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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 MORTGAGE COMPANY AND ITS PRESIDENT/CEO WITH FRAUD

Posted on March 08, 2011
The SEC today announced that it filed a civil injunctive action against Robert A. DiGiorgio and his company, Radius Capital Corporation, charging them with securities fraud for making false and misleading statements relating to Radius? issuance of mortgage-backed securities guaranteed...

Three SEC Oversight Hearings Scheduled for March 10

Posted on March 08, 2011
The House Financial Services Capital Markets Subcommittee will hold a hearing on March 10 on ?Oversight of the Securities and Exchange Commission?s Operations, Activities, Challenges and FY 2012 Budget Request,? at which the directors of the agency's five divisions will...

SEC Charges Connecticut Investment Adviser with Running a Ponzi Scheme

Posted on March 07, 2011
The SEC today amended its complaint against Francisco Illarramendi, a Stamford, Conn.-based investment adviser, and his firm MK Capital Management LLC, to additionally charge them with engaging in a multi-year Ponzi scheme involving hundreds of millions of dollars...

Consultants' Report Finds SEC Needs More Employees

Posted on March 07, 2011
Dodd-Frank required the SEC to retain a consultant to conduct an internal review of the agency. The Boston Consulting Group was hired for the task, and today the media are reporting its preliminary findings (although I can't find the preliminary...

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FINRA Foundation Announces $1.8 Million in Grants in Financial Education Program with United Way

Posted on March 07, 2011
The FINRA Investor Education Foundation and United Way Worldwide (UWW) have announced over $1.8 million in grants to 15 recipients as part of the Financial Education in Your Community initiative. Financial Education in Your Community, which is administered jointly by...

FINRA Fines Southwest Securities for Paying Consultants to Solicit Municipal Securities Business

Posted on March 07, 2011
FINRA has fined Southwest Securities, Inc. of Dallas $500,000 for using paid consultants to solicit municipal securities business and for violations of other Municipal Securities Rulemaking Board (MSRB) rules. FINRA found that during the period from October 2006 through April...

Stokes on The Naked Short

Posted on March 06, 2011
In Pursuit of the Naked Short, by Alexis Brown Stokes, Texas State University - San Marcos, was recently posted on SSRN. Here is the abstract: Recent lawsuits claiming market manipulation through naked short-selling have failed to produce remedies for the...

Stout on The Origins of the Credit Crisis

Posted on March 06, 2011
The Legal Origin of the 2008 Credit Crisis, by Lynn A. Stout, University of California, Los Angeles (UCLA) - School of Law, was recently posted on SSRN. Here is the abstract: Experts still debate what caused the credit crisis of...

Oesterle on Materiality

Posted on March 06, 2011
The Overused and Under-Defined Notion of 'Material' in Securities Law, by Dale A. Oesterle, Ohio State University (OSU) - Michael E. Moritz College of Law, was recently posted on SSRN. Here is the abstract: Core doctrine in federal securities law...

Beyea on Morrison v. NAB

Posted on March 06, 2011
Morrison v. National Australia Bank and the Future of Extraterritorial Application of the U.S. Securities Laws, by Genevieve Beyea, was recently posted on SSRN. Here is the abstract: In recent years securities markets have become increasingly interconnected, and securities fraud...

Barry & Hatfield on Takeover Defenses

Posted on March 06, 2011
Pills and Partisans: Understanding Takeover Defenses, by Jordan M. Barry, University of San Diego School of Law, and John William Hatfield, Stanford Graduate School of Business, was recently posted on SSRN. Here is the abtract: Corporate takeover defenses have long...

Harner on Activist Distressed Debtholders

Posted on March 06, 2011
Activist Distressed Debtholders: The New Barbarians at the Gate?, by Michelle M. Harner, University of Maryland School of Law, wasrecently posted at SSRN. Here is the abstract: The term ?corporate raiders? previously struck fear in the hearts of corporate boards...

District Court Issues TRO to Restrain Arbitrations that may Deplete Settling Defendants' Assets

Posted on March 05, 2011
Susanne Craig's article in today's New York Times (Financial Fraud Case Pits Arbitration vs. Class Actions) highlights a knotty issue involving the relationship between arbitration and class action litigation. The article focuses on the plight of customers whom Securities America...

Tenth Circuit Addresses Broker-Dealer Exemption from Definition of Investment Adviser

Posted on March 05, 2011
The Investment Advisers Act of 1940 excludes from its broad definition of "investment adviser" broker-dealers that provide advice "solely incidental to" their conduct as broker-dealers and receive no "special compensation" for their service. Despite much controversy over the scope of...

Law Profs File Amicus Brief in Halliburton in Support of Petitioners

Posted on March 04, 2011
A group of law professors, spearheaded by Eric Gerding (University of New Mexico), filed an amicus brief (Download 09-1403 tsac Law Professors) in support of petitioners in Erica P. John Fund, Inc. v. Halliburton Co. (No. 09-1403), which will be...

Schapiro Testifies on OTC Derivatives Regulation

Posted on March 04, 2011
SEC Chairman Mary L. Schapiro testified on Implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the U.S. Securities and Exchange Commission, before the United States Senate Committee on Agriculture, Nutrition and Forestry on...

SEC Proposes Rule on Incentive-Based Compensation at Financial Institutions

Posted on March 04, 2011
The SEC proposed a rule that would require certain financial institutions to disclose the structure of their incentive-based compensation practices and prohibit such institutions from maintaining compensation arrangements that encourage inappropriate risks...

Former Colonial Bank Executive Charged with Securities Fraud Scheme

Posted on March 04, 2011
The SEC charged Catherine L. Kissick, a former vice president at Colonial Bank who was the head of its mortgage warehouse lending division, with conducting a $1.5 billion securities fraud scheme. According to the SEC, Kissick enabled the sale of...

Former UBS Adviser Settles SEC Charges He Stole Customers' Funds

Posted on March 04, 2011
The SEC charged Steven T. Kobayashi, a former financial adviser at UBS Financial Services LLC, with misappropriating $3.3 million in a scheme that included bilking investors in a private investment fund he established. According to the SEC, Kobayashi created a...

Beazer Homes CEO Agrees to Clawback of Bonuses and Stock Profits

Posted on March 04, 2011
The SEC settled charges with Ian J. McCarthy, the CEO of Beazer Homes USA Inc., an Atlanta-based homebuilder, to recover several million dollars in bonus compensation and stock profits that he received while the company was committing accounting fraud...

SEC Reopens Comment Period on Reg MC

Posted on March 04, 2011
The SEC reopened the comment period on its proposed rule on Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges with Respect to Security-Based Swaps under Regulation MC, which is designed...

SEC Proposes Rule on References to Credit Ratings in Investment Company Rules

Posted on March 04, 2011
The SEC has posted on its website a proposed rule on REFERENCES TO CREDIT RATINGS IN CERTAIN INVESTMENT COMPANY ACT RULES AND FORMS. According to the SEC release: The Commission is proposing amendments to two rules and four forms under...

DOL Holds Hearings on Expanded Fiduciary Definition

Posted on March 04, 2011
The Department of Labor held hearings on March 1-2, 2011, on its proposed rule to expand the definition of fiduciary applicable to advisers that provide investment advice to an employee benefit plan or its participants. The proposal would amend a...

SEC Takes Up Incentive-Based Compensation Arrangements

Posted on March 01, 2011
SEC's Open Meeting Agenda for March 2, 2011 Meeting Item 1: Incentive-Based Compensation Arrangements Office: Division of Trading and Markets and Division of Investment Management Item 2: Clearing Agency Standards for Operation and Governance Office: Division of Trading and Markets...

New Mexico Real Estate Magnate Indicted for Operating a Ponzi Scheme

Posted on March 01, 2011
A federal grand jury in Albuquerque, New Mexico indicted former real estate magnate, Douglas F. Vaughan, for operating an approximately $75 million Ponzi scheme and for knowingly providing false documents to the SEC in the course of its investigation into...

California Hedge Fund Manager Settles Charges He Misappropriated Investors' Funds

Posted on March 01, 2011
The SEC today settled charges that Lawrence R. Goldfarb, a hedge fund manager,concealed more than $12 million in investment proceeds that he owed investors in his fund. The SEC alleges that Goldfarb and his company, Baystar Capital Management LLC (BCM),...

SEC Charges Former Goldman and Current P&G Director with Involvement in Galleon Insider Trading Ring

Posted on March 01, 2011
The SEC today announced insider trading charges against Rajat K. Gupta, a business consultant who has served on the boards of directors at Goldman Sachs and Procter & Gamble, for illegally tipping Galleon Management founder and hedge fund manager Raj...

SEC Charges Former Outside Directors at DHB Industries with Complicity in Accounting Fraud

Posted on February 28, 2011
The SEC today charged DHB Industries ((now known as Point Blank Solutions), a major supplier of body armor to the U.S. military and law enforcement agencies, with engaging in a massive accounting fraud. The agency separately charged three of the...

42 Law Profs Support Extending Dodd-Frank's Extraterritorial Test to Private Claims

Posted on February 28, 2011
The SEC recently asked for comments on its study on extraterritorial private rights of action, required by Dodd-Frank. As you may recall, the U.S. Supreme Court in Morrision v. NAB rejected the longstanding conduct-effects approach and instead held that ?Section...

Sutherland Releases Annual Survey of FINRA Sanctions

Posted on February 28, 2011
Sutherland Asbill & Brennan LLP announced that it completed its annual Sutherland FINRA Sanction Study ? a review of the disciplinary actions brought by the Financial Industry Regulatory Authority (FINRA) against broker-dealers and associated persons...

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