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SEC Charges Former Executives at Silicon Valley Company for Inflating Financial Results
The Securities and Exchange Commission today charged two former Silicon Valley executives for improperly inflating the reported financial results at Santa Clara, Calif., semiconductor company Tvia, Inc.
Categories: SEC Press Releases
President Obama Establishes Interagency Financial Fraud Enforcement Task Force
Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Chairwoman Mary Schapiro today announced that President Barack Obama has established by Executive Order an interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime. The Department of Justice will lead the task force and the Department of Treasury, HUD and the SEC will serve on the steering committee. The task force's leadership, along with representatives from a broad range of federal agencies, regulatory authorities and inspectors general, will work with state and local partners to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, address discrimination in the lending and financial markets and recover proceeds for victims.
Categories: SEC Press Releases
Federal Regulators Issue Final Model Privacy Notice Form
Eight federal regulatory agencies today released a final model privacy notice form that will make it easier for consumers to understand how financial institutions collect and share information about consumers.
Categories: SEC Press Releases
SEC Charges Promoters of "Green" Investments With Operating $30 Million Ponzi Scheme Based in Denver Area
The Securities and Exchange Commission today charged four individuals and two companies involved in perpetrating a $30 million Ponzi scheme in which they persuaded more than 300 investors nationwide to participate in purported environmentally-friendly investment opportunities.
Categories: SEC Press Releases
SEC Announces Agenda and Panelists for Small Business Forum
The Securities and Exchange Commission today announced the agenda, speakers and panelists for its November 19 forum on small business capital formation.
Categories: SEC Press Releases
Securities Regulators to Talk Financial Literacy With Students
The Securities and Exchange Commission today announced a new financial literacy outreach program to promote financial literacy to elementary school students.
Categories: SEC Press Releases
Paul Beswick Named SEC Deputy Chief Accountant in Charge of Accounting Group
The Securities and Exchange Commission today announced that Paul A. Beswick has been named the Deputy Chief Accountant overseeing the Accounting group within the agency's Office of the Chief Accountant.
Categories: SEC Press Releases
SEC Charges Madoff Computer Programmers
The Securities and Exchange Commission today charged two computer programmers for their role in helping convicted Ponzi schemer Bernard L. Madoff cover up the fraud at Bernard L. Madoff Investment Securities LLC for more than 15 years.
Categories: SEC Press Releases
Robert W. Cook Named Director of SEC Division of Trading and Markets
Securities and Exchange Commission Chairman Mary L. Schapiro announced today that Robert W. Cook has been named Director of the agency's Division of Trading and Markets.
Categories: SEC Press Releases
SEC Charges Former CFO of New York-Based Hedge Fund With Securities Fraud
The Securities and Exchange Commission today charged the former chief financial officer of a New York-based hedge fund with securities fraud for arranging secret sales of securities from his personal trading account to the hedge fund accounts at inflated prices to generate his own illicit profits.
Categories: SEC Press Releases
Chief Litigation Counsel Luis R. Mejia Leaving SEC
The Securities and Exchange Commission announced today that Luis R. Mejia, Chief Litigation Counsel of the Division of Enforcement, will leave the Commission. He will join the law firm of DLA Piper as a partner in the firm's Washington, D.C., office in December.
Categories: SEC Press Releases
SEC to Hold National Seminar for Chief Compliance Officers
The Securities and Exchange Commission today announced the opening of registration for its CCOutreach National Seminar to help chief compliance officers (CCOs) at investment advisers, investment companies, and broker-dealers enhance their compliance programs for the protection of investors.
Categories: SEC Press Releases
SEC's New Division of Risk, Strategy, and Financial Innovation Adds Experts to Senior Ranks
The Securities and Exchange Commission today announced that three experts in the fields of risk management, structured finance and corporate transactions have been named to senior positions at the SEC's newly-established Division of Risk, Strategy, and Financial Innovation. The Division was created in September to enhance the agency's capabilities and help identify developing risks and trends in the financial markets.
Categories: SEC Press Releases
Statement by Chairman Schapiro on IASB and FASB Commitment to Improve IFRS and U.S. GAAP and to Bring About Their Convergence
SEC Chairman Mary L. Schapiro today made the following statement: "I am greatly encouraged by the commitment of the IASB and the FASB to provide greater transparency to the standard setting process and their convergence efforts. I believe that these efforts will result in improved financial information provided to investors."
Categories: SEC Press Releases
SEC Charges Wall Street Lawyers and Traders in $20 Million Insider Trading Scheme
The Securities and Exchange Commission today charged a pair of lawyers for tipping inside information in exchange for kickbacks as well as six Wall Street traders and a proprietary trading firm involved in a $20 million insider trading scheme.
Categories: SEC Press Releases
SEC Charges 13 Additional Individuals and Entities in Galleon Insider Trading Case
The Securities and Exchange Commission today announced additional charges in its insider trading enforcement action against billionaire Raj Rajaratnam and Galleon Management LP by charging 13 additional individuals and entities, including three hedge fund managers, three professional traders at New York-based Schottenfeld Group, and a senior executive at Atheros Communications, a California-based developer of networking technologies.
Categories: SEC Press Releases
SEC Sues Value Line Inc. and Two Senior Officers for $24 Million Fraudulent Scheme
The Securities and Exchange Commission today charged New York City-based investment adviser Value Line Inc., its CEO, its former Chief Compliance Officer and its affiliated broker-dealer with defrauding the Value Line family of mutual funds by charging over $24 million in bogus brokerage commissions on mutual fund trades funneled through Value Line's affiliated broker-dealer, Value Line Securities, Inc. (VLS).
Categories: SEC Press Releases
SEC Charges Former Executives Of Milwaukee-Based Medical Software Provider With Accounting Fraud
The Securities and Exchange Commission today charged Milwaukee-based Merge Healthcare Incorporated and two former senior executives for their roles in an accounting fraud that ultimately caused the company's stock price to drop by two-thirds during a seven-month period.
Categories: SEC Press Releases
J.P. Morgan Settles SEC Charges in Jefferson County, Ala. Illegal Payments Scheme
The Securities and Exchange Commission today charged J.P. Morgan Securities Inc. and two of its former managing directors for their roles in an unlawful payment scheme that enabled them to win business involving municipal bond offerings and swap agreement transactions with Jefferson County, Ala. This is the SEC's second enforcement action arising from Jefferson County's bond offerings and swap transactions.
Categories: SEC Press Releases
Norm Champ Named Associate Regional Director for Examinations in SEC New York Regional Office
The Securities and Exchange Commission today announced the selection of Norm Champ as Associate Regional Director for Examinations in the agency's New York Regional Office (NYRO).
Categories: SEC Press Releases
