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

SEC Proposes Shareholder Approval of Exec Compensation Rule Applicable to TARP Recipients

Posted on July 01, 2009
The SEC proposed amendments to the proxy rules to set forth certain requirements for U.S. registrants subject to Section 111(e) of the Emergency Economic Stabilization Act of 2008, which requires companies that have received financial assistance under the Troubled Asset...

FINRA Announces Initiatives Involving Municipal Securities

Posted on June 30, 2009
Concerns have been expressed that municipal securities would be the next big headline fraud, as retail investors engage in the perennial search for safety with higher returns than CDs. Today FINRA announced initiatives to survey retail sales practices in the...

SEC Brings Action Alleging Sales of Fraudulent and Unsuitable Variable Annuities Through Free-Lunch Seminars

Posted on June 30, 2009
The SEC today instituted an enforcement action against Prime Capital Services (PCS), a Poughkeepsie, N.Y.-based firm, and several representatives and supervisors for their alleged roles in fraudulent and unsuitable sales of variable annuities to senior citizens who were lured through...

Merkin's Art Collection to be Sold and Funds Placed in Escrow Pending Resolution of New York AG's Suit

Posted on June 30, 2009
STATEMENT FROM ATTORNEY GENERAL ANDREW CUOMO ON THE SALE OF J. EZRA MERKIN'S ART COLLECTION: "Earlier this morning in New York State Supreme Court, my Office submitted a stipulation and order regarding the impending sale of J. Ezra Merkin's art...

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FINRA Fines Firm and Former Broker for Improper Communications with Interdealer Brokerage Firms

Posted on June 30, 2009
FINRA announced that it has fined ICAP Corporates LLC, of Jersey City, $2.8 million and sanctioned a former broker for numerous improper communications with other interdealer brokerage firms about customers' proposed brokerage rate reductions in the wholesale credit default swap...

FINRA Files Proposed Changes to Arbitration Code

Posted on June 29, 2009
FINRA has filed with the SEC a proposed rule change to amend Rules 12100(r), 12506(a), and 12902(a) of the Code of Arbitration Procedure for Customer Disputes (?Customer Code?) and Rule 13100(r) of the Code of Arbitration Procedure for Industry Disputes...

Supreme Court Upholds Power of State Banking Regulators to Enforce State Law

Posted on June 29, 2009
In an important case for state regulators, the Supreme Court held (5-4), in Cuomo v.Clearing House, that the federal Comptroller of the Currency?s regulation under the National Bank Act purporting to pre-empt state law enforcement is not a reasonable interpretation...

Madoff Sentenced to 150 Years

Posted on June 29, 2009
Federal District Court Judge Denny Chin threw the book at Bernie Madoff today, imposing the maximum sentence of 150 years, exactly what the prosecutors asked for and what Madoff's defense attorney called as "defying reason" (he suggested 12 years). The...

Reiss on Fannie & Freddie

Posted on June 28, 2009
Coming Out of Conservatorship: Developing an Exit Strategy for Fannie and Freddie, by David J. Reiss, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: This brief article reviews the various policies that the Obama Administration can...

Schwartz on Investment Management Regulation

Posted on June 28, 2009
Reconceptualizing Investment Management Regulation, by Jeff Schwartz, California Western School of Law, was recently posted on SSRN. Here is the abstract: This Article looks at mutual funds, hedge funds, and similar financial instruments as making up a single market -...

Simkovic on Open Market Stock Repurchases

Posted on June 28, 2009
The Effect of Enhanced Disclosure on Open Market Stock Repurchases, by Michael Simkovic, Harvard Law School - John M. Olin Center for Law and Economics, was recently posted on SSRN. Here is the abstract: Publicly traded companies distribute cash to...

SEC Concludes Suprema Round-Tripping Charges

Posted on June 25, 2009
The SEC announced that on June 3, 2009, the United States District Court for the District of New Jersey entered Final Judgments against Mark Cocchiola, former CEO, president, and chairman of the board of directors of New Jersey-based Suprema Specialties,...

FINRA Officer Testifies on Financial Literacy Initiatives

Posted on June 25, 2009
John M. Gannon, Senior Vice President, Office of Investor Education, FINRA, testified today on improving financial literacy before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.

FINRA Fines Wachovia $1.4 Million for Prospectus Delivery Failures

Posted on June 25, 2009
FINRA announced today that it fined Wachovia Securities, LLC $1.4 million for its failure to deliver prospectuses and product descriptions to customers who purchased various investment products from July 2003 through December 2004 and for related supervisory failures...

SEC Settles Fraud Charges Against Former DVI Officers

Posted on June 25, 2009
The SEC announced that it settled a civil action in the United States District Court for the Eastern District of Pennsylvania against Steven R. Garfinkel (Garfinkel) and Michael O?Hanlon (O?Hanlon) for their participation in a financial fraud that caused the...

SEC Proposes Changes to Money Market Funds

Posted on June 24, 2009
The SEC today voted unanimously to propose rule amendments designed to significantly strengthen the regulatory framework for money market funds to increase their resilience to economic stresses and reduce the risks of runs on the funds. The SEC is seeking...

SEC Will Consider Discretionary Voting by Brokers at July 1 Meeting

Posted on June 24, 2009
The SEC has several important issues on its July 1 meeting agenda: Item 1: The Commission will consider whether to propose amendments to the proxy rules under the Securities Exchange Act of 1934 to set forth requirements for U.S. registrants...

Money Market Fund Reform on June 24 SEC Agenda

Posted on June 23, 2009
SEC's Open Meeting Agenda for June 24, 2009 Money Market Fund Reform Office: Division of Investment Management The Commission will consider whether to propose amendments to rule 2a-7 and other rules under the Investment Company Act of 1940 governing the...

Madoff Asks Court for Leniency in Sentencing

Posted on June 23, 2009
Bernard Madoff, in a letter from his lawyer to the court, asks for leniency in sentencing, as little as twelve years. His lawyer stated that his estimated life expectancy is 13 years, and so twelve years would be close to...

SEC & CFTC Divide Up Regulation over Derivatives

Posted on June 23, 2009
The Washington Post reports that the SEC and CFTC have reached agreement on the division of regulation over derivatives, with one exception. The SEC would regulate derivatives linked to securities, the CFTC would regulate all others, and the agencies are...

SEC Commissioner Paredes Speaks on Shareholder Access

Posted on June 23, 2009
SEC Commissioner Troy A. Paredes spoke at the Conference on "Shareholder Rights, the 2009 Proxy Season, and the Impact of Shareholder Activism" sponsored by the Center for Capital Markets Competitiveness, U.S. Chamber of Commerce, in Washington, D.C. on June 23,...

SEC Obtains Emergency Asset Freeze Against Broker Charged with Attempting to Move Assets Offshore

Posted on June 22, 2009
On June 17, 2009, a federal district court in Manhattan granted the SEC?s application for an emergency asset freeze against Guillermo David Clamens, FTC Capital Markets, Inc., a registered broker-dealer he controls, (?FTC?), and FTC Emerging Markets, Inc...

SEC Charges Madoff Solicitors and Feeder with Fraud

Posted on June 22, 2009
The SEC charged a New York-based broker-dealer and four individuals with securities fraud, alleging that they collectively raised billions of dollars from investors for Bernard L. Madoff's Ponzi scheme. In a complaint filed in U.S. District Court for the Southern...

SEC Announces Victory in Case Involving Trading in T-Bills

Posted on June 22, 2009
The SEC announced today that on June 22, 2009, a federal jury in Boston, Massachusetts, returned a verdict in its favor against Steven E. Nothern, a former Senior Vice President and manager of seven fixed income mutual funds for Massachusetts...

Schapiro Testifies before Senate on OTC Derivatives

Posted on June 22, 2009
Chairman Mary L. Schapiro, U.S. Securities and Exchange Commission, presented Testimony Concerning Regulation of Over-The-Counter Derivatives Before the Subcommittee on Securities, Insurance, and Investment, Committee on Banking, Housing and Urban Affairs, United States Senate, on June 22, 2009.

Former American Italian Pasta Company Chairman Settles SEC Charges

Posted on June 22, 2009
The SEC settled charges against Horst W. Schroeder, former chairman of the board of directors of Kansas-City based American Italian Pasta Company ("AIPC") that he signed SEC filings that he should have known contained material misstatements. According to the Commission's...

SEC & Ram Capital Resources Settle Unregistered Broker Dealer Charges

Posted on June 22, 2009
On June 19, the SEC instituted a settled administrative proceeding charging Ram Capital Resources, LLC (Ram) and its two principals - Michael E. Fein and Stephen E. Saltzstein - with willfully violating Section 15(a) of the Securities Exchange Act of...

Orcutt on 404 Certification for Smaller Reporting Companies

Posted on June 21, 2009
The Case Against Exempting Smaller Reporting Companies from Sarbanes-Oxley Section 404: Why Market-Based Solutions are Likely to Harm Ordinary Investors, by John L. Orcutt, Franklin Pierce Law Center, was recently posted on SSRN. Here is the abstract: Section 404 is...

Stanford & Antiguan Regulator Charged with Fraud

Posted on June 19, 2009
Last February the SEC charged that R. Allen Stanford ran a $7 billion Ponzi scheme through two entities, Stanford International Bank and Stanford Financial Group. Today Stanford was arrested, and federal prosecutors filed federal fraud and obstruction charges against Stanford,...

SEC Files Amicus Brief in Mutual Fund Case

Posted on June 18, 2009
The SEC filed an amicus brief in Jones v. Harris Associates in favor of the petitioners. The case, which will be argued next term before the Supreme Court, addresses the appropriate test for determining the fees investment advisors charge mutual...

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