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Former Farris Baker Watts General Counsel Ted Urban finally prevailed in his long running battle with the SEC to clear his name and reputation. The Commission, on an evenly divided vote, affirmed the initial decision of the Administrative Law Judge, dismissing the failure to supervise charge brought against him.
As the new RMBS Task Force began to unfold the DOJ and the SEC filed, respectively, criminal and civil charges against former Credit Suisse trades tied to the market crisis. This is one of the few market crisis cases involving charges against former employees of a major Wall Street bank. The SEC also concluded a financial fraud action this week which traces to 2000.
The DOJ continued to have difficulty extending what it has called the "new era" of FCPA enforcement. The second African Sting trial ended with a split verdict, two defendants were acquitted by the jury. The court declared a mistrial as to three others after the jury hung. The first trial in this case ended in a hung jury.
Finally, the FSA sanctioned two more persons in connection with their roles in Greenlight Capital's insider trading. Previously, the regulator sanctioned the firm and its founder.
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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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