Jan. 27 Webcast Materials
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Finland: Supreme Court Imposes First Non-Suspended Prison Sentences for Stock Market Crimes
The Finnish Supreme Court sentenced Jyrki Salminen, the former CEO of TJ Group, and Tuomo Tilman, the company’s former Chairman of the Board to two years and four months for insider trading. The case marks Finland’s first-ever non-suspended prison sentences for stock market crimes. Helsingin Sanomat reports that the Supreme Court’s decision is seen as [...]
Court Dismisses Mirant Securities Class Action With Prejudice, Ending Six Year Battle
On January 7, U.S. District Judge Richard W. Story dismissed with prejudice the securities class action against Mirant Corp., ending a six-year legal battle. Shareholders alleged that Mirant had illegally manipulated utility prices to reap profits and inflate its stock, according to the Fulton County Daily Report. The court found, however, that the lawsuit [...]
Aon Corp. Estimates Insurance Industry Losses from Alleged Madoff Scheme to be $1.8 Billion
Aon Corp. estimates that the insurance industry’s range of direct insured losses will likely be between $760 million and $3.8 billion from Bernard Madoff’s alleged Ponzi scheme, with a maximum exposure of a massive $6 billion. Aon stated in a report issued yesterday that the most likely loss will be $1.8 billion, according to Medill [...]
Luxembourg: Court Orders UBS to Return €30m in Funds Tied to Madoff Investments
On Thursday, a Luxembourg judge ordered Swiss bank UBS to repay €30m ($39m) to Oddo Asset Management, a French company that had invested in funds linked with Bernard Madoff. Oddo successfully argued that although its investment in the Luxalpha fund set up by UBS had been sold on November 17 – roughly a month before [...]
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Securities Docket News Wire for Jan. 15, 2009
January 28 Webcast: FCPA Enforcement — The Paradigm Shift of 2008. http://is.gd/g34l # FINRA’s Review of Madoff Records Suggests He Made No Trades at All. http://is.gd/g0Qd # Details and Copy of Mark Cuban’s Motion to Dismiss SEC Insider Trading Case. http://is.gd/fZCc # UK: Joint Venture Seeks to Raise Over $300 Million to Fund Corporate and [...]
Canada: Alberta Securities Commission Announces Settlement of Insider Trading Case Against Former Mirage Energy CEO
The Alberta Securities Commission (ASC) announced yesterday that it had reached a settlement with Rene Laprade, former director of Sahara Energy Ltd. and former director, C.E.O. and president of Mirage Energy Ltd., regarding allegations that he engaged in illegal insider trading of Mirage Energy securities in February 2008. According to the ASC, Laprade agreed to [...]
U.S. Senate Banking Committee to Hold Hearing Jan. 27 to Examine Alleged Madoff Fraud
The U.S. Senate Banking Committee will hold a hearing on January 27 to examine Wall Street financier Bernard Madoff’s alleged $50 billion fraud, a committee aide stated today. The Senate’s planned hearing follows the House Financial Services Committee’s hearing on January 5, previously discussed here. Reuters reports that Senate Banking Committee Chairman Christopher Dodd and [...]
January 28 Webcast: FCPA Enforcement — The Paradigm Shift of 2008
On January 28, 2009, KPMG Forensic is sponsoring a webcast that will shed light on the game-changing developments in 2008 in the enforcement of the Foreign Corrupt Practices Act. 2008 brought FCPA settlements of previously unthinkable amounts (including the historic Siemens settlement), but also important new trends such as: increasingly aggressive enforcement against individuals; ramped [...]
CNBC Video: Why the Court Refused to Revoke Madoff’s Bail
In this video, CNBC’s Scott Cohn takes an interesting look at Bernard Madoff’s bail hearing yesterday and the reason why a federal judge denied a second bid by prosecutors to revoke Madoff’s bail.