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

SEC Settles Market Timing Charges Against Pritchard Capital

Posted on April 24, 2008
The SEC settled market-timing and late-trading charges against Pritchard Capital Partners, LLC, Thomas Pritchard and Elizabeth McMahon. Pritchard Capital is a registered broker-dealer headquartered in Mandeville, Louisiana, and Thomas Pritchard is the firm's managing director...

FINRA Issues Alert on Event-Linked Securities

Posted on April 24, 2008
FINRA issued an alert to inform investors about event-linked securities?financial instruments that allow investors to speculate on a variety of events, including catastrophes such as hurricanes, earthquakes, and pandemics ("cat bonds"). The market for event-linked securities has grown substantially since...

FINRA Proposes Rule Change Regarding Complaints of Brokers'Sales Practices

Posted on April 24, 2008
FINRA is seeking comment on proposed rule amendments that would require registered firms - for the first time - to report allegations of sales practice violations against an individual broker made in arbitration claims that do not name the broker...

SEC Settles False Rumors and Short-Selling Charges

Posted on April 24, 2008
The SEC charged Paul S. Berliner, a Wall Street trader formerly associated with Schottenfeld Group LLC, with securities fraud and market manipulation for intentionally spreading false rumors about The Blackstone Group's acquisition of Alliance Data Systems (ADS) while selling ADS...

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Is Microsoft-Yahoo Merger Dead?

Posted on April 24, 2008
Maybe the Microsoft-Yahoo merger is over. Microsoft reportedly has a list of nominees for the Yahoo board in the event it decides to go forward with a hostile takeover, and this Saturday is the date Microsoft previously gave Yahoo to...

Estate of James Brown Sues Morgan Stanely

Posted on April 24, 2008
The estate of singer James Brown brought a lawsuit charging that Morgan Stanley failed to prevent the late singer's manager from stealing money from his investment account. The lawyers for the estate say there is no mandatory arbitration agreement. Morgan...

Warren Buffett on Corporate America

Posted on April 23, 2008
Larry Cunningham (GW) has edited a second edition of Warren Buffett's legendary essays. Among the "hot topics" touched upon in this edition are stock options, excessive CEO pay, derivatives, foreign currency trading, and management succession. You can pre-order the book...

SEC Refuses to Respond to Congressional Inquiry on Bear Stearns

Posted on April 23, 2008
The SEC refused to respond to a congressional request for information about why it dropped two investigations begun in 2005 into Bear Stearns' methods of valuing complex debt securities. The agency cited its confidentiality policy. WSJ, SEC Rebuffs Lawmakers Over...

EBay Brings Shareholders Suit against Craigslist

Posted on April 23, 2008
EBay, which owns almost 25% of Craiglist (that it acquired from a disgruntled ex-employee or from Craigslist itself, depending on whom you ask), filed a shareholders' derivative suit in Delaware against Craigslist, saying that undisclosed actions unfairly diluted its interest...

CFTC Puts on Hold Changes in Face of Agriculture Industry Concerns

Posted on April 23, 2008
The CFTC placed on hold proposals that would have raised the amount that financial speculators could hold and would have exempted commodity index funds from those limits. At a hearing representatives from the agricultural industry, who use commodity futures as...

Former Mercury Interactive CFO Indicted on Backdating Charges

Posted on April 22, 2008
The former CFO of Mercury Interactive Corp., Sharlene P. Abrams, was indicted on charges stemming from backdating stock options. According to the indictment, Abrams orchestrated the backdating for herself and both the former CEO and COO. She was charged with...

Virginia Law Review on SEC at 75

Posted on April 22, 2008
On Friday, September 26th, 2008, the Virginia Law Review will host a symposium marking the 75th anniversary of the Securities and Exchange Commission. The Virginia Law Review is pleased to announce that the following securities law scholars will present at...

Cox Testifies on Credit Rating Agencies

Posted on April 22, 2008
Chair Cox testified on Oversight of Nationally Recognized Statistical Rating Organizations before the U.S. Senate Committee on Banking, Housing and Urban Affairs on April 22, 2008. He reported on the SEC's examination of the credit rating agencies on "the adequacy...

SEC and Broadcom Settle Backdating Charges

Posted on April 22, 2008
The SEC settled charges against Broadcom Corporation for falsifying its reported income by backdating stock option grants over a five-year period. As a result of the fraud, Broadcom restated its financial results in January 2007 and reported more than $2...

Wanted: Cash for Banks

Posted on April 22, 2008
Is there enough SWF and private equity money out there to bail out every financial institution that needs capital? It is reported that as many as 42 firms may need a capital infusion before the crisis is over. The final...

Ofheo Issues Warning About FAS 159

Posted on April 22, 2008
Deja vu all over again? The Office of Federal Housing Enterprise Oversight (Ofheo) warned Fannie Mae and Freddie Mac about strict compliance with the new fair use accounting rule FAS 159 that permits companies to make quarterly adjustments to reflect...

Gross & Black on Perceptions of Fairness in SRO Securities Arbitration

Posted on April 20, 2008
When Perception Changes Reality: An Empirical Study of Investors' Views of the Fairness of Securities Arbitration, by JILL GROSS, Pace Law School, and BARBARA BLACK, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the....

Ahdieh on Rule 14a-8

Posted on April 20, 2008
The Dialectical Regulation of Rule 14a-8: Intersystemic Governance in Corporate Law, by ROBERT B. AHDIEH, Emory University School of Law; Program in Law and Public Affairs, was recently posted on SSRN. Here is the abstract: In recent years, Rule 14a-8...

Schwarcz on Principles-Based Regulation

Posted on April 20, 2008
The 'Principles' Paradox, by STEVEN L. SCHWARCZ, Duke University - School of Law, was recently posted on SSRN. Here is the abstract: Although principles-based regulation is thought to more closely achieve normative goals than rules, the extent to which that...

Miller on Tellabs

Posted on April 20, 2008
Pleading After Tellabs, by GEOFFREY P. MILLER, New York University - School of Law, was recently posted on SSRN. Here is the abstract: In Tellabs, Inc. v. Makor Issues & Rights, Ltd., the Supreme Court held that a securities fraud...

Finra Seeks Delay on Parts of Suitability Rule for Deferred Variable Annuities

Posted on April 18, 2008
Finra filed a proposed rule change with the SEC to delay the effectiveness of the principal review and supervisory/compliance procedures sections of Rule 2821 (dealing with suitability requirements for sales of deferred variable annuities). Finra said it plans to file...

Raines Settles Charges with Ofheo

Posted on April 18, 2008
Remaining defiant to the end ("I did not break any laws or rules"), former Fannie Mae CEO Franklin Raines settled Ofheo charges that he manipulated the company's earnings. The settlement, which also included two other former officers, provides that Fannie's...

NYS Attorney General Investigates Auction Rate Securities Market

Posted on April 18, 2008
New York State Attorney General Andrew Cuomo is investigating the auction-rate securities market and has sent subpoenas to eighteen institutions seeking information. The market for the securities collapsed in February when Wall St. firms stopped their support for the securities,...

AARP Survey Finds Investors Confused by Jargon

Posted on April 17, 2008
A survey of investors conducted by AARP Financial found that use of "technical and confusing" language by financial services firms caused investing mistakes. More than one-half also said they did not read the financial literature because they found it "too...

SEC Settles Allegations that Trader Misappropriated Information From Brother-in-Law

Posted on April 17, 2008
The SEC settled a civil action in the U.S. District Court for the Southern District of New York against Michael A. Stummer alleging illegal trading in the common stock of Ryan's Restaurant Group (Ryan's). The complaint charges Stummer with fraudulently...

SEC Files Complaint Against Former Fidelity Trader for Misappropriating Confidential Information

Posted on April 17, 2008
The SEC filed a civil action in the U.S. District Court in Boston against David K. Donovan, Jr. ("Donovan"), a former equity trader at Fidelity Investments, and David R. Hinkle ("Hinkle"), a former broker at Capital Institutional Services, Inc. ("Capital...

NASAA Coordinates Auction Rate Securities Investigations

Posted on April 17, 2008
NASAA announced that several of its members have been conducting investigations involving auction-rate securities (ARS) and are coordinating their efforts to help investors who cannot access funds that their brokers placed in these complex investment products...

SEC Scehdules Open Meeting on Requiring Interactive Data Filing

Posted on April 16, 2008
The SEC will hold an open meeting on April 21 to consider "whether to propose amendments to provide for corporate financial statement information to be filed with the Commission in interactive data format, and a near- and long-term schedule therefor."

Cox Testifies Before House Appropriations Committee

Posted on April 16, 2008
Chair Cox, in his testimony before the Subcommittee on Financial Services and General Government, House Committee on Appropriations, both reviewed the SEC's activities in fiscal year 2007 and discussed fiscal year 2008 to date. He concluded his review of the...

Washington Mutual Announces Changes at Shareholders Meeting

Posted on April 16, 2008
Washington Mutual announced at its shareholder meeting the resignation of Mary Pugh, the director who was head of the board's finance committee. In addition, the company will revise its incentive-pay plan that did not take mortgage losses into account in...

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