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Post Frequency: 38.1/day

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

SEC Goes After Georgia-Based Alleged Ponzi Scheme

Posted on January 15, 2009
Another Day, another Ponzi scheme -- On January 15, 2009, the SEC filed a Complaint For Injunctive and Other Relief ("Complaint") in the United States District Court for the Northern District of Georgia against CRE Capital Corporation ("CRE") and James...

Schapiro Confirmation Hearing was Uneventful

Posted on January 15, 2009
The confirmation hearing of Mary Schapiro, currently FINRA CEO and President-Elect Obama's pick for SEC Chair, was held today. According to a Wall St. Journal blog, it was uneventful. When she was asked about FINRA's failure to uncover the Madoff...

ALJ Suspends Attorney from Practice before SEC for Improper Conduct

Posted on January 14, 2009
A SEC Administrative Law Judge has issued an Initial Decision in Steven Altman, Esq., finding that Steven Altman (Altman) committed improper professional conduct, violating Section 4C of the Securities Exchange Act of 1934 and Securities and Exchange Commission (Commission) Rule...

SEC Invesmtne Management Director Reviews Accomplishments

Posted on January 14, 2009
Andrew J. Donohue, Director, SEC's Division of Investment Management, reviewed the 2008 Accomplishments of Investment Management at the Mutual Fund Directors Forum Third Annual Directors' Institute on Jan. 13.

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Aguilar Speaks on SEC Reforms

Posted on January 14, 2009
SEC Commissioner Luis A. Auilar gave a speech, Empowering the Markets Watchdog to Effect Real Results, at the North American Securities Administrators Association's Winter Enforcement Conference on January 10, 2009. He addressed short-term internal fixes the SEC can make to...

Gabelli Settles Charges of Failing to Provide Notice of Source of Distributions

Posted on January 14, 2009
On January 12, the SEC settled an enforcement action against investment adviser Gabelli Funds, LLC (Gabelli) for violations of Section 19(a) of the Investment Company Act of 1940 (Investment Company Act) and Investment Company Act Rule 19a-1. Section 19(a) of...

Blackstone Exec Charged with Insider Trading

Posted on January 14, 2009
According to the New York Times' Dealbook (nothing posted on SEC website), Ramesh Chakrapani, a managing director in the London office of the Blackstone Group, was charged with running an insider trading scheme that netted $3.6 million in profits. According...

SEC Issues Final Rule on Mutual Fund Disclosure

Posted on January 13, 2009
The SEC issued its final rule adopting amendments to the form used by mutual funds to register under the Investment Company Act of 1940 and to offer their securities under the Securities Act of 1933 in order to enhance the...

FINRA Fines Leonard & Co. for Penny Stock Violations

Posted on January 13, 2009
FINRA announced today that it has fined Leonard & Co. of Troy, MI, $225,000 for numerous violations, including the illegal sale of more than two million shares of penny stock on behalf of customers. FINRA also required the firm to...

Judgments Entered in Georgia-Pacific Insiding Trading Case

Posted on January 13, 2009
The SEC announced that the United States District Court for the Northern District of Illinois entered a Final Judgment as to defendant John Zeglis, in his capacity as Executor to the Estate of James D. Zeglis ("Zeglis, as Executor" or...

Former Banc of America Securities Rep Barred for Cash Kickbacks

Posted on January 13, 2009
The SEC issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities and Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Paul G...

SEC Order Bars Former Head of Sales of Janney Montgomery Scott from Industry

Posted on January 13, 2009
The SEC announced the issuance of an Order Instituting Administrative Proceedings Pursuant to 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanction (Order) against Joseph Lando, a former securities lending representative and head of sales...

Former Amkor Tech GC Consents to Insider Trading Injunction

Posted on January 13, 2009
The SEC announced that the United States District Court for the Eastern District of Pennsylvania entered a Final Judgment of permanent injunction and other relief, including a permanent officer and director bar against Kevin J. Heron ("Heron"), the former General...

MetLife Registered Rep Settles Fraud Charges

Posted on January 12, 2009
The SEC settled administrative charges against Mark E. Salyer, a registered representative for MetLife Securities, Inc. The SEC alleged that Salyer, from at least June 2005 through October 2007, fraudulently diverted approximately $6 million from the accounts of at least...

Choi & Eisenberg on Punitive Damages in Securities Arbitration

Posted on January 11, 2009
Punitive Damages in Securities Arbitration: An Empirical Study, by Stephen J. Choi, New York University - School of Law, and Theodore Eisenberg, Cornell University - School of Law, was recently posted on SSRN. Here is the abstract: This article provides...

Arewa on Trading Places

Posted on January 11, 2009
Trading Places: Securities Regulation, Market Crisis, and Network Risk, by Olufunmilayo Arewa, Northwestern University - School of Law, was recently posted on SSRN. Here is the abstract: The rising power of traders has fundamentally transformed financial market networks and risks...

Why an Obscure Accounting Firm Could Audit Madoff's Records

Posted on January 09, 2009
We all know that Bernie Madoff's brokerage firm was audited by an obscure 3-person accounting firm that is not registered with the Public Company Accounting Oversight Board. This was permitted because the SEC exempted privately owned brokerage firms from the...

Former JPMorgan RR's Disclosure Violated "Just and Equitable Principles" Rule

Posted on January 09, 2009
In In re Thomas W. Heath, III, the SEC affirmed a NYSE disciplinary proceeding that found that a former registered representative of JPMorgan Securities disclosed material nonpublic information regarding the pending acquisition of a JPMorgan client to his future employer...

SEC Publishes Text of Indexed Annuity Rule

Posted on January 09, 2009
The SEC issued the text of its recently adopted rule that defines the terms ?annuity contract? and ?optional annuity contract? under the Securities Act of 1933. The controversial rule, which was almost universally opposed by the insurance industry, is intended...

SEC Goes After Another Ponzi Scheme

Posted on January 08, 2009
Another Ponzi scheme -- is the SEC seeking atonement for failure to uncover the Madoff fraud? The SEC announced today that it has filed an emergency civil enforcement action to halt an ongoing affinity fraud and Ponzi scheme orchestrated by...

Almost Half of U.S. Households Invest in Stocks or Bonds

Posted on January 08, 2009
According to a new joint study by the Investment Company Institute and SIFMA, nearly half of U.S. households owns equities or bonds, a significant increase during the last two decades. But ownership of these investment assets has declined since 2001,...

SEC Approves FINRA Rule Limiting Pre-Hearing Motions To Dismiss

Posted on January 08, 2009
FINRA announced that the SEC approved an important change FINRA requested to its dispute resolution rules that will significantly reduce the frequency of motions to dismiss arbitration cases before investors have a chance to present their case. The new rule...

SEC Takes Action to Halt Ponzi Scheme

Posted on January 08, 2009
The SEC filed an emergency action to halt an estimated $50 million Ponzi scheme conducted by Joseph S. Forte (?Forte?) and Joseph Forte, L.P. (?Forte LP?), of Broomall, Pennsylvania. According to the Commission?s complaint, from at least February 1995 to...

Satyam CEO Confesses to Accounting Fraud

Posted on January 07, 2009
The CEO and founder of Satyam Computer Services, a leading Indian outsourcing company, announced that the company has inflated its earnings and assets for years. Ramalinga Raju said that about $1 billion of its reported cash and other assets were...

Prosecutors Seek to Revoke Madoff's Bail

Posted on January 07, 2009
According to the government's brief, Bernie Madoff sent to his family packages containing 13 watches, 4 diamond brooches, a jade necklace, 2 sets of cufflinks and other jewelry worth at least $1 million. Prosecutors say this violates the terms of...

Principals and Attorneys Indicted in Alleged Viatical Settlements Fraud

Posted on January 07, 2009
On January 5, 2009, the United States Attorney for the Southern District of Florida announced the Indictment of Joel Steinger, Steven Steiner, Michael McNerney and Anthony Livoti, Jr., in connection with their involvement with Mutual Benefits Corp. ("MBC"), a viatical...

Criminal Charges Alleging Ponzi Scheme Filed Against Anthony James

Posted on January 06, 2009
On December 23, 2008, the United States Attorney for the Eastern District of Michigan filed criminal charges against Anthony A. James, a South Florida investment adviser, charging James with two counts of mail fraud in connection with a multi-million dollar...

Fifth Circuit Affirms Skilling's Conviction

Posted on January 06, 2009
The Fifth Circuit affirmed former Enron CEO Jeff Skilling's conviction on 19 counts of fraud, etc., but agreed with his lawyer that the lower court committed error in sentencing him to 24 years and ordered the lower court to resentence...

SEC's Inspector General Testifies on Madoff Investigation

Posted on January 05, 2009
H. David Kotz, the SEC's Inspector General, testified today before the U.S. House of Representatives Committee on Financial Services on its ongoing Madoff investigation. According to his written statement: On the late evening of December 16, 2008, SEC Chairman Christopher...

SEC Seeks Emergency Relief Against Affinity Fraud

Posted on December 30, 2008
The SEC filed an emergency action to halt a Ponzi scheme and affinity fraud conducted by Creative Capital Consortium, LLC and A Creative Capital Concept$, LLC (collectively, Creative Capital), and its principal, George L. Theodule. According to the Commission's complaint,...

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