Labor & Employment Law

Happy New Year - 2010

By Dobin & Jenks

Happy New Year! Today marks the first day of 2010. It marks the beginning of a fresh new start.

Please enjoy a few important highlights from the Securities and Exchange Commission:

The SEC has approved stronger safeguards to Protect Clients? Assets Controlled by Investment Advisers
The new rules provide safeguards where there is a heightened potential for fraud or theft of client assets. The SEC?s new amended custody rule promotes independent custody and requires the use of independent public accountants as third-party monitors.

According to SEC Chairman Mary L. Schapiro, ?The Madoff Ponzi scheme and other frauds have caused investors to question whether their assets are safe when they entrust them to an investment adviser. These new rules will apply additional safeguards where the safeguards are needed most ? that is, where the risk of fraud is heightened by the degree of control the adviser has over the client?s assets.?

SEC Charges Houston-Based Broker With Defrauding Florida Municipalities
The Securities and Exchange Commission charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while he personally made over 14 million in commissions.

$418 Million Fair Fund Distribution to Harmed Investors in Invesco Mutual Funds

The Fair Fund distribution stems from a prior SEC enforcement action against IFG. This distribution also includes money from two other Fair Funds related to separate unlawful marketing timing enforcement actions that affected Invesco investors.

Investment Adviser charged by SEC in Fraudulent Scheme Utilizing Football Stars
The Securities and Exchange Commission filed securities fraud charges against Kurt B. Barton and Triton Financial LLC,
for operating a multi-million dollar scam that used former professional football players to promote its offerings

Full post as published by The Law Planet Blog on January 01, 2010 (boomark / email).