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

No Financial Reform Before July 4

Posted on June 30, 2010
Harry Reid says the Senate won't vote on the bill until after the week-long July 4 recess. Stay tuned for further changes.WSJ, Senate Delay on Financial Bill Gives Critics an Opening

Democrats Looking for 60 Votes for Financial Reform

Posted on June 29, 2010
Senator Scott Brown has withdrawn his support for the financial reform legislaion because of its new tax on banks. Democratic leaders are meeting to figure out some other way to pay for the legislation -- perhaps through TARP funds. Washington...

SEC Considers "Pay to Play" Practices Tomorrow

Posted on June 29, 2010
SEC's Open Meeting Agenda for June 30, 2010 . Item 1: Political Contributions by Certain Investment Advisers Office: Division of Investment Management The Commission will consider whether to adopt a new rule and related rule amendments under the Investment Advisers...

SEC Charges California Investment Adviser with Fraud and Fiduciary Duty for Unsuitable Recommendations

Posted on June 29, 2010
On June 28, 2010, the SEC filed a civil action in the United States District Court for the Central District of California charging Life Wealth Management, Inc. and its owner Jeffery S. Preston with fraud and breach of fiduciary duty...

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SEC Charges Canadian Couple with Touting Penny Stocks Through Social Networking Sites

Posted on June 29, 2010
The SEC announced today that it obtained an emergency asset freeze against a Canadian couple who fraudulently touted penny stocks through their website, Facebook and Twitter. The SEC alleges that since at least April 2009, Carol McKeown and Daniel F....

SEC Settles FCPA Charges Against Telecommunications Company Doing Business in China

Posted on June 29, 2010
The SEC filed a settled federal court action against San Jose, California-based telecommunications company Veraz Networks, Inc., alleging that Veraz violated the books and records and internal controls provisions of the FCPA. The alleged violations stemmed from improper payments made...

FINRA Bars Former Deutsche Bank Broker for Stock Manipulation

Posted on June 29, 2010
A FINRA hearing panel has permanently barred a former Deutsche Bank broker from the securities industry for manipulating the price of Monogram Biosciences (MGRM) stock in an effort to enrich a hedge fund client, himself and his family. The panel...

Supreme Court Grants Certiorari in Securities Fraud Class Action Involving Market-Timing Statements in Fund Prospectuses

Posted on June 29, 2010
The Supreme Court accepted certiorari in a securities fraud class action based on alleged misstatements in mutual fund prospectuses that market-timing was not permitted. In Janus Capital Group v. First Derivative Traders, 566 F.3d 111 (4th Cir. 2007), First Derivative...

Supreme Court Remands Scrushy's Conviction in Light of Skilling

Posted on June 29, 2010
The Supreme Court vacated the conviction of Richard Scrushy, former Chairman of HealthSouth Corp., for bribery and conspiracy and remanded to the appellate court for further consideration in light of its Skilling opinion that narrowed the scope of the honest...

Supreme Court Strikes Down Removal Restrictions on PCAOB Members, Leaves Rest of Sarbox Intact

Posted on June 28, 2010
The Supreme Court handed down its much-anticipated decision in Free Enterprise Fund v. Public Company Accounting Oversight Board (Download PCAOB Opinion) today and held (5-4) that the dual for-cause limitations on the removal of the Board members contravene the Constitution's...

SEC Asks Few Questions About Russian IPOs

Posted on June 28, 2010
Interesting reading in the Wall St. Journal: it reports that in the past two years the SEC's Corporation Finance Division has cleared registration statements for IPOs by nine start-up shell corporations from Russia or Ukraine, in most cases without asking...

Financial Reform: So Near and Yet So Far?

Posted on June 28, 2010
See Washington Post, Byrd's absence could be problematic for financial regulation bill

Technip Settles FCPA Charges with SEC and DOJ

Posted on June 28, 2010
The SEC announced a settlement with Technip for multiple violations of the Foreign Corrupt Practices Act (FCPA). The SEC alleged that Technip, a global engineering, construction and services company based in Paris, France, was part of a four-company joint venture...

Investment Adviser Public Disclosure Expands to Include information on Investment Adviser Representatives

Posted on June 28, 2010
NASAA today announced the launch of an enhancement to the Investment Adviser Public Disclosure (IAPD) website that will allow investors to electronically access information about individuals who work for money management, financial planning and other investment advisory firms...

SEC Settles Mismanagement Charges Against Former Portfolio Manager of ICP Asset Management

Posted on June 26, 2010
On June 25, 2010, the SEC settled charges that Aamer Abdullah, formerly a portfolio manager at the New York-based investment advisory firm, ICP Asset Management, LLC, mismanaged several multi-billion-dollar collateralized debt obligations (CDOs), including knowingly causing CDOs under ICP's management...

SEC Charges that Florida Benefits Consulting Firm Defrauded Government Employees

Posted on June 26, 2010
The SEC obtained an asset freeze and other emergency relief against a Jacksonville, Fla., retirement benefits consulting firm that defrauded active and retired government employees and law enforcement agents nationwide through a Ponzi scheme that promised safe investments...

FINRA Arbitration Panel Tells Goldman to Pay $20.6 Million to Bayou Group Creditors

Posted on June 26, 2010
A FINRA arbitration panel ordered Goldman Sachs Group to pay $20.6 million (the largest arbitration award against a securities firm) to unsecured creditors of Bayou Group LLC. The claimants alleged Goldman, who acted as clearing broker for Bayou, ignored signs...

SEC Loses Major Insider Trading Case Involving Swaps

Posted on June 26, 2010
After a three-week trial, a judge in S.D.N.Y. dismissed the SEC's insider trading case against Deutsche Bank salesman John-Paul Rorech and Renato Negrin, a manager of the Millenium hedge fund. The SEC alleged that the defendants shared confidential information about...

Conference Committee Approves Final Version of Financial Reform

Posted on June 25, 2010
The Conference Committee met its deadline, but only by pulling an all-nighter. Senator Lincoln's restrictions on derivatives trading by banks was watered down, as was the Volcker Rule. I'll provide some analysis over the weekend, but here is a sampling...

Financial Reform Debate Update

Posted on June 24, 2010
The conferees are at an impasse on Senator Blanche Lincoln's provision to restrict derivatives trading by banks and may not make their deadline of finalizing the bill this week before the G-20 meets this weekend. NYTimes, Lawmakers at Impasse on...

FINRA Fines Brokers $4.3 Million for Improper Communications about Customers' Interdealer Brokerage Negotiations

Posted on June 24, 2010
FINRA announced today that it has imposed fines totaling $4.3 million against Phoenix Derivatives Group, LLC of New York and eight brokers ? three employed at Phoenix and five at four other interdealer brokerage firms ? for improper communications about...

Scalia: Presumption Against Extraterritoriality Rules

Posted on June 24, 2010
Justice Scalia had no difficulty, in Morrison v. National Australia Bank LLC, in deciding that Section 10(b) of the Exchange Act did not provide a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection...

Supreme Court Hands Down Morrison, Skilling Opinions

Posted on June 24, 2010
In Morrison v. National Australia Bank Ltd (.Download Morrison), the majority opinion (written by Scalia, joined by Roberts, Kennedy, Thomas and Alito) affirmed the lower courts and held that Section 10(b) of the 34 Act does not provide a cause...

SEC Plans to Take up "Pay to Play" Practices of Investment Advisers at Next Meeting

Posted on June 24, 2010
The SEC has announced an Open Meeting for June 30, 2010. The subject matter of the meeting will be: The Commission will consider whether to adopt a new rule and related rule amendments under the Investment Advisers Act of 1940...

Supreme Court Says Honest-Services Doctrine Means Bribery & Kickback Schemes

Posted on June 24, 2010
Today the Supreme Court decided Jeffrey Skilling's appeal. In the first part of the opinion, the majority opinion (written by Ginsberg) rejected Skilling's agument that pretrial publicity and community prejudice prevented him from obtaining a fair trial...

Massachusetts and Morgan Stanley Settle Charges over Subprime Lending Practices

Posted on June 24, 2010
The Massachusetts Attorney General and Morgan Stanley reached settlement over the firm's subprime lending policies that requires the firm to pay the state $102 million, of which $58 million will go to the state's affected homeowners. According to the Attorney...

Conference Committee Continues Deliberations on Financial Reform

Posted on June 22, 2010
The Wall Street Reform Bill: Conference Update The following is a summary of the many provisions agreed to during the House-Senate conference last week. A list of House and Senate offers and counter offers can be found by clicking here,...

SEC Publishes Proposed Rules on Target Date Fund Advertising

Posted on June 22, 2010
As previously reported, the SEC proposes amendments to rule 482 under the Securities Act of 1933 and rule 34b-1 under the Investment Company Act of 1940 that, if adopted, would require a target date retirement fund that includes the target...

SEC Charges Florida Investment Adviser with Running a Ponzi Scheme

Posted on June 22, 2010
The SEC today charged Trade-LLC, an investment adviser in Palm Beach Gardens, Florida, and two of its managing members with fraud for running a Ponzi scheme and stealing client funds. According to the SEC, Trade-LLC, and its managing members, Philip....

FINRA Tells Jesup & Lamont to Shut Down Brokerage Firm

Posted on June 22, 2010
FINRA said that retail securities firm Jesup & Lamont Securities Corp. is out of compliance with net capital rules and ordered it to cease business. J&L disputes the finding. InvNews, 300 reps in limbo as Jesup & Lamont Securities slips...

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