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Post Frequency: 38.1/day

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

Financial Crisis Inquiry Commission Hears from Greenspan

Posted on April 08, 2010
The Financial Crisis Inquiry Commission is holding hearings this week, and Alan Greenspan defended his actions in the face of aggressive questioning from the panel, including Brooksley Born, former CFTC Chair whose warnings about unregulated OTC derivatives went unheeded...

At its next Open Meeting, April

Posted on April 08, 2010
At its next Open Meeting, April 14, the SEC will consider: Item 1: The Commission will consider whether to propose a large trader reporting requirement, pursuant to Section 13(h) of the Securities Exchange Act of 1934, which would require large...

SEC Proposes New Rules for Asset-Backed Securities

Posted on April 08, 2010
The SEC has proposed significant revisions to the rules regarding the offering process, disclosure and reporting for asset-backed securities. The proposal would: revise filing deadlines for ABS offerings to provide investors with more time to consider transaction-specific information, including information...

FINRA, SEC and State Regulators Charge Morgan Keegan with Misleading Investors about Bond Funds

Posted on April 08, 2010
FINRA, SEC and NASAA all announced the initiation of proceedings against Morgan Keegan for misleading investors about bond funds that were heavily invested in subprime mortgages. FINRA filed a complaint against Morgan Keegan & Company, Inc., charging the firm with...

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FINRA Fines Citigroup Because of Stock Borrow Program Violations

Posted on April 06, 2010
In its first enforcement action involving a broker-dealer stock borrow program, the Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets, Inc. $650,000 for disclosure and supervisory violations relating to the operation of its Direct...

How is the SEC's Reform of Enforcement Division Going?

Posted on April 06, 2010
Excellent article in today's Washington Post: SEC faces setbacks, skepticism in trying to reform its enforcement image

Black on Fiduciary Duty, Professionalism and Investment Advice

Posted on April 05, 2010
I recently posted on SSRN my latest paper, Fiduciary Duty, Professionalism and Investment Advice. Because it is a work-in-progress, I welcome comments and criticisms. Here is the abstract: Although broker-dealers and investment advisers provide virtually identical services, they are subject...

SEC's Inspector General Critical of Agency's Whistle-Blower Bounty Program

Posted on April 05, 2010
The SEC's Office of Inspector General recently completed an Assessment of the SEC?s Bounty Program. Here is an excerpt from the summary: Although the SEC has had a bounty program in-place for more than 20 years for rewarding whistleblowers for...

Sale of Stanford Assets Nets Fraud Victims $14 Million

Posted on April 05, 2010
The SEC announced today that approximately $14.2 million has been secured for the benefit of the worldwide victims of R. Allen Stanford's alleged multi-billion dollar fraud scheme. The Receiver expects these funds to be returned to the receivership estate by...

Former Symbol Executive Settles SEC Accounting Charges relating to Acquisition

Posted on April 05, 2010
The SEC settled its enforcement action against Michael DeGennaro (DeGennaro), former Senior Vice President of Finance at Symbol Technologies, Inc. (Symbol) that alleged that Symbol and eleven former Symbol executives, including DeGennaro, committed and/or aided and abetted violations of various...

Daimler--SEC Settlement on FCPA Charges Announced

Posted on April 01, 2010
It has been already reported, but SEC today officially announced a settlement with Daimler AG for violations of the Foreign Corrupt Practices Act (FCPA). The SEC alleged that the German automobile manufacturer engaged in a repeated and systematic practice of...

FINRA Fires Scottrade for Violating Margin and Credit Rules

Posted on April 01, 2010
FINRA fined Scottrade, Inc. $200,000 for violating pattern day trading margin rules and for extending credit to customers in violation of federal securities laws and banking regulations. FINRA determined that Scottrade allowed certain margin account customers who executed a high...

Court Dismisses ARS Class Action Against Merrill -- Again

Posted on April 01, 2010
Investment News reports that Merrill Lynch has succeeded, for the seventh time, in getting an investors class action relating to its sales of auction rate securities dismissed. The Judge said that the firm had fully disclosed its activities in the...

GAO Finds Continuing Deficiencies in SEC Internal Controls

Posted on March 31, 2010
The GAO released today another report, Management Report: Improvements Needed in SEC's Internal Controls and Accounting Procedures, on its audits over SEC's internal controls and found that previously identified deficiencies had not been corrected. It also noted new problems...

GAO Finds Continuing Deficiencies in SEC Internal Controls

Ponzi Schemer Who Targeted Haitian-American Community Ordered to Disgorge $5 Million

Posted on March 31, 2010
On March 26, 2010, the United States District Court for the Southern District of Florida entered a Final Judgment of Disgorgement, Prejudgment Interest and Civil Penalty against George L. Theodule. The Final Judgment orders Theodule, the engineer of a Ponzi...

SEC Takes Up Rules on Asset-Backed Securities at April 7 Meeting

Posted on March 31, 2010
The agenda for the SEC's April 7 Open Meeting is: The Commission will consider whether to propose revisions to Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities. The proposed amendments would revise the...

U.S. Supreme Court Hears Oral Argument in Morrison v. National Australia Bank

Posted on March 30, 2010
The U.S. Supreme Court heard oral argument yesterday in Morrison v. National Australia Bank(Download Morrison Transcript), the securities class action involving foreign plaintiffs that purchased shares of a foreign issuer abroad suing foreign defendants for Rule 10b-5 fraud...

U.S. Supreme Court Uphelds Gartenberg Standard; Sends Message of Judicial Deference to Mutual Fund Board's Fee Decisions

Posted on March 30, 2010
The U.S. Supreme Court decided Jones v, Harris Associates L.P. (Download Jones v. harris associates sup ct opinion) today and, in an unanimous decision (Justice Thomas wrote a brief concurrence), upheld the Gartenberg standard for determining excessive mutual fund fees...

SEC Charges Unregistered Adviser in Ohio with Misappropriating Clients' Funds

Posted on March 29, 2010
The SEC today filed fraud charges against an unregistered investment adviser for misrepresenting the safety and nature of his investment strategy, and for misappropriating millions of dollars in funds from investors in California, Illinois, Ohio, Tennessee, and Washington...

Treasury Announces Plan to Sell Citigroup Shares in 2010

Posted on March 29, 2010
The U.S. Department of the Treasury today announced its intention to fully dispose of its approximately 7.7 billion shares of Citigroup, Inc. common stock over the course of 2010 subject to market conditions. Treasury received these shares of common stock...

Treasury and White House Council Sponsor Women in Finance Symposium

Posted on March 29, 2010
Today, the U.S. Department of the Treasury, in partnership with The White House Council on Women and Girls, convened a Women in Finance Symposium in celebration of Women's History Month, bringing together senior officials from across the government's economic agencies,...

Corp Fin Seeks Info on Repurchase Agreements

Posted on March 29, 2010
The SEC has posted on its website a sample letter that Corporation Finance sent this month to public companies asking for information related to repurchase agreements, securities lending transactions, or other transactions involving the transfer of financial assets with an...

Fisch on Mutual Fund Regulation

Posted on March 28, 2010
Rethinking the Regulation of Securities Intermediaries, by Jill E. Fisch, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: This Article argues that existing regulation of mutual funds has serious shortcomings. In particular, the Investment...

Griffin et alia on Regulation FD

Posted on March 28, 2010
Regulation Fair Disclosure: An Analysis of SEC Enforcement Actions, by Paul A. Griffin, University of California, Davis - Graduate School of Management, David H. Lont, University of Otago - Department of Accountancy, and Benjamin Segal, INSEAD - Accounting & Control...

Levitin on Bailouts

Posted on March 28, 2010
In Defense of Bailouts, by Adam J. Levitin,Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: Systemic risk - the possibility that an individual firm?s failure will result in broad damages to the economy as a...

Bai et alia on Securities Class Action Settlements

Posted on March 28, 2010
Lying and Getting Caught: An Empirical Study of the Effect of Securities Class Action Settelments on Targeted Firms, by Lynn Bai, University of Cincinnati - College of Law, James D. Cox, Duke University School of Law, and Randall S. Thomas,...

Davidoff on SEC Regulation of Foreign Private Issuers

Posted on March 28, 2010
Rhetoric and Reality: A Historical Perspective on the SEC's Regulation of Foreign Private Issuers, by Steven M. Davidoff, University of Connecticut School of Law, was recently posted on SSRN. Here is the abstract: Rhetoric can drive reform. Watch-words like ?mutual...

Franco on Mutual Fund Disclosure

Posted on March 28, 2010
A Consumer Protection Approach to Mutual Fund Disclosure and the Limits of Simplification, by Joseph A. Franco, Suffolk University Law School, was recently posted on SSRN. Here is the abstract: The SEC?s recently adopted summary disclosure initiative for mutual funds...

SEC Charges UBS Investment Banker and Friends with Insider Trading Ring

Posted on March 25, 2010
The SEC today charged a Wall Street investment banker, another securities professional, and one of their friends in a clandestine insider trading ring that netted approximately $1 million in illicit profits by trading ahead of at least 11 mergers, acquisitions,...

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