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10/15/2009
What Failure at the SEC Gets You
6/02/2009
SEC Returns to Pequot Capital Investigation 2/09/2009
Sometimes it Pays For Brokers to Litigate with the Feds
Obama SEC Gets Rolling By Streamling Investigations, Penalties
A Look at Obama's New SEC Chief
Madoff Fraud a Family Affair?
Joe Nocera Ruminates on What Enforcement Looks Like at the SEC These Days
SEC Enforcement Agreements on The Rise
AOL Exec Gets a Pass From the SEC
All About the SEC's New Enforcement Manual
More Scrutiny of the Chris Cox SEC Tenure 9/22/2008
Christopher Cox - Under the Harsh Lights
Siemens and the SEC Close to a Deal? 8/11/2008
SEC Look at Countrywide Finance Gets Real
SEC's Subpoenas on Rumor Mongering Investigation Spur Wall Street to (Reluctant) Action
SEC Looks to Quash Rumor Mongering
SEC Enforcement Overhall, Points for Discussion
Broadcom CEO Henry Nicholas: Life of the Party
6/07/2008
SEC Wraps Overstock Probe 5/29/2008
Due Diligizers, Disclosure Insight Posts SEC Comment Letters For Public View
What Failure at the SEC Gets You
A promotion, or a plum job in the private sector. Helping the firms you formerly regulated successfully navigate the Swiss cheese of securities regulation has to be an exciting career opportunity, especially when you can draw so readily on your previous failures in that roll.
-- MDT
-- MDT
Labels: Bernie Madoff, enforcement, SEC
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SEC Returns to Pequot Capital Investigation 2/09/2009
Sometimes it Pays For Brokers to Litigate with the Feds
According to this recently updated study from Sutherland Asbill & Brennan, if you're willing to put the time in to challenge an SEC / FINRA disciplinary action - 8 to 15 months potentially - your brokerage firm could stand a good chance of seeing substantially reduced penalties and even have a decent shot at a dismissal.
Sutherland partner and study co-author, Brian Rubin, characterized the findings thusly, "...these studies should make firms and individuals think long and hard before they settle. In today's environment, with Congress and the public looking for blood, I think the regulators are going to ratchet up penalties and fines. If they do, it will make more sense than ever to carefully evaluate whether to settle."
Provided you're not stone guilty, of course - and provided you've got the right counsel. Make that any counsel. Those that went into proceedings without were 0-for-16 from January 2006 through December 2007. And one has to imagine that the odds aren't going to be getting better with the regulatory sea change brought about by the change in administrations.
You can check out the full Sutherland study right here.
--MDT
Sutherland partner and study co-author, Brian Rubin, characterized the findings thusly, "...these studies should make firms and individuals think long and hard before they settle. In today's environment, with Congress and the public looking for blood, I think the regulators are going to ratchet up penalties and fines. If they do, it will make more sense than ever to carefully evaluate whether to settle."
Provided you're not stone guilty, of course - and provided you've got the right counsel. Make that any counsel. Those that went into proceedings without were 0-for-16 from January 2006 through December 2007. And one has to imagine that the odds aren't going to be getting better with the regulatory sea change brought about by the change in administrations.
You can check out the full Sutherland study right here.
--MDT
Obama SEC Gets Rolling By Streamling Investigations, Penalties
Mary Schapiro is making her mark on the SEC. Her first step was to end a year old Bush/Cox era "pilot program" that required the enforcement division run certain types of penalties by the regulatory agency's team of politically appointed commissioners.
Shapiro is also aiming to streamline the launch of new investigations by eliminating some of bureaucratic rigmarole. All in all, the Obama SEC looks to see a major shift in power away from the commissioners and back into the hands of the enforcement division.
The SEC enforcement division will also be seeing some new faces. Robert Khuzami will be stepping in as division director. Khuzamo is returning to public service from a stint at Deutsche Bank. Previously he spent a decade in the U.S. Attorneys Office for the Southern District of New York.
-- MDT
1/21/2009
Shapiro is also aiming to streamline the launch of new investigations by eliminating some of bureaucratic rigmarole. All in all, the Obama SEC looks to see a major shift in power away from the commissioners and back into the hands of the enforcement division.
The SEC enforcement division will also be seeing some new faces. Robert Khuzami will be stepping in as division director. Khuzamo is returning to public service from a stint at Deutsche Bank. Previously he spent a decade in the U.S. Attorneys Office for the Southern District of New York.
-- MDT
Labels: Christopher Cox, Mary Shapiro, Robert Khizami, SEC
A Look at Obama's New SEC Chief
Check out this profile of Mary Sharpiro from Steven Pearlstein at the Washington Post. He is not entirely optimistic. Then again, the folks at her last post are feeling a bit defensive at the moment.
-- MDT
12/16/2008
-- MDT
Labels: FINRA, Mary Shapiro, SEC
Madoff Fraud a Family Affair?
That is definitely one way to keep your dirt quiet. And some of those family connections, along with a fat piles of lobbying cash, may have played a role in greasing the skids with Federal regulators. So just how many tips did the SEC get about the Madoff investment house without acting? More than a few, it seems. The commission is getting downright reflective on their Madoff connections. Here's the mea culpa from Chris Cox himself.
-- MDT
11/20/2008
-- MDT
Labels: Bernie Madoff, ponzi, SEC
Joe Nocera Ruminates on What Enforcement Looks Like at the SEC These Days
The name Mark Cuban comes up as a case in point.
-- MDT
11/17/2008
-- MDT
Labels: Cristopher Cox, enforcement, Mark Cuban, SEC
SEC Enforcement Agreements on The Rise
Pushing towards a three-year high. Get a breakdown of those numbers right here.
-- MDT
11/11/2008
-- MDT
Labels: enforcement, SEC
AOL Exec Gets a Pass From the SEC
John Tuli can breath a sigh of relief these days, as the SEC has dropped all charges against him in connection with their long running probe into revenue inflation that took place during the AOL Time Warner merger. Several of Mr. Tuli's former colleagues at AOL have not been so fortunate. More at the WSJ.
-- MDT
11/06/2008
-- MDT
Labels: AOL, John Tuli, revenue inflation, SEC
All About the SEC's New Enforcement Manual
Via the Harvard Law School Corporate Governance Blog. Perhaps a bit dry reading for some, but worth a scan...
-- MDT
9/24/2008
-- MDT
Labels: enforcement, SEC
More Scrutiny of the Chris Cox SEC Tenure 9/22/2008
Christopher Cox - Under the Harsh Lights
Very interesting look at Cox's tenure at the SEC from Portfolio magazine. Textbook example of how political appointees can undermine the effectiveness of the regulatory bureaucracy...
-- MDT
8/20/2008
-- MDT
Labels: Christopher Cox, enforcement, SEC
Siemens and the SEC Close to a Deal? 8/11/2008
SEC Look at Countrywide Finance Gets Real
So says proud countrywide parent, Bank of America. Oh, and Connecticut is suing. That too.
-- MDT
7/21/2008
-- MDT
Labels: Countrywide, SEC, sub-prime mortgage
SEC's Subpoenas on Rumor Mongering Investigation Spur Wall Street to (Reluctant) Action
With 50+ requests pending, that's a lot of documentation to scare up and square up. Everyone from Goldman Sachs (which has already been subpoenaed) on down is watching the securities regulator closely while spouting holier than thous about how they would never even dream of making a trade without the iron-clad laws of SCIENCE to validate the move!
--MDT
7/15/2008
--MDT
Labels: hedge fund, rumors, SEC, short selling, Wall Street
SEC Looks to Quash Rumor Mongering
When it doubt, blame the shorts, right?
Or mouthy brokers...
-- MDT
Or mouthy brokers...
-- MDT
Labels: Bear Stearns, Christopher Cox, SEC, short selling
SEC Enforcement Overhall, Points for Discussion
A popular topic these days... Learned opinion, here - extracted from a paper by Paul S. Atkins, a commissioner at the SEC and Bradley Bondi, legal counsel and policy adviser at the SEC.
--MDT
6/08/2008
--MDT
Labels: enforcement, SEC
Broadcom CEO Henry Nicholas: Life of the Party
I find it utterly shocking (shocking, I say) that this piece of work managed to "lose" $2.2 billion.
-- MDT
Labels: backdating, Broadcom, class action, Henry Nicholas, SEC
SEC Wraps Overstock Probe 5/29/2008
Due Diligizers, Disclosure Insight Posts SEC Comment Letters For Public View
People send me the coolest things... Case in point: here's a nice little marketing strategy from Minneapolis-based investigative firm, Disclosure Insight.
Check out their site and try a search in the company box in the upper right. A chronological list of comment letters, many that would otherwise not be available online, are yours for perusal.
-- MDT
Check out their site and try a search in the company box in the upper right. A chronological list of comment letters, many that would otherwise not be available online, are yours for perusal.
-- MDT
Labels: Disclosure Insight, due diligence, SEC
