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There were news reports this week that Ponzi king Bernard Madoff's brother, Peter, has agreed to plead guilty to criminal charges that will land him in jail for ten years. At the same time the NY AG settled a case against a the operator of Madoff feeder funds, making a significant recovery for investors.
The Commission and the Manhattan U.S. Attorney's Office continued to focus on insider trading, bringing another action from the expert network investigation. The SEC also brought a series of cases involving well known investment adviser Philip Falcone centered on market manipulation and misappropriation charges. In addition, the Commission brought and action centered on commercial bribery and an investment fund fraud action.
Dodd-Frank rules: The SEC adopted new procedures for reviewing clearing submissions. The rules specify how clearing agencies will furnish information to the agency and are important to determining if security-based swaps are required to be cleared (here).
Speech: Susan Nash, Associate Director, Division of Investment Management addressed the IRI 2012 Government, Legal & Regulatory Conference (Washington, D.C. June 26, 2012). Topics addressed include product development, exchange offers, contingent deferred annuities, target date funds, prospectus complexity and variable annuity disclosure reform (here).
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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