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‘Enforcement 40’ for 2020
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Bangladesh: SEC Investigation Results in Fine for Insider Trading
Bangladesh’s Securities and Exchange Commission, the country’s capital market regulator, has fined Arif Ahmed in the amount of Tk 1 crore for his alleged involvement in stock market manipulation and insider trading. According to Bangladesh’s Daily Star, Arif is an investor and a relative of some sponsor directors of Popular Life Insurance. The SEC also […]
Law Firm Trend Watch: Financial Crisis Practice Groups
This afternoon, law firm Gibson, Dunn & Crutcher announced that it has created a Financial Markets Crisis Group “to help companies monitor, analyze, respond to, and participate in the development of the new financial environment and regulation.” The Group has been formed in response to “recent dramatic economic events and as Congress and the Bush […]
Former Biopure Corp. Executive Indicted for Lying to Court About Having Cancer
Howard P. Richman, a former executive of Biopure Corp., was indicted yesterday in federal court in Boston for allegedly lying to a federal judge when he said he was gravely ill from colon cancer. Prosecutors claim that Richman did so in an attempt to force a settlement in a case brought against him by the […]
“My Name is Not Gordon”
Speaking at a news conference yesterday urging the United States and other nations to ratify a nuclear test ban treaty, Michael Douglas was unexpectedly pressed to answer questions about the current financial turmoil shaking world markets by a reporter who apparently believed he was Gordon Gekko, the character he played in the 1987 film “Wall […]
Report: Heller Ehrman Dissolution Now “Likely”
Law firm Heller Ehrman is headed toward dissolution according to The Recorder, which reports that Heller management held a firm-wide videoconference at 4:30pm yesterday to update the partnership on the status of the firm’s line of credit, opportunities for groups and offices, and “plans for an orderly transition (or wind-down).” The firm’s line of credit […]
Report: SEC Preparing Enforcement Action Against RBC
The SEC is reportedly preparing an enforcement action against Royal Bank of Canada, Canada’s largest bank, as part of its investigation into the collapse of the $330-billion auction-rate securities market. The Financial Post reports that the bank is “at the top of the list for enforcement agents” at the SEC, stating that two officials at […]
SEC Orders More Than Two Dozen Hedge Funds to Produce Trading Information in Rumors Probe
The SEC has ordered more than two dozen hedge funds to hand over trading information as part of its effort to crack down on false rumors and abusive short selling, the WSJ reports this morning. In the order that went out to hedge funds dated September 22, the SEC reportedly referenced six financial institutions that […]