This week the jury began deliberations in the Robert Allen Stanford Ponzi scheme case without hearing from Mr. Stanford despite promises to the contrary from defense counsel at the beginning of the trial. Granger announced an SEC FCPA probe centered on the use of gift cards in China.
The Chairman and three Commissioners spoke at the annual SEC Speaks conference. The topics included a review of recent management changes and rule writing efforts, issues in failure to supervise cases, disclosure obligations in the wake of Citizens United and concerns about the Volker Rule and its impact.
SEC Enforcement announced partial settlements in two high profile cases. In the long running Nacchio financial fraud action the Commission settled with one defendant while dropping charges against another. In an insider trading case centered on expert network Primary Global, the SEC settled with two former employees of the firm who previously pleaded guilty to criminal charges and are cooperating with the government and the SEC.
Finally, the Commission brought FCPA charges against three former employees of Nobel Corporation. One employee settled while the other two are litigating.
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