Securities Docket News Wire for May 16, 2013

Securities Docket News Wire for May 16, 2013

By Securities Docket on May 17, 2013, 4:30 pm

Get caught up with the Securities Docket News Wire for May 16, 2013.

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Level Global’s Chiasson sentenced to six and a half years prison

Level Global’s Chiasson sentenced to six and a half years prison

By Securities Docket on May 13, 2013, 12:06 pm

Chiasson sentenced to 6-1/2 years in prison, and must pay a $5 million fine.

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Harbinger Discloses Settlement With SEC Imposing Two-Year Bar on Philip Falcone

Harbinger Discloses Settlement With SEC Imposing Two-Year Bar on Philip Falcone

By Securities Docket on May 10, 2013, 9:42 am

Settlement would bar Falcone from serving as an investment adviser for two years.

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SEC chief defends ‘neither admit nor deny’ but will review

SEC chief defends ‘neither admit nor deny’ but will review

By Securities Docket on May 7, 2013, 4:53 pm

SEC chair says policy is “among the many things I am reviewing as the new chair.”

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Fannie Mae, KPMG agree to pay $153 mln to end shareholder lawsuit

Fannie Mae, KPMG agree to pay $153 mln to end shareholder lawsuit

By Securities Docket on May 8, 2013, 7:51 am

Fannie Mae and accounting firm KPMG agree to pay $153 million to settle shareholder lawsuit alleging false and misleading financial reports.

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SEC’s White Testifies Current Budget ‘Not Sufficient,’ Seeks 26% Increase

SEC’s White Testifies Current Budget ‘Not Sufficient,’ Seeks 26% Increase

By Securities Docket on May 8, 2013, 10:02 am

SEC’s Mary Jo White makes her case for why the SEC’s budget should be increased to $1.674 billion in fiscal year 2014.

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Former Enron CEO Jeff Skilling may leave prison by 2017

Former Enron CEO Jeff Skilling may leave prison by 2017

By Securities Docket on May 9, 2013, 7:17 am

Proposed agreement will require Skilling to give up remaining rights to appeal and his 2006 convictions on 19 criminal counts will stand.

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Bruce Karpati, Chief of Enforcement Division Asset Management Unit, to Leave SEC After 12 Years

Bruce Karpati, Chief of Enforcement Division Asset Management Unit, to Leave SEC After 12 Years

By Securities Docket on May 9, 2013, 12:05 pm

Karpati has served at chief of Asset Management Unit since its inception in January 2010.

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‘Whistleblower Directors Speak’ at CW 2013 – Compliance Week

By Securities Docket on May 22, 2013, 12:35 pm

At CW 2013 today, three senior officials representing major government whistleblower programs addressed issues including retaliation against whistleblowers and “interference with communications.” via ‘Whistleblower Directors Speak’ at CW 2013 – Compliance Week

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Prison exclusive: Madoff, king of thieves – CNN Money

By Securities Docket on May 16, 2013, 2:27 pm

Madoff said that his deception began after the Black Monday crash of 1987, a massive stock market sell-off from which he never truly recovered. He said that’s when he turned his investors into victims, but he insists that his crime was never supposed to go on for so long. “It was certainly never my intention [...]

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SEC Wraps Up Its ‘Golden Goose’ Insider Trading Case – Compliance Week

By Securities Docket on May 16, 2013, 9:47 am

Yesterday, four and a half years after the SEC filed its complaint in what is now known even by the agency as the “Golden Goose” case, the SEC announced that final settlements were reached with the last remaining defendants in the matter. On May 14, 2013, a federal court entered final judgments against defendants Jamil [...]

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SEC Charges ‘Imaginary’ Cloud Computing Business with Financial Fraud – Compliance Week

By Securities Docket on May 15, 2013, 3:35 pm

The SEC brings dozens of financial fraud cases each year. Usually the cases involve companies that, in an effort to make the numbers expected of them by investors, violate GAAP in order to recognize more revenue, hide expenses, inflate assets, etc. In most cases, of course, there is an underlying business at these companies that [...]

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Senator Warren wants bank settlements to be justified — Reuters

By Securities Docket on May 15, 2013, 7:39 am

In a May 14 letter to the heads of the Federal Reserve, the Securities and Exchange Commission and the Justice Department, Massachusetts Democratic Senator Elizabeth Warren asks the agencies to provide her with details of how they weigh the costs and benefits of settling versus trying cases. “If a regulator reveals itself to be unwilling [...]

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SEC Enforcement Action and Report a Warning Shot to Municipalities on Disclosures – Compliance Week

By Securities Docket on May 14, 2013, 10:37 am

Last week’s enforcement action against the City of Harrisburg, Pa., and accompanying Report of Investigation should serve as a warning to municipalities: beware making misleading statements about a municipality’s financial condition outside of securities disclosure documents. via SEC Enforcement Action and Report a Warning Shot to Municipalities on Disclosures – Compliance Week

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New SEC chief pushes dramatic budget increase to grow agency – The Hill’s RegWatch

By Securities Docket on May 8, 2013, 6:37 am

Security and Exchange Commission (SEC) Chairman Mary Jo White told lawmakers Tuesday that she would hire hundreds of new staffers and bolster economic analysis of forthcoming regulations if the agency’s proposed budget increase is approved. The SEC is requesting $1.674 billion for the 2014 fiscal year, a roughly 27-percent increase from current levels. While the [...]

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Must-Read: Vanity Fair’s ‘The Hunt for Steve Cohen’ – Compliance Week

By Securities Docket on May 6, 2013, 11:49 am

“The Hunt for Steve Cohen” in the June 2013 issue of Vanity Fair is a terrific, in-depth look at the broad investigation conducted by Preet Bharara of the Southern District of New York into insider trading by hedge funds. It shows that while SAC Capital’s Steve Cohen has not been named as a defendant in [...]

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SEC Enforcement’s David Bergers Leaving Agency After 13 Years – Compliance Week

By Securities Docket on May 2, 2013, 12:22 pm

The SEC announced today that David P. Bergers, Acting Deputy Director of the SEC’s Enforcement Division and Director of the Boston Regional Office, will be leaving the SEC this spring after 13 years with the agency. via SEC Enforcement’s David Bergers Leaving Agency After 13 Years – Compliance Week

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Facebook, Underwriters Make Dismissal Pitch in IPO Investor Suits — The Litigation Daily

By Securities Docket on May 2, 2013, 8:29 am

In a 61-page brief filed on Wednesday, Facebook’s lawyers at Kirkland & Ellis and Willkie Farr & Gallagher moved to dismiss consolidated securities litigation over the IPO. Contrary to a slew of complaints filed by plaintiffs lawyers, they argued that Facebook adequately warned investors in the run-up to the IPO that increased mobile usage might [...]

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