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Post Frequency: 38.1/day

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

DOJ Revises Corporate Charging Guidelines

Posted on August 28, 2008
Deputy Attorney General Mark R. Filip announced today that the Department of Justice is revising its corporate charging guidelines for federal prosecutors. The revised guidelines state that credit for cooperation will not depend on the corporation?s waiver of attorney-client privilege...

SEC Charges Illegal Forex Trading Scheme

Posted on August 27, 2008
The SEC recently filed an action in Dallas federal court to halt an alleged unregistered and fraudulent offering of securities by Patrick H. Haxton and his company Royal Forex Management, LLC ("Royal"). that involve the trading of foreign currencies on...

Con-way Settles FCPA Charges

Posted on August 27, 2008
The SEC settled charges that Con-way Inc. (Con-way), an international freight transportation company, violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act. According to the complaint, a Philippines-based firm controlled by Con-way made approximately...

SEC Proposes Roadmap to IFRS by 2014

Posted on August 27, 2008
The SEC voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014. The Commission would make a decision in 2011 on whether adoption...

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SEC Adopts Changes to Reporting Requirements for Foreign Issuers

Posted on August 27, 2008
The SEC voted today to update and modernize the disclosure requirements for foreign companies offering securities in U.S. markets. The rule amendments eliminate requirements for foreign companies without SEC-registered securities to submit paper disclosures and instead give investors instant electronic...

Choi et alia on Director Elections and Proxy Advisors

Posted on August 24, 2008
Director Elections and the Role of Proxy Advisors, by Stephen J. Choi, New York University - School of Law; Jill E. Fisch, University of Pennsylvania Law School, and Marcel Kahan, New York University - School of Law, was recently posted...

Fisch on Causation in Federal Securities Fraud

Posted on August 24, 2008
Cause for Concern: Causation and Federal Securities Fraud, by Jill E. Fisch, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: The Supreme Court's decision in Dura Pharmaceuticals dramatically changed federal securities fraud litigation...

Thomas et alia on CEO Employment Contracts and Arbitration

Posted on August 24, 2008
When Do CEOs Bargain for Arbitration?: A Theoretical and Empirical Analysis, by Randall S. Thomas, Vanderbilt University - School of Law; Vanderbilt University - Owen Graduate School of Management; Erin A. O'Hara, Vanderbilt University School of Law, and Kenneth J...

SEC Post Agenda for August 27 Open Meeting

Posted on August 22, 2008
The SEC posted its agenda for its next Open Meeting, scheduled for August 27, 2008 at 10:00 a.m. The subject matter of the Open Meeting will be: The Commission will consider whether to adopt amendments to its rules regarding the...

D.C. Circuit Holds that Creation of PCAOB was Constitutional

Posted on August 22, 2008
In Free Enterprise Fund v. PCAOB (D.C. Cir. Aug. 22, 2008), the D.C. Circuit, with one Judge dissenting, held that Title I of the Sarbanes-Oxley Act (which created the Public Company Accounting Oversight Board) was constitutional and did not violate....

SEC Enters Preliminary Settlement with Merrill Lynch over ARSs

Posted on August 22, 2008
Today the SEC's Division of Enforcement today announced that a preliminary settlement in principle has been reached with Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch) about auction rate securities (ARSs), a day after New York, Massachusetts and NASAA...

Three More Firms Settle with States over ARSs

Posted on August 21, 2008
The Wall St. Journal reports that state regulators have entered into settlements with three more securities firms to buy back "billions" of dollars of auction rate securities from retail investors, small businesses and charities. In addition, Merrill Lynch will pay...

Former SEC Chair Pitt Assists Alabama in Short-Sales Investigation

Posted on August 19, 2008
Harvey Pitt, formerly the SEC Chair, has been appointed a deputy AG of the state of Alabama, to assist it in its investigation into naked short-selling and negative rumors about Colonial BancGroup. InvNews, Pitt to work with Alabama on naked...

SEC Announces IDEA, EDGAR's Successor

Posted on August 19, 2008
I just went to the SEC website, as I frequently do, and I have to say, it was a little scary. To announce the successor to EDGAR, called IDEA, the SEC's website starts off with electronic sound and a deep...

SEC Obtains Asset Freeze Against Alleged International Fraud

Posted on August 16, 2008
The SEC obtained an emergency court order freezing the profits from an alleged $13 million international fraud involving a Seattle-area microcap company and a Barcelona stock promoter. The Commission charged GHL Technologies, Inc., and its CEO Gene Hew-Len with issuing...

Wachovia Agrees to Buy Back over $8.5 Billion in ARSs

Posted on August 16, 2008
The SEC and the New York Attorney General announced on August 15 that investors, small businesses, and charities who purchased auction rate securities (ARS) through and Wachovia Capital Markets, LLC (collectively Wachovia) could receive over $8.5 billion to fully restore...

JP Morgan Chase and Morgan Stanley Agree to Buy Back ARSs in Settlement with New York AG

Posted on August 14, 2008
New York Attorney General Andrew M. Cuomo today announced another series of agreements to provide liquidity to consumers who purchased auction rate securities. Under the agreements, JP Morgan Chase & Co. (?JP Morgan?) and Morgan Stanley will collectively return over...

SEC Settles Backdating Charges Against Former Apple GC

Posted on August 14, 2008
The SEC announced that it settled options backdating charges against Nancy R. Heinen, the former General Counsel of Apple, Inc. As part of the settlement Heinen agreed (without admitting or denying the allegations) to pay $2.2 million in disgorgement, interest...

SEC's Division of Corporation Finance in 2008

Posted on August 13, 2008
John White, the Director of the Division of Corporation Finance, in a recent speech before the ABA's Section of Business Law, Committee on Federal Regulation of Securities, reported on the Division's activities to date in 2008 and what it expects...

SEC and SROs Enter Insider Trading Surveillance Agreement

Posted on August 13, 2008
The SEC published for public comment an agreement among the securities self-regulatory organizations (SROs) that is designed to improve detection of insider trading across the equities markets by centralizing surveillance, investigation, and enforcement under NYSE Regulation, Inc...

Morgan Stanley Announces BuyBack Program for ARS

Posted on August 12, 2008
On August 11 Morgan Stanley announced that it will repurchase at par auction rate securities (ARS) that are held by its retail accounts and were purchased through the Firm prior to February 13, 2008: Commencing no later than September 30,...

SEC Obtains Relief in Universal Leases Litigation

Posted on August 12, 2008
The SEC announced that on August 6, 2008, the federal district Court for the Northern District of Illinois entered an order permanently enjoining Warren Todd Chambers (Chambers) and Century Estate Planning, Inc. (Century Estate Planning), Chambers' business, from violating the...

SEC Charges Phoenix Attorney with Corporate Identity Theft

Posted on August 12, 2008
The SEC filed a civil complaint against David B. Stocker, a Phoenix, Arizona attorney, and his wholly-owned corporation, Carrera Capital, Inc. The Commission's complaint alleges that, beginning in early 2006, Stocker allegedly found several companies whose stock had once traded...

SEC Files Suit Charging Ponzi Scheme

Posted on August 12, 2008
The SEC filed a civil injunctive action against Kay Services, LLC, and its sole owner and officer, Marcia Sladich, alleging that they orchestrated a Ponzi scheme raising more than $10 million from at least 1,000 victims, many of whom were...

Doidge et alia on Deregistrations under Rule 12h-6

Posted on August 11, 2008
Why Do Foreign Firms Leave U.S. Equity Markets? An Analysis of Deregistrations Under SEC Exchange Act Rule 12h-6 , by Craig Doidge, University of Toronto - Joseph L. Rotman School of Management; George Andrew Karolyi, Ohio State University - Department...

SEC Files Charges Alleging Ponzi Scheme

Posted on August 11, 2008
The SEC filed charges against Wextrust Capital, LLC (Wextrust), its principals, and four affiliated Wextrust entities, alleging that defendants conducted a massive Ponzi-type scheme from 2005 or earlier that raised approximately $255 million from approximately 1,200 investors...

New York Expands ARS Investigation

Posted on August 11, 2008
New York Attorney General Andrew M. Cuomo today announced his office is expanding its investigation into the auction rate securities scandal. Cuomo today sent letters to JP Morgan Chase, Morgan Stanley and Wachovia announcing that his office will look into...

SEC Charges Stock Manipulation Through Theft of Online Accounts

Posted on August 11, 2008
The SEC filed a complaint on August 8 in the United States District Court for the District of Connecticut charging Dmitriy Butko, a Russian resident, with fraudulently manipulating the prices of numerous stocks by using the Internet to intrude into...

UBS Settles Charges and Agrees to Buy Back ARSs

Posted on August 11, 2008
On August 8 the SEC's Division of Enforcement announced a preliminary settlement in principle with UBS Securities LLC and UBS Financial Services, Inc. (collectively, UBS) including proposed charges and a plan that would restore approximately $22 billion in liquidity to...

Morgan Stanley Agrees to Buy Back ARSs from Massachusetts Municipalities

Posted on August 07, 2008
The Massachusetts Attorney General has entered into a settlement with Morgan Stanley & Company (Morgan) resolving allegations involving the investment bank?s sale of inappropriate auction rate security investments to Massachusetts municipalities. In addition, Morgan will complete a full review of...

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