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Post Frequency: 38.1/day

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

Verint Systems Settles Accounting Fraud Charges

Posted on March 03, 2010
The SEC filed a civil action against Verint Systems Inc. ("Verint") alleging a fraudulent scheme involving improper accounting practices. The Complaint alleges the misconduct began as early as 1998, when Verint was a wholly-owned subsidiary of Comverse Technology, Inc...

SEC Charges Miami Business Leader with Affinity Fraud Directed At Cuban-American Community

Posted on March 03, 2010
The SEC today charged a prominent Miami-based business leader and his wife with fraud for conducting a $135 million Ponzi scheme with real estate investments from hundreds of elderly Cuban-American investors living in South Florida. It alleges that Gaston E...

SEC and American Equity Investment Settle Proxy Disclosure Charges

Posted on March 03, 2010
The SEC settled proxy disclosure charges against American Equity Investment Life Holding Company, an Iowa insurance company, and two executives, alleging that they inadequately disclosed details about the acquisition of another company and the resulting financial boon to the then-CEO...

Supreme Court Hears Oral Argument in Skilling's Appeal

Posted on March 02, 2010
The transcript of yesterday's oral hearing in Jeff Skilling's appeal to the U.S. Supreme Court proves to be an interesting read. You will recall Skilling made two arguments: first, that the trial should have been moved from Houston because the...

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SEC Charges Orange County Adviser with Stealing Clients' Funds

Posted on March 02, 2010
The SEC yesterday charged Newport Beach-based former registered investment adviser Envision Direct L.L.C., and its owner, Gary R. Headding, for defrauding clients, including a young college student who invested her mother's life insurance policy proceeds with Headding...

SEC Settles Fraud Charges Against Hedge Fund Adviser

Posted on March 02, 2010
On March 2, 2010, the SEC settled administrative charges against Sharath Sury (Sury), the former Chief Executive Officer of S4 Capital, LLC, and against S4 Capital, LLC (S4 Capital), an investment adviser registered with the Commission. The SEC alleged that...

SEC and IRS Enter Memo of Understanding on Municipal Bond Issues

Posted on March 02, 2010
The SEC and the IRS today announced that the two agencies agreed to work more closely to monitor and regulate the municipal bond market and industry. SEC Chairman Mary Schapiro and IRS Commissioner Doug Shulman today signed a Memorandum of...

FINRA TRACE Reporting Extends to Debt of Federal Government Agencies

Posted on March 01, 2010
March 1 marks a major expansion of the FINRA Trade Reporting and Compliance Engine (TRACE) ? to include debt issued by federal government agencies, government corporations and government-sponsored enterprises (GSEs), as well as primary market transactions in new corporate debt...

Bankruptcy Judge Sides with SIPC Trustee in Calculating Madoff Investors' Claims

Posted on March 01, 2010
U.S. Bankruptcy Judge Burton Lifland ruled today in favor of the SIPC Trustee in the liquidation of Bernard Madoff's securities firm, affirming that customers' claims are properly based on the amount of cash deposited by the customer less any amounts...

Law Professors File Amici Brief on Behalf of Respondents in Morrison

Posted on March 01, 2010
Richard Painter (University of Minnesota) is the principal drafter of an amici curiae brief (Download Morrison08-1191bsacLawProfessors) filed on behalf of a group of law professors in support of respondents in Morrison v. National Australia Bank Ltd. Morrison, you will recall,...

Mitchell on The Stock Market

Posted on February 28, 2010
Toward a New Law and Economics: The Case of the Stock Market, by Lawrence E. Mitchell, George Washington University - Law School, was recently posted on SSRN. Here is the abstract: Do the public equity markets play the macroeconomic role...

Yeung & Freeman on Section 36(b)

Posted on February 28, 2010
Gartenberg, Jones, and the Meaning of Fiduciary: A Legislative Investigation of Section 36(b), by Amy Yeung, ZeniMax Media Inc., and Kristen J. Freeman, was recently posted on SSRN. Here is the abstract: Section 36(b) of the Investment Company Act of...

Campbell on SEC Resale Rules

Posted on February 28, 2010
The SEC's New Resale Rules: A Major Advance in Intelligibility and Sound Policy, by Rutheford B. Campbell Jr., University of Kentucky - College of Law, was recently posted on SSRN. Here is the abstract: Over the decades, the Securities and...

Canadian Man Convicted of Microcap Fraud

Posted on February 26, 2010
The SEC announced that on February 12, 2010, after a three week jury trial prosecuted by the United States Attorney?s Office in Philadelphia, Pennsylvania, George Georgiou, of Toronto Ontario, was convicted of securities fraud, conspiracy, and wire fraud for his...

Feinberg Testifies on Executive Compensation Before House Financial Services Committee

Posted on February 25, 2010
Written Testimony before the House Financial Services Committee, Kenneth R. Feinberg, Special Master for TARP Executive Compensation (Feb. 25, 2010)

SEC Charges Madoff's Operations Director with Falsifying Records

Posted on February 25, 2010
The SEC today charged Bernard Madoff's Director of Operations, Daniel Bonventre, with falsifying accounting records. According to the SEC's complaint, filed in U.S. District Court for the Southern District of New York, Bonventre disguised Madoff's fraud and the financial losses...

SEC Settles Insider Trading Charges Against Former Deloitte Employee

Posted on February 25, 2010
The SEC today filed settled insider trading charges against four individuals--a former Deloitte tax professional, John A. Foley, and three others, Aaron M. Grassian, Timothy L. Vernier, and Bradley S. Hale--for their respective roles in an alleged pattern of insider...

Oppenheimer Agrees to Buy Back ARSs in New York Settlement

Posted on February 24, 2010
The New York AG has been aggressive in getting securities firms to settle auction rate securities investigations, and today Oppenheimer & Co. did so, agreeing to buy back from investors $31 million in ARSs. As in the previous settlements, eligible...

SEC Adopts Statement in Support of Convergence and Global Accounting

Posted on February 24, 2010
At its open meeting today, the SEC also adopted a Statement in Support of Convergence and Global Accounting: SUMMARY: The Securities and Exchange Commission (the ?Commission?) is publishing this statement to provide an update regarding its consideration of global accounting...

SEC Adopts New Restrictions on Short Selling

Posted on February 24, 2010
Short selling is a convenient scape goat for market volatility and downward spiraling of stock prices, so it was to be expected that the SEC would adopt new restrictions on the practice, which it did at today's open meeting. The...

SEC Publishes New Rules on Money Market Funds

Posted on February 23, 2010
The SEC posted on its website amendments to rules that govern money market funds and that will tighten the risk-limiting conditions of rule 2a-7 of the Investment Company Act by, among other things, requiring funds to maintain a portion of...

SEC Charges Sacramento Men with $10 Million Real Estate Fraud

Posted on February 23, 2010
The SEC today charged two Sacramento-area men with misappropriating approximately $10 million from more than 100 investors who were falsely promised that their money would be loaned to homebuyers and secured by real estate deeds of trust. The SEC alleges...

SEC Announces XBRL Seminar on March 23

Posted on February 23, 2010
XBRL was a big enthusiasm of the prior SEC Chair, but I've not heard much about it recently until today. The SEC announces that its staff will conduct a public seminar next month to help companies and preparers comply with...

SEC Agenda for Feb. 24 Meeting

Posted on February 23, 2010
SEC Open Meeting Agenda, February 24, 2010 Item 1: Amendments to Regulation SHO The Commission will consider whether to adopt amendments to Rules 201 and 200(g) of Regulation SHO relating to short sale restrictions. Item 2: Commission Statement in Support...

Judge Rakoff Approves Settlement, Calling it "Half-Baked Justice at Best"

Posted on February 22, 2010
"While shaking its head," the Court (i.e., Judge Rakoff) approved the proposed consent judgment between the SEC and Bank of America settling the two enforcement actions, one of which was scheduled to begin trial on March 1. Finding that the...

Judge Rakoff Approves SEC-BofASettlement

Posted on February 22, 2010
Judge Rakoff signed off on the proposed settlement of the two enforcement actions brought by the SEC against Bank of America in connection with the BofA-Merrill merger. Here is the SEC's description of the settlement: Under the terms of the...

SEC Settles Charges Against Former Amex CEO for Regulatory Deficiencies

Posted on February 22, 2010
The SEC settled charges instituted against Salvatore F. Sodano, the former Chairman and CEO of the American Stock Exchange LLC. The Order finds that the Amex failed adequately to enforce certain order handling rules and to comply with its record...

SEC Adopts Measures to Encourage Retail Investors' Voting at Annual Meetings

Posted on February 22, 2010
The SEC's adoption of "notice and access" e-proxy rules has resulted in decreased voting by retail investors. With the NYSE's elimination of the rule that gave brokers the discretion to vote customers' shares in uncontested elections when the customers did...

Gross & Pekarek on FINRA's Bank Broker-Dealer Proposal

Posted on February 21, 2010
Bankers and Brokers and Bricks and Clicks: an Evaluation of FINRA?s Proposal to Modify the 'Bank Broker-Dealer Rule, by Jill Gross, Pace Law School, and Edward Pekarek, Pace Law School, was recently posted on SSRN. Here is the abstract: This...

Recent S.D.N.Y. Opinion Addresses Arbitrability Issues

Posted on February 21, 2010
In a recent S.D.N.Y. opinion, UBS Securities, LLC v. Voegeli (Jan. 26, 2010), Judge Cote held that a lockup agreement between the underwriter for an issuer in an IPO and an investor in the issuer did not make the investor...

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