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Post Frequency: 38.1/day

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

SEC and Zurich Financial Services Settle Fraud Action

Posted on December 11, 2008
The SEC announced the filing and settlement of charges against Zurich Financial Services Group for aiding and abetting a fraud by Converium Holding AG involving the use of finite reinsurance transactions to inflate improperly Converium?s financial performance...

SEC Settles Charges Against 8 Former Fidelity Brokers

Posted on December 11, 2008
The SEC announced settlements of an enforcement action against eight former employees of Fidelity Investments' equity trading desk, who will collectively pay more than $1 million to settle SEC charges for improperly receiving travel, entertainment, and gifts paid for by...

SEC Finalizes ARS Settlements with Citi and UBS

Posted on December 11, 2008
The SEC finalized settlements with Citigroup Global Markets, Inc. (Citi) and UBS Securities LLC and UBS Financial Services, Inc. (UBS), that will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the...

SEC Publishes Municipal Bond Disclosure Amendments

Posted on December 09, 2008
The SEC published on its website its recently adopted amendments to a rule under the Securities Exchange Act of 1934 (?Exchange Act?) relating to municipal securities disclosure. This final rule amends certain requirements regarding the information that the broker, dealer,...

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Cox Speaks to Accountants

Posted on December 08, 2008
SEC Chairman Christopher Cox spoke today before the AICPA National Conference on Current SEC and PCAOB Developments.

SEC Charges Moscow Broker Dealer with Soliciting Sales of Russian Stock

Posted on December 08, 2008
The SEC charged a Moscow-based unregistered broker-dealer for registration and reporting violations, alleging that it solicited institutional investors in the U.S. to purchase and sell small cap stocks of Russian companies without registering as a broker-dealer with the SEC or...

SEC Charges New York Attorney with Selling Bogus Notes

Posted on December 08, 2008
On December 8, 2008, the SEC filed a civil injunctive action in United States District Court for the Southern District of New York alleging that New York attorney Marc S. Dreier engaged in an elaborate scheme, that violated the antifraud...

Investors in Municipal Bonds Get Their Own EDGAR

Posted on December 08, 2008
It's about time -- the SEC announced that it has unanimously approved measures to provide greater transparency in the municipal securities market, so that investors can obtain free, readily accessible information online on municipal bonds. Unlike investors in corporate securities...

Pan & Jackson on Regulatory Competition

Posted on December 06, 2008
Regulatory Competition in International Securities Markets: Evidence from Europe - Part II, by Eric J. Pan, Yeshiva University - Benjamin N. Cardozo School of Law, and Howell E. Jackson, Harvard Law School, was recently posted on SSRN. Here is the...

Coffee & Sale on Redesigning the SEC

Posted on December 06, 2008
Redesigning the SEC: Does the Treasury Have a Better Idea?, John C. Coffee Jr., Columbia Law School, and Hillary A. Sale, University of Iowa - College of Law, was recently posted on SSRN. Here is the abstract: The 2008 financial...

First Circuit Allows SEC to Proceed with Market-Timing Claims

Posted on December 06, 2008
On December 3, 2008, the United States Court of Appeals for the First Circuit issued a ruling that allows the SEC to proceed with its fraud action against James Tambone and Robert Hussey, former executives of Columbia Funds Distributor, Inc....

Merrill Lynch Shareholders Approve Bank of America Merger

Posted on December 05, 2008
Merrill Lynch & Co., Inc. announced that Bank of America?s acquisition of Merrill Lynch was approved today at its special stockholders meeting along with two other related proposals. Under the terms of the transaction, which was announced on September 15,...

Ebbers Seeks Pardon from Bush

Posted on December 04, 2008
Should Bernie Ebbers (former WorldCom CEO), Conrad Black (former Hollister Int'l CEO) and Michael Milken (junk bonds ) get Presidential pardons? According to published reports, all are seeking them. InvNews, WorldCom ex-chief begs pardon from Bush.

Silicon Valley Venture Capitalist Settles SEC Fraud Charges

Posted on December 04, 2008
The SEC filed a civil injunctive action against Silicon Valley venture capitalist, William J. "Boots" Del Biaggio III, in federal district court in the Northern District of California alleging that he engaged in two distinct securities fraud schemes, defrauding investors,...

SEC Approves New Rules on Credit Rating Agencies

Posted on December 03, 2008
The SEC approved a series of measures to increase transparency and accountability at credit rating agencies. The new measures impose additional requirements on credit rating agencies, whose ratings of residential mortgage-backed securities backed by subprime mortgage loans and of collateralized...

GAO Issues Report on TARP

Posted on December 02, 2008
GAO issued its first report on TROUBLED ASSET RELIEF PROGRAM: Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency. Here is an excerpt from its summary: Treasury has taken a number of steps to stabilize U.S. financial markets and...

Alaska Air Shareholder Proposes Waiver of FOM Presumption

Posted on December 02, 2008
Prof. Adam Pritchard (University of Michigan) reports that a shareholder in Alaska Air has submitted a proposal to the company under Rule 14a-8 to amend Alaska Air?s certificate of incorporation to provide for ?a partial waiver of the ?fraud on...

NASAA Settles with Peer-to-Peer Lending Service

Posted on December 01, 2008
NASAA announced that state securities regulators have reached a settlement in principle with Prosper Marketplace, Inc., an online ?peer-to peer? lending service, to resolve matters relating to the sale and offer of unregistered securities and the omission of material facts...

Steinbach on Trading on Stolen Information

Posted on November 30, 2008
Mere Thieves, by Robert Steinbuch, University of Arkansas at Little Rock, was recently posted on SSRN. Here is the abstract: Today, criminals are capable of covertly stealing financial secrets from multinational corporations. Securities jurisprudence, however, has focused largely on the...

Davidoff & Zaring on Government's Response to Financial Crisis

Posted on November 30, 2008
Big Deal: The Government's Response to the Financial Crisis, by Steven M. Davidoff, University of Connecticut School of Law; Ohio State University - Michael E. Moritz College of Law, and David T. Zaring, University of Pennsylvania - Legal Studies Department,...

Michaels on Securities Litigation after Worldcom

Posted on November 30, 2008
An Empirical Study of Securities Litigation after WorldCom, by David I. Michaels, Delaware Court of Chancery; UCLA School of Law, was recently posted on SSRN. Here is the abstract: In this article I present the first empirical study analyzing whether...

Former Diebold Sales Rep Settles Inside Trading Charges

Posted on November 26, 2008
On November 19, 2008, the United States District Court for the Western District of Oklahoma entered final judgment against Robert G. Cole in SEC v. Cole, Civ 08-265 C (W.D. Okla.), an insider trading case the Commission filed on March...

IOSCO Technical Committee Studies Regulatory Reform

Posted on November 25, 2008
The International Organization of Securities Commissions (IOSCO) Technical Committee launched three task forces to support G-20 aims following a meeting by teleconference today. The Technical Committee Task Forces will consider the following issues: Short Selling ? the Task Force will...

AIG Announces Restrictions on Executive Compensation

Posted on November 25, 2008
In response to New York AG Cuomo's inquiry last week, AIG announced voluntary restrictions on executive compensation that include a $1 salary for its Chief Executive Officer; no 2008 annual bonuses and no salary increases through 2009 for AIG's top-seven-officer...

Prosper Marketplace Settles Charges It Offered Unregistered Securities

Posted on November 24, 2008
The SEC settled administrative proceedings against Prosper Marketplace, Inc. (Prosper). The SEC Order finds that Prosper violated the registration provisions of the Securities Act of 1933 during the period January 1, 2006 through October 14, 2008, by engaging in the...

Massachusetts Securities Division Charges Oppenheimer in ARS Downstream Sales and Inside Trading

Posted on November 23, 2008
The Massachusetts Securities Division brought an administrative complaint charging Oppenheimer & Co. and several of its executives with violations of the Massachusetts securities law in connection with its "downstream" sales of auction rate securities (ARS)...

Jones on Regulatory Redundancy

Posted on November 23, 2008
Legitimacy and Corporate Law: The Case for Regulatory Redundancy, by Renee M. Jones, Boston College - Law School, was recently posted on SSRN. Here is the abstract: This article provides a democratic assessment of the corporate law making structure in...

Haslem on Disclosure to Mutual Fund Directors

Posted on November 23, 2008
What Independent Directors Should "Request" of Mutual Fund Advisers, by John A. Haslem, University of Maryland - Robert H. Smith School of Business, was recently posted on SSRN. Here is the abstract: The expenses, costs, and practices of mutual fund....

Schwarcz on Securitization

Posted on November 23, 2008
The Future of Securitization, by Steven L. Schwarcz, Duke University - School of Law, was recently posted on SSRN. Here is the abstract: This essay examines the future viability of securitization in light of its causal involvement in the subprime-mortgage...

Macey, O'Hara & Rosenberg on Subprime Mortgage Brokers

Posted on November 23, 2008
Helping Law Catch Up to Markets: Applying Broker-Dealer Law to Subprime Mortgages, by Jonathan R. Macey, Yale Law School; Maureen O'Hara, Cornell University - Samuel Curtis Johnson Graduate School of Management; Gabriel D. Rosenberg, Yale University - Law School, was...

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