International was a key theme this week. The Commission brought another action against the Shanghai affiliate of an international accounting firm based on its failure to produce work papers from an audit of a Chinese issuer and a proceeding against two investment advisers based in Scotland.
Insider trading continued to be a focus, with actins being filed against a daughter and father trading team and a Hollywood film producer and his relatives and friends. Charges were also brought against the former mayor of Detroit and others alleging that they received kickbacks in connection with an investment in a city pension fund. Finally, the former CEO of a brokerage firm and his office manager were sentenced to prison in connection with a stock manipulation scheme.
Speech: SEC Commissioner Luis Aguilar addressed the NASAA/SEC 19(d) Conference, Washington, D.C. (May 7, 2012). His address is titled: Advocating for Greater Federal and State Securities Regulatory Cooperation and Collaboration (here). In his remarks the Commissioner cited opportunities for the SEC and NASAA to partner in the future including on the transition of advisers to the states and crowdfunding under the JOBS Act as well as on the financial exploitation of the elderly and the advisory committee.
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