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Stanford Receiver Argues Against Reduction in Fees
Ralph Janvey (pictured), the receiver in the Stanford case, stated in a recent court filing that while the SEC apparently expected to recover as much as $1 billion in the Stanford case, only about $350 million of assets have been located. As a result, Janvey says, the SEC is now trying to reduce fees for [...]
“So You’re Telling Me There’s a Chance”: Madoff to Seek Leniency
Lloyd: What are the chances of a guy like you and a girl like me… ending up together? Mary: Well, that’s pretty difficult to say. Lloyd: Hit me with it! I’ve come a long way to see you, Mary. The least you can do is level with me. What are my chances? Mary: Not good. [...]
Securities Docket A.M. News Wire for June 23, 2009
Former Chairman of the Board of American Italian Pasta Co. Settles SEC Charges; Manulife shares plunge in response to OSC investigation, potential lawsuit; Madoff Trustee Also Sues Cohmad Securities and Principals; Step 1: Obtain $2.8 Billion Judgment; Step 2: Seek Asset Freeze; Will Madoff ever leave prison alive? SEC Charges Madoff “Solicitors,” Feeder with Fraud; and more.
American Dairy Announces Conclusion of SEC Inquiry
American Dairy, Inc. announced today that it has received a letter from the SEC that the SEC’s investigation into the company has been completed and the SEC does not intend to recommend any enforcement action. American Dairy stated that the letter concludes the SEC’s informal inquiry, which commenced in 2007 and related to individuals and [...]
Madoff Trustee Also Sues Cohmad Securities and Principals Today
The SEC is not the only one suing Cohmad Securities and several of its principals today. This afternoon, Irving H. Picard (pictured), the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), announced that he had filed a complaint in bankruptcy court against Cohmad Securities Corporation and certain of its principals, [...]
Step 1: Obtain $2.8 Billion Judgment; Step 2: Seek Asset Freeze
On Friday, attorneys for HealthSouth shareholders asked Alabama Circuit Judge Allwin E. Horn to freeze the assets of former HealthSouth CEO Richard Scrushy, against whom they obtained a massive nearly $2.9 billion judgment last week. One of the attorneys acknowledged that there was no expectation of getting the full judgment from Scrushy, but said that [...]
SEC Charges Madoff “Solicitors,” Feeder with Fraud
The SEC today charged Cohmad Securities Corporation as well as its chairman Maurice J. Cohn, COO Marcia B. Cohn, and registered representative Robert M. Jaffe with actively marketing investment opportunities with Bernard Madoff while “knowingly or recklessly disregarding facts indicating that Madoff was operating a fraud.” In a separate complaint, the SEC also charged California-based [...]
Fox Business Video: SEC Report Confirms DOJ Told SEC to Back Off Stanford Investigation
Fox’s Adam Shapiro reports in this video that an internal SEC report confirms that the DOJ told the SEC to back off of its Stanford investigation, which the SEC agreed to do until the Madoff scandal broke.
Madoff Prosecutors Seek More Time to Calculate Losses and Investors Defrauded
On Friday, the Madoff prosecutors asked the court for more time to calculate the amount of money lost and the number of investors defrauded. Prosecutors cited the fact that the court-appointed trustee in the Madoff case recently found microfilm records dating back to 1979, which must be analyzed. To date, the trustee has identified 1,341 [...]
Securities Docket A.M. News Wire for June 22, 2009
OECD warns shareholders need to be more proactive as owners if corporate governance is to improve globally. http://bit.ly/p7HBv # New Zealand: Investors face dilemma from ING NZ and ANZ offer. http://bit.ly/iCKtV # Stanford scheme aided by Antiguan regulator, SEC Says. http://bit.ly/gxQBl #