In the days leading up to Nov. 16, 2005, the stock prices and trading volumes of several companies with asbestos-related liabilities including USG Corp., W.R. Grace & Co., and Crown Holdings, began to spike up in an otherwise flat market. No publicly available news about these companies or the industry explained the increases in price […]
Bruce Carton
Posted inFrom the Archive
Madoff Case Alliance to Propose Global Financial Court
The “Madoff Case Global Alliance of Law Firms” held its second meeting today, and its first in the U.S., at the Manhattan office of law firm McCarter & English. McCarter’s Gaytri Kachroo is a member of the Alliance and the lawyer for Madoff whistleblower Harry Markopolos. Members of the Alliance emerged from the meeting today […]
Posted inRegulatory Enforcement
Khuzami Starts at SEC March 30; Thomsen Left Feb. 27
Incoming SEC Director of Enforcement Robert Khuzami will begin his employment with the SEC on March 30, 2009, SEC spokesman John Nester told Securities Docket today. Nester also stated that February 27 was the last day at the SEC for Linda Thomsen, the former Director of Enforcement who announced on February 9, 2009, that she […]
Posted inAccounting & Auditing
Liability for Accountants and Others in the Financial Crisis
On February 24, 2009, Stuart Grant of Grant & Eisenhofer P.A. and Michael Young of Willkie Farr & Gallagher LLP discussed the subject of the potential liability of professionals in the financial crisis with Enforcement Action’s Bruce Carton. The discussion was part of a webcast in which Grant and Young collaborated on a presentation on […]
Posted inFrom the Archive
“Impersonation of Securities Regulator” Scam Returns
As if the SEC doesn’t have enough to deal with, it must also now contend with con artists using the names of actual SEC employees to attempt to gain confidential information and mislead potential victims. The SEC announced today that in some instances, investors in the U.S. and abroad have been tricked into revealing private […]
Posted inFrom the Archive
Court Again Allows Claims vs. Parmalat Auditors to Proceed
One month ago, US District Judge Lewis Kaplan sent a shock wave through the auditing world by ruling that a securities class action could proceed against Deloitte & Touche Tohmatsu and Deloitte & Touche LLP for the actions of Deloitte & Touche SpA, which served as Parmalat’s auditor in Italy. The two Deloitte entities argued […]
Posted inFrom the Archive
SEC Testimony in Stanford Case Leads to Fireworks
SEC testimony can sometimes be tedious and uneventful, but that certainly does not appear to have been the case with respect to the February 10, 2009, SEC testimony of Stanford Financial Group chief investment officer Laura Pendergest-Holt. First, almost immediately following her testimony, Stanford Financial Group’s lawyer, Thomas Sjoblom of the law firm Proskauer Rose, […]
Posted inFrom the Archive
Budget Expected to Seek 13% Increase in SEC Funding
Under President Obama’s proposed budget, the SEC is expected to receive a 13% increase in funding next year, which would bring its 2010 budget to about $1.02 billion. After several years of relatively little increase in its budget, the boost would allow the SEC to increase its resources including staff and technology to “pursue a […]
Posted inFrom the Archive
Tomorrow’s Webcast: Liability of Professionals in the Financial Crisis
On Tuesday, February 24, 2009, at 2:00 pm EST, Enforcement Action’s Bruce Carton will moderate a webcast entitled, “Liability of Professionals in the Financial Crisis” featuring two of the top lawyers in the securities litigation field. Stuart Grant of Grant & Eisenhofer P.A. and Michael Young of Willkie Farr & Gallagher LLP will addresses critical […]
Posted inFrom the Archive
Madoff Trustee: No Purchases in at Least 13 Years
The WSJ reports that at a meeting for Madoff investors held today in the U.S. Bankruptcy Court, the trustee overseeing the liquidation of Madoff’s firm stated that “his investigation has found no evidence that any securities were purchased on behalf of customers in at least 13 years.” Read that again. No evidence that any securities […]