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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 & Massachusetts Settle Charges That Evergreen Overstated Value of Fund

Posted on June 08, 2009
The SECC settled charges that Boston-based Evergreen Investment Management Company LLC and an affiliate overstated the value of a mutual fund that invested primarily in mortgage-backed securities, and then only selectively told shareholders about the fund?s valuation problems...

Obama Won't Propose Merger of SEC & CFTC, Says SIFMA

Posted on June 08, 2009
SIFMA, in its daily news alert, says that the Obama administration has dropped the idea of proposing a merger of the SEC and CFTC. If true, this signals the importance of politics in any reform proposal. The merger of the...

SEC Charges Warrior Energy Director with Tipping Information about Merger

Posted on June 08, 2009
On June 8, 2009, the SEC filed a Complaint for Injunctive and Other Relief ("Complaint") in the United States District Court for the Western District of Louisiana against Robert L. Hollier ("Hollier") and Wayne A. Dupuis ("Dupuis"). This matter involves...

Birdthistle on Mutual Fund Jurisprudence

Posted on June 07, 2009
Investment Indiscipline: A Behavioral Approach to Mutual Fund Jurisprudence, by William A. Birdthistle, Chicago-Kent College of Law, was recently posted on SSRN. Here is the abstract: Next Term, in Jones v. Harris, the Supreme Court will be called upon to...

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Boehmer & Al. on 2008 Short-Selling Ban

Posted on June 07, 2009
Shackling Short Sellers: The 2008 Shorting Ban, by Ekkehart Boehmer, University of Oregon - Charles H. Lundquist School of Business; Texas A&M University - Mays Business School, and Charles M. Jones, Columbia Business School, and Xiaoyan Zhang, Cornell University -...

Geffen on Securities Act Claims Against Mutual Funds

Posted on June 05, 2009
A Shaky Future for Securities Act Claims Against Mutual Funds, by David M. Geffen, Dechert LLP, was recently posted on SSRN. Here is the abstract: The article considers the liability of mutual fund issuers under Sections 11(a) and 12(a)(2) of...

Hill on SEC Discipline of Litigation Attorneys

Posted on June 05, 2009
Divide and Conquer: SEC Discipline of Litigation Attorneys, by Julie Andersen Hill, University of Houston Law Center, was recently posted on SSRN. Here is the abstract: The Securities and Exchange Commission (?SEC?) can investigate and discipline attorneys for ?unethical or...

Three Broker Firms Settle FINRA Charges of Inadequate AML Compliance Programs

Posted on June 05, 2009
FINRA announced that it fined three broker-dealers ? J.P. Turner & Co., of Atlanta, Park Financial Group, Inc., of Maitland, FL, and Legent Clearing, LLC, of Omaha ? for failing to implement reasonable anti-money laundering (AML) compliance programs, including the...

FINRA Seeks SEC Approval to Make Pilot Cease & Desist Program Permanent

Posted on June 05, 2009
FINRA filed with the SEC a proposed rule change to adopt on a permanent basis the temporary and permanent cease and desist authority pilot program without any substantive changes to the terms of the existing program. In May 2003, the...

SEC Charges Former Employee of Investor Relations Firm with Insider Trading

Posted on June 05, 2009
The SEC charged Zachary Bryant, a former account executive at the Los Angeles office of Lippert Heilshorn & Associates, Inc., an investor relations firm, for repeatedly misappropriating confidential information from firm clients and tipping his current employer and former colleague,...

SEC Charges Former Countrywide Financial CEO with Fraud

Posted on June 05, 2009
On June 4, 2009, the SEC announced the filing of securities fraud charges against former Countrywide Financial CEO Angelo Mozilo, former chief operating officer and president David Sambol, and former chief financial officer Eric Sieracki. They are charged with deliberately...

Focus on Mary Schapiro

Posted on June 04, 2009
Jeffrey Goldfarb of the Washington Post continues his examination of the SEC and focuses on the actions of SEC Chairman Mary Schapiro to date. WPost, SEC Chief Strives To Rebuild Regulator.

GAO Releases Report on Regulation SHO

Posted on June 03, 2009
The GAO today released a report on naked short selling: REGULATION SHO Recent Actions Appear to Have Initially Reduced Failures to Deliver, but More Industry Guidance Is Needed. The GAO explains why it did this study: The Securities and Exchange...

SEC Creates Investor Advisory Committee

Posted on June 03, 2009
SEC Chairman Mary Schapiro today announced the formation of an Investor Advisory Committee to give investors a greater voice in the Commission's work. SEC Commissioner Luis A. Aguilar will serve as the Commission's primary sponsor of the Committee. The Investor...

BofA, RBC & Deutsche Bank Finalize ARS Settlements with SEC & New York

Posted on June 03, 2009
The SEC today announced finalized settlements with Bank of America, RBC Capital Markets, and Deutsche Bank to resolve SEC charges that the firms misled investors regarding the liquidity risks associated with auction rate securities (ARS) that they underwrote, marketed, or...

Schapiro Testifies Before Senate

Posted on June 02, 2009
SEC Chairman Schapiro testified today before the Senate Subcommittee on Financial Services and General Government on the Commission's role in helping to address the financial crisis and reforms to improve investor protection and restore confidence in our markets...

SEC's Inspector General Releases Semi-Annual Report on SEC Performance

Posted on June 02, 2009
The SEC's Office of Inspector General released its semi-annual report to Congress, covering the period from Oct. 1, 2008 -- Mar. 31, 2009. In it the OIG describes both its past and pending audits and investigations that look into a...

Cox Undermined Enforcement's Efforts, According to Washington Post

Posted on June 01, 2009
The Washington Post has an in-depth story charging that former SEC Chairman Cox undermined the enforcement division's efforts to investigate corporate wrongdoing and punish those involved. It is based on 19 interviews with current and former SEC officials and focuses...

Glen on The Predictive Power of Form 4 Filings

Posted on May 30, 2009
The Efficient Capital Market Hypothesis, Chaos Theory, and the Insider Filing Requirements of the Securities and Exchange Act of 1934: The Predictive Power of Form 4 Filings, by Patrick J. Glen, Department of Justice, Civil Division, Office of Immigration Litigation,...

Gerding on the Subprime Crisis

Posted on May 30, 2009
The Subprime Crisis and the Link between Consumer Financial Protection and Systemic Risk, by Erik F. Gerding, University of New Mexico - School of Law, was recently posted on SSRN. Here is the abstract: This Article will appear in a...

Litvak on Cross-Listing Premia

Posted on May 30, 2009
The Relationship Among U.S. Securities Laws, Cross-Listing Premia, and Trading Volumes, by Kate Litvak, University of Texas at Austin School of Law, was recently posted on SSRN. Here is the abstract: This paper studies the relationship among the U.S. securities...

Bebchuk & Spamann on Regulating Bankers' Pay

Posted on May 30, 2009
Regulating Bankers? Pay, by Lucian A. Bebchuk, Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), and Holger Spamann, Harvard University - Harvard Law School, was recently posted on SSRN...

SEC Settles FCPA Charges Against Former ACL Technologies President

Posted on May 30, 2009
On May 29, 2009, the SEC settled charges against Thomas Wurzel, the former President of ACL Technologies, Inc. (ACL), formerly a subsidiary of United Industrial Corporation (UIC), which provided aerospace and defense systems. The Commission?s complaint alleges that Wurzel authorized...

SEC Settles Two Proceedings Involving Undisclosed Marketing Agreements

Posted on May 30, 2009
The SEC settled two administrative proceeding involving an undisclosed marketing arrangement between BISYS Fund Services, a mutual fund administrator, and AmSouth Bank (AmSouth), a mutual fund adviser. In one, J. David Huber, former BISYS Fund Services, Inc...

Connecticut Plans to Regulate Hedge Fund Managers

Posted on May 30, 2009
Tired of waiting for the federal government to regulate hedge funds, Connecticut, home to many hedge funds, may enact legislation requiring fund managers that have not registered with the SEC as investment advisers to disclose material conflicts of interest...

NASAA Supports Hedge Fund Adviser Registration Act

Posted on May 28, 2009
NASAA today endorsed proposed bipartisan legislation that would require hedge fund advisers to register with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The Hedge Fund Adviser Registration Act of 2009 (H.R. 711) is sponsored by...

FINRA Brings Fraud Charges Against Brookstreet Securities Brokers for Sales of CMOs to Retail Investors

Posted on May 28, 2009
FINRA today announced charges against six brokers formerly associated with Brookstreet Securities Corporation, a now-defunct nationwide brokerage firm based in Irvine, CA, including fraud and making unsuitable recommendations to retail customers in the sale of collateralized mortgage obligations (CMOs)...

Committee on Capital Markets Regulation Sets Forth Recommendations for Regulatory Reform

Posted on May 28, 2009
On May 26, the Committee on Capital Markets Regulation released The Global Financial Crisis: A Plan for Regulatory Reform. The complete report, as well as the Executive Summary, is available at its website. Here is an excerpt from the Executive...

SEC Charges Pegasus Wireless Officers with Pump & Dump Scheme

Posted on May 28, 2009
The SEC filed securities fraud charges against Pegasus Wireless Corporation, former CEO Jasper Knabb, and CFO Stephen Durland alleging they defrauded investors by illegally selling millions of Pegasus shares they secretly controlled and lying about the transactions in company filings...

SEC Settles Accounting Charges Against Three Former Cardinal Health Officers

Posted on May 27, 2009
The SEC settled charges against three former finance executives of Cardinal Health, Inc. (Cardinal), a pharmaceutical distribution company based in Dublin, Ohio, that they engaged in a fraudulent revenue and earnings management scheme. Cardinal?s former chief financial officer, Richard J...

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