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You are browsing the archive for May 2009.
UK: Serious Fraud Office Building Hedge Fund Fraud Warning System
Hedge fund fraudsters beware: the UK’s Serious Fraud Office disclosed yesterday that the agency is building a Flux Capacitor warning system* to help it spot hedge fund fraud. Reuters reports that Richard Alderman, head of the SFO, did not provide details but stated that “[w]e’re looking in particular at a system of red flags to [...]
Mass. Senators Recommend Carmen Ortiz as U.S. Attorney
Carmen M. Ortiz has been recommended to President Obama as the first woman and the first Hispanic US attorney in the state of Massachusetts. The Boston Globe reports that Senators Edward M. Kennedy and John F. Kerry recommended yesterday that President Obama nominate Ortiz to the post. Ortiz has worked in the US attorney’s office [...]
“TUI”: Trading Under the Influence
In the UK, the resurgent FSA brought another headline-grabbing case yesterday against David Redmond, a freight and oil trader in Morgan Stanley’s Commodities Division in London. The FSA’s report states that on February 6, 2008, “Mr Redmond took an extended lunch break between 13.14 and 16.41 and it appears that this affected his behaviour on [...]
Securities Docket A.M. News Wire for May 21, 2009
Discovery Dispute Leads SEC to Seek Sanctions Against Attorneys, Dorsey & Whitney fires partner in London charged with insider trading by FSA, SEC’s Schapiro Questions “Profoundly” Obama Plan, and more.
Joel Laitman and Christopher Lometti Join Cohen Milstein Sellers & Toll in New York
Joel Laitman and Christopher Lometti have joined Cohen Milstein Sellers & Toll in its New York office, and will handle complex securities fraud and investor protection litigation. The AmLaw Daily reports that both were previously name partners at Schoengold Sporn Laitman Lometti.
David Kornblau Joins Covington & Burling in New York
David Kornblau has joined law firm Covington & Burling as a partner in its New York office. The firm announced this week that Kornblau will be a member of Covington’s white collar and securities enforcement and litigation practices. Kornblau is the former Chief Litigation Counsel for the Securities and Exchange Commission’s Division of Enforcement. As [...]
SEC’s Schapiro Questions “Profoundly” Obama Administration Plan
A recently disclosed plan that could strip certain powers from the Securities and Exchange Commission has created the first public wedge between the Obama administration and SEC Chairman Mary Schapiro.
GSI Group Discloses Formal SEC Investigation into Revenue Recognition Errors
GSI Group Inc. announced today that it has received a notice from the SEC “indicating that the SEC is conducting a formal investigation relating to the Company’s identified errors in the timing of recognition of revenue from sales to certain Semiconductor Systems Segment customers from 2005 through 2008.” The Company further stated that it intends [...]
Barry Mandel Joins Foley & Lardner in New York
Barry Mandel has joined law firm Foley & Lardner as a partner in its New York office. The firm announced yesterday that Mandel will work in its Securities Enforcement & Litigation Practice and White Collar Defense Practice. Mandel most recently served as co-head of Global Litigation, Employment and Regulatory Affairs for Merrill Lynch & Co., [...]
Scrushy Claims “No Knowledge of any Financial Fraud” at HealthSouth
As previously discussed here, the civil trial against Richard Scrushy began in Alabama last week. Testifying today for the first time in his own defense, Scrushy said today he had “no knowledge of any financial fraud” at HealthSouth Corp., and that he was misled by other executives. The Birmingham News reports that Scrushy testified that [...]