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Post Frequency: 38.1/day

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

NY Investment Adviser Starr Pleads Guilty to Stealing Clients' Funds

Posted on September 10, 2010
Kenneth I. Starr, a New York investment adviser to the stars, pleaded guilty in Manhattan federal court to one count each of wire fraud, money laundering and investment adviser fraud, for misappropriating $20-50 million of clients' funds to support his...

SEC Announces Agenda for Sept. 17 Open Meeting

Posted on September 10, 2010
The SEC will hold an Open Meeting on September 17, 2010. The subject matter of the Open Meeting will be: The Commission will consider whether to propose rules that would require a public company to provide certain disclosures about its...

The SEC approved new rules submitted

Posted on September 10, 2010
The SEC approved new rules submitted by the national securities exchanges and FINRA to expand a recently-adopted circuit breaker program to include all stocks in the Russell 1000 Index and certain exchange-traded funds. The SEC also approved new exchange and...

Former Fortune 500 Company Settles SEC Backdating Allegations

Posted on September 09, 2010
It's been some time since we've thought about the backdating stock options scandal, but today the SEC charged Affiliated Computer Services, Inc. ("ACS"), a former Fortune 500 company in the business of providing business process and information technology services, alleging...

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A First: ARS Buyers State Fraud Claim Against Raymond James

Posted on September 09, 2010
I have followed the ARS lawsuits quite closely, and until recently plaintiffs have been consistently unsuccessful in surviving the motion to dismiss stage, because courts find they have failed to plead scienter with the requisite scienter required by the PSLRA...

Goldman Reported to Settle Charges with UK Regulator Involving Trader Tourre

Posted on September 08, 2010
The financial press is reporting that UK's Financial Services Authority (FSA) and Goldman Sachs have agreed to settle charges that Goldman failed to disclose that its trader Fabrice Tourre was under SEC investigation when he relocated from New York to...

SIPC Schedules Online Forums to Focus on Modernization

Posted on September 08, 2010
The Securities Investor Protection Corporation (SIPC) will hold its first-ever online forum at 8 p.m. EDT/5 p.m. PDT on September 14, 2010. The "listening post" session is the first of two major national public forums focused on soliciting input about...

SEC & CFTC Announce 2 Public Roundtables on Swaps

Posted on September 08, 2010
Staff from the SEC and CFTC will hold two joint public roundtables in September on issues relating to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first roundtable on September 14 will be on issues related...

SEC Announces Field Hearings on Municipal Bond Market

Posted on September 07, 2010
The SEC announced today that it is launching a series of field hearings to examine the municipal securities markets, starting in San Francisco on September 21. Topics will include disclosure and transparency, credit ratings, and internal controls. Among participants will...

SEC Charges Colorado Adviser with Fraud in Marketing Hedge Funds to Senior Citizens

Posted on September 07, 2010
The SEC charged Boulder, Colo.-based investment adviser Neal R. Greenberg with fraud and breach of fiduciary duty in the marketing and recommendation of his firm's hedge funds to investors, including many elderly clients. According to the SEC, Greenberg falsely stated...

Seventh Circuit Addresses Arbitrability Issues in Brokerage Customer's Agreement

Posted on September 07, 2010
The Seventh Circuit recently issued an interesting opinion on the "who decides" question in the securities arbitration context. In Janiga v. Questar Capital Corp. (7th Cir. Aug. 2, 2010), the investor Janiga was a Polish immigrant who, despite having lived...

Albert on Howey

Posted on September 05, 2010
The Howey Test Turns 64: Are the Courts Grading this Test on a Curve?, by Miriam Albert, Hofstra University - School of Law, was recently posted on SSRN. Here is the abstract: Sixty-four years ago, the Supreme Court decided SEC...

Bebchuk & Jackson on Corporate Political Speech

Posted on September 05, 2010
Corporate Political Speech: Who Decides?, by Lucian A. Bebchuk, Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), and Robert J. Jackson Jr., Columbia Law School, was recently posted on SSRN...

Bullard on The Fiduciary Study

Posted on September 05, 2010
The Fiduciary Study: A Triumph of Substance Over Form?, by Mercer Bullard, University of Mississippi - School of Law, was recently posted on SSRN. Here is the abstract: In the months preceding the enactment of the Dodd?Frank Wall Street Reform...

Gelter on Comparative Shareholder-Stakeholder Debates

Posted on September 05, 2010
Taming or Protecting the Modern Corporation? Shareholder-Stakeholder Debates in a Comparative Light, by Martin Gelter, Fordham University School of Law; European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the abstract: In this article, I provide a...

Gross on Mandatory Securities Arbitration

Posted on September 05, 2010
The End of Mandatory Securities Arbitration?, by Jill Gross, Pace Law School, was recently posted on SSRN. Here is the abstract: In this essay, I examine recent Congressional efforts to ban pre-dispute arbitration clauses in securities brokerage account agreements and...

Gross on Mandatory Securities Arbitration

Painter et alia on Morrison

Posted on September 05, 2010
When Courts and Congress Don?t Say What They Mean: Initial Reactions to Morrison v. National Australia Bank and to the Extraterritorial Jurisdiction Provisions of the Dodd-Frank, by Richard W. Painter, University of Minnesota Law School; Douglas Dunham, Skadden, Arps, Slate,...

SEC Charges NRSRO with Violation of 10% Rule

Posted on September 05, 2010
The SEC issued an administrative Order against LACE Financial Corporation, a registered Nationally Recognized Statistical Rating Agency (NRSRO), and Barron Putnam, its founder and majority owner during the relevant time period. The Order finds that LACE made misrepresentations in its...

Can Brokerage Customers Get Two Bites of Apple?

Posted on September 02, 2010
The Nebraska Supreme Court recently held that investors who purchased unregistered securities through registered representatives of a brokerage firm, and who had previously received an arbitration award against the RRs and firm, could also sue the firm's holding company (apparently...

Remaining Defendant in Lucent Accounting Action Settles with SEC

Posted on September 02, 2010
On August 17, 2010, the United States District Court for the District of New Jersey entered final judgment against Nina Aversano, former President of North America Service Provider Networks and former corporate officer of Lucent Technologies Inc. (Lucent), arising out...

Municipal Advisers Must Register with SEC by Oct. 1

Posted on September 02, 2010
The SEC today announced that it has adopted a temporary rule requiring municipal advisors to register with the SEC by October 1, a deadline established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Municipal advisors can now access...

New Jersey Investment Adviser Settles SEC Fraud Charges

Posted on September 02, 2010
The SEC charged Sandra Venetis, a Branchburg, N.J.-based investment adviser, and three of her firms, Systematic Financial Services, Inc., Systematic Financial Associates, Inc., and Systematic Financial Services, LLC, with operating a multi-million dollar offering fraud involving the sale of phony...

Bernanke, Bair Testify Before Financial Crisis Inquiry Commission

Posted on September 02, 2010
Federal Reserve Board Chairman Ben S. Bernan testified on Causes of the Recent Financial and Economic Crisis before the Financial Crisis Inquiry Commission today. FDIC Chair Sheila Bair also testified, on SYSTEMICALLY IMPORTANT INSTITUTIONS AND THE ISSUE OF ?TOO BIG...

SEC Settles Insider Trading Charges Based on AstraZeneca-MEDI Merger

Posted on September 01, 2010
The SEC settled charges against James W. Self, Jr. (Self), an Executive Director of Business Development at a pharmaceutical company located in New Jersey (the Company), and Stephen R. Goldfield (Goldfield), a former hedge fund manager, for engaging in unlawful...

Former Group VP of Finance & Tax Counsel of Centerpulse Settles SEC Charges

Posted on September 01, 2010
The SEC announced that Richard Jon May, the former Group Vice President of Finance, Tax Counsel and Treasurer of Centerpulse USA, Inc., a subsidiary of Centerpulse Ltd., settled the Commission's charges against him arising from his alleged involvement in the...

Did the Government Let Lehman Fail?

Posted on September 01, 2010
Much has been written about the problems of the Financial Crisis Inquiry Commission, principally the departure of staff members and internal rifts among Commissioners, that may make it difficult to meet the December deadline for its report. Some of those...

Fuld Testifies that Lehman Could Have Been Saved

Posted on September 01, 2010
Richard Fuld, former CEO of the former Lehman Brothers, testified today before the Financial Crisis Inquiry Commission. The New York Times article describes him as "defiant" as he asserted that the company could have been saved if the Federal Reserve...

SEC Charges Two Former Accountants at Koss Corp. with Embezzlement

Posted on September 01, 2010
The SEC today charged two former senior accounting professionals at Koss Corporation, a Milwaukee-based headphone manufacturer, with accounting fraud, books-and-records violations, and related misconduct arising from the embezzlement of more than $30 million from the company...

SEC Charges Pinnacle Capital Markets with Non-Compliance with AML Rule

Posted on September 01, 2010
The SEC charged Pinnacle Capital Markets LLC with failing to comply with an anti-money laundering (AML) rule that requires broker-dealers to identify and verify the identities of its customers and document its procedures for doing so. The SEC also charged...

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