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Securities Law Prof Blog

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Post Frequency: 38.1/day

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

Hacker Sentenced in Online Fraud Case

Posted on September 09, 2008
On September 9, 2008, the federal district court in Nebraska sentenced Thirugnanam Ramanathan, a native of Chennai, India, and legal resident of Malaysia, to serve two years in prison, followed by 3 years of supervised release, and ordered him to...

FINRA Launches Investor Podcasts

Posted on September 09, 2008
FINRA continues its investor education efforts by announcing a new series of Investor Podcasts. FINRA's press release states that the podcasts "are designed to help investors better understand often complex financial issues and investment products and protect themselves from potential...

SEC Charges Investment Adviser with Cherry-Picking

Posted on September 09, 2008
The SEC filed a civil complaint in the Southern District of New York charging James C. Dawson with securities fraud and investment adviser fraud. Dawson is the investment adviser to a hedge fund, Victoria Investors, LP, and to individual clients....

SEC Gets Injunction in Universal Lease investments scheme

Posted on September 09, 2008
On August 18, 2008, the United States District Court for the Northern District of Illinois entered an order permanently enjoining William K. Boston, Jr. (Boston) from violating certain of the antifraud and registration provisions of the federal securities laws...

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SEC Brings Backdating Charges Against Three Former Embarcadero Technologies Executives

Posted on September 09, 2008
The SEC charged three former senior executives of Embarcadero Technologies, Inc., alleging that they fraudulently backdated stock option grants to employees at the San Francisco business software company and reported false financial information to shareholders...

Jury Finds Former Master Graphics CEO Committed Securities Fraud

Posted on September 08, 2008
On September 5, 2008, a federal jury returned a verdict in the SEC's favor on securities fraud and other charges against John P. Miller, the former Chief Executive Officer, President, and Chairman of the Board of Master Graphics, Inc., a...

SEC Charges Fraud in the Sale of Mining Interests

Posted on September 08, 2008
The SEC filed a complaint on September 3, 2008, in the United States District Court for the Northern District of Illinois, against Rick J. Boros, a/k/a Vincent Kwiatkowski ("Boros"), and North American Mining Ventures, Inc. The Complaint alleges that between...

United Rentals Settles Fraud Charges with SEC

Posted on September 08, 2008
United Rentals, Inc. (URI) settled SEC charges alleging that URI engaged in financial fraud and in a broad range of other improper accounting practices and agreed to pay a $14 million penalty. URI is one of the largest equipment rental...

Treasury Places Freddie and Fannie in Conservatorships to Support the Housing Market

Posted on September 08, 2008
Treasury Secretary Paulson announced on Sunday that Fannie Mae and Freddie Mac are being placed in conservatorships. According to the press statement this action is necessary "to protect the financial system, to support the housing market, and to protect the...

Langevoort on the Institutionalization of the Securities Markets

Posted on September 07, 2008
The SEC, Retail Investors, and the Institutionalization of the Securities Markets, by Donald C. Langevoort, Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: The last thirty years or so have brought a rapid shift toward...

Heminway on Women as Reasonable Investors

Posted on September 07, 2008
Female Investors and Securities Fraud: Is the Reasonable Investor a Woman?, by Joan Macleod Heminway, University of Tennessee College of Law, was recently posted on SSRN. Here is the abstract: This paper extends existing scholarship that questions the existing materiality...

Wilmarth on Separation of Banking and Commerce

Posted on September 07, 2008
Subprime Crisis Confirms Wisdom of Separating Banking and Commerce, by Arthur E. Wilmarth Jr., George Washington University Law School, was recently posted on SSRN. Here is the abstract: During the past three years, a highly-publicized controversy has raged over the...

Hannes on Gatekeeper Incentive Compensation

Posted on September 07, 2008
Gatekeeper Incentive Compensation, by Sharon Hannes, Tel Aviv University - Buchmann Faculty of Law; Northwestern University - School of Law, was recently posted on SSRN. Here is the abstract: A massive wave of corporate fraud at the beginning of the....

SEC Settles Accounting Fraud Charges Against Retail Pro and Former Officers

Posted on September 05, 2008
The SEC filed securities fraud charges against Retail Pro, Inc. (formerly known as Island Pacific, Inc.), and two former CEOs and a former CFO for their roles in an accounting fraud scheme designed to falsely inflate Island Pacific's revenues. The...

Former National Health Trends Officers Settle Securities Fraud Charges

Posted on September 05, 2008
On September 3, 2008, the SEC settled charges that two former officers of Natural Health Trends Corp. ("NHT") committed securities fraud and other violations arising from undisclosed related party transactions from 2001 through 2005. The defendants are Mark D...

SEC Publishes Amended Rule Exempting Foreign Private Issuers from Registration

Posted on September 05, 2008
The SEC published the final rule that amends the rule that exempts a foreign private issuer from having to register a class of equity securities under Section 12(g) of the Securities Exchange Act of 1934 ("Exchange Act") based on the...

FINRA Disciplines Brokers for Unsuitable Sales of CMOs

Posted on September 04, 2008
FINRAhas barred two brokers from the Boca Raton branch office of the now defunct brokerage firm, SAMCO Financial Services, Inc. - and suspended a third broker for two years - for misconduct in connection with selling complex mortgage-backed securities called...

Former KBR CEO Settles FCPA Charges with SEC

Posted on September 04, 2008
The SEC charged former KBR executive Albert Jackson Stanley with violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) and related provisions of the federal securities laws. The Commission alleges that over a ten-year period, Stanley and others...

Tracinda Settles Charges It Violated Section 13(d) in Sales of GM Stock

Posted on September 03, 2008
The SEC instituted proceedings against Tracinda Corporation for violations of the reporting provisions of Section 13(d) of the Securities Exchange Act of 1934 concerning its plan and proposal to sell General Motors shares in 2006. Simultaneously with the institution of...

FINRA Expels Broker Dealer for Illegal Sales of Unregistered Penny Stocks

Posted on September 03, 2008
FINRA expelled Barron Moore, Inc. and took disciplinary action against seven individuals for violations arising from the illegal sale of unregistered penny stocks. Those sanctions range from fines and suspensions to permanent bars from the securities industry...

SEC Charges Two Brokers with Subprime ARS Fraud

Posted on September 03, 2008
The SEC charged two Wall Street brokers, Julian Tzolov and Eric Butler, with defrauding their customers when making more than $1 billion in unauthorized purchases of subprime-related auction rate securities. The SEC alleges that Tzolov and Butler misled customers into...

SEC Announces Third Seniors Summit

Posted on September 02, 2008
The SEC announced its Third Annual Seniors Summit, which will focus on helping older investors make difficult decisions about their finances and learn new ways to protect their assets as they age. It will be held on September 22. Chairman...

Nagareda in Class Certification

Posted on September 01, 2008
Class Certification in the Age of Aggregate Proof, by Richard A. Nagareda, Vanderbilt University School of Law, was recently posted on SSRN. Here is the abstract: Few pre-trial motions in our civil justice system elicit as much controversy as those...

Kahan & Rock on Bear Stearns and Delaware Courts

Posted on September 01, 2008
How to Prevent Hard Cases from Making Bad Law: Bear Stearns, Delaware and the Strategic Use of Comity, by Marcel Kahan, New York University - School of Law, and Edward B. Rock, University of Pennsylvania Law School, was recently posted...

Manns on Rating Credit Risk

Posted on September 01, 2008
Rating Risk after the Subprime Mortgage Crisis: A User Fee Approach for Rating Agency Accountability, by Jeffrey Manns, Latham & Watkins, was recently posted on SSRN. Here is the abstract: This article argues that rating agencies succumbed to temptations to...

SEC Settles Fraud Charges Alleging Real Estate Investment Fraud

Posted on August 28, 2008
The federal district court for the Central District of California recently entered an order permanently enjoining Robert Thomas Fletcher III (Fletcher) from violating the antifraud and registration provisions of the federal securities laws. The SEC's complaint alleged that Fletcher was...

SEC Settles Charges Against Former CEO of REIT

Posted on August 28, 2008
The SEC settled charges against Jeffrey Fishman, the former president and chief executive officer of One Liberty Properties, Inc. (OLP), a publicly traded New York based real estate investment trust, alleging two fraudulent schemes in which he received approximately $1...

ALJ Orders Cease and Desist of Illegal Stock Option Programs

Posted on August 28, 2008
An administrative law judge ordered James Y. Lee to cease and desist from violations of the registration provisions of the securities laws and to disgorge $2,866,375 of ill-gotten gains. From 2002 to 2005, Lee advised and guided several microcap issuers...

SEC Settles Charges Involving Fractional Interests in Oil & Gas

Posted on August 28, 2008
The SEC filed a civil action in the United States District Court for the District of Colorado against Donald H. Allen and his two wholly-owned companies, H&M Petroleum Corporation (?H&M?) and American Energy Resources Corporation (?AER?), for violations of the...

Second Circuit Affirms Dismissal of Indictment Against Former KPMG Partners and Employees Because of 6th Amendment Violation

Posted on August 28, 2008
In a major victory for the white collar defense bar, the Second Circuit affirmed the district court's dismissal of the indictment against former KPMG partners and employees because the government deprived the defendants of their Sixth Amendment right to counsel...

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