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Join the Securities Litigation and Enforcement Group on LinkedInSecurities Docket News Wire for Jan. 12, 2009
WSJ Video: Explaining Why the Court Allowed Madoff to Remain Free Today. http://is.gd/fCaJ # Court denies prosecution motion to revoke bail and detain Madoff prior to trial. http://is.gd/fxJb # UK’s Serious Fraud Office gets serious, appoints first general counsel. http://is.gd/fvQs # Australia: Perth man charged with insider trading, faces max. penalty of five years imprisonment […]
WSJ Video: Explaining Why the Court Allowed Madoff to Remain Free Today
In this video from the WSJ, reporter Amir Efrati explains why today a federal judge denied prosecutors’ request to revoke bail and jail Bernard Madoff prior to his trial.
Canada: Panel Recommends Single Federal Securities Regulator
A federal panel in Canada recommended today that the country establish a single securities regulator that would strengthen enforcement and better serve investors. The panel presented its report today to Finance Minister Jim Flaherty in Vancouver. CEP News reports that according to panel chair Tom Hocklin, “the recent turmoil in capital markets has made it […]
Richard Schiffrin Joins Grant & Eisenhofer
Richard S. Schiffrin has joined law firm Grant & Eisenhofer as of counsel. Schiffrin founded his own firm in 1987, which ultimately grew into 55-attorney law firm Schiffrin Barroway Topaz & Kessler. Mr. Schiffrin announced his retirement from Schiffrin Barroway last February, but decided to return to practice. In an announcement today by Grant & […]
Australia: Australian Federal Police Bring Rare Insider Trading Charges
David Kenneth Wallace Michael, the nephew of West Australian Governor Ken Michael, was charged by the Australian Federal Police with insider trading over market-sensitive information he allegedly acted on more than six years ago. The AFP alleges Mr. Michael, the son of former Perth mayor Mick Michael, made the trades at issue in August 2002, […]
Also Feeling the Madoff Pain: Pension Consultants
Trustees of the defined benefit plan of the Town of Fairfield, Conn., voted to terminate the contract of investment consultant NEPC after reviewing what appears to be a $41 million loss from its investment in the MAXAM Absolute Return Fund LP, a Madoff feeder fund offered by MAXAM Capital Management. Fairfield plan trustee Kenneth A. […]
U.S. Attorney Colm Connolly Joins Morgan Lewis in Philadelphia
Colm F. Connolly, the U.S. attorney for the District of Delaware since 2001, will join law firm Morgan Lewis as a partner in its Philadelphia office. The firm announced today that Connolly will join it on Tuesday, January 20, 2009 as a member of its Litigation Practice, and will focus his practice on corporate investigations […]
SDNY Drops Securities Fraud Case Against David Stockman and Three Others
On Friday, federal prosecutors from the SDNY dropped securities fraud and other criminal charges against David Stockman (pictured), former CEO of Collins & Aikman Corp., and three others. Prosecutors advised U.S. District Judge Barbara Jones that pursuing the cases further wouldn’t be in the “interests of justice” following a renewed assessment of evidence in the […]
Prosecutors’ Deadline to Seek Madoff Indictment Pushed Back to February
Federal prosecutors from the U.S. Attorney’s office in the SDNY have received an agreement from Bernard Madoff’s lawyers to push back the deadline for prosecutors to convince a grand jury to indict the New York money manager on fraud charges or show at a public court hearing that there was “probable cause” to arrest him. […]