Fraudulent investment funds purporting to give the public
an opportunity to acquire pre-IPO shares of potentially hot stocks such as
Facebook have been front and center in the District Court in Manhattan in
recent days. In one case a former Oregon...
Money market reform, a cause long championed by SEC Chairman Mary Schapiro, will not go forward at this time. The Chairman was unable to secure the necessary votes to issue proposed regulations for comments after two and one half years of study. The Chairman...
This is the first of a four part series projecting the path of SEC Enforcement.
SEC Enforcement is in transition. The agency has a new Chair, new Commissioners and a new Director of the Division of Enforcement. Aggressive new approaches have been outlined...
Raj Rajaratnam, the founder of the Galleon Group hedge
fund lost his appeal on insider trading charges. U.S. v. Rajaratnam, Docket
No. 11-4416-cr (2 nd Cir. Decided: June 24, 2013). Mr. Rajaratnam was
convicted on five counts of conspiracy to commit...
The Commission filed a settled action alleging fraud in
connection with a going private transaction based on Exchange Act Section
13(e). The agency also brought its first action penalizing an exchange for
regulatory filings this week.
The SEC also...
SEC v. All Know Holdings, Ltd., 11 C
8605 (N.D. Ill. Opinion issued June 10, 2013) is one of the SEC's aggressive
insider trading actions, filed initially based largely on "suspicious trading"
and information and belief. The case centers...
Commission Chair Mary Jo White announced a modified
settlement policy for select enforcement actions. While most cases will be
settled on a neither admit nor deny basis, the category of actions in which
admissions will be required will be expanded...