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You are browsing the archive for February 2009.
Securities Docket News Wire for Feb. 27, 2009
Web Watch: Best Blog Posts and Columns For the Week Ending Feb. 27. http://is.gd/l9Jt # Court Again Allows Claims Against Parmalat Auditors to Proceed. http://is.gd/l97G # Stanford Investor Sues SEC for Seizing all Accounts Held at Stanford. http://is.gd/l6OR # Carpenter Moore Study Finds Financial Services Cos. Now Pay Highest D&O Premiums. http://is.gd/l5gH # SEC Testimony [...]
Web Watch: Best Blog Posts and Columns For the Week Ending Feb. 27
Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”): FREAKONOMICS (Feb. 26, 2009): Would a Fraud Bounty Have Exposed Madoff Years Ago? “People on Wall Street are not Mother Teresas. They are not going to the SEC unless there is something in it for them.” DOUGLAS KOFF [...]
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Stanford Investor Sues SEC for Seizing all Accounts Held at Stanford
Fox Business News reports in the video below on a lawsuit filed against the SEC by an investor who had his retirement account at Stanford seized, along with those of 30,000 other account holders. According to the video, the investor alleges that the seizures constitute a violation of the Fourth and Fifth Amendments to the [...]
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. Her testimony has been quickly followed by the lawyer for Stanford Financial withdrawing from the case altogether and “disaffirming” his prior statements to authorities, as well as her arrest yesterday by the DOJ for allegedly concealed her role in and familiarity with the Antigua bank’s investments during her SEC testimony.
Securities Docket News Wire for Feb. 26, 2009
Pres. Obama’s Budget Expected to Bring 13% Increase in SEC Funding. http://tinyurl.com/bytbpf # Connecticut Proposes Legislation to Regulate Hedge Funds. http://is.gd/kWWk # D&O Diary Introduces Running List of Stanford Group-Related Litigation. http://is.gd/kWWe # Luxembourg: Regulator Faults UBS’ Due Diligence in Custodianship of Madoff-Related Investments. http://is.gd/kWW7 # Advisen Ltd. Report Analyzes 2008 Securities Class Actions, Predicts [...]
Carpenter Moore Study Finds Financial Services Cos. Now Pay Highest D&O Premiums
Carpenter Moore’s new “2008 Directors & Officers Liability Insurance Peer Benchmarking Report” finds that financial services companies now pay the highest average premiums for directors and officers (D&O) liability insurance, surpassing rates paid by life sciences and technology firms. Insurance Journal reports that this shift in D&O pricing trends accelerated in the fourth quarter of [...]
Former AUSA Thomas Carlucci Joins Foley & Lardner in San Francisco
Thomas F. Carlucci has joined law firm Foley & Lardner as a partner in its San Francisco office. The firm announced today that Carlucci has joined its Securities Litigation & White Collar Defense and General Commercial Litigation Practices. Prior to joining Foley, Carlucci was a partner at DLA Piper. Carlucci was also a federal prosecutor [...]
Debevoise & Plimpton Launches New International Corporate Investigations and Defense Practice
Debevoise & Plimpton announced today that it has launched a new International Corporate Investigations and Defense practice. The Am Law Daily reports that Debevoise’s goal is to “formalize the firm’s existing network of specialists, including 12 former district attorneys, the former attorneys general of the U.S. and Britain, and other white collar lawyers on the [...]
Pres. Obama’s Budget Expected to Bring 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 risk-based, efficient regulatory structure that will better detect fraud and strengthen markets,” the Obama Administration stated.