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Post Frequency: 38.1/day

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

SEC Charges Patent Agent and Brother with Tipping Inside Information

Posted on February 16, 2011
On February 15, 2011, the SEC filed an amended complaint charging a San Diego-based patent agent and his brother with illegally tipping inside information regarding two biotechnology companies, as part of a larger insider trading scheme. According to the amended...

SEC Charges Amish Man with Defrauding Other Amish Investors

Posted on February 15, 2011
The SEC announced that it filed charges in the United States District Court for the Northern District of Ohio against Monroe L. Beachy, a 77-year-old Amish man from Sugarcreek, Ohio, who allegedly targeted his fellow Amish as investors in his...

Schapiro Testifies on Regulation of OTC Derivatives Marketplace

Posted on February 15, 2011
SEC Chairman Mary L. Schapiro testified today on Implementation of Titles VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the U.S. Securities and Exchange Commission before the United States House Financial Services Committee...

Securities Industry Professionals and Attorney Settle SEC Charges in Wall Street Insider Trading Case

Posted on February 15, 2011
The SEC announced that on February 9, 2011, the United States District Court for the Southern District of New York entered final judgments against defendants Jeffrey Glover, Frederick Bowers, Thomas Faulhaber and Eric Holzer in a case alleging widespread insider...

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NYSE Euronext & Deutsche Boerse Announce Merger Agreement

Posted on February 15, 2011
As expected, the Deutsche Boerse AG and NYSE Euronext today announced that they have entered into a business combination agreement following approval from both companies' Boards. According to the press release: Under the agreement, the companies will combine to create...

What's in a Name?: NYSE and Deutsche Boerse

Posted on February 14, 2011
On February 12, in response to media reports, NYSE Euronext and Deutsche B�rse AG issued the following statement: "As we have previously reported, we are in advanced merger negotiations to create a group that is both a world leader in...

SEC's Schapiro on Budget Request for SEC

Posted on February 14, 2011
The following is a statement from SEC Chairman Mary L. Schapiro regarding the President?s FY 2012 budget request of more than $1.4 billion for the SEC. ?These funds will provide the SEC with the resources needed to carry out both...

Verdier on Mutual Recognition

Posted on February 13, 2011
Mutual Recognition in International Finance, by Pierre-Hugues Verdier, University of Virginia - School of Law, was recently posted on SSRN. Here is the abstract: In recent years, scholars have devoted considerable attention to transnational networks of financial regulators and their...

Bai on Credit Rating Agencies

Posted on February 13, 2011
The Performance Disclosures of Credit Rating Agencies: Are They Effective Reputational Sanctions?, by Lynn Bai, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: The SEC has recently added new provisions to the...

Bereskin & Cicero on CEO Compensation Contagion

Posted on February 13, 2011
CEO Compensation Contagion: Evidence from an Exogenous Shock, by Frederick L. Bereskin, University of Delaware, and David C. Cicero, University of Delaware - Lerner College of Business and Economics, was recently posted on SSRN. Here is the abstract: We identify...

Treasury Releases Plan to Wind Down Fannie and Freddie

Posted on February 11, 2011
The Obama Administration delivered a report to Congress on America?s housing finance market that sets forth a plan to wind down Fannie Mae and Freddie Mac.

SEC's Walter Addresses Investment Management Institute

Posted on February 11, 2011
SEC Commissioner Elisse Walter addressed the Investment Management Institute on the SEC staff studies required by Dodd-Frank 913 (harmonizing fiduciary duty) and 914 (examinations of investment advisers).

SEC Charges Former IndyMac Bancorp Executives with Fraud

Posted on February 11, 2011
The SEC charged three former senior executives at IndyMac Bancorp with securities fraud for misleading investors about the mortgage lender?s deteriorating financial condition. According to the SEC, former CEO Michael W. Perry and former CFOs A. Scott Keys and S...

Court Throws Out JR's $11.6 Million Award

Posted on February 11, 2011
Vacatur of a securities arbitration award is rare, but a California state court threw out a $11.6 million award ($10 million punitive damages) that actor Larry Hagman (J.R. in Dallas) obtained against Citigroup. The judge ruled that the chairman of...

Business Debates SEC's Proposed Whistle-Blower Rules

Posted on February 11, 2011
Dodd-Frank requires the SEC to adopt provisions that will award whistleblowers payments for reporting federal securities violations to the agency. In November the SEC proposed implementing rules. For a survey of reactions from the business community, see CFONews, Whistle-blower Debate...

UBS Agrees to Repurchase $1.5 Billion in ARS from New Jersey Investors

Posted on February 10, 2011
New Jersey's Bureau of Securities and UBS have signed a final Consent Order that requires UBS to repurchase auction-rate securities (ARS) from New Jersey clients to settle allegations that the firm?s securities dealers sold ARS without disclosing known risks of...

SEC, DOJ and Tyson Foods Settle FCPA Charges Involving Mexican Subsidiary

Posted on February 10, 2011
The SEC charged Tyson Foods Inc. with violating the Foreign Corrupt Practices Act (FCPA) by making illicit payments to two Mexican government veterinarians responsible for certifying its Mexican subsidiary?s chicken products for export sales. Tyson Foods agreed to pay more...

SEC Proposes to Remove Credit Ratings as Condition to Short-Form Registration

Posted on February 09, 2011
The SEC voted unanimously to propose amendments to its rules that would remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities for public sale. This marks the first in a series....

Deutsche Borse & NYSE Talk Merger

Posted on February 09, 2011
NYSE Euronext and Deutsche Borse (operator of the Frankfurt Stock Exchange) are in talks for a merger. The combined company would have headquarters in both cities, their chairmen would share power, and there would be equal seats on the executive...

SEC Charges Two California Residents and Their Attorney with Prime Bank Fraud

Posted on February 08, 2011
The SEC today charged Curtis Peterson and Eric Maher, two California residents, for operating a fraudulent, high-yield, ?prime bank? investment scheme that defrauded investors out of more than $3 million. The SEC also charged Ronald White, a California-based attorney, for...

DOJ and SEC Charge Four in Experts'Network Insider-Trading Scheme

Posted on February 08, 2011
The DOJ and SEC brought new charges in their expanding investigations into insider-trading between experts' networks and hedge funds. DOJ unsealed charges today against three former hedge fund portfolio managers and a hedge fund technology analyst. Two of the former...

FINRA's Ketchum Addresses Product Concerns

Posted on February 08, 2011
Rick Ketchum, Chairman and CEO, FINRA, spoke today at the CCOutreach BD National Seminar on product concerns: Private Placements & Private Self Offerings First, we're looking at retail sales of private placement interests, including those issued by broker-dealers and control...

The House Financial Services Committee under Republican Leadership

Posted on February 07, 2011
The House Financial Services Committee, under the leadership of Representative Bachus, has announced its agenda: During the 112th Congress, the Committee will be at the forefront of an effort to end the bailout of Fannie Mae and Freddie Mac. Committee...

Hackers Invade NASDAQ Computer Systems

Posted on February 06, 2011
On Saturday NASDAQ confirmed that its computer systems had been hacked: Through our normal security monitoring systems we detected suspicious files on the U.S. servers unrelated to our trading systems and determined that our web facing application Directors Desk was...

Nagy on Insider Trading and Capitol Hill

Posted on February 06, 2011
Insider Trading, Congressional Officials, and Duties of Entrustment, by Donna M. Nagy, Indiana University Maurer School of Law, was recently posted on SSRN. Here is the abstract: A recent hullabaloo in the media put a spotlight on insider trading and...

Rose on Regulation of Proxy Advisors

Posted on February 06, 2011
On the Role and Regulation of Proxy Advisors, by Paul Rose, Ohio State University Moritz College of Law, was recently posted on SSRN. Here is the abstract: The role of proxy advisors has increasing relevance because the Securities and Exchange...

McDonnell on Post-Crisis Regulation

Posted on February 06, 2011
Don't Panic! Defending Cowardly Interventions During and after a Financial Crisis, by Brett McDonnell, University of Minnesota Law School, was recently posted on SSRN. Here is the abstract: How should we regulate the U.S. financial system after the financial crisis,...

Former TPG Capital Associate Found Liable for Tipping Information about Acquisitions

Posted on February 05, 2011
The SEC announced that on February 3, 2011, a federal jury in the Northern District of California found former TPG Capital, L.P. ("TPG") private equity associate Vinayak S. Gowrish liable for illegally tipping material, nonpublic information that TPG was in...

SEC Obtains Consent Order as to Defendant in Galleon Insider Trading Case

Posted on February 05, 2011
The SEC announced that a Consent Order and Final Judgment as to Ali Hariri was entered in federal district court on February 4, 2011, in the SEC's insider trading case, SEC v. Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR)....

Tenth Circuit Interprets Broker-Dealer Exclusion in Advisers Act

Posted on February 04, 2011
A recent opinion from the Tenth Circuit addresses the broker-dealer exclusion in the Investment Advisers Act, an important and controversial statutory provision that courts have rarely interpreted. In Thomas v. Metropolitan Life Insurance Co (10th Cir...

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