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Post Frequency: 38.1/day

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

SEC Bars Adviser's Former Managing Director for Conversion, Fraud

Posted on November 21, 2008
The SEC imposed sanctions on Brendan E. Murray, formerly a managing director of registered investment advisor Cornerstone Equity Advisers, Inc. (Cornerstone) and secretary to Cornerstone's advisory clients the Cornerstone Funds, Inc. (Funds), for willfully aiding and abetting, and being a...

SEC Director Sirri Testifies on Credit Default Swaps

Posted on November 20, 2008
Erik Sirri, Director, Division of Trading and Markets, SEC, testified on Credit Default Swaps before the House Committee on Agriculture on November 20, 2008.

SEC Convenes Meeting of International Regulators

Posted on November 20, 2008
SEC Chairman Christopher Cox announced that he will convene a meeting of the International Organization of Securities Commissions (IOSCO) Technical Committee on Monday, November 24 by teleconference to discuss urgent regulatory issues in the ongoing credit crisis...

SEC Charges Day-Traders with Manipulative Short-Selling Scheme

Posted on November 19, 2008
The SEC filed charges against two day-traders, Robert Todd Beardsley and George Lindenberg, who allegedly perpetrated a manipulative short selling scheme through brokerage accounts at a now defunct broker-dealer, Redwood Trading LLC ("Redwood"). As alleged in the complaint, Beardsley and...

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SEC Announces Panelists for Mark-to-Market Accounting Roundtable

Posted on November 19, 2008
The SEC announced the expected panelists for its November 21 roundtable concerning mark-to-market accounting. The roundtable will have one panel discussion focused on the usefulness of mark-to-market accounting to investors: The sufficiency of information and the ability to improve the...

NASAA Announces Regulatory Reform Roundtable Next Month

Posted on November 19, 2008
The NASAA released five core principles to help guide the ongoing policy debate over the changes necessary to strengthen the nation?s financial services regulatory structure. NASAA also announced that it will host a Regulatory Reform Roundtable next month in Washington,...

SEC Adopts Rules to Improve Mutual Fund Disclosure

Posted on November 19, 2008
The SEC voted unanimously to improve mutual fund disclosure by requiring that funds provide investors with a concise summary ? in plain English ? of the key information they need to make informed investment decisions. The new summary prospectus will....

SEC Charges Fraud in Commodity Derivatives Trading at Bank of Montreal

Posted on November 18, 2008
The SEC filed charges in the United States District Court for the Southern District of New York alleging that four individuals engaged in a fraudulent scheme to overvalue the commodity derivatives trading portfolio at Bank of Montreal ("BMO") and thereby...

SEC Proposes Roadmap for Adoption of IFRS Standards

Posted on November 17, 2008
The SEC issued for public comment a proposed 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.S. issuers for purposes of their...

Goldman, UBS Announce No Bonuses for Top Executives

Posted on November 17, 2008
Both Goldman Sachs and UBS AG have announced that their top executives will not receive bonuses for 2008. Goldman's seven top executives decided it would not be politic to receive bonuses this year. InvNews, Goldman execs just say no to...

Taxpayers' Funds to Buy Back ADRs?

Posted on November 17, 2008
Talk about chutzpah -- according to the Investment News, FINRA has asked Treasury to advance funds from the $700 billion TARP to help broker-dealers re-purchase illiquid auction rate securities from clients. (Tip of the hat to Jill Gross, for calling...

SEC's 2008 PAR Available

Posted on November 17, 2008
The SEC has posted to its website its 2008 Performance and Accountability Report.

SEC Charges Cuban with Insider Trading

Posted on November 17, 2008
The SEC filed insider trading charges today against Dallas entrepreneur Mark Cuban in the U.S. District Court for the Northern District of Texas. The Commission's complaint alleges that Cuban engaged in illegal insider trading in the securities of Mamma...

Bainbridge on Corporate Opportunity

Posted on November 16, 2008
Rethinking Delaware's Corporate Opportunity Doctrine, by Stephen M. Bainbridge, University of California, Los Angeles - School of Law, was recently posted on SSRN. Here is the abstract: Although the prohibition on taking of organizational opportunities is well established, the standards...

Jackson on Consolidation of Financial Regulation

Posted on November 16, 2008
A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States, by Howell E. Jackson, Harvard Law School, was recently posted on SSRN. Here is the abstract: This essay proposes a phased transformation of financial regulation in...

Fried on "Dark" Firms

Posted on November 16, 2008
Firms Gone Dark, by Jesse M. Fried, University of California, Berkeley - School of Law, was recently posted on SSRN. Here is the abstract: A loophole in the securities laws permits certain firms to exit the mandatory disclosure system even...

Treasury's Kashkari Testifies Before House Oversight Committee

Posted on November 14, 2008
Interim Assistant Secretary for Financial Stability Neel Kashkari testified today before the House Committee on Oversight and Government Reform, Subcommittee on Domestic Policy to provide an update on the Treasury Department's actions to stabilize the financial markets and restore the...

SEC Obtains Judgment Against Unregistered Principal of Broker-Dealer

Posted on November 14, 2008
On November 14, 2008, the U.S. District Court for the Southern District of New York entered a final judgment against defendants Michael W. Crow, Duncan Capital LLC, Duncan Capital Group LLC and Robert David Fuchs. The court found that Crow...

SEC Announces Agenda for Small Business Capital Formation

Posted on November 14, 2008
The SEC announced the agenda and expected panelists for its November 20 forum on small business capital formation. The forum will focus on the impact of recent capital market events on small business capital formation in the United States. Topics...

SEC, CFTC & Fed Reserve Enter MOU on Credit Default Swaps

Posted on November 14, 2008
The SEC, the CFTC, and the Federal Reserve Board entered into a Memorandum of Understanding dealing with central counterparties for over-the-counter credit default swaps. PWG Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure.

FINRA Fines Citigroup Global Markets for Overcharges on Commissions

Posted on November 13, 2008
FINRA announced today that it has fined Citigroup Global Markets, Inc. of New York $300,000 for failing to reasonably supervise the commissions its brokers charged on stock and option trades. Although not part of the formal sanctions, the firm has...

SEC Charges Two Former McKesson Employees with Misappropriating Inside Information

Posted on November 13, 2008
The SEC has instituted two separate enforcement actions against former employees of McKesson Corp. for insider trading in connection with its 2005 acquisition of D&K Healthcare: It filed a complaint against William M. Gallahair, a former Vice President of Sales,...

SEC Will Consider Credit Ratings and Mutual Fund Disclosure at Next Meeting

Posted on November 13, 2008
The SEC announced the agenda for its Nov. 19 Open Meeting as follows: Item 1: The Commission will consider whether to adopt rule amendments that would impose additional requirements on nationally recognized statistical rating organizations in order to address concerns...

Former Aspen Technology Officers Settle Revenue Inflation Charges

Posted on November 13, 2008
The United States District Court for the District of Massachusetts entered final judgments by consent against former Aspen Technology, Inc. ("Aspen") founder and Chairman of the Board of Directors Lawrence B. Evans and former Chief Executive Officer David L...

SEC and Blue Coat Systems Settle Backdating Charges

Posted on November 12, 2008
The SEC settled charges alleging that network security company Blue Coat Systems, Inc. and its former chief financial officer Robert P. Verheecke backdated stock option grants to executives and employees and reported false financial information to shareholders...

Cox on Regulatory Reform

Posted on November 12, 2008
SEC Chairman Christopher Cox spoke on 'Building on Strengths in Designing the New Regulatory Structure' at the PLI 40th Annual Securities Regulation Institute, in New York, New York, on November 12, 2008. Here is an excerpt from his speech: One...

CFTC Chair Outlines Reform Proposal

Posted on November 11, 2008
CFTC Acting Chairman Walter L. Lukken gave the keynote speech before FIA Futures and Options Expo, in Chicago today and put forth his vision of regulatory reform. Specifically: I believe the United States should scrap the current outdated regulatory framework...

SIFMA Holds TARP Summit

Posted on November 10, 2008
SIFMA held on Summit on TARP on November 10, at which Interim Assistant Secretary for Financial Stability Neel Kashkari presented remarks. In addition, the SIFMA website has webcasts of both Kashkari's remarks and Senator Charles Schumer's speech.

NASAA Reminds ARS Investors of Redemption Deadlines

Posted on November 10, 2008
NASAA reminded ARS investors of their redemption opportunities, which were reached as part of the settlements between securities regulators and several prominent Wall Street firms, and urged investors to contact the firms from which they originally purchased their ARS...

SEC Charges Individual with Fraudulently Obtaining Investors' Funds

Posted on November 10, 2008
The SEC filed an injunctive action in the United States District Court for the Southern District of Illinois against Jeffrey Laumbattus, alleging that he fraudulently obtained approximately $150,000 from at least twelve individuals who believed that he would invest their...

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