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SEC Chairman Mary Schapiro appeared before Congress twice this week to testify. Before a Senate Committee she testified about mutual fund reform while before a House Committee her remarks focused on the loss at JPMorgan. SEC enforcement brought actions centered on a stock lending scheme and investment fund fraud.
The former CIO for Stanford Financial Group pleaded guilty to obstructing an SEC investigation under a plea agreement that calls for a 36 month prison term. Another defendant in the expert network insider trading cases pleaded guilty this week and the former CFO of collapsed mortgage giant Taylor Bean was sentenced to prison.
A working group of the OECD filed a report noting that Sweden's enforcement of foreign bribery laws has been very weak while the DOJ settled another FCPA action. The last of the defendants in the Carson FCPA action pleaded guilty as his trial approached.
Finally, in the U.K. three individuals were sentenced to prison as part of an insider trading scheme in which the SEC brought a parallel action. Hong Kong regulators obtained their first order requiring an issuer to repay investors who purchased shares in an IPO based on a false prospectus.
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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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