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

Brummer on Territoriality as a Regulatory Technique

Posted on June 09, 2010
Territoriality as a Regulatory Technique: Notes from the Financial Crisis, by Chris Brummer, Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: For all of the attention brought to bear on global financial regulation, relatively little...

Bruner on Corporate Governance Reform

Posted on June 09, 2010
Corporate Governance Reform in a Time of Crisis, by Christopher M. Bruner, Washington and Lee University - School of Law, was recently posted on SSRN. Here is the abstract: In this article I argue that crisis-driven corporate governance reform efforts...

Harner on ERM

Posted on June 09, 2010
Barriers to Effective Risk Management, by Michelle M. Harner, University of Maryland School of Law, was recently posted on SSRN. Here is the abstract: ?As long as the music is playing, you?ve got to get up and dance. We?re still...

SEC Charges Former Advanced Materials Group CFO with Accounting Fraud & Misappropriation

Posted on June 09, 2010
On June 9, 2010, the SEC sued William G. Mortensen, the former CFO of Texas-based Advanced Materials Group, Inc. ("AMG"), in U.S. District Court in Dallas for fraudulently inflating AMG's publicly reported financial results over multiple quarters in 2008 and...

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SEC's June 16 Meeting Will Consider Target Date Retirement Funds

Posted on June 09, 2010
The SEC has announced an Open Meeting for June 16, 2010. The subject matter will be: The Commission will consider whether to propose amendments to rules 156 and 482 under the Securities Act of 1933 and rule 34b-1 under the...

Financial Crisis Inquiry Commission Subpoenas Documents from Goldman

Posted on June 07, 2010
The Financial Crisis Inquiry Commission announced that it issued a subpoena to Goldman Sachs & Co. for failing to comply with a request for documents and interviews in a timely manner. According to its statement: In seeking documents and testimony...

FSA Loses Inside-Trading Prosecution

Posted on June 03, 2010
In some news from across the Pond -- the Wall St. Journal reports that the UK's equivalent of the SEC, the FSA, was stunned when a jury acquitted (after less than 2 hours) two individuals of trading on inside information....

SEC Statement on Modified FASB-IASB Timetable for Standards

Posted on June 03, 2010
On June 2, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) announced modifications to their timetable for and prioritization of standards being developed under those boards' joint agenda. In response, SEC Chairman Mary L...

SEC Charges Diebold and Former Officers with Accounting Fraud

Posted on June 02, 2010
The SEC filed fraud and other charges against Diebold, Inc. ("Diebold"), Gregory Geswein, the company's former Chief Financial Officer, Kevin Krakora, the company's former Controller and later CFO, and Sandra Miller, the company's former Director of Corporate Accounting...

Crisis Commission Holds Hearing on Credit Ratings

Posted on June 02, 2010
The Financial Crisis Inquiry Commission held a hearing today on Credibility of Credit Ratings, the Investment Decisions Made Based on those Ratings, and the Financial Crisis. The Commission's website contains written testimony, exhibits and press coverage of the event...

SEC Charges Former Officer of Biotech Company with Lying about Downs Syndrome Test

Posted on June 02, 2010
The SEC charged Elizabeth A. Dragon, the former Senior Vice President of Research and Development at Sequenom, Inc., a biotechnology company, with making false statements to investors about her company's prenatal test for Down syndrome. The SEC alleges that Dragon...

New York Appellate Court Bars Holder Claims as Inconsistent with Out-of-Pocket Rule

Posted on June 01, 2010
A New York appellate court (First Dept.) recently held, in Starr Foundation v. American International Group, Inc. (Download StarrFdnvAIG) that holder claims are not recognized in New York law because they violate the "out-of-pocket" rule governing losses recoverable for fraud...

SEC Historical Society Presents Program on Self-Regulation in Securities Industry

Posted on June 01, 2010
The SEC Historical Society presents a panel discussion on Self-Regulation in the Securities Industry at noon on June 3, which will be webcast from the Society's webpage. The program is moderated by Professor Donna M. Nagy (Indiana-Bloomington). Presenters are: James...

Arbitration Panel Awards Merkin Investor $1.75 Million for Madoff Losses

Posted on June 01, 2010
An investor in a feeder fund for Bernard Madoff run by Ezra Merkin was awarded $1.75 million in a AAA arbitration. An unusual aspect is that both the majority and the dissenting arbitrator provided a written explanation for their decisions,...

Former Monsters Controller Settles Backdating Charges

Posted on June 01, 2010
The SEC announced that on May 28, 2010, the U.S. District Court for the Southern District of New York entered a Final Judgment by consent in a previously-filed enforcement action alleging backdating stock options against Anthony Bonica (Bonica), a certified...

SEC Annoounces Panelists for June 2 Market Structure Roundtable

Posted on May 29, 2010
The SEC has announced the agenda and panelists for its Market Structure Roundtable scheduled for June 2. Panel One ? Market Structure Performance and Price Volatility How well does the current market structure perform the job of establishing prices and...

SEC Adopts Final Rules on Municipal Securities Disclosure

Posted on May 28, 2010
The SEC posted on its website final amendments to Rule 15c2-12 (?Rule 15c2-12? or ?Rule?) relating to municipal securities disclosure. The amendments revise certain requirements regarding the information that a broker, dealer, or municipal securities dealer acting as an underwriter...

SEC Posts Consolidated Audit Trail Proposal

Posted on May 28, 2010
The SEC has posted on its website its proposed new Rule 613 under Section 11A(a)(3)(B) of the Securities Exchange Act of 1934 (?Exchange Act?) that would require national securities exchanges and national securities associations (?self-regulatory organizations? or ?SROs?) to act...

Pequot Capital Management CEO Settles Charges of Insider Trading in Microsoft

Posted on May 28, 2010
Remember Pequot Capital Management? The SEC was harshly criticized in an earlier investigation of the hedge fund for not aggressively pursuing insider trading charges. (The SEC's Inspector General investigated and found no misconduct.) The SEC again investigated the firm when...

SEC Charges Famous NYC Adviser with Stealing Clients' Money

Posted on May 28, 2010
The SEC charged Manhattan-based financial advisor Kenneth Ira Starr (whom the press identifies as a financial adviser to the stars) with fraud and is seeking an emergency court order to freeze his assets after he stole client money for his...

Lehman Bankruptcy Estate Accuses J.P. Morgan of Taking Funds Illegally

Posted on May 26, 2010
The bankruptcy estate of Lehman Brothers sued J.P. Morgan Chase & Co. today, alleging that J.P. Morgan illegally took billions of dollars from Lehman shortly before Lehman filed for bankruptcy. WSJ, Lehman's Bankruptcy Estate Sues J.P. Morgan

Treasury Announces Sales of 1.5 Billion Shares of Citigroup Stock

Posted on May 26, 2010
The U.S. Department of the Treasury today announced the completion of its sale of 1.5 billion shares of Citigroup common stock pursuant to a trading plan with Morgan Stanley as sales agent as announced on April 26. In this initial...

SEC Approves Rules to Improve Municipal Securities Disclosure

Posted on May 26, 2010
The SEC approved rule changes improving the quality and timeliness of municipal securities disclosure. Municipal securities, such as municipal bonds, are exempt from the disclosure requirements of the federal securities laws. As such, the SEC?s statutory authority is limited...

SEC Proposes Consolidated Audit Trail System

Posted on May 26, 2010
The SEC today proposed a new rule that would require the self-regulatory organizations (SROs) to establish a consolidated audit trail system that would enable regulators to track information related to trading orders received and executed across the securities markets...

SEC Charges Disney Employee with Attempting to Sell Confidential Earnings Info

Posted on May 26, 2010
The SEC charged a Walt Disney Company employee and her boyfriend in a scheme to sell confidential information about Disney's quarterly earnings to hedge funds. According to the complaint, Bonnie Jean Hoxie, an administrative assistant to a high-level Disney executive,...

SEC Charges New York City Investment Co. with Affinity Fraud

Posted on May 26, 2010
Yet another affinity-based fraud, this one out of New York City: The SEC charged Gedrey Thompson, a purported money manager, and his New York City-based investment company and two of his associates with conducting an affinity fraud and Ponzi scheme...

FINRA Proposes to Enhance Oversight of Back-Office Operations

Posted on May 26, 2010
FINRA today issued a Regulatory Notice soliciting comments on a rule proposal designed to enhance oversight of broker-dealers' "back-office" operations by expanding registration requirements to individuals engaging in, or supervising, activities related to sales and trading support, and handling of...

FINRA Fines Citigroup $1.5 Million for Supervisory Failures Relating to Misappropriation of Cemeteries' Trust Funds

Posted on May 26, 2010
FINRA imposed a monetary sanction of $1.5 million against Citigroup Global Markets Inc. for supervisory violations relating to its handling of trust funds belonging to cemeteries in Michigan and Tennessee. The sanction represents a $750,000 fine and disgorgement of $750,000...

Plaintiffs In Refco Securities Fraud Action File Petition for Rehearing En Banc

Posted on May 24, 2010
Plaintiffs in Pacific Investment Management Co., LLC v. Mayer Brown LLP filed a petition for rehearing en banc ( Download 09-1619-cv_Petition_for_Rehearing_En_Banc) on May 10. As you will recall, Mayer Brown was the law firm that represented Refco, a large brokerage...

FINRA Fines Piper Jaffray Again for Email Retention Failures

Posted on May 24, 2010
FINRA has fined Piper Jaffray & Co. $700,000 for violations related to its failure to retain approximately 4.3 million emails from November 2002 through December 2008. Piper Jaffray also failed to inform FINRA of its email retention and retrieval issues,...

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