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Post Frequency: 38.1/day

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

Former Peregrine President Settles Accounting Fraud Charges

Posted on October 26, 2008
On October 20, 2008, the United States District Court (S.D.Cal.) approved the SEC's settlement with former Peregrine Systems, Inc. (?Peregrine?) president Gary L. Lenz. The Commission?s action, filed in 2004, charged Lenz with, among other things, securities fraud, in connection...

SEC Releases Info on FY08 Enforcement Efforts

Posted on October 26, 2008
On Oct. 22 the SEC issued a press release to announce that the second-highest number of enforcement actions in agency history took place in fiscal year 2008. In addition, the SEC also returned more than $1 billion to harmed investors...

Harris on Shareholder Campaigns

Posted on October 26, 2008
The Shareholder Right to Campaign, by Lee A. Harris, University of Memphis - Cecil C. Humphreys School of Law, was recently posted on SSRN. Here is the abstract: Shareholder-led campaigns to install new leadership at U.S. firms occur too rarely...

Lund on Aronson

Posted on October 26, 2008
Rethinking Aronson, by Andrew Lund, Pace University School of Law, was recently posted on SSRN. Here is the abstract: Shareholders who wish to sue derivatively for breach of directors' fiduciary duties face significant obstacles. Chief among these is the requirement...

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Conley & Williams on CSR

Posted on October 26, 2008
The Corporate Social Responsibility Movement as an Ethnographic Problem, by John M. Conley, University of North Carolina at Chapel Hill - School of Law, and Cynthia A. Williams, University of Illinois at Urbana-Champaign - College of Law ; Osgoode Hall...

Grzebielski on Martha Stewart

Posted on October 26, 2008
Why Martha Stewart Did Not Violate Rule 10b-5: On Tipping, Piggybacking, Front-Running and the Fiduciary Duties of Securities Brokers, by Raymond Grzebielski, DePaul University - College of Law, was recently posted on SSRN. Here is the abstract: Martha Stewart settled...

Loewenstein on Good Faith

Posted on October 26, 2008
The Diverging Meaning of Good Faith, by Mark Loewenstein, University of Colorado Law School, was recently posted on SSRN. Here is the abstract: This article explores the meaning of "good faith" in the context of corporations and unincorporated entities...

Schwarcz on the Subprime Financial Crisis

Posted on October 26, 2008
Understanding the 'Subprime' Financial Crisis, by Steven L. Schwarcz, Duke University - School of Law, was recently posted on SSRN. Here is the abstract: This short and accessible paper, based on a keynote speech for a law review symposium, addresses...

FINRA Proposes New Rule on Explained Awards

Posted on October 20, 2008
FINRA is filing with the SEC a proposed rule change to amend NASD Rules 12214, 12514 and 12904 of Code of Arbitration Procedure for Customer Disputes (?Customer Code?) and NASD Rules 13214, 13514 and 13904 of the Code of Arbitration...

SEC Settles Insider Trading Charges in Connection with PIPES offering with Hedge Fund Analyst

Posted on October 20, 2008
The SEC settled charges that Brian D. Ladin, a former analyst for Bonanza Master Fund Ltd. ("Bonanza"), a Dallas-based hedge fund, engaged in unlawful insider trading in connection with a 2004 "PIPE" (an acronym for private investment in public equity)...

Hunt on Rating Agency Rules

Posted on October 19, 2008
The SEC's Proposed Rating Agency Rules: Unresolved Conflicts, by John P. Hunt, Berkeley Center for Law, Business and the Economy, was recently posted on SSRN. Here is the abstract: On June 16, the SEC made public new rules intended to...

Trevino on ERISA Litigation

Posted on October 19, 2008
Erisa Misrepresentation and Nondisclosure Claims: Securities Litigation Under the Guise of Erisa?, by Clovis Trevino, Geogetown University Law Center, was recently posted on SSRN. Here is the abstract: As a result of recent corporate scandals and dramatic market downturns, many...

NYAG and AIG Issue Statement on AIG's Expenditures

Posted on October 17, 2008
The New York Attorney General and AIG issued a joint statement a day after the AG expressed strong displeasure with some of AIG's expenditures since taking government money. According to the statement, Mr. Liddy [AIG's CEO] agreed to take several...

SEC Adopts Four Rules on Short-Selling

Posted on October 17, 2008
The SEC adopted four rules dealing with short-selling that go into effect October 17. It adopted an interim final temporary rule to address abusive ?naked? short selling in all equity securities by requiring that participants of a clearing agency registered...

FINRA Fines Banorte Securities Int'l for Unsuitable Class B Stock Sales

Posted on October 16, 2008
FINRA imposed a $1.1 million fine on Banorte Securities International, Ltd. for unsuitable sales of Class B shares in off-shore mutual funds as well as failing to have adequate supervisory systems to monitor those sales. As part of this settlement,...

SEC Files Manipulation Complaint against Excellency Investment Realty Trust

Posted on October 16, 2008
The SEC filed a civil injunctive action in the United States District Court for the District of Connecticut against Excellency Investment Realty Trust, Inc., a publicly-traded real estate investment trust located in Hartford, Connecticut, and its chief executive officer, David...

SEC Administrative Orders On NYSE Specialist Interpositioning Cases

Posted on October 16, 2008
The SEC issued three separate Orders Making Findings and Imposing a Cease-and-Desist Order Pursuant to Section 21C Securities Exchange Act of 1934 as to Todd J. Christie, Kevin M. Fee, and Thomas J. Murphy, Jr., and an Order Dismissing Administrative...

Alexander & Wade Sanctioned for Section 5 Violations

Posted on October 16, 2008
Alexander & Wade, Inc. (AWI), has been ordered to cease and desist from violations of the registration provisions of the securities laws and to disgorge $2,866,375 of ill-gotten gains. From 2002 to 2005, AWI advised and guided several microcap issuers...

SEC Schedules Mark to Market Roundtable for Oct. 29

Posted on October 16, 2008
The SEC announced that on Oct. 29, 2008, it will host the first of two roundtables on "mark-to-market" accounting and current market conditions. The roundtables will provide input to the SEC as part of a Congressionally mandated study pursuant to...

SEC Settles "Portfolio Pumping" Charges Against Medcap Management

Posted on October 16, 2008
The SEC settled charges that San Francisco investment adviser MedCap Management & Research LLC (MMR) and its principal Charles Frederick Toney, Jr. reported misleading results to hedge fund investors by engaging in a practice known as "portfolio pumping...

SEC Settles Insider Trading Charges Involving Georgia-Pacific Corp.

Posted on October 15, 2008
The United States District Court for the Northern District of Illinois entered Final Judgments as to defendants Jim W. Dixon ("Dixon") and Lance D. McKee ("McKee") on October 9, 2008, enjoining them from future violations of Sections 10(b) and 14(e)....

NYAG Tells AIG to Account for Fraudulent Conveyances

Posted on October 15, 2008
The New York Attorney General sent AIG expressing its displeasure with certain of the company's recent expenditures even as the company is being bailed out by the U.S. taxpayers and calling them "fraudulent conveyances." Here, to give you the flavor,...

FINRA Fines SunTrust Investment Services for Fee-Based Account Violations

Posted on October 15, 2008
FINRA fined SunTrust Investment Services, Inc., $700,000 for supervisory violations relating to its fee-based brokerage business and commissions on certain low-priced stocks. In assessing the fine announced today, FINRA took into account SunTrust's voluntary refunding of more than $713,000 in...

SEC's Sirri Testifies on CDS

Posted on October 15, 2008
Erik Sirri, Director, Division of Trading and Markets, SEC, presented Testimony Concerning Credit Default Swaps before the House Committee on Agriculture on October 15, 2008.

Paulson's Statement on Government's Investment in Banks

Posted on October 14, 2008
From Statement by Secretary Henry M. Paulson, Jr. on Actions to Protect the U.S. Economy: Today I am announcing that the Treasury will purchase equity stakes in a wide array of banks and thrifts. Government owning a stake in any...

U.S. Will Buy Stock in Banks

Posted on October 13, 2008
There is no announcement on the Department of Treasury's website, but the Wall St. Journal reports the expected news that the government will make direct investments in nine finanicial services institutions through the purchase of preferred shares. WSJ, U...

Mitsubishi Financial Completes Purchase of Morgan Stanley Stake

Posted on October 13, 2008
Mitsubishi UFJ Financial Group, Inc. (?MUFG?), Japan?s largest financial group and the world?s second largest bank holding company with $1.1 trillion in bank deposits, and Morgan Stanley today announced that MUFG has closed on a $9 billion equity investment in...

Pildes on Separation of Powers & SOX

Posted on October 13, 2008
Separation of Powers, Independent Agencies, and Financial Regulation: The Sarbanes-Oxley Act, by Richard H. Pildes, New York University School of Law, was recently posted on SSRN. Here is the abstract: In the aftermath of the last financial crisis, involving the...

SEC Posts Actions During Credit Crisis

Posted on October 10, 2008
Is the SEC feeling defensive? It has posted at its website a compendium of SEC Actions During Turmoil in Credit Markets.

SEC Charges Two Ex-Duane Reade Execs with Accounting Fraud

Posted on October 09, 2008
The SEC charged two former senior executives of Duane Reade with fraud for orchestrating multi-million dollar accounting schemes that caused the Duane Reade to inflate its reported earnings and overstate its net income. Duane Reade is the operator of the...

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