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Post Frequency: 38.1/day

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

Former Biopure Officer Settles Fraud Charges

Posted on August 07, 2008
The SEC announced that a final judgment by consent was entered by the United States District Court of the District of Massachusetts against Howard Richman, the former head of regulatory affairs of Biopure Corporation, in a previously-filed action alleging misleading...

SEC Charges Microcap Companies with Raising Capital Through S-8 Offerings

Posted on August 07, 2008
The SEC charged six microcap companies, four company officers and several market professionals for their roles in a scheme to raise millions of dollars in capital through improperly registered stocks to fund the companies' struggling businesses.In four separate enforcement actions,...

Citigroup Settles ARS Charges and Agrees to Buy Back Securities from Retail Customers

Posted on August 07, 2008
Citigroup Global Markets, Inc. (Citi) has agreed to a preliminary settlement in principle with the SEC and state regulators, including a plan that would give individual investors, small businesses, and charities all $7.5 billion of their money back from auction...

Citigroup Nearing Settlement on ARS Charges

Posted on August 07, 2008
The Wall St. Journal reports that Citigroup is reaching agreement with the New York Attorney General, other state regulators and the SEC over its marketing of auction rate securities. The settlement would require Citigroup to buy back $5-$8 billion of...

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SEC Issues Guidance on Use of Company Web Sites

Posted on August 06, 2008
The SEC posted on its website its interpretive release to provide guidance regarding the use of company web sites under the Exchange Act and the antifraud provisions of the federal securities laws. It is soliciting comment on issues relating to...

NYSE Reviewing Large Market Orders Near Close

Posted on August 06, 2008
The Risk Group of NYSE Regulation is reviewing the general practices among member firms relating to the control environment for the handling of sizable market orders or other facilitation orders at or near the close that could have an adverse,...

Prudential Financial Settles Financial Reporting Charges

Posted on August 06, 2008
On August 6, 2008, the SEC and Prudential Financial, Inc., a leading provider of financial services, settled charges that Prudential violated the financial reporting, books-and-records, and internal control provisions of the Securities Exchange Act of 1934...

Pritchard on Stoneridge

Posted on August 05, 2008
Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.: The Political Economy of Securities Class Action Reform, by Adam C. Pritchard, University of Michigan Law School, was recently posted on SSRN. Here is the abstract: Stoneridge is the latest in a series...

Myers on Special Litigation Committees

Posted on August 05, 2008
The Decisions of Corporate Special Litigation Committees: An Empirical Investigation, by Minor Myers, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: This Article examines the decisions of corporate special litigation committees using an original data set...

Thompson on Delaware's Disclosure

Posted on August 05, 2008
Delaware's Disclosure: Moving the Line of Federal-State Corporate Regulation, by Robert B. Thompson, Vanderbilt University - School of Law; Vanderbilt University - Owen Graduate School of Management, was recently posted on SSRN. Here is the abstract: Delaware's century-long success in...

FINRA Proposes Changes in Variable Life Insurance and Variable Annuities Rules

Posted on August 04, 2008
FINRA has put out for public comment proposed changes to guidelines on illustrations of tax-deferred versus taxable compounding in advertising and sales literature (NASD Interpretive Material 2210-1) and communications with the public about variable life insurance and variable annuities (NASD...

FINRA Will Launch Pilot Program of All-Public Arbitrators in Customer Disputes

Posted on August 04, 2008
FINRA will launch a two-year pilot program later this fall that will allow some investors making arbitration claims to choose a panel made up of three public arbitrators instead of two public arbitrators and one non-public arbitrator, which is currently...

SEC Advisory Committee Releases Report on Financial Reporting

Posted on August 04, 2008
The SEC Advisory Committee on Improvements to Financial Reporting presented to the SEC its final report containing 25 recommendations to make financial information more useful and understandable to investors. Last year Chairman Cox created the Advisory Committee to make recommendations...

Former Refco CEO Settles Fraud Charges

Posted on August 04, 2008
On July 29, 2008, a final judgment by consent was entered by the United States District Court for the Southern District of New York against Phillip R. Bennett, the former Chairman and Chief Executive Officer of Refco Inc., in a...

SEC Votes to Issue Guidance to Mutual Fund Boards on Oversight Responsibilities

Posted on August 04, 2008
On July 30 the SEC voted to issue proposed guidance to mutual fund boards to assist them in fulfilling their oversight responsibilities with respect to trading of fund portfolio securities by investment advisers. The proposed guidance follows the interpretive guidance...

SEC Proposes Rule to Provide Retail Investors with Information on Municipal Bonds

Posted on August 04, 2008
On July 30 the SEC voted to propose measures that would for the first time enable investors to easily access complete financial information about municipal bonds for free on the Internet. Currently, retail investors in municipal securities usually cannot get...

SEC Issues New Guidance on Web Sites

Posted on August 04, 2008
On July 30 the SEC voted to provide new guidance to public companies about how to comply with the securities laws while developing their Web sites to serve as an effective means for disseminating important information to investors. Issued in...

Former Enron Energy Services CEO Settles Insider Trading Charges

Posted on August 04, 2008
On July 29 the SEC filed a civil action against Lou L. Pai, the former Chairman and Chief Executive Officer of Enron Energy Services ("EES"), a division of Enron Corp. ("Enron"), alleging that Pai sold Enron stock in May and...

SEC and Labor Sign MOU on Investments in Employee Benefit Plans

Posted on August 04, 2008
On July 29 the SEC and and the U.S. Department of Labor entered a Memorandum of Understanding to share information on retirement and investments to protect the $5.8 trillion in retirement assets of American workers, retirees and their families held...

SEC Obtains Emergency Freeze of Assets in Alleged Insider Trading in Options of DRS Technologies and American Power Conversion

Posted on August 04, 2008
On July 25 the SEC filed an emergency action in the United States District Court for the Southern District of New York against one or more unknown purchasers of the call options for the common stock of DRS Technologies, Inc....

ALJ Finds Broker Gave Cash Kickbacks to New Mexico State Treasurer

Posted on August 04, 2008
On July 28 an Administrative Law Judge issued an Initial Decision in the matter of Guy P. Riordan finding that Guy P. Riordan (Riordan) violated the antifraud provisions of the federal securities statutes by giving cash kickbacks to the State...

Former Sycamore Networks CFO Suspended from Appearing Before SEC

Posted on August 04, 2008
On July 25 the SEC issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions (Order) against Frances M. Jewels, an attorney and licensed CPA who served as...

SEC Settles Backdating Charges Against HCC Insurance Holdings, Former CEO and Former GC

Posted on August 04, 2008
On July 21 the SEC settled backdating charges against HCC Insurance Holdings, Inc. (HCC), a Houston, Tex. insurance company; its former Chief Executive Officer, Stephen L. Way; and its former General Counsel, Christopher L. Martin. The complaint alleged that, on...

SEC Staff Issues ComplianceAlert on Common Deficiencies

Posted on August 04, 2008
On July 22 the SEC staff released a new ComplianceAlert letter identifying common deficiencies and weaknesses that SEC examiners have recently found during compliance examinations of firms registered with the SEC (which includes investment advisers, investment companies, broker-dealers, and transfer...

Going Fishing

Posted on July 18, 2008
I will be on vacation until August 4.

Finance Association Releases Report on Industry Reforms

Posted on July 17, 2008
The Institute of International Finance, an association of leading financial services firms with more than 380 members across the world, released a 200-page report detailing best practice reforms for the industry. The report represents the global industry?s response to the...

State Securities Regulators Show Up at Wachovia's Door

Posted on July 17, 2008
A team of ten securities regulators from Missouri, Illinois, Massachusetts, New Jersey, Pennsylvania and other states entered Wachovia Securities? headquarters in St. Louis seeking documents and records related to its marketing of auction rate securities...

SIFMA on SEC's Short Selling Emergency Order

Posted on July 17, 2008
Here is SIFMA's statement on the SEC's emergency order on short selling: ?SIFMA understands the SEC?s objectives and supports their efforts both to enforce the law against illegal naked short selling and to root-out false rumors. Such behaviors simply cannot...

SEC Publishes Rule 14a-8 No-Action Letters

Posted on July 16, 2008
The SEC posted to its website no-action letters involving Rule 14a-8 issued after Jan. 1, 2008 and those issued between Oct. 1, 2007 and Dec. 31, 2007.

Two NYSE Specialists Settle Illegal Trading Practices Proceedings

Posted on July 16, 2008
Two NYSE specialists settled SEC administrative proceedings charging them with illegal trading practices (interpositioning and trading ahead) from 1999 through June 30, 2003. In one proceeding, the specialist was barred from the industry and agreed to pay a $100,000 civil...

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