Critics have accused the Securities and Exchange Commission of neglecting enforcement of laws to prevent financial and accounting fraud for the better part of the last decade. Now, the SEC says, those days are over. The SEC is embarking on an initiative that will emphasize stamping out financial and accounting fraud as part of push […]
Bruce Carton
Posted inRegulatory Enforcement
Web Watch: Best of the Week Ending October 4
Throughout the week over at Securities Docket I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending October 4, 2013. Former Qwest CEO Joseph Nacchio: Tales From a White-Collar Prison Sentence Dionne Searcey, WSJ Former telecommunications […]
Posted inRegulatory Enforcement
SEC’s Kenneth Israel Retires After Nearly Four Decades in Service
The Securities and Exchange Commission announced yesterday that Kenneth Israel, director of the Salt Lake Regional Office, will retire from the agency today after after more than 38 years of service. Israel has led the Salt Lake office since 1994, and is the first and only Director in its history. Israel joined the SEC in […]
Posted inRegulatory Enforcement
Federal Government Shuts Down but Mark Cuban Insider Trading Trial is Still a Go
Nearly five years after the SEC filed its complaint against Mark Cuban for insider trading (November 2008), and nearly 10 years(!) after Cuban made the trades in question (June 2004), opening arguments in the SEC’s case against Cuban are finally set to kick off today in federal court in Dallas. As this coincides with today’s […]
Posted inRegulatory Enforcement
Web Watch: Best of the Week Ending September 27
Throughout the week over at Securities Docket I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending September 27, 2013. Who speaks for the Compliance Officers?Michael Scher, The FCPA BlogThe Chamber apparently will not be satisfied until […]
Posted inRegulatory Enforcement
Game On: Play True Office’s Insider Trading Game Here
In August 2013, I wrote here about a company called True Office that is trying to make compliance training more interesting and effective by turning it into a game. In August, True Office released an anti-insider trading game that uses the scenario of a fictional investment bank called RXG Capital that is accused of insider […]
Posted inRegulatory Enforcement
Departure of SEC’s Greenberg Leaves Just One Original Unit Chief at Agency
On January 10, 2010, Rob Khuzami, Director of the SEC’s Enforcement Division, announced the appointment of a new, seven-person national leadership team for its just-established specialized units. The Unit Chiefs making up the team were: Asset Management Unit — Led by Co-Chiefs Bruce Karpati and Robert B. Kaplan. Market Abuse Unit— Led by Daniel M. Hawke. […]
Posted inRegulatory Enforcement
SEC Uses Data from Defendants’ MetroCards to Build Insider Trading Case
Sure, it is way more convenient to get yourself a MetroCard (for the subway) or an EZ-Pass (for toll roads) that is linked to a credit card and automatically refills. As the SEC’s most recent enforcement action shows, however, one of the costs of such convenience is the digital trail left behind. Yesterday, the SEC […]
Posted inFrom the Archive
Canada Moves to Plan B for a National Securities Regulator: A “Cooperative” Agency
For many years, the Canadian government has wanted to install a national securities regulator in place of the many provincial regulators now handling that role. As I previously discussed in detail here, in 2009 a federal panel in Canada recommended that the country establish a single securities regulator “that can move with greater speed alongside other domestic […]
Posted inRegulatory Enforcement
JPMorgan Agrees to Pay $200 Million, Admit Wrongdoing in SEC Settlement
Today, the SEC announced that it has brought a settled administrative proceeding against JPMorgan Chase & Co. The SEC charged the firm with “misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses.” Utilizing a new settlement policy […]
