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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

FINRA Seeks Comments on Debt Research Reports Concept Release

Posted on March 19, 2011
FINRA recently requested comment on a Concept Proposal to Identify and Manage Conflicts Involving the Preparation and Distribution of Debt Research Reports. According to the Executive Summary: FINRA seeks comment on a concept proposal to apply objectivity safeguards and disclosure...

IBM TO PAY $10 MILLION IN SETTLED FCPA ENFORCEMENT ACTION

Posted on March 19, 2011
The SEC settled charges with International Business Machines Corporation (?IBM?) that it violated the books and records and internal control provisions of the Foreign Corrupt Practices Act of 1977 (?FCPA?) as a result of the provision of improper cash payments,...

Gupta Sues SEC

Posted on March 19, 2011
The SEC created a stir a few weeks ago when it brought an administrative enforcement action against Rajat Gupta, the former P&G and Goldman director, for tipping confidential inside information to Raj Rajaratnam. Many questioned why the SEC chose to....

SEC Proposes Rule to Readopt Beneficial Ownership Reporting Requirements on Security-Based Swaps

Posted on March 18, 2011
The SEC proposed for public comment a rule on BENEFICIAL OWNERSHIP REPORTING REQUIREMENTS AND SECURITY BASED SWAPS. According to its summary, the rule is intended: To preserve the application of our existing beneficial ownership rules to persons who purchase or...

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SEC Charges Steel Technologies Officers with Insider Trading in Advance of Merger Announcement

Posted on March 18, 2011
The SEC charged four executives at Steel Technologies, a Louisville-based steel processing company, and four of their family and friends with illegal insider trading in advance of the company?s acquisition. The SEC alleges that Patrick Carroll, William ?Tad? Carroll, David...

Law Firm's Study Finds It Can Pay to Fight the Regulators

Posted on March 18, 2011
Sutherland Asbill & Brennan LLP recently announced the results of its 2011 Sutherland SEC/FINRA Litigation Study ? an annual review of the litigated cases brought by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) against...

Republican Law Makers Want to Put the Brakes on Fiduciary Duty Obligation

Posted on March 18, 2011
Republicans on the House Financial Services Committee call on SEC Chair Schapiro to slow down on considering any rule to extend the investment adviser's fiduciary duty to broker-dealers. They call for more rigorous analysis and a cost-benefit analysis to justify...

PCAOB Issues Report on Chinese Reverse Mergers

Posted on March 16, 2011
The Public Company Accounting Oversight Board (PCAOB) recently issued its first public Research Note which provides new data on the growth of reverse merger transactions involving companies from the China region. The Research Note, entitled, "Activity Summary and Audit Implications...

SEC Charges Execs at Ohio Finance Company with Bilking Elderly Investors

Posted on March 16, 2011
The SEC today charged three senior executives at Akron, Ohio-based Fair Finance Company with orchestrating a $230 million fraudulent scheme involving at least 5,200 investors ? many of them elderly. The SEC alleges that after purchasing Fair Finance Company, chief...

SEC Charges Former Supervisor at Colonial Bank for Role in Securities Fraud Scheme

Posted on March 16, 2011
The SEC today charged Teresa A. Kelly, the former operations supervisor of Colonial Bank?s mortgage warehouse lending division (MWLD), with participating in a $1.5 billion securities fraud scheme. According to the SEC, Kelly enabled the sale of fictitious and impaired...

Regulators Invite Comments on the CPSS-IOSCO Consultative Report on the Principles for Financial Market Infrastructures

Posted on March 16, 2011
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commission (IOSCO) recently released for comment the consultative report on the Principles for Financial Market Infrastructures...

SEC Charges Hedge Fund Founders with Misappropriating Fund Assets

Posted on March 15, 2011
The SEC today charged a hedge fund investment advisory firm and its two founders with orchestrating a multi-faceted scheme to defraud clients and failing to comply with fiduciary obligations. According to the SEC, Eugenio Verzili and Arturo Rodriguez through their...

State Regulators Urge Federal Court not to Enjoin State Administrative Proceedings Against Securities America

Posted on March 15, 2011
As I have previously blogged, a judge hearing a class action brought against Securities America granted plaintiffs' request for a TRO to restrain individual arbitration hearings brought against the firm, citing his power under the All Writs Act (Billitteri v...

Rajaratnam on Trial: The First Week

Posted on March 13, 2011
This past week the criminal trial of Raj Rajaratnam on fourteen counts of securities fraud and conspiracy began in Manhattan. RR is the founder of Galleon Group, a hedge fund, who was arrested in October 2009 and charged with running...

Taylor and NYSE Listing Standards and CSR

Posted on March 13, 2011
New York Stock Exchange Listing Standards and Corporate Social Responsibility, by Celia Taylor, University of Denver Sturm College of Law, was recently posted on SSRN. Here is the abstract: Rules and regulations governing the disclosure of corporate social responsibility policies...

Omarova on Dodd-Frank

Posted on March 13, 2011
The Dodd-Frank Act: A New Deal for a New Age?, by Saule T. Omarova, University of North Carolina at Chapel Hill School of Law, was recently posted on SSRN. Here is the abstract: The Dodd-Frank Wall Street Reform and Consumer...

Erickson on Overlitigating Corporate Fraud

Posted on March 13, 2011
Overlitigating Corporate Fraud: An Empirical Analysis, by Jessica Erickson, University of Richmond School of Law, was recently posted on SSRN. Here is the abstract: Corporate law leaves no stone unturned when it comes to litigating corporate fraud. The legal system...

Brown on The SEC and Corporate Governance

Posted on March 13, 2011
Essay: The Politicization of Corporate Governance: Bureaucratic Discretion, the SEC, and Shareholder Ratification of Auditors, by J. Robert Brown Jr., University of Denver Sturm College of Law, was recently posted on SSRN. Here is the abstract: The role of the...

Broome et alia on Board Diversity

Posted on March 13, 2011
Does Critical Mass Matter? Views from the Board Room, by Lissa L. Broome, University of North Carolina (UNC) at Chapel Hill - School of Law; John M. Conley, University of North Carolina (UNC) at Chapel Hill - School of Law;...

Sitkoff on the Economic Structure of Fiduciary Law

Posted on March 13, 2011
The Economic Structure of Fiduciary Law, by Robert H. Sitkoff, Harvard Law School, was recently posted on SSRN. Here is the abstract: This essay revisits the economic theory of fiduciary law. Nearly two decades have passed since the publication of...

SEC On Capitol Hill

Posted on March 10, 2011
Today was a big day for the SEC on Capitol Hill, as Chair Mary Schapiro testified before two different oversight committees on the SEC's budget and ethical issues: Testimony on the Financial Management, Work Force Management and Internal Operations of...

ProPublica: SEC's in the Hot Seat

Posted on March 10, 2011
It's hard to keep up with all the complaints and criticisms involving the SEC, conflicts of interest and ethics charges from Republican oversight committees as well as outside watchdog groups. ProPublica has a good summary: SEC in the Hot Seat,...

Consultant Issues Report on SEC's Operations and Organization

Posted on March 10, 2011
An independent consultant today presented Congress with a report examining the organization and operations of the Securities and Exchange Commission, as required by Section 967 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The consultant, the Boston Consulting...

Call For Papers -- Midwest Corporate Law Scholars Conference June 15, 2011

Posted on March 10, 2011
The Midwest Corporate Law Scholars Conference (MCLSC) meeting will be Wednesday, June 15th, at The Ohio State University Michael E. Moritz College of Law in Columbus, Ohio. This is the second annual meeting of the MCLSC, and we are opening...

Law Firm Submits Petition to SEC to Amend Section 13 Reporting Requirements

Posted on March 09, 2011
The law firm of Wachtell, Lipton, Rosen & Katz submitted a petition to the SEC requesting that the agency initiate a ru1emaking project regarding the beneficial ownership reporting rules under Section 13 of the Securities Exchange Act. The petition proposes...

SEC Freezes Assets of Minnesota Adviser in Alleged Foreign Currency Trading Scheme

Posted on March 09, 2011
On March 8, 2011, the SEC obtained an emergency court order freezing the assets of Jason Bo-Alan Beckman and his registered investment advisory firm Oxford Private Client Group, LLC, for their role in a massive foreign currency trading scheme that...

DOL Extends Comment Period For Proposed ERISA Amendment to Definition of Fiduciary

Posted on March 09, 2011
The U.S. Department of Labor's Employee Benefits Security Administration announced that it is extending the time for submission of public comments on testimony submitted at the March 1-2, 2011, public hearing on the proposed rule defining when a person is...

FINRA Expels MICG Investment Management for Fraud Involving Proprietary Hedge Fund

Posted on March 09, 2011
FINRA expelled MICG Investment Management, LLC (MICG) and barred Jeffrey A. Martinovich, the firm's CEO and majority owner, for securities fraud, misusing investors' funds and causing false account statements to be issued to investors in connection with their management of...

SEC CHARGES JOSEPH A. DAWSON IN $3.8 MILLION OFFERING FRAUD AND WITH INSIDER TRADING

Posted on March 08, 2011
The SEC announced that on March 8, 2011, it filed a civil injunctive action in the United States District Court for the Northern District of Illinois against Joseph A. Dawson, the president and owner of Dawson Trading, LLC. Dawson purportedly...

COMMISSION CHARGES ATTORNEY WITH TWO INSTANCES OF INSIDER TRADING

Posted on March 08, 2011
The SEC charged attorney Todd Leslie Treadway with insider trading in advance of two separate tender offer announcements during 2007 and 2008. According to the complaint, while employed as an attorney in the New York office of Dewey & LeBoeuf,...

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