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

Obama's No FDR

Posted on June 18, 2009
Needless to say, there have been many news articles on the Obama Financial Plan, with various assessments of its merits. I commend to readers Joe Nocera's article on the front page of today's New York Times, because he says what...

Scrushy Ordered to Pay $2.8 Billion to HealthSouth

Posted on June 18, 2009
An Alabama state court judge found that Richard Scrushy, ex-CEO of HealthSouth Corp., has to pay $2.8 billion in a state action brought by shareholders who sued alleging accounting fraud, unethical dealings and sweetheart deals. Scrushy was acquitted of federal...

Ulticom and Former Executive Settle Backdating Charges with SEC

Posted on June 18, 2009
The SEC today filed settled civil charges against Ulticom, Inc. and a former executive, Lisa M. Roberts, for two separate fraudulent schemes, involving improper options backdating practices and certain improper accounting practices. The Commission's Complaint against Ulticom alleges the misconduct...

Comverse Technology Settles Backdating, Accounting Charges with SEC

Posted on June 18, 2009
The SEC today filed a settled civil action in the United States District Court for the Eastern District of New York against Comverse Technology, Inc. ("Comverse") alleging that it engaged in two separate fraudulent schemes, during the course of more....

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NYSE Euronext & Depository Trust Create Joint Venture for Clearing U.S. Fixed Income Derivatives

Posted on June 18, 2009
NYSE Euronext and The Depository Trust & Clearing Corporation today agreed to create a joint venture for clearing U.S. fixed income derivatives. The new clearing house, New York Portfolio Clearing , ?NYPC?, will combine the capabilities of NYSE Euronext?s U...

Treasury Secretary Testifies in Senate on Financial Reform

Posted on June 18, 2009
Treasury Secretary Tim Geithner testified today before the U.S. Senate Banking Committee on the Administration's Financial Regulatory Reform. Here is his Opening Statement ? As Prepared for Delivery.

SEC-DOL Hold Hearing on Target Date Funds

Posted on June 18, 2009
SEC-DOL held its joint Hearing on Target Date Funds today. Here is the opening statement from Chairman Schapiro.

Former Enron Broadband CEO Settles Insider Trading Charges

Posted on June 18, 2009
Enron never seems to go away -- the SEC announced that, on June 15, 2009, the U.S. District Court in Houston entered a final judgment in the Commission's pending civil action against Joseph Hirko, former Chairman and Chief Executive Officer...

Administration Releases Plan to Reform Financial Regulation Today

Posted on June 17, 2009
President Obama willl announce the administration's plan to reform financial regulation. Here are some previews from major newspapers: WSJ, Draft Details New Rules for Markets NYTimes, Obama Sought to Enlist a Wide Consensus on Finance Rules WPost, Obama Blueprint Deepens...

SEC Charges Former Quest CEO & CFO with Stealing Corporate Funds

Posted on June 17, 2009
On June 17, 2009, the SEC charged two former Quest officers with securities fraud and other violations in connection with a scheme in which they misappropriated millions of dollars from Quest Resource Corporation, Quest Energy Partners, L.P. and their affiliates...

FINRA Fines Two Firms for Stock Loan Improprieties

Posted on June 17, 2009
FINRA announced that as part of its in-depth investigation of stock loan practices in the industry, it has imposed a fine of $1 million against Raymond James & Associates, Inc. of St. Petersburg, FL, and a fine of $400,000 against...

First Look at the Administration's Financial Regulatory Reform

Posted on June 17, 2009
The Administration has released its Download Final financial reform plan061709, Preliminarily, it confirms what the news reports have stated -- that the Plan is the result of extensive discussions among various constituencies. As a result, it has something for everyone...

SEC Charges Convicted Felon with Running a Ponzi Scheme

Posted on June 16, 2009
I frankly have become bored with the SEC's recent proliferation of enforcement actions against ponzi schemes, but here is an interesting one: The SEC announced that on June 15, 2009, it filed an emergency civil action in the United States...

Law Professors File Brief in Mutual Fund Fees Supreme Court Case

Posted on June 16, 2009
William A. Birdthistle (Chicago-Kent College of Law) has posted on SSRN the Supreme Court Amicus Merits Brief of Law Professors in Support of Petitioners in Jones v. Harris Associates, No. 08-586, filed with the U.S. Supreme Court. William is the...

FINRA Announces Investor Education Initiatives

Posted on June 15, 2009
FINRA announced today new initiatives aimed at protecting and educating investors, including a national advertising campaign and a 60-minute video, "Tricks of the Trade: Outsmarting Investment Fraud," as well as grassroots campaigns in Colorado, Florida, North Carolina, Vermont and Washington...

PIABA Submits Petition to SEC to Eliminate Requirement of Industry Arbitrator in Customer Disputes

Posted on June 15, 2009
The Public Investors Arbitration Bar Association ("PIABA") submitted to the SEC, pursuant to SEC Rule of Practice 192A, a rule change petition to eliminate the requirement that an arbitrator affiliated with the securities industry sit on all customer cases in...

Geithner & Summers Outline Financial Reform

Posted on June 15, 2009
In today's Washington Post, Timothy Geithner and Lawrence Summers offer a preview of the financial reform package that President Obama is expected to outline on Wednesday. WPost, A New Financial Foundation. They outline five principles, including: [O]ur current regulatory regime...

Cicero on Stock Option Exercise Strategies

Posted on June 14, 2009
The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating, by David C. Cicero, University of Delaware - Lerner College of Business and Economics, was recently posted on SSRN. Here is the abstract: I identify three option exercise...

Reiss on Ratings Failure

Posted on June 14, 2009
Ratings Failure: The Need for a Consumer Protection Agenda in Rating Agency Regulation, by David J. Reiss, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: As the credit crisis unfolds, rating agencies have been properly identified...

SEC v. Bear Stearns & Co.

Posted on June 11, 2009
I am pleased to introduce Professor Jill Gross (Pace) as an occasional guest blogger. Today Jill analyzes SEC v Bear Stearns & Co. (S.D.N.Y. June 10, 2009), the final installment in the Global Research Analyst Settlement: Yesterday, in the SEC...

SEC Publishes Proposed Rules on Shareholder Nominations

Posted on June 11, 2009
The SEC posted on its website the proposed rules on Facilitating Shareholder Nominations. According to the release, the SEC is proposing changes to the federal proxy rules to remove impediments to the exercise of shareholders? rights to nominate and elect...

Riverstone Settles Pay-to-Play Charges with New York AG

Posted on June 11, 2009
New York Attorney General Andrew M. Cuomo today announced an agreement with private equity firm Riverstone Holdings LLC (?Riverstone?) to reform the public pension fund investment system and to resolve Riverstone?s role in Cuomo?s investigation of corruption involving the New...

SEC Charges Husband of Former Merrill Employee and Two Others with Insider Trading

Posted on June 10, 2009
The SEC charged three Canadian citizens, Phillip Macdonald, Martin Gollan, and Michael Goodman, with insider tipping and trading in the securities of several companies ahead of public announcements of business combinations. According to the SEC, between January and June 2005,...

SEC Will Review Compensation Disclosure Again

Posted on June 10, 2009
SEC Chairman Schapiro announced that the agency is considering proposals for additional disclosure regarding executive compensation: [T]he SEC is actively considering a package of new proxy disclosure rules that will provide further sunshine on compensation decisions...

SEC Settles Fraud Charges Against New York Adviser

Posted on June 10, 2009
The SEC settled charges against Matthew D. Weitzman, an investment adviser who lives in Armonk, N.Y., for allegedly orchestrating a scheme in which he stole more than $6 million in investor funds for his own personal use, in some instances...

Reforms, Past and Present

Posted on June 09, 2009
Two interesting articles on regulatory reform, present and past, in today's Wall St. Journal: 1. An article expands on the rumor I reported on yesterday, that the Obama administration is paring down its reform proposals and will not propose a...

SEC Charges Wyoming Company with Oil & Gas Fraudulent Offerings

Posted on June 09, 2009
The SEC filed charges against Berkshire Resources, L.L.C. ("Berkshire"), a Wyoming company purportedly involved in oil and gas exploration, its principals, Jason T. Rose and David G. Rose, the six companies through which Berkshire carried out a securities offering -...

SEC Charges Swiss National with Insider Trading in connection with 2006 GlaxoSmithKline Merger

Posted on June 09, 2009
The SEC filed charges against Lorenz Kohler (Kohler), a resident of Mels, Switzerland, and Swiss Real Estate International Holding AG (Swiss Real Estate) alleging that they engaged in insider trading in advance of the October 9, 2006 public announcement of...

SEC Files Charges Alleging Ponzi Scheme Aimed at Korean Americans

Posted on June 09, 2009
And still another ponzi scheme -- this one operating out of California and directed at Korean-Americans: The SEC charged two California men and two companies they control for conducting an $80 million Ponzi scheme that targeted Korean-American investors with false...

Madoff Investors Dispute SIPC Trustee's Calculation of Damages

Posted on June 08, 2009
Lawyers for some victims of the Madoff ponzi scheme are arguing that the SIPC Trustee should recalculate investors' losses to increase the investors' recovery, according to the New York Times. The Trustee is using the conventional method of calculating damages...

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