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Securities Law Prof Blog

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Post Frequency: 38.1/day

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

Fleischer on Regulatory Arbitrage

Posted on March 14, 2010
Regulatory Arbitrage, by Victor Fleischer, University of Colorado Law School, was recently posted on SSRN. Here is the abstract: Most of us share a vague intuition that the rich, sophisticated, well-advised, and politically connected somehow game the system to avoid...

Schaefer on Zealous Advocacy

Posted on March 14, 2010
Harming Business Clients with Zealous Advocacy: Rethinking the Attorney Advisor's Touchstone, by Paula Schaefer, University of Tennessee College of Law, was recently posted on SSRN. Here is the abstract: Joseph Collins was a successful business lawyer, with a sophisticated practice...

Tung & Wang on Bank CEOs' Inside Debt Compensation

Posted on March 14, 2010
Bank CEOS, Inside Debt Compensation, and the Financial Crisis, by Frederick Tung, Emory University - School of Law, and Xue Wang, Emory University - Goizueta Business School, was recently posted on SSRN. Here is the abstract: Bank executives? compensation has...

The Short Story on Lehman and Repo 105

Posted on March 13, 2010
What is Repo 105 (from Examiner Report's executive summary, footnotes omitted): Lehman employed off?balance sheet devices, known within Lehman as ?Repo 105? and ?Repo 108? transactions, to temporarily remove securities inventory from its balance sheet, usually for a period of...

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Examiner's Report: Colorable Claims Against Lehman Senior Management and Audit Firm

Posted on March 13, 2010
It cost $36 million and a year to produce, so the logical question is what will result from Examiner Anton Valukas' Report (2,200 pages) on the causes of the Lehman Brothers collapse and whether there are colorable claims against individuals...

Bankruptcy Examiner Reveals Accounting Tricks at Lehman

Posted on March 11, 2010
The examiner appointed by the bankruptcy court to examine the September 2008 collapse of Lehman Brothers reveals, in a 2,200 page report, new information about how Lehman used accounting tricks in efforts to conceal its deteriorating financial condition...

Dodd Says Senate Bill on Monday

Posted on March 11, 2010
Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on financial reform. ?On Monday, I will present to my colleagues a substitute to the original financial reform package, unveiled last November.? ?Over the last few months, Banking...

Connecticut AG Sues Moody's and S&P, Alleging Tainted Credit Ratings for Risky Investments

Posted on March 10, 2010
Connecticut Attorney General Richard Blumenthal today sued Moody?s and Standard & Poor?s, alleging that they knowingly assigned tainted credit ratings to risky investments backed by sub-prime loans. The lawsuits are sovereign enforcement actions brought under the Connecticut Unfair Trade Practices...

SEC Charges Broker with Diverting $3.3 Million of Customer's Funds to Another Customer

Posted on March 10, 2010
The SEC today charged Jose O. Vianna, Jr., a former registered representative at a New York based broker-dealer named Maxim Group LLC ("Maxim"), with a fraudulent scheme to divert millions of dollars in trading profits from a large institutional customer...

Former HBOC GC Settles Accounting Fraud Charges at McKesson HBOC

Posted on March 10, 2010
The SEC settled charges against Jay Lapine, the former GC of HBO & Company, a vendor of health care technology that merged with McKesson in 1999. Lapine was charged in a previously-filed action with securities fraud in connection with a...

SEC Obtains Emergency Relief Against Ponzi Scheme Pitching Phony "Turkish Eurobonds"

Posted on March 10, 2010
On March 9, 2010, the SEC obtained an emergency court order to shut down a Ponzi scheme targeting retirees in California and Illinois by inviting them to estate planning seminars and later coaxing them to buy promissory notes for purported...

Former Chief Investment Officer of New York Pension Fund Pleads Guilty to Corruption Charges

Posted on March 10, 2010
New York Attorney General Andrew M. Cuomo today announced that David Loglisci, the former Chief Investment Officer at the Office of the New York State Comptroller (OSC), who was indicted last year along with co-defendant Henry ?Hank? Morris, pled guilty...

FINRA CEO Speaks on Reforms in Fixed Income Markets

Posted on March 10, 2010
Rick Ketchum, Chairman and CEO, FINRA, spoke at the FINRA Fixed Income Conference on March 9, 2010. Here is an excerpt from his conclusion: We as regulators must keep pace with the changes in fixed income markets?recognizing the differences across...

SIPC Warns About Bogus Website Aimed at Madoff Victims

Posted on March 09, 2010
The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, said today that it is alerting international regulators about a "look-alike" Web site for a fictitious organization...

SEC Brings Reg FD Charges Against Presstek and Former CEO

Posted on March 09, 2010
The SEC brought Regulation FD charges against Presstek, Inc. ("Presstek"), a Greenwich, Connecticut based manufacturer and distributor of high-technology digital imaging equipment, and its former chief executive officer, Edward J. Marino, of Boston, Massachusetts...

SEC Charges Former Stock Loan Trader in Cash Kickback Scheme

Posted on March 09, 2010
The SEC filed charges against a former securities lending, or "stock loan," trader for participating in a long-running cash kickback scheme involving stock loan transactions at several major Wall Street brokerage firms. The Commission's complaint alleges that from March 2004...

CFTC Chairman Speaks out on Regulating OTC Derivatives

Posted on March 09, 2010
Two speeches today by CFTC Chairman Garny Gensler. First, delivering the Keynote Address on OTC Derivatives Reform, Markit?s Outlook for OTC Derivatives Markets Conference, he advocates: We need broad regulatory reform of over-the-counter derivatives to best lower risk and promote...

Florida Jury Finds Canadian Citizen Liable for Pump-and-Dump Scheme

Posted on March 08, 2010
Following a five-day trial in U.S. District Court in Tampa, Florida, a jury found Darko S. Mrakuzic liable for violating the anti-fraud and registration provisions of the federal securities laws in connection with a scheme to illegally convert several million...

Okamoto & Edwards on Risk-Taking

Posted on March 07, 2010
Risk-Taking, by Karl S. Okamoto, Drexel University - Earle Mack School of Law, and Douglas O. Edwards, University of Colorado Law School, was recently posted on SSRN. Here is the abstract: ?First, kill all the bankers.? With this phrase, the...

Olazabal on False Forward-Looking Statements

Posted on March 07, 2010
False Forward-Looking Statements and the PSLRA's Safe Harbor, by Ann Morales Olaz�bal, University of Miami School of Business, Business Law Department, was recently posted on SSRN. Here is the abstract: Voluntary public disclosure of soft information -- corporate projections and...

Erickson on Shareholder Derivative Suits in Federal Courts

Posted on March 07, 2010
Corporate Governance in the Courtroom: An Empirical Analysis, by Jessica Erickson, University of Richmond School of Law, was recently posted on SSRN. Here is the abstract: Conventional wisdom is that shareholder derivative suits are dead. Yet this death knell is...

Heminway on Securities Regulation Scholarship in the Global Financial Crisis

Posted on March 07, 2010
The Best of Times, the Worst of Times: Securities Regulation Scholarship and Teaching in the Global Financial Crisis, by Joan MacLeod Heminway, University of Tennessee College of Law, was recently posted on SSRN. Here is the abstract: This short piece...

Former Kmart CEO Ordered to Pay Over $10 Million in Financial Fraud Action

Posted on March 05, 2010
The SEC announced today that Charles C. Conaway, the former Chief Executive Officer of Kmart Corporation, has been ordered to pay over $10 million in disgorgement, prejudgment interest and civil penalties. On August 23, 2005, the SEC charged Conaway with...

SEC Issues Policy Statement on Beneficial Ownership Information for AML Purposes

Posted on March 05, 2010
The SEC issued a policy statement that provides guidance on obtaining and retaining beneficial ownership information for anti-money laundering purposes. This guidance is being issued jointly with the Financial Crimes Enforcement Network, the Board of Governors of the Federal Reserve...

SEC Charges Broker-Dealer with Failing to Supervise Broker Who Defrauded Two Florida Municipalities

Posted on March 05, 2010
The SEC charged First Allied Securities, Inc., a San Diego-based broker-dealer, with failing to reasonably supervise one of its registered representatives who engaged in unauthorized fraudulent trading in the accounts of two Florida municipalities. First Allied Securities, Inc...

Assistant Treasury Secretary Testifies on Citigroup Investment

Posted on March 04, 2010
Assistant Secretary of the Treasury Allison testified today before the Congressional Oversight Panel on the Treasury Department's reasons for making the Citigroup investments and its strategy for exiting these investments.

Treasury Plans Sale of Bank of America Corporation Warrants

Posted on March 04, 2010
The U.S. Department of the Treasury announced today that it priced a secondary public offering of 150,375,940 warrants to purchase common stock of Bank of America Corporation (the "Company") at $8.35 per warrant and a secondary public offering of 121,792,790...

SEC Charges Psychic with Securities Fraud

Posted on March 04, 2010
On March 4, 2010, the SEC filed a complaint charging Sean David Morton, whom the SEC describes as a nationally-recognized psychic who bills himself as ?America?s Prophet? with a multi-million dollar offering fraud. According to the SEC, beginning in the...

FINRA Dismisses Charges Against Former Knight Securities CEO

Posted on March 04, 2010
The National Adjudicatory Council (NAC) of the Financial Industry Regulatory Authority (FINRA) issued a ruling today dismissing charges that Kenneth Pasternak, former CEO of Knight Securities, L.P., and John Leighton, former head of the firm's Institutional Sales Desk, were responsible...

University of Cincinnati "Globalization of Securities Regulation" Symposium March 5

Posted on March 04, 2010
The University of Cincinnati Symposium on The Globalization of Securities Regulation:Competition or Coordination? will take place tomorrow March 5. We have a very distinguished group of speakers on this very timely topic. The program will be webcast from the UC...

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