum on Mortgage Lending for Low and Moderate Income Households, Arlington, Virginia, on July 8, 2008...

New Hampshire Enacts NASAA's Model Rule on Senior Certifications

Posted on July 07, 2008
New Hampshire becomes the first state to legislatively adopt NASAA?s Model Rule on the Use of Senior Certifications and Professional Designations. Last month Washington and Virginia became the first jurisdictions to adopt rules based on NASAA?s model...

SEC's Advisory Committee on Improvements to Financial Report Scheduled to Meet

Posted on July 07, 2008
There is scheduled an Open Meeting of the SEC Advisory Committee on Improvements to Financial Reporting for July 11, 2008. Its draft Report will be the subject of the meeting.

SEC and Federal Reserve Enter into Memorandum of Understanding

Posted on July 07, 2008
The SEC and the Federal Reserve System signed a memorandum of understanding (MOU) between the two agencies that, according to the press release, should deepen their information sharing and cooperation. Last week some members of Congress expressed concern that the...

SEC Pubishes Final Rule and Guidance on SRO Rulemaking Process

Posted on July 03, 2008
The SEC published on its website the final rule and new interpretive guidance to improve the rulemaking process for exchanges and other self-regulatory organizations (SROs). The SEC previously voted to approve the final rule and issue the guidance to help...

SEC Announces Participants in Round Table on Fair Value Accounting and Auditing Standards

Posted on July 02, 2008
The SEC announced the panelists and agenda for its July 9 roundtable on fair value accounting and auditing standards. The roundtable will be organized into two panels. The first panel will focus on fair value accounting issues from the perspective...

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