The response is now in to the very interesting question posed by U.S. District Court Judge Jed Rakoff (previously discussed here) when deciding whether to free Marc Dreier on bail: “Are these armed guards authorized to shoot him” if he tries to flee? Counsels’ answer: Don’t Shoot!! The New York Law Journal reports that in […]
Bruce Carton
Posted inFrom the Archive
SEC’s Schapiro Sends Follow-Up Letter to Congress
Late Wednesday evening, after an emotional hearing before the House Financial Services Committee in which five SEC witnesses declined to explain their performance in the Madoff matter because of ongoing investigations, SEC Chairman Mary Schapiro sent a letter to Committee acknowledging that the hearing “cannot have been satisfactory for you.” Ms. Schapiro’s letter to Chairman […]
Posted inFrom the Archive
My Take on the Markopolos Hearing Today
Enforcement Action’s Bruce Carton appeared on Fox News today to discuss the explosive House Financial Services Committee hearing featuring Harry Markopolos. The video is below:
Posted inRegulatory Enforcement
Canada: Hundreds of Enforcement Actions in 2008 But Just $14 Million in Sanctions
The Canadian Securities Administrators today issued its annual report on enforcement activities. The CSA announced (click here) that during calendar year 2008, CSA members commenced 215 matters against 416 individuals and companies, and concluded 123 cases involving 322 individuals and companies that resulted in monetary sanctions and orders towards costs totaling approximately …. Wait for […]
Posted inFrom the Archive
Two Random Observations about Mary Schapiro’s Swearing-In
In case you missed it, the SEC announced today that Mary L. Schapiro was sworn in this morning as the 29th Chairman of the SEC. The oath of office was administered by SEC Commissioner Elisse B. Walter at SEC headquarters. Two random observations: (1) It sure looks from the SEC’s press release as if the […]
Posted inFrom the Archive
Notes from Today’s Senate Banking Committee Madoff Hearing
The Senate Banking Committee’s hearing on the “Madoff Investment Securities Fraud: Regulatory and Oversight Concerns and the Need for Reform” occurred today, and ran for about three hours. I watched the video feed, and tried to capture as much as I could in the notes below (which were originally “Tweets” on my Twitter feed). They […]
Posted inFrom the Archive
Senate Banking Committee Hearing on “Madoff Investment Securities Fraud”
The Senate Banking Committee’s hearing on the “Madoff Investment Securities Fraud: Regulatory and Oversight Concerns and the Need for Reform” began at 10 am today and can be viewed at the link below. In addition, I am following the hearing and offering my thoughts and comments via my Twitter feed, here: http://twitter.com/brucecarton Watch the hearing: […]
Posted inFrom the Archive
Updating the International Insider Trading Case Map
After reading about a recent insider trading development in the Canadian province of Newfoundland and Labrador, it occurred to me that I was way overdue in updating the immensely and surprisingly popular International Insider Trading Case Map (8,500 page views to date!). I introduced that interactive map in a post (click here) back on November […]
Posted inFrom the Archive
More on the Novel Administrative Claim Filed Against the SEC for Madoff Failings
On December 22, 2008, as discussed here, Phyllis Molchatsky, a 61-year-old retiree from Valley Cottage, NY who lost nearly $2 million investing with Bernard Madoff, filed a novel claim against the SEC. Her administrative claim reportedly alleges that the SEC was negligent in failing to detect alleged Madoff’s alleged fraud and seeks $1.7 million in […]
Posted inRegulatory Enforcement
For Those Still Waiting for the “Chairman Cox Has Resigned” Press Release…
Broc Romanek makes a good observation today on his blog at TheCorporateCounsel.net about the conspicuous absence of any type of announcement from the SEC upon Chairman Cox’s resignation Tuesday: Apparently, SEC Chair Chris Cox resigned on Inauguration Day, even though it didn’t make news until later yesterday – and the SEC still hasn’t issued a […]