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Post Frequency: 38.1/day

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

FINRA Fines Pacific Cornerstone Capital for Private Placement Violations

Posted on December 21, 2009
FINRA announced today that it fined Pacific Cornerstone Capital, Inc. and its former chief executive officer, Terry Roussel, a total of $750,000 for failing to include full and complete information in private placement offering documents and marketing material...

Pan on Financial Regulatory Reform

Posted on December 20, 2009
Four Challenges to Financial Regulatory Reform, by Eric J. Pan, Yeshiva University - Benjamin N. Cardozo School of Law, was recently posted on SSRN. Here is the abstract: The recent global financial crisis represented a failure of regulation to the...

Barnard on SEC Enforcement

Posted on December 20, 2009
Evolutionary Enforcement at the Securities and Exchange Commission, by Jayne W. Barnard, William & Mary Law School, was recently posted on SSRN. Here is the abstract: Since the worldwide financial meltdown in the autumn of 2008 and the discovery of...

Yermack on Shareholder Voting

Posted on December 20, 2009
Shareholder Voting and Corporate Governance, by David Yermack, New York University - Stern School of Business, was recently posted on SSRN. Here is the abstract: This article reviews recent research into corporate voting and elections. Regulatory reforms have given shareholders...

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Cohen et alia on Regulation of Structured Products

Posted on December 20, 2009
Have Us Regulators Been Soft on Banks Over Structured Products? Yes, by George M. Cohen, University of Virginia School of Law; David A. Dana, Northwestern University - School of Law; Susan P. Koniak, Boston University School of Law; and Thomas...

Qian et alia on the Economic Benefits of SOX

Posted on December 20, 2009
The Economic Benefits of the Sarbanes-Oxley Act? Evidence from a Natural Experiment, by Jun Qian, Boston College - Finance Department; University of Pennsylvania - Wharton Financial Institutions Center; China Academy of Financial Research (CAFR); Philip E...

SEC and Inter-Dealer Broker Settle Fraud Charges

Posted on December 18, 2009
The SEC and the U.S. subsidiary of the world's largest inter-dealer broker, U.K.-based ICAP plc,settled fraud charges that alleged deceptive activity and material misrepresentations to customers concerning its trading activities. ICAP agreed to settle the SEC's charges by, among other...

Six Ernst & Young Partners Settle SEC Accounting Charges Involving Bally Total Fitness

Posted on December 17, 2009
The SEC charged Ernst & Young LLP and six of its current and former partners, including three who are members of the firm's national office, for their roles relating to an accounting fraud at Bally Total Fitness Holding Corporation. The...

FINRA Reminds Firms of Obligations Regarding Principal-Protected Notes

Posted on December 17, 2009
FINRA recently issued a regulatory notice on Principal-Protected Notes to remind firms of their sales practice obligations relating to principal-protected notes. Here is the executive summary: The retail market for principal-protected notes (PPNs) has grown in recent years, in part...

SEC Obtains Preliminary Injunction Against Co-Founder of Canopy Financial

Posted on December 16, 2009
The SEC announced that on December 8, 2009, the U.S. District Court of the Northern District of Illinois entered a preliminary injunction order enjoining Jeremy J. Blackburn, a co-founder and former President and Chief Operating Officer of privately-held Canopy Financial,...

SEC Finds Trautman Wasserman CEO Participated in Market Timing, Late Trading of Mutual Funds

Posted on December 16, 2009
The SEC found that Gregory O. Trautman, who was co founder, president, and chief executive officer of Trautman Wasserman & Company (TWCO), a registered broker dealer, willfully violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the...

SEC Adopts New Disclosures on Compensation and Corporate Governance

Posted on December 16, 2009
The SEC today adopted amendments to its disclosure rules that will enhance information provided in connection with proxy solicitations and in other reports filed with the Commission. The amendments will require registrants to make new or revised disclosures about: compensation...

SEC Adopts Safeguards to Protect Assets of Investment Adviser Clients

Posted on December 16, 2009
The SEC today adopted rules designed to increase the protections for investors who turn their money and securities over to an investment adviser registered with the SEC. The new rules provide safeguards where there is a heightened potential for fraud...

SC Charges Two Former Employees at Financial Services Firms with Insider Trading

Posted on December 16, 2009
The SEC today charged Vinayak S. Gowrish, a former associate at multi-billion dollar private equity firm TPG Capital L.P., and Adnan S. Zaman, a former vice president and investment banker at Lazard Fr�res & Co. LLC, and two of their...

Galleon Group Founder Indicted on Insider Trading Charges

Posted on December 15, 2009
A Federal grand jury indicted Raj Rajaratnam, founder of Galleon Group, and Danielle Chiesi, a former Bear Stearns hedge fund manager, of operating a complex insider trading ring that has been described by the government as the largest insider trading...

SEC and Former COO of Ark Asset Management Settle Trade Allocation Charges

Posted on December 15, 2009
The SEC and Stephen Jay Mermelstein settled charges under the Investment Advisers Act that Mermelstein, the former Chief Operating Officer of a formerly registered investment adviser, Ark Asset Management, Co., Inc. (Ark), failed reasonably to supervise a portfolio manager who...

House Bill Allows Broker-Dealers to Switch Hats

Posted on December 15, 2009
Investment News reports on a provision buried in the financial reform legislation passed by the House last year that would allow broker-dealers to switch hats. The legislation would require the SEC to adopt rules that would establish a fiduciary duty...

FiNRA Foundation Releases Survey on How People Manage Their Money

Posted on December 15, 2009
The FINRA Investor Education Foundation announced the release of the National Financial Capability Study today at a special event at the U.S. Department of the Treasury. The National Financial Capability Study established a baseline measure of the ability of Americans...

Wells Fargo Announces It Will Repay $25 Billion TARP Money

Posted on December 15, 2009
Wells Fargo joins the TARP exodus. It announced yesterday that it will repay the $25 billion government investment in part through a $10.4 billion common stock offering.

Backdating Charges Dismissed Against Two Broadcom Executives

Posted on December 15, 2009
A federal district court dismissed fraud charges against Broadcom co-founder Henry T. Nicholas III and former CFO William J. Ruehle stemming from backdating stock options, on grounds of prosecutorial misconduct. The judge also dismissed an SEC civil suit against four...

Citigroup Will Repay $20 Billion to Treasury

Posted on December 14, 2009
Citigroup announced that it will repay $20 billion in TARP funds to the government by issuing common stock, thus ending the government's restrictions over compensation. Citigroup is the last major financial services firm under TARP restrictions. Treasury will also make...

SEC Charges Former Pride Int'l Officer with FCPA Violations

Posted on December 14, 2009
On December 11, 2009, the SEC charged Bobby Benton, a former officer of Pride International, Inc. (Pride), with violations relating to bribes paid to foreign officials in Mexico and Venezuela. The complaint alleges that in December 2004, Benton authorized the...

SEC Re-opens Comment Period for Shareholder Director Nomination Proposal

Posted on December 14, 2009
The SEC announced that it is re-opening the public comment period for its shareholder director nomination proposal to seek views on additional data and related analyses received by the Commission at or after the close of the original public comment...

Colesanti on U.S. v. Finnerty

Posted on December 13, 2009
Not Dead Yet: How New York's Finnerty Decision Salvaged the Stock Exchange Specialist, by Scott Colesanti, Hofstra University School of Law, was recently posted on SSRN. Here is the abstract: In recent years, regulators of financial centers have attempted to...

Ahdieh on the Regulatory State

Posted on December 13, 2009
The Visible Hand: Coordination Functions of the Regulatory State, by Robert B. Ahdieh, Emory Law School, was recently posted on SSRN. Here is the abstract: ?We are all socialists now,? Newsweek magazine declared some months ago. And with Republican stalwarts...

SEC Enforcement Director Testifies on BofA -- Merrill Merger

Posted on December 11, 2009
Robert Khuzami, Director, SEC Division of Enforcement, testified today before the House Oversight and Government Reform Committee and Domestic Policy Subcommittee, on Events Surrounding Bank of America?s Acquisition of Merrill Lynch. His prepared testimony defends the proposed settlement rejected by...

House Defeats Amendment Subjecting B-D Investment Advisers to FINRA Regulation

Posted on December 11, 2009
An amendment to the House financial regulation legislation that would have subjected investment advisers associated with broker-dealers to FINRA regulation was defeated by voice vote. This is a battle of the titans among influential lobbyists, as the broker-dealer groups go...

House Passes Financial Regulation Overhaul

Posted on December 11, 2009
After three days of floor debate, the House voted, 223-202, to overhaul government regulation of the financial markets. Among the bill's notable features: Heightened supervision of large financial institutions, including higher capital and liquidity requirements (through a newly created Financial...

Former Ropes & Gray Attorney Charged in Insider Trading Scheme

Posted on December 10, 2009
The SEC today announced insider trading charges against Brien P. Santarlas ? a former attorney at Ropes & Gray LLP ? for his alleged role in the insider trading ring that made over $20 million trading ahead of corporate acquisition...

SEC Settles Fraud Claims Involving How-to-Trade Workshops

Posted on December 10, 2009
The SEC today filed a settled civil injunctive action against Investools Inc., Michael J. Drew and Eben D. Miller. According to the SEC's complaint, from 2004 to approximately June 2007, at Investools how-to-trade-securities workshops former Investools employees Drew and Miller...

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