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You are browsing the archive for March 2009.
Luis Aguilar: The Enforcement Commissioner
Commissioner Luis Aguilar joined the SEC in July 2008. In his short time at the SEC, Aguilar has quickly positioned himself as the SEC Commissioner with the strongest interest in enforcement issues. In several speeches over the past eight months, Aguilar has taken strong positions advocating changes in the enforcement program and even being critical [...]
House Subcommittee Approves SEC Request to Use $17 Million in Unspent Funds
In her March 11, 2009 testimony before the House Subcommittee on Financial Services and General Government, SEC Chairman Mary Schapiro stated that she had submitted a reprogramming request to the subcommittee to use $17 million in the SEC’s unspent prior year funds in fiscal year 2009. These are monies appropriated to the agency and obligated [...]
Court Dismisses Mayer Brown and Former Partner from Refco Securities Class Action
On Tuesday, Judge Gerard Lynch of the SDNY issued an important ruling dismissing claims against law firm Mayer Brown and partner Joseph Collins in the Refco securities class action. Judge Lynch found that Mayer Brown and Collins were not liable under the Supreme Court’s Stoneridge case unless they made misstatements directly to them. The court [...]
Securities Docket News Wire for March 18, 2009
CBS News: Madoff Auditor David Friehling to be Arrested Today. http://is.gd/nSdv # SEC Charges Madoff Auditors With Securities Fraud, “Pretending” to Perform Audit. http://is.gd/nRXY # The Future of Securities Claims Against Mutual Funds. http://tinyurl.com/cphj98 # SEC Mulls Requiring Hedge Fund Registration. http://tinyurl.com/cdlohj # New Jersey Sues Lehman in State Court Over Its Lehman Losses. http://tinyurl.com/cxqymt [...]
Elliot Smith Sentenced to Two Years Probation for Obstructing SEC Probe
Elliot Smith, a founding member of the Chicago Board Options Exchange, was sentenced today to two years probation for obstructing justice in an SEC insider trading investigation. As previously discussed here, Smith pleaded guilty in December 2008 to the obstruction charge. Smith, who is 76 years old, could have received up to five years in [...]
CBS News: Madoff Auditor David Friehling to be Arrested Today
Madoff’s accountant David Friehling, who was already sued by the SEC today, has also been charged criminally with filing false audits and aiding and abetting security fraud, CBS News reports. CBS News reports learned that Friehling will be arrested today in connection with the Madoff scandal. From 1991 through 2008, Friehling, a CPA, and [...]
SEC Charges Madoff Auditors With Securities Fraud, “Pretending” to Perform Audit
The SEC has charged the auditors of Bernard Madoff’s broker-dealer firm with committing securities fraud by falsely representing that they had conducted legitimate audits, when in fact they had not. The SEC announced today that it has filed a complaint in the SDNY alleging that from 1991 through 2008, certified public accountant David G. Friehling [...]
IRS: Madoff Victims Can Deduct Up to 95% of Investment Loss
IRS Commissioner Douglas H. Shulman testified Tuesday before the Senate Finance Committee that according to new IRS guidelines, victims of Bernard Madoff’s Ponzi scheme will be able to deduct up to 95 percent of their investment loss. The guidelines cover victims of all Ponzi schemes, not just Madoff’s. Accounting Web reports that the IRS plan [...]
Marc Dreier Update: Amended Indictment Raises Amount of Alleged Fraud to $700 Million, Adds Money Laundering Charge
Prosecutors in the Marc Dreier case filed an amended indictment on Tuesday that alleges that Dreier defrauded investors out of approximately $700 million, not $400 million as previously alleged. The WSJ reports that the indictment, originally brought in January 2009, alleges conspiracy and fraud charges for the sale of fictitious promissory notes to hedge funds [...]
Securities Docket News Wire for March 17, 2009
Madoff Bankruptcy Trustee Uncovers Assets in Gibraltar. http://is.gd/nKBU # France: “Exceptional Guarantees” Against Prosecution for Bribery. http://tinyurl.com/c35yh4 # Madoff’s Mugshot. http://tinyurl.com/d8m8tq # UK, Dutch Pension Funds Seek Lead Plaintiff Role in US Class Action Against RBS. http://tinyurl.com/dxyk62 # UK: FSA Seeking Power to Offer Plea Bargains in Prosecutions. http://tinyurl.com/cqwxco # The Next Shoe: State Pension [...]