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

Judge Sotomayor's Securities Law Opinions

Posted on May 27, 2009
My RA has found eleven Second Circuit opinions authored by Judge Sotomayor dealing with securities issues. Here is the list of the cases and a very brief description of the issue: Securities Investor Protection Corp v. BDO Seidman, LLP, 222...

Investment Adviser Censured for Failure to Provide Fund Directors with Information in Contract Renewal Process

Posted on May 27, 2009
On May 27, the SEC settled charges against investment adviser New York Life Investment Management LLC (NYLIM) for failing to provide the Board of the Mainstay Equity Index Fund (Equity Index Fund), a mutual fund NYLIM advises, with information during...

SEC Suspends Former Kmart VP from Practicing before SEC

Posted on May 27, 2009
On May 27, the SEC issued an Order under Rule 102(e) of the Commission's Rules of Practice against John T. McDonald, who was Vice President and Treasurer of Kmart Corporation prior to the company's bankruptcy, suspending him from appearing or...

Supreme Court Grants Cert in "Inquiry Notice" Statute of Limitations Case

Posted on May 26, 2009
The Supreme Court accepted cert in a securities fraud action from the Third Circuit today, In re Merck & Co. Securities Deriv. & ERISA Litig., 543 F.3d 150 (3d Cir. 2008). In the action the plaintiffs charge that the drug...

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CSK Auto Settles Accounting Fraud Charges

Posted on May 26, 2009
The SEC today instituted settled cease-and-desist proceedings against CSK Auto Corporation (CSK), an auto parts retailer headquartered in Phoenix, Arizona, finding that the company violated the anti-fraud, reporting, books and records, and internal control provisions of the federal securities laws...

SEC Alleges Foreign Currency Software Program Fraud

Posted on May 26, 2009
On May 21, 2009, the SEC filed a civil action against PrivateFX Global One Ltd., SA, 36 Holdings, Ltd., Robert D. Watson, and Daniel J. Petroski alleging their involvement in a multi-million dollar foreign-currency software program fraud. The U.S. District...

Romano on Sarbanes-Oxley

Posted on May 24, 2009
Does the Sarbanes-Oxley Act Have a Future? by Roberta Romano, Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: Although the enactment of the Sarbanes-Oxley Act...

Fotak et alia on Naked Short Selling

Posted on May 24, 2009
Naked Short Selling: The Emperor?s New Clothes?, by Veljko Fotak, University of Oklahoma - Division of Finance, Vikas Raman, University of Oklahoma - Division of Finance, and Pradeep K. Yadav, University of Oklahoma - Division of Finance, was recently posted...

2008 SEC Government-Business Forum on Small Business Capital Formation Available

Posted on May 22, 2009
The SEC posted on its website its 2008 Annual SEC Government-Business Forum on Small Business Capital Formation.

SEC & Labor Dept. Solicit Requests to Participat in Target Date Funds Hearing

Posted on May 22, 2009
The SEC and the Department of Labor announced today that they are accepting requests to participate in a joint hearing on June 18 examining target date funds. Target date funds and other similar investment options are investment products that allocate...

SEC Takes Steps to Strengthen Its Internal Compliance Program

Posted on May 22, 2009
Following the announcement that the federal prosecutor was looking into allegations that SEC attorneys may have engaged in impermissible insider trading, SEC Chairman Mary Schapiro outlined a series of measures the agency is taking to strengthen its internal compliance program...

Schapiro Responds to Proposal for New Consumer Agency

Posted on May 21, 2009
As expected, the SEC will not easily give up any of its regulatory authority. SEC Chairman Schapiro responded to reports that the Obama administration was considering a new regulatory commission that would focus on financial products to consumers, including credit...

SEC Official Testifies on Municipal Finance Reform

Posted on May 21, 2009
Martha Mahan Haines, Assistant Director, Division of Trading and Markets, SEC, gave Testimony Concerning Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance before the U.S. House of Representatives Committee on Financial Services on May 21, 2009.

SEC Trading & Markets Division Co-Acting Director Speaks on Market Structure

Posted on May 21, 2009
James A. Brigagliano, Co-Acting Director, Division of Trading and Markets, SEC, gave the Keynote Address to the 2009 SIFMA Market Structure Conference on May 20.

SEC Charges Brokers with Unauthorized Trading in Customers' Accounts

Posted on May 21, 2009
On May 19, 2009, the SEC filed a complaint alleging that Guillermo David Clamens, FTC Capital Markets, Inc., a registered broker-dealer he controls, ("FTC"), and Lina Lopez, an FTC employee, engaged in a fraudulent scheme to engage in tens of...

SEC Charges Four in Delaware with Pump and Dump Scheme

Posted on May 21, 2009
The SEC filed a complaint in the United States District Court for the District of Delaware against Pawel P. Dynkowski, Matthew W. Brown, Jacob Canceli, Gerard J. D?Amaro, Joseph Mangiapane Jr., Nathan M. Michaud, Marc J. Riviello and Adam S....

NASAA Supports Arbitration Fairness Act of 2009

Posted on May 21, 2009
NASAA today announced its full support of the Arbitration Fairness Act of 2009 (S. 931, H.R. 1020), which seeks to protect the right of Americans to have their day in court by making pre-dispute agreements requiring arbitration for any employment,...

GAO Report on Sovereign Wealth Funds

Posted on May 20, 2009
The GAO released a report on SOVEREIGN WEALTH FUNDS: Laws Limiting Foreign Investment Affect Certain U.S. Assets and Agencies Have Various Enforcement Processes. Here is the summary: Foreign investors in U.S. companies or assets include individuals, companies, and government entities...

SEC Proposes Rules to Permit Shareholders to Nominate Directors

Posted on May 20, 2009
Once again the SEC is proposing changes to the proxy rules that will allow shareholders access to the management's proxy process to nominate directors. Chairman Schapiro stated in the open meeting: I believe that the most effective means of providing...

Obama Considers Consumer Protection Agency for Financial Products

Posted on May 20, 2009
The Washington Post reports that the Obama administration is seriously considering the creation of a new federal agency that would have broad authority to protect consumers who use financial products, including mortgages, credit cards and mutual funds...

SEC Publishes Proposed Custody Rules for Investment Advisers

Posted on May 20, 2009
The SEC posted on its website its proposed rules relating to Custody of Funds or Securities of Clients by Investment Advisers under the Investment Advisers Act of 1940 and related forms. The amendments, among other things, would require registered investment...

SEC Votes for Proposed Rule on Shareholders' Nominations for Directors

Posted on May 20, 2009
The SEC today voted (3-2 along party lines) to propose a comprehensive series of rule amendments to facilitate the rights of shareholders to nominate directors on corporate boards. From its release: Overview: The nation and the markets are experiencing one...

New York AG's Statement on Code of Conduct for Pension Fund Industry

Posted on May 19, 2009
STATEMENT FROM ATTORNEY GENERAL ANDREW CUOMO ON COMPTROLLER THOMPSON'S DECISION TO URGE NYC PENSION FUNDS TO ADOPT REFORM CODE OF CONDUCT "I commend Comptroller Bill Thompson for his quick and decisive action in asking that the City pension funds adopt...

SEC Will Consider Shareholder Director Nominations at May 20 Open Meeting

Posted on May 19, 2009
SEC Open Meeting Agenda for Wednesday, May 20, 2009 Item 1: Facilitating Shareholder Director Nominations Office: Division of Corporation Finance Staff: Brian Breheny, Lillian Brown, Tamara Brightwell, Eduardo Aleman The Commission will consider whether to propose changes to the federal...

Arizona Attorney Enjoined From Unregistered Stock Sales and Fraud

Posted on May 19, 2009
Two federal district courts recently entered orders against David B. Stocker, an Arizona attorney. First, the United States District Court for the Northern District of Texas recently permanently enjoined David B. Stocker and Curtis-Case, Inc., a corporation that he controlled,...

SEC Charges Northern California Residents with Fraudulent Multi-Level Marketing Scheme

Posted on May 19, 2009
On May 13, 2009, the SEC charged two Northern California residents and two of their companies, one of which is a purported savings and loan association, with securities fraud in connection with a multi-level marketing scheme. The SEC obtained an...

SEC and Monster Worldwide Settle Backdating Charges

Posted on May 18, 2009
The SEC and Monster Worldwide, Inc. settled charges that Monsster engaged in a multi-year scheme to secretly backdate stock options granted to thousands of Monster officers, directors and employees. Monster agreed to pay a $2.5 million penalty to settle charges...

FINRA Expels Kirlin Securities For Manipulating its Parent's Stock Price

Posted on May 18, 2009
FINRA's National Adjudicatory Council (NAC) has expelled Kirlin Securities of Syosset, NY, (a wholly owned subsidiary of Kirlin Holding Corporation, nka Zen Holdings Corp.) and barred two Kirlin officials ? Anthony Kirincic, the firms' co-CEO and largest shareholder, and Andrew...

Supreme Court Agrees to Hear Conrad Black's Appeal

Posted on May 18, 2009
The U.S. Supreme Court has agreed to accept certiorari in the criminal conviction of Conrad Black, U.S. v. Black, 530 F.3d 596 (7th Cir. 2008). Question(s) Presented: (1) Does 18 U.S.C. � 1346 apply to conduct of private individual whose...

SEC and WellCare Health Plans Settle Fraud Charges

Posted on May 18, 2009
The SEC and WellCare Health Plans, Inc. ("WellCare"), a managed care services company that administers federal government-sponsored health care programs, settled charges that the company committed securities fraud. According to the Commission's complaint, from at least November 2003 to October...

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