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

NYSE Euronext Will Acquire 25% of Doha Securities Market

Posted on June 24, 2008
The State of Qatar and NYSE Euronext (NYSE Euronext: NYX) announced a strategic partnership expected to transform the Doha Securities Market (?DSM?) into a significant international player and provide NYSE Euronext with a valuable presence in the Middle East...

SEC's Director of Trading & Markets Division Testifies on Risk Managment at Investment Banks

Posted on June 23, 2008
Erik Sirri, Director, Division of Trading and Markets, SEC, testified on Oversight of Risk Management at Investment Banks before the Senate Subcommittee on Securities, Insurance, and Investment Committee on Banking, Housing, and Urban Affairs on June 19...

Broadcom Co-Founder Expected to Plead Guilty in Backdating Probe

Posted on June 23, 2008
Broadcom's troubles over backdating continue. The Wall St. Journal reports that Henry Samueli, co-founder of Broadcom Corp., agreed to plead guilty to making a false statement to the SEC in exchange for 5 years of probation and $12 million in...

Chairman Cox Under Scrutiny

Posted on June 23, 2008
Was Chairman Cox too passive in formulating the SEC's role in the Bear Stearns crisis, losing public relations and political ground to the Federal Reserve Board, who, after all, had the money to bail out the investment bank? The Wall...

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SEC Schedules Roundtable on Fair Value Standards

Posted on June 20, 2008
The SEC announced that it will host a roundtable on July 9, 2008, to facilitate an open discussion of the benefits and potential challenges associated with existing fair value accounting and auditing standards. The roundtable will be organized as two...

Former Williams-Sonoma Manager Settles Insider Trading Charges

Posted on June 20, 2008
The SEC settled insider trading charges against Adrian P. Di Vita, a former manager at Williams-Sonoma, Inc. In its complaint, the SEC alleged that, by attending certain meetings with senior management and otherwise, Di Vita received material nonpublic information that...

SEC Approves One-Year Extension for SOX 404(b) Compliance for Smaller Public Companies

Posted on June 20, 2008
The SEC announced that it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. The SEC also announced that it received Office of Management...

Paulson on Market Reform

Posted on June 19, 2008
Excerpt from Remarks by Secretary Henry M. Paulson, Jr. on Economy and Markets before Women in Housing and Finance, June 19, 2008: When we published the Blueprint in March, I made clear I believed we were laying out a long-term...

SEC Charges Two Former Bear Fund Managers

Posted on June 19, 2008
The SEC charged two former Bear Stearns Asset Management (BSAM) portfolio managers for fraudulently misleading investors about the financial state of the firm's two largest hedge funds and their exposure to subprime mortgage-backed securities before the collapse of the funds...

Two Former Bear Fund Managers Are Indicted

Posted on June 19, 2008
As expected, federal prosecutors indicted Ralph Cioffi and Matthew Tannin, former managers of two bond portfolios in Bear Stearn's asset-management unit that collapsed last summer. These are the first indictments arising from the subprime mortgage collapse and accuse the two...

Paulson and Cox on Regulation of Investment Banks

Posted on June 19, 2008
Treasury Secretary Henry Paulson is expected to call for greater oversight by the Federal Reserve over investment banks in a speech today, including explicit authority to intervene whenever an investment firm poses risks to the system. WPost, Paulson To Urge...

SEC Charges Five in Inside Trading in Stock of Company Acquired by Boeing

Posted on June 18, 2008
The SEC filed a complaint against five individuals (Defendants) in the United States District Court for the Northern District of Texas alleging that they engaged in unlawful trading on the basis of material, nonpublic information in the securities of Aviall,...

SEC Charges Two Former Sentinel Management Executives with Fraud

Posted on June 18, 2008
The SEC recently charged two former Sentinel Management Group, Inc. (Sentinel) executives, Eric A. Bloom (Bloom) and Charles K. Mosley (Mosley), for their roles in devising and carrying out a fraud that resulted in several hundred millions dollars in losses...

Senator Seeks Additional Regulation of Equity Swaps

Posted on June 18, 2008
Senator Charles Schumer (D-NY) called on the SEC to clarify the treatment of equity swaps in contests for corporate control. A federal district court recently held, in CSX Corp. v. The Children's Investment Fund, that the fund did not properly...

SEC Obtains Emergency Asset Freeze in Securities Offering Case

Posted on June 17, 2008
The SEC obtained an order freezing assets and granting other emergency relief in a pending action in Dallas federal court involving what the Commission contends is a fraudulent offering of securities, known as Secured Debt Obligations ("SDOs"), by W Financial...

CMS Energy Officer Settles SEC Charges

Posted on June 17, 2008
The SEC settled administrative charges against Tamela Pallas. Its Order finds that Pallas participated in and approved of the decision to do round trip energy trades while she was (a) Senior Vice President of Reliant Energy Services, Inc., a subsidiary...

Amex Approves Merger with NYSE Euronext

Posted on June 17, 2008
NYSE Euronext (NYX) and the American Stock Exchange� (Amex�) announced today that members of The Amex Membership Corporation (AMC) approved the adoption of the merger agreement between AMC and NYSE Euronext and certain of their subsidiaries. The Securities and Exchange...

Milberg Firm Pays $75 Million to Settle Government Charges

Posted on June 17, 2008
The Milberg law firm agreed to pay $75 million to settle criminal charges that the firm made secret payments to lead plaintiffs in securities fraud class actions. The firm acknowledged that seven former partners paid kickbacks in more than 165...

Citigroup Settles SEC Charges Relating to Argentina Crisis

Posted on June 16, 2008
The SEC and Citigroup settled charges regarding Citigroup?s accounting relating to the impact of the economic and political crisis in Argentina on the company?s operations during the fourth quarter of 2001. In the latter part of 2001 and continuing into...

SEC Publishes Text of Proposed Rules on NRSROs

Posted on June 16, 2008
The SEC released the text of proposed rule amendments that would impose additional requirements on nationally recognized statistical rating organizations (?NRSROs?) in order to address concerns about the integrity of their credit rating procedures and methodologies in the light of...

Second Circuit Finds that LLC Interest is a Security

Posted on June 15, 2008
The Second Circuit addressed the definitional question of a "security" in a recent criminal case, U.S. v. Leonard (June 11, 2008), and held that an interest in a limited liability company organized to produce a movie was an "investment contract,"...

Final Report of the 2007 SEC Govt-Business Forum on Small Business Capital Formation

Posted on June 13, 2008
The Small Business Investment lncentive Act of 1980 mandates that the SEC host an annual forum that focuses on the capital formation concerns of smalll business. A major purpose of the Forum is to provide a platform for small business...

Former Knight CEO Cleared of Fraud Charges

Posted on June 13, 2008
A federal district court in New Jersery ruled, after a 14-day bench trial, that the SEC did not prove that former Knight Equity Markets CEO Kenneth Pasternak defrauded the firm's customers. The SEC alleged that Pasternak failed to execute customers'....

SEC Institutes Market Timing Charges Against Invesco Funds Salesperson

Posted on June 12, 2008
The SEC issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Section 203(f) of the Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act...

SEC Staff Proposes Changes to Oil and Gas Reporting Requirements

Posted on June 12, 2008
The SEC's Division of Corporation Finance and Office of the Chief Accountant announced that they have prepared for the Commission's consideration recommendations for updating and modernizing the reporting requirements for oil and gas companies. The current reporting requirements concerning oil...

FINRA's Annual Report Now Available

Posted on June 12, 2008
FINRA has posted its 2007 Year in Review and Annual Financial Report on its website.

Microsoft and Yahoo Discussions are Over

Posted on June 12, 2008
Yahoo announced that its discussions with Microsoft are over, and no deal of any kind is in the works. Its press release stated that after numerous discussions involving various alternatives, Microsoft made clear it had no further interest in acquiring...

Court Says Hedge Funds Broke Securities Law But Can Vote CSX Shares

Posted on June 12, 2008
In a much-followed case, a federal district court in New York ruled that two hedge funds, Children's Investment Fund of Britain and 3G Capital Partners, that seek to elect a slate of directors at CSX Corp. had violated federal securities...

Belgian Brewer Bids for Anheuser-Busch

Posted on June 12, 2008
InBev of Belgium, brewer of Beck's and Bass beers, made an unsolicited $46.4 billion takeover offer for Anheuser-Busch, brewer of Budweiser and Bud Light. Anheuser-Busch, which has been controlled by the two families for almost 150 years, is expected to...

SEC Obtains Asset Freeze Against Lincoln Funds Int'l

Posted on June 11, 2008
The SEC filed a complaint in federal district court in Orange County California charging advisory firm Lincoln Funds International, Inc. and its three principals, who raised at least $21 million from nearly 400 investors nationwide, in an alleged securities fraud...

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