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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

Broker Settles Charges He Cheated Nuns

Posted on January 06, 2011
The SEC and Paul George Chironis, a Long Island, N.Y.-based broker, agreed to settle charges against him for defrauding a congregation of mostly elderly nuns in the Bronx. The SEC found that he churned two accounts owned by the Sisters...

SEC Looks Into Goldman-Facebook Investment

Posted on January 05, 2011
The Wall St. Journal reports that the SEC has begun an investigation because of Goldman Sach's plan to create an investment vehicle that will allow perhaps hundreds of investors to invest in Facebook without requiring the company to register with...

New Jersey Federal District Court Rejects Madoff Investor's Claim Against Goldman

Posted on January 04, 2011
In a recent opinion marked not for publication, the federal district court in New Jersey dismissed without prejudice a retired investor's claims against Goldman Sachs for failing to warn him to decrease or divest investments in Bernie Madoff's ponzi scheme...

Committee on Capital Markets Regulation Warns of Hasty Rulemaking under Dodd-Frank

Posted on January 04, 2011
The Committee on Capital Markets Regulation (which prior to the financial crisis produced a white paper on financial reform) recently wrote(Download 2010.12.15_Rulemaking_Timeline_Letter) to Congressional leaders on the Senate Banking Committee and House Financial Services Committee to express concern over the...

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Federal and State Regulators Plan to Coordinate Regulation of Consumer Financial Products and Services

Posted on January 04, 2011
The Consumer Financial Protection Bureau (CFPB) implementation team currently housed within the US Department of the Treasury and the Conference of State Bank Supervisors (CSBS) today signed a memorandum of understanding (MOU) to establish a foundation of state and federal...

U.S. Claws Back Compensation from Wilmington Trust CEO

Posted on January 04, 2011
Wall St. Journal reports that Wilmington Trust Corp., which received more than $330 million in TARP funds, recently rescinded more than $1.8 million in compensation from CEO Donald Foley. This may be the first time an executive had to give...

Burch on Optimal Lead Plaintiffs

Posted on January 01, 2011
Optimal Lead Plaintiffs, by Elizabeth Chamblee Burch, Florida State University - College of Law, was recently posted on SSRN. Here is the abstract: Adequate representation in securities class actions is, at best, an afterthought and, at worst, usurped and subsumed...

Birdthistle on Money Market Funds

Posted on January 01, 2011
Breaking Bucks in Money Market Funds, by William A. Birdthistle, Chicago-Kent College of Law, was recently posted on SSRN. Here is the abstract: This Article argues that the Securities and Exchange Commission?s first and most significant response to the economic...

Cornell on Market Efficiency in Securities Litigation

Posted on January 01, 2011
Market Efficiency and Securities Litigation: Implications of the Appellate Decision in Thane, by Bradford Cornell, California Institute of Technology, was recently posted on SSRN. Here is the abstract: The recent Ninth Circuit decision in Miller v. Thane International, Inc...

Rattner Settles New York AG Charges for $10 Million and 5 Year Ban

Posted on December 30, 2010
New York AG Cuomo today announced an agreement with Steven Rattner, former founding principal of private equity firm Quadrangle Group, LLC (?Quadrangle?) in the Attorney General?s public pension fund investigation. Mr. Rattner will pay $10,000,000 in restitution to the State...

SEC Keeps Secrets on FOIA Procedures

Posted on December 30, 2010
Investment News reports that the SEC has denied a Freedom of Information Act request that sought information on the agency's procedures for handling FOIA requests! Citizens for Responsibility and Ethics in Washington filed the request in September. INVNews, SEC won't...

FINRA Expels Texas Firm for Excessive Mark-ups

Posted on December 29, 2010
FINRA expelled APS Financial Corporation, located in Austin, Texas, barred the firm's former President, George Conwill, and barred Peter Aman, a former broker at the firm, in a scheme which overcharged an elderly investor by $1.2 million. FINRA found that...

Government Arrests California Woman in Insider Trading Probe

Posted on December 29, 2010
Winifred Jiau becomes the seventh person charged in the government's investigation of insider trading through expert networks. Ms. Jiau worked for Nvidia as a contractor until about a year ago. According to the government, she was paid more than $200,000...

SEC Extends Temporary Rule on Dual Registrants' Principal Trades

Posted on December 28, 2010
The SEC amended rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the...

SEC Obtains TRO Alleging Insider Trading in Martek Acquisition

Posted on December 28, 2010
On December 22, 2010, the U.S. District Court for the Southern District of New York entered a Temporary Restraining Order freezing assets and trading proceeds of certain unknown purchasers of the securities of Martek Biosciences Corporation (the ?Unknown Purchasers?)...

More Work Needs to be Done on Risk Appetite Frameworks, Senior Supervisors Report

Posted on December 28, 2010
Senior financial supervisors from 10 countries ? collectively, the Senior Supervisors Group (SSG) ? issued a report on December 23 that evaluates how financial institutions have progressed in developing formal risk appetite frameworks and in building out highly developed IT...

Alcatel Settles FCPA Charges for $137 Million

Posted on December 28, 2010
The SEC and Alcatel-Lucent, S.A. (Alcatel) settled charges that Alcatel violated the anti-bribery, books and records, and internal controls provisions of the Foreign Corrupt Practices Act (FCPA) by paying bribes to foreign government officials to obtain or retain business in...

SEC Charges Investment Adviser Firms and former Officers with Hedge Fund Fraud

Posted on December 21, 2010
The SEC charged two San Francisco-based investment adviser firms along with their former CEO, former general counsel, and former portfolio manager with defrauding investors in a $100 million hedge fund that invested in subprime automobile loans. The SEC found that...

New York Sues Ernst & Young Alleging Involvement in Lehman Fraud

Posted on December 21, 2010
As the Wall St. Journal earlier predicted, today the New York Attorney General sued accounting firm Ernst & Young LLP (?E&Y?), charging the firm with helping Lehman Brothers Holding, Inc. (?Lehman?) engage in an accounting fraud involving the surreptitious removal...

SEC Requests Public Comment on Standardizing Credit Ratings Terminology

Posted on December 20, 2010
The SEC is requesting public comment to help inform its study pursuant to Section 939(h) of the Dodd-Frank Act on the feasibility and desirability of: standardizing credit ratings terminology, so that all credit rating agencies issue credit ratings using identical...

SEC Charges Former Carter's Executive with Financial Fraud

Posted on December 20, 2010
The SEC today charged Joseph M. Elles, a former Executive Vice President of children's clothing marketer Carter's Inc., for engaging in financial fraud and insider trading. The SEC alleges that Elles's misconduct caused an understatement of Carter's expenses and a...

SEC Finds Auditor Engaged in Improper Conduct in China Energy Fraud

Posted on December 20, 2010
On December 20, the SEC issued an Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 4C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's....

SEC Proposes Permanent Rule for Municipal Advisers

Posted on December 20, 2010
The SEC proposed a rule creating a new process by which municipal advisors must register with the SEC. The proposed rule, required by Dodd-Frank, would replace a temporary rule the Commission adopted in September. Municipal advisors provide advice to state...

Kim on The Legal Profession and Gatekeeping

Posted on December 19, 2010
Naked Self-Interest? Why the Legal Profession Resists Gatekeeping, by Sung Hui Kim, UCLA School of Law, was recently posted on SSRN. Here is the abstract: This Article asks and answers the following question: why does the legal profession resist gatekeeping?...

Salter on Gaming & Institutional Corruption

Posted on December 19, 2010
Lawful But Corrupt: Gaming and the Problem of Institutional Corruption in the Private Sector, by Malcolm S. Salter, HBS Negotiations, Organizations and Markets Unit, was recently posted on SSRN. Here is the abstract: This paper describes how the gaming of...

Cohn & Swick on Bio-Pharms and Securities Class Actions

Posted on December 19, 2010
The Sitting Ducks of Securities Class Action Litigation: Bio-Pharmas and the Need for Improved Evaluation of Scientific Data, by Stuart R. Cohn, University of Florida - Fredric G. Levin College of Law, and Erin M. Swick, White & Case LLP,...

Forensics Accounting Master Ranks Blogs in its Field

Posted on December 17, 2010
Forensics Accounting Masters has posted a "Top 50" list of blogs related to forensic accounting, securities fraud, corporate governance and other topics. It's a good compilation of well-regarded blogs; I'm proud to say Securities Law Prof is ranked at #47.

$7.2 Billion Settlement with Picower's Estate Adds to Fund for Madoff Victims

Posted on December 17, 2010
Federal prosecutors and the trustee charged with recovering assets in the Bernard L. Madoff bankruptcy announced settlements with the estate of Jeffry M. Picower, a Palm Beach philanthropist who died in October 2009, that would add $7.2 billion to the...

Bipartisanship Reigns at FCIC

Posted on December 17, 2010
Four Republican members of the Financial Crisis Inquiry Commission released a 9-page "primer" on December 15, the date Congress set for the final report, which a majority of the Commissioners deferred for one month. According to its introduction: This primer...

FINRA Gives its 2010 Performance High Marks

Posted on December 17, 2010
FINRA released its FINRA 2010 Year in Review and gave itself many pats on the back for its performance. Acording to the report's introduction: The Financial Industry Regulatory Authority (FINRA) significantly expanded and enhanced its investor protection and market regulation...

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