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

SEC and Compass Capital Group Settle Charges Relating to Offering of Unregistered Securities

Posted on December 02, 2009
The U.S. District Court for the District of Nevada entered a final judgment against Mark A. Lefkowitz and Compass Capital Group, Inc., two defendants in the SEC's pending civil action concerning an unlawful offering of unregistered stock by 21st Century...

SEC Charges Transfer Agent with Improper Distribution of Restricted Securities

Posted on December 02, 2009
On November 30, 2009, the SEC filed a civil injunctive action in the U.S. District Court for the District of Utah against Standard Transfer & Trust, a registered transfer agent, and its president Whitney D. Lund, Sr. In its Complaint,...

SEC Charges Canopy Financial with Offering Fraud

Posted on December 02, 2009
The SEC announced that it has filed fraud charges against Canopy Financial Inc., a Chicago-based health care financial services company, and has frozen the assets of its co-founder who allegedly provided investors with forged financial statements to lure them into...

SEC Reportedly Investigating Insider Trading in Health Care Mergers

Posted on December 02, 2009
The Wall St. Journal reports today that the SEC has sent out "at least three dozen" subpoenas to hedge funds and brokerage firms looking into insider trading. The focus appears to be on health care mergers in recent years and...

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SEC's Inspector General Releases Semi-Annual Report to Congress

Posted on December 01, 2009
The SEC's Office of Inspector General released its Semi-Annual Report to Congress reporting on its investigations of the agency's programs, procedures and policies. The OIG's report on the SEC's failures in connection with the Madoff fraud received a great deal...

SEC Announces $2 Billion in Fair Fund Distributions in 2009

Posted on November 30, 2009
The SEC issued a press release last week announcing that, for the first time, more than $2 billion has been distributed in a calendar year to injured investors as a result of SEC enforcement actions and proceedings. In 2009, distributions...

SEC Charges New Orleans Hurricane Restoration Company with Securities Fraud

Posted on November 30, 2009
The SEC charged a Dallas and New Orleans-based hurricane restoration company and several executives for lying about non-existent business deals in the wake of Hurricane Katrina, and fraudulently inflating the company's stock price before the company's CEO sold millions of...

Supreme Court Grants Cert in Foreign Cubed Action

Posted on November 30, 2009
The U.S. Supreme Court accepted certiorari today in Morrison v. National Australia Bank Ltd., 547 F.3d 167 (2d Cir. 2008), an important case dealing with the extraterritorial effect of federal securities law. The Second Circuit affirmed the district court's holding...

Boston Jury Finds Former Fidelity Investments Trader Engaged in Insider Trading

Posted on November 24, 2009
The SEC announced that a federal jury in Boston returned a verdict on Nov. 20, 2009 in favor of the SEC against a former Fidelity Investments trader for insider trading. David K. Donovan, of Massachusetts, was found to have engaged...

SEC Obtains Asset Freeze Against Minnesota Foreign Currency Trading Venture

Posted on November 24, 2009
On November 23, 2009, the federal district court for the District of Minnesota issued an Asset Freeze Order against all assets of Trevor G. Cook (Cook), Patrick J. Kiley (Kiley), both Minnesota residents, and UBS Diversified Growth LLC, Universal Brokerage...

More SEC Rulemaking on NRSROs

Posted on November 24, 2009
The SEC continues its rulemaking to improve rating agencies. Today it adopted rule amendments that impose additional disclosure and conflict of interest requirements on nationally recognized statistical rating organizations (?NRSROs?) in order to address concerns about the integrity of the...

FINRA Fines Terra Nova Financial for Improper Soft Dollar Payments

Posted on November 23, 2009
FINRA fined Terra Nova Financial, LLC, of Chicago, $400,000 for making more than $1 million in improper soft dollar payments to or on behalf of five hedge fund managers, without following its own policies to ensure the payments were proper....

Fifth Circuit Holds Stanford Receiver Could Not "Clawback" Interest Payments from Innocent Investors

Posted on November 23, 2009
The Fifth Circuit, in Janvey v. Adams (No. 09-10761 Nov. 13, 2009)(Download Opinion_of_Appeals_Court_from_Hearing_Regarding_Claw_Backs), recently held that the receiver for the Stanford interests, appointed to conserve, hold, manage and preserve the value of the receivership estate, had no authority to recover...

SEC's Inspector General Makes Recommendations on Inspection of Investment Advisers

Posted on November 23, 2009
The SEC's Office of Inspector General released its final report on its investigation into why the SEC did not discover Madoff's Ponzi scheme, even after his investment advisory business registered with the SEC. The Review of the Commission?s Processes for...

Bhagat & Romano on Executive Compensation

Posted on November 22, 2009
Reforming Executive Compensation: Simplicity, Transparency and Committing to the Long-Term, by Sanjai Bhagat, University of Colorado at Boulder - Department of Finance, and Roberta Romano, Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI), was...

GAO Testifies on Financial Reform before Senate Banking Committee

Posted on September 30, 2009
Richard J. Hillman, Managing Director Financial Markets and Community Investment, GAO, testifed on Sept. 29 before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on FINANCIAL REGULATION Recent Crisis Reaffirms the Need to Overhaul the U...

SEC Charges Illinois Money Manager with Misappropriating Investor Assets

Posted on September 30, 2009
On September 29, 2009, the SEC obtained a court order freezing assets and halting a scheme in which Decatur, Illinois-based money manager, William A. Huber, falsely portrayed himself to investors as a successful money manager who managed three private investment...

SEC Obtains Preliminary Injunction in Florida Against Microcap Offering Fraud

Posted on September 30, 2009
The SEC announced that, on September 29, the United States District Court for the Middle District of Florida entered preliminary injunction orders by consent against Stephen W. Carnes, Lawrence A. Powalisz, their companies K&L International Enterprises, Inc...

Update from SEC & CFTC on Harmonization

Posted on September 30, 2009
The chairmen of the SEC and the CFTC announced today that they anticipate, in two weeks, the two agencies will issue a report that will address key areas in which their regulatory schemes are different. The chairmen also expect the...

SEC & AGCO Corp. Settle FCPA Charges

Posted on September 30, 2009
The SEC settled another case involving Foreign Corrupt Practices Act books and records and internal controls charges, this time against AGCO Corporation, a manufacturer and supplier of agricultural equipment. The Commission?s complaint alleges that from 2000 through 2003, certain AGCO...

SEC's Inspector General Issues Recommendations to Improve OCIE and Enforcement Division

Posted on September 29, 2009
The SEC's Office of Inspector General released two more reports stemming from its investigation into the agency's failures in connection with the Madoff ponzi scheme. One, entitled Review and Analysis of OCIE Examinations of Bernard L. Madoff Investment Securities, LLC,...

NASAA Examinations Find Problem Areas for Investment Advisers

Posted on September 29, 2009
NASAA today released an updated series of recommended best practices that investment advisers should consider in order to improve their compliance practices and procedures. The best practices were developed after a series of coordinated examinations of investment advisers by 35...

SEC Charges Virtual Reality Company with Fraudulent Offerings

Posted on September 29, 2009
The SEC filed a civil injunctive action against a virtual reality technology company, its principals, and three former sales agents for conducting a fraudulent offering scheme that garnered investors primarily through telemarketer sales out of a boiler room in the...

SEC Approves Expansion of TRACE to Agency Debt

Posted on September 29, 2009
FINRA announced today that the SEC approved a major expansion of FINRA's Trade Compliance and Reporting Engine (TRACE) to include debt issued by federal government agencies, government corporations and government sponsored enterprises (GSEs), as well as primary market transactions in...

SEC Bars Former A.G. Edwards Salesperson for Market-Timing Activities

Posted on September 29, 2009
The SEC found that Thomas C. Bridge, a salesperson formerly associated with broker-dealer A.G. Edwards & Sons, Inc., violated antifraud provisions in connection with trading in mutual funds on behalf of a client who engaged in market timing. The Commission...

SEC Censures United Global Securities for Annuity Switching

Posted on September 29, 2009
The SEC issued a cease-and-desist order against United Global Securities, Inc. and Richard D. Blair, finding that they engaged in the improper switching of variable annuities by convincing 17 customers to surrender variable annuities and repurchase new variable annuities twice...

SEC Obtains Emergency Relief Against Distributors of Unregistered Microstock

Posted on September 28, 2009
The SEC announced that on September 25, it obtained emergency relief against Stephen W. Carnes, Lawrence A. Powalisz, their companies K&L International Enterprises, Inc., Signature Leisure, Inc., and Signature Worldwide Advisors, LLC (collectively, the Stock Distributors), as well as Jared...

SEC Announces Speakers at Securities Lending and Short Sales Roundtable

Posted on September 28, 2009
On Sept. 29-30, the SEC will host a one and a half day roundtable to solicit the views of investors, issuers, financial services firms, self-regulatory organizations and the academic community regarding securities lending and short sales. The roundtable will include...

Ohio Attorney General Amends Complaint in Class Action Against BofA

Posted on September 28, 2009
Ohio Attorney General Richard Cordray announced today that the Lead Plaintiff group in a securities class action lawsuit against Bank of America has filed a consolidated amended complaint. The complaint alleges that statements made in 2008 by Defendants regarding the...

SEC Charges Detroit Broker with Participating in Ponzi Scheme

Posted on September 28, 2009
The SEC charged Detroit-area stock broker Frank Bluestein with fraud, alleging that he lured elderly investors into refinancing the mortgages on their homes in order to fund their investments in a $250 million Ponzi scheme. The SEC alleges that Bluestein...

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