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Post Frequency: 38.1/day

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

SEC Charges Spokane Washington Man with Ponzi Scheme

Posted on February 09, 2009
The SEC filed securities fraud and other charges against Quest Holdings, Inc. and its principal, Craig T. Jolly, of Spokane, Washington, for operating an internet-based Ponzi scheme promising monthly returns of up to 19.5 percent. According to the complaint, defendants...

SEC Approves FINRA Arbitration Rule on Explained Decisions

Posted on February 09, 2009
The SEC approved a proposed rule change (SR-FINRA-2008-051) filed by FINRA relating to amendments to the Codes of Arbitration Procedure to require arbitrators to provide an explained decision upon the joint request of the parties. Publication is expected in the...

Madoff Consents to Permanent Injunction in SEC Action

Posted on February 09, 2009
The SEC announced that on February 9, 2009, it submitted to the federal court in the Southern District of New York the consent of Bernard L. Madoff to a proposed partial judgment imposing a permanent injunction and continuing relief previously...

Changes in Leadership at SEC

Posted on February 09, 2009
A change in leadership in the SEC's Enforcement Division was probably inevitable after the Madoff scandal, the Congressional anger at the SEC staff expressed during recent hearings, and SEC Chair Schapiro's promise to get tough. Today the SEC announced that...

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Kaufman & Wunderlich on Confidential Informants in Securities Litigation

Posted on February 08, 2009
Congress, the Supreme Court, and the Proper Role of Confidential Informants in Securities Fraud Litigation, by Michael J. Kaufman, Loyola University of Chicago - School of Law, and John M. Wunderlich, was recently posted on SSRN. Here is the abstract:Confidential...

Franklin on Chamber of Commerce's Success at Roberts Court

Posted on February 08, 2009
What Kind of Business-Friendly Court? Explaining the Chamber of Commerce's Success at the Roberts Court, by David L. Franklin, DePaul University - College of Law, was recently posted on SSRN. Here is the abstract:Since the Roberts Court was formed in...

Chair Schapiro on SEC Priorities

Posted on February 06, 2009
Excerpts from SEC Chairman Mary Schapiro's Address to Practising Law Institute's "SEC Speaks in 2009" Program, Feb. 6, 2009: As a first, but significant, step in empowering our Enforcement staff, I am this week taking action to end the Commission's...

Schapiro Apologizes to House Committee

Posted on February 05, 2009
After four senior staff members of the SEC were unable to answer the House Subcommittee's questions about Madoff, citing ongoing invetigations, SEC Chair Mary Schapiro sent a letter to the committee, stating that ?Today's testimony before your subcommittee could not...

SEC Brings Prime Bank Offering Fraud Charges in Colorado

Posted on February 05, 2009
The SEC charged Brian V. Prendergast of Castle Rock, Colorado, and his entity Enterprises, LLC, a Colorado limited liability company, with conducting a fraudulent prime bank offering scheme in coordination with Donald R. Smith of Aurora, Colorado, Yuail I...

SEC and NYAG Announce Wachovia ARS Settlement

Posted on February 05, 2009
The SEC and the New York Attorney General separately announced the finalization of the settlement with Wachovia Securities, LLC that will provide more than $7 billion in liquidity to thousands of customers who invested in auction rate securities (ARS) before...

SEC Charges 7 in Insider Trading Ring That Generated $11.6 Million in Profits

Posted on February 05, 2009
The SEC filed complaints in the United States District Court for the Southern District of New York alleging that seven individuals engaged in insider trading, which generated a combined total of over $11.6 million in illegal profits and losses avoided...

SEC Extends Comment Period for IFRS Roadmap

Posted on February 04, 2009
The SEC has extended the comment period for a release proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (?IFRS?) as issued by the International Accounting Standards Board by U...

House Subcommittee Holds Hearing on Madoff

Posted on February 04, 2009
A House subcommittee of the Financial Services Committee held a hearing today on the SEC's failure to uncover the Madoff ponzi scheme. Here is a link to the webcast. The star witness was Harry Markopolos, an independent fraud investigator, who...

Former Biovail CEO Settles 13(d) Charges

Posted on February 04, 2009
The SEC announced that the United States District Court has entered a stipulated judgment against Eugene Melnyk, Biovail Corporation's former chairman and chief executive officer, with respect to violations of the stock accumulation disclosure provisions of the federal securities laws...

SEC Charges Private Fund Manager with Misappropriation, Obtains Emergency Relief

Posted on February 04, 2009
The SEC filed an emergency enforcement action against Scott M. Ross, charging that Ross fraudulently obtained at least $10 million from approximately 300 investors. The SEC has obtained an emergency court order freezing Ross's assets and appointing a receiver from...

SEC Obtains Emergency Relief Against International Boiler Room Operation

Posted on February 04, 2009
The SEC took emergency action to stop what it describes as "a massive and ongoing international boiler room scheme" that allegedly sold penny stocks to investors located in Europe by misrepresenting that investors paid no sales commissions. The SEC alleges...

SEC Approves FINRA Rule to Raise Amount for Single Arbitrator to $100,000

Posted on February 03, 2009
The SEC approved a proposed rule change submitted by FINRA to amend the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to raise the amount in controversy that will be heard by...

SEC Issues Final Rules on NRSROs and Proposing Additional Rules

Posted on February 03, 2009
The SEC is adopting rule amendments that impose additional requirements on nationally recognized statistical rating organizations (?NRSROs?) in order to address concerns about the integrity of their credit rating procedures and methodologies. The effective date is April 10, 2009...

Markopoulos Expected to Testify Tomorrow on Madoff

Posted on February 03, 2009
Henry Markopoulos, an independent fraud investigator who warned the SEC repeatedly since 2000 of Madoff's fraud, to no avail, is expected to testify tomorrow before the House Financial Services Committee. The Wall St. Journal has posted his written testimony.

SEC Charges Three with Selling Unregistered Shares in Shell Company

Posted on February 02, 2009
The SEC announced that it filed a complaint in the United States District Court for the Southern District of New York alleging that Forest Resources Management Corp. ("Forest"), Chaim Justman ("Justman"), William J. Reilly ("Reilly"), and Pinchus Gold ("Gold") defrauded...

Former Lumenis CFO Consents to Fraud Judgment

Posted on February 02, 2009
The SEC announced that a final judgment by consent was entered on September 9, 2008 by the United States District Court for the Southern District of New York against Kevin Morano, the former Chief Financial Officer of Lumenis, Ltd., in...

Former RenRe CEO Found Liable for Sham Reinsurance Transaction

Posted on February 02, 2009
On January 27, 2009, after a six-day bench trial, the Hon. Gerard E. Lynch of the U.S. District Court for the Southern District of New York issued an opinion and order that held defendant James N. Stanard, the former chief...

Nagy on Insider Trading

Posted on February 01, 2009
Insider Trading and the Gradual Demise of Fiduciary Principles, by Donna M. Nagy, Indiana University School of Law-Bloomington, was recently posted on SSRN. Here is the abstract: Recent SEC enforcement actions, such as the case filed against Dallas Mavericks' owner...

Booth on Future of Securities Litigation

Posted on February 01, 2009
The Future of Securities Litigation, by Richard A. Booth, Villanova University School of Law, was recently posted on SSRN. Here is the abstract: In this article, I analyze the implications of the Supreme Court's 2008 decision in Stoneridge Investment Partners...

SEC Issues Final Rules on Interactive Data

Posted on January 30, 2009
The SEC released its final rules on Interactive Data to Improve Financial Reporting. Here is the summary: We are adopting rules requiring companies to provide financial statement information in a form that is intended to improve its usefulness to investors...

SEC Obtains Preliminary Relief Against Gen-See Capital

Posted on January 30, 2009
Yet another ponzi scheme: On January 28, 2009, the United States District Court for the Western District of New York entered an order granting the SEC's motion for preliminary injunction and other relief against defendants, Gen-See Capital Corporation a/k/a Gen...

SEC Sustains NASD Disciplinary Action for Failure to Respond to NASD Requests for Information

Posted on January 30, 2009
The SEC sustained NASD disciplinary action against CMG Institutional Trading, LLC, a former NASD member firm, and Shawn D. Baldwin, the firm's president and chief executive officer. The Commission also sustained NASD's imposition of two-year suspensions on CMG and Baldwin...

Merrill Lynch Settles Charges It Failed to Disclose Conflict of Interests in Pension Consulting Business

Posted on January 30, 2009
The SEC charged Merrill Lynch, Pierce, Fenner & Smith, Inc. and two of its former investment adviser representatives with securities laws violations for misleading pension consulting clients about its money manager identification process and failing to disclose conflicts of interest...

Speculation over Future FINRA CEO

Posted on January 29, 2009
Who will be the next CEO of Finra? According to Investment News, the leading contenders are Rick Ketchum, CEO, NYSE Regulation, Inc., Annette Nazareth, former SEC Commissioner, and Douglas Shulman, IRS Commissioner.

NASAA Releases Its Legislative Agenda

Posted on January 29, 2009
NASAA outlined its legislative agenda for the 111th Congress aimed at strengthening investor protection, restoring state authority in certain areas, and providing greater transparency and accountability for those in the financial services industry and in government who share responsibility for...

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