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Securities and Exchange Commission Sets Up Dodd-Frank Wall Street Reform and Consumer Protection Act Comment Submission Process

By Allison Bell, Senior Editor/Web Editor, National Underwriter Life & Health The U.S. Securities and Exchange (SEC) has set up a Dodd-Frank Wall Street Reform and Consumer Protection Act comment submission process. The SEC has posted a list of Dodd-Frank act comment submission form links...

Securities and Exchange Commission Adopts Investment Advisers Act of 1940 Rule 206(4)-5, Pay-to-Play, for Investment Advisers

by Cary J. Meer, Mark Mehrespand and Ben Jacqmotte Excerpt: On July 1, 2010, the Securities and Exchange Commission (the "SEC" or "Commission") adopted Rule 206(4)-5 (the "Rule") under the Investment Advisers Act of 1940 (the "Advisers Act") to address...

Ponzi Scheme is Money Laundering - No Directors And Officers Insurance Coverage for Robert Stanford Fraud

HOUSTON -- (Mealey's) Insurers have proven that their policies' money laundering exclusion precludes coverage for directors and officers insureds' defense costs in underlying criminal and SEC litigation involving the alleged Stanford Ponzi scheme, a Texas federal judge held Oct. 13, granting...

J.P. Morgan Securities Agrees To $228 Million Settlement In Muni Bond Reinvestment Action

WASHINGTON, D.C. - (Mealey's) J.P. Morgan Securities LLC (JPMS) has agreed to pay $228 million to settle charges brought by the Securities and Exchange Commission and other state and federal authorities in connection with its fraudulent rigging of at least 93 municipal bond reinvestment transactions...

Citigroup Bet Against Housing Market Investors, SEC Says, Will Pay $285M To Settle Claims

WASHINGTON, D.C. - (Mealey's) Citigroup Global Markets Inc. has agreed to pay $285 million to settle claims that it misled investors about a collateralized debt obligation (CDO) "that was tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs...

Judge Orders Former Galleon Partner To Pay Record $92.8 Million Penalty

NEW YORK - (Mealey's) A federal judge in New York on Nov. 8 ordered former Galleon Management Co. General Partner Raj Rajaratnam to pay a nearly $93 million civil penalty to the Securities and Exchange Commission for his role in a massive insider trading scheme ( Securities and Exchange Commission...