Securities Docket News Wire for Dec. 16, 2008

  • Breaking: SEC’s Cox States SEC Received Credible, Specific Allegations About Madoff But Failed to Thoroughly Investigate. http://is.gd/c33u #
  • Former Gen Re CEO Sentenced to Just Two Years in Prison for Role in AIG Scheme. http://is.gd/c2eE #
  • SEC Receiver Pomerantz: Dreier LLP to File for Bankruptcy. http://is.gd/c0Ap #
  • Madoff given until tomorrow to get three co-signers to guarantee $10 million bail terms (in addition to his wife). http://is.gd/c07X #
  • Securities Class Action Filed Against China Organic Agriculture, Inc. in S.D.N.Y. http://is.gd/bZXe #
  • Securities Class Action Filed Against AtriCure, Inc. in S.D. Ohio. http://is.gd/bZWJ #
  • Pres. of SIPC, which is liquidating Madoff’s firm, says they have found “two sets of books, in complete disarray.” http://is.gd/bZRc #
  • Copy of Class Action Complaint in Kellner v. Madoff. http://is.gd/bZs1 #
  • Sen. Dodd Seeks Explanation from SEC for Failure to Detect Madoff Scheme. http://is.gd/bYI5 #
  • A top SEC compliance official married Madoff’s niece, a compliance lawyer for the company, in 2007. http://is.gd/bYoI #
  • European Funds Turn to U.S. Courts to Recover Subprime Losses. http://is.gd/bYjZ #
  • Burst of white collar investigations, shareholder lawsuits boosts electronic discovery firms. http://is.gd/bYbH #
  • Madoff Form ADV (http://is.gd/bXWE) disclosed just 1-5 employees performing inv. adv. functions. “That’s unheard of.” http://is.gd/bXXm #
  • KB Home’s former head of HR agrees to plead guilty to conspiring SEC probe of options-backdating at the home builder. http://is.gd/bXLH #
  • Former vice chair of ISE sentenced to 18 mos. in prison for alleged role in leaking confid. info about takeover of ISE. http://is.gd/bXJm #
  • WSJ says Siemens paid law firm Debevoise more than $274 million for work on FCPA matter. http://is.gd/bXpZ #
  • Debevoise lawyers and Deloitte & Touche spent more than 1.5 million billable hours on the Siemens FCPA investigation. http://is.gd/bXpZ #
  • Madoff loss to Dutch taxpayers may work out to €51-€60 (US$70-US$80) for every man, woman and child in the country. http://is.gd/bXkh #
  • UK: London-Based Madoff International Ceases Trading After Discussions With FSA. http://is.gd/bXc0 #
  • Tally of disclosed Madoff losses as of Tuesday morning stands at $29.9 billion. http://is.gd/bW6p #
  • Supreme Court Denies Cert. Petition in Merix Securities Class Action. http://is.gd/bTzq #
  • Anger builds at fund managers who charged investors fees for little more than turning over the money to Madoff. http://is.gd/bTwY #