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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 CEO OF PUBLIC COMPANY WITH OPERATING FRAUDULENT INVESTMENT SCHEMES

Posted on February 28, 2011
On February 24, 2011, the SEC charged Francis E. Wilde and Matrix Holdings LLC, an entity he controls, with orchestrating two fraudulent ?high yield? or ?prime bank? investment schemes that defrauded investors out of more than $11 million. Wilde is...

FINRA Won't Discipline Schwab for ARS Sales

Posted on February 28, 2011
On February 11, FINRA notified Charles Schwab that it has decided not to bring a disciplinary action against it related to sales of auction rate securities. Schwab previously reported that in November 2009 FINRA issued a Wells notice in connection...

Branson on Women on Boards

Posted on February 27, 2011
Women on Boards of Directors: A Global Snapshot, by Douglas M. Branson, University of Pittsburgh School of Law, was recently posted on SSRN. Here is the abstract: Since my books on the role of women appeared, in 2007 and in...

Stout on Shareholder Primacy

Posted on February 27, 2011
New Thinking on ?Shareholder Primacy?, by Lynn A. Stout, University of California, Los Angeles (UCLA) - School of Law, was recently posted on SSRN. Here is the abstract: By the beginning of the twenty-first century, many observers had come to...

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Kaal & Painter on Morrison

Posted on February 27, 2011
The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche, by Wulf A. Kaal, Mississippi College - School of Law, and Richard W. Painter, University of Minnesota Law School, was recently posted on SSRN. Here is the...

Hazen on Broker's Fiduciary Duties

Posted on February 27, 2011
Stock Broker Fiduciary Duties and the Impact of the Dodd-Frank Act, by Thomas Lee Hazen, University of North Carolina (UNC) at Chapel Hill - School of Law, was recently posted on SSRN. Here is the abstract: In recent years there...

Dan-Cohen on Sanctioning Corporations

Posted on February 27, 2011
Sanctioning Corporations, by Meir Dan-Cohen, University of California, Berkeley - School of Law, was recently posted on SSRN. Here is the abstract: The question of corporate criminal liability should be split into (at least) two questions: (1) Should corporations be...

Fisch on Federal Proxy Access

Posted on February 27, 2011
The Destructive Ambiguity of Federal Proxy Access, by Jill E. Fisch, University of Pennsylvania Law School - Institute for Law and Economics, was recently posted on SSRN. Here is the abstract: After almost seventy years of debate, on August 25,...

Bartram et alia on U.S. Stock Volatility

Posted on February 27, 2011
Why are U.S. Stocks More Volatile?, by Sohnke M. Bartram, Lancaster University; Gregory W. Brown , University of North Carolina (UNC) at Chapel Hill - Finance Area; and Rene M. Stulz, Ohio State University (OSU) - Department of Finance; National...

SEC Alleges International Microcap Fraud

Posted on February 24, 2011
The SEC today charged two securities professionals, a hedge fund trader, and two firms involved in a scheme that manipulated several U.S. microcap stocks and generated more than $63 million in illicit proceeds through stock sales, commissions and sales credits...

SEC Will Consider Dodd-Frank Rules at March 2 Open Meeting

Posted on February 24, 2011
The SEC will hold an Open Meeting on March 2, 2011. The subject matter will be: Item 1: The Commission will consider whether to propose regulations with respect to incentive-based compensation practices at certain financial institutions in accordance with Section...

SEC Charges Former TBW Treasurer with Securities and TARP Fraud

Posted on February 24, 2011
The SEC today charged Desiree E. Brown, the former treasurer of Taylor, Bean & Whitaker Mortgage Corp. (TBW), the one-time largest non-depository mortgage lender in the country, with aiding and abetting a $1.5 billion securities fraud scheme and an attempt...

FINRA NAR Rule Impermissibly Retroactive as Applied to Banned Broker

Posted on February 23, 2011
The Ninth Circuit held that a FINRA rule that prohibited non-attorneys who have been banned from the securities industry from representing parties in securities arbitrations was impermissibly retroactive as applied to Richard Sacks, who was banned from the securities industry...

Second Circuit Expands SRO's Absolute Immunity from Private Damages Suits

Posted on February 23, 2011
The Second Circuit, in Standard Investment Chartered, Inc. v. NASD (No. 10-945-cv, 02/22/11)(Download StandardInvCharter), held that NASD and its officers had absolute immunity from a private damages suit alleging misstatements in its proxy solicitation of its members to amend its...

SEC Secures Emergency Relief in Alleged International Investment Fraud

Posted on February 23, 2011
The SEC filed an emergency action on February 18, 2011 against Secure Capital Funding Corporation, Bertram A. Hill, PP&M Trade Partners, and Kiavanni Pringle, to halt an alleged multi-million dollar international investment scheme that has defrauded investors in the United...

Cunningham on Executive Compensation and Unconscionability

Posted on February 20, 2011
A New Legal Theory to Test Executive Pay: Contractual Unconscionability, by Lawrence A. Cunningham, George Washington University Law School, was recently posted on SSRN. Here is the abstract: Lucrative pay to corporate managers remains controversial yet continues to evade judicial...

Conti-Brown on Elective Shareholder Liability for Systemically Important Institutions

Posted on February 20, 2011
Elective Shareholder Liability for Systemically Important Financial Institutions, by Peter Conti-Brown, Stanford University, Rock Center for Corporate Governance, was recently posted on SSRN. Here is the abstract: Despite the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act...

Morley on the Origins of Investment Management Regulation

Posted on February 20, 2011
Collective Branding and the Origins of Investment Management Regulation: 1936-1942, by John Morley, University of Virginia School of Law, was recently posted on SSRN. Here is the abstract: This paper examines how market and political forces interacted to create the...

Palmiter & Taha on Mutual Fund Performance Advertising

Posted on February 20, 2011
Mutual Fund Performance Advertising: Inherently and Materially Misleading?, by Alan R. Palmiter, Wake Forest University - School of Law, and Ahmed Taha, Wake Forest University - School of Law, was recently posted on SSRN. Here is the abstract: Mutual fund...

Stanford Sues Government Agents for Abusive Law Enforcement

Posted on February 20, 2011
Robert Allen Stanford is, allegedly, the other great purveyor of a ponzi scheme that collapsed during the financial crisis. In early 2009, shortly after Madoff confessed to his fraud, the SEC raided Stanford's offices in Texas to shut down what...

SEC Charges Seven with Global Warming Pump & Dump Scheme

Posted on February 18, 2011
The SEC today charged a group of seven individuals who perpetrated a fraudulent pump-and-dump scheme in the stock of a sham company that purported to provide products and services to fight global warming. The SEC alleges that the group included...

NASAA Proposes Changes to Model Rules on Investment Adviser Custody and Brochure Requirements

Posted on February 18, 2011
NASAA?s Investment Adviser Regulatory Policy and Review Project Group is soliciting comments from interested persons regarding proposed changes to the NASAA model rules pertaining to investment adviser custody, financial requirements, recordkeeping and brochure delivery...

Senate and House Committees Focus on Oversight of Dodd-Frank

Posted on February 18, 2011
Chairman Johnson of the Senate Banking Committee announced the Committee's priorities for this session of Congress: The Committee?s top priorities and agenda will be viewed through the lens of continuing to support the economic recovery. Although real output is now...

Hank Morris Sentenced to up to Four Years for Pay-to-Play Kickback Scheme

Posted on February 17, 2011
The New York AG's Office announced that Henry ?Hank? Morris, the chief political adviser to former Comptroller of the State of New York Alan Hevesi, has been sentenced to a term of one and one third to four years in...

FINRA Fines Lincoln Financial for Failures to Protect Customer Information

Posted on February 17, 2011
FINRA announced today that it imposed fines of $450,000 against Lincoln Financial Securities, Inc. (LFS) and $150,000 against an affiliated firm, Lincoln Financial Advisors Corporation (LFA), for failure to adequately protect non-public customer information...

Senate Banking Committee Holds Hearing on Dodd-Frank Implementation

Posted on February 17, 2011
The Senate Banking Committee held a hearing today on Oversight of Dodd-Frank Implementation: A Progress Report by the Regulators at the Half-Year Mark. The witnesses were The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System;...

University of Dayton Law Sponsors Symposium on Women in Corporate Governance

Posted on February 17, 2011
University of Dayton College of Law and its Project for Law & Business Ethics will host a symposium, Perspectives on Gender and Business Ethics: Women in Corporate Governance, on Friday, February 25. This symposium will examine the role of women...

FINRA Proposes Time Period to Reply to Responses to Motions in Arbitration

Posted on February 16, 2011
FINRA proposes to amend its arbitration rules to provide moving parties with a five-day period to reply to responses to motions. Currently the rules do not expressly provide the party that made the original motion (the ?moving party?) an opportunity....

SEC Settles Insider Trading Charges Against Relief Defendants in GlaxoSmithKline Merger Insider Trading Case

Posted on February 16, 2011
The SEC announced that, on January 25, 2011, the U.S. District Court for the Eastern District of Pennsylvania entered Final Judgments against Swiss Defendants Peter Kohler and Swiss Real Estate International Holding AG (Swiss Real Estate), and Bulgarian Relief Defendant...

SEC Charged Brother of Cosmetics Executive with Misappropriating Merger Information

Posted on February 16, 2011
The SEC charged a San Francisco man with unlawfully profiting from advance knowledge of the pending acquisition of Bare Escentuals, Inc., a Bay Area cosmetics company, based on information he had garnered from his sister, a former executive with the....

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