Daily Archives: January 15, 2009, 11:59 pm

Securities Docket News Wire for Jan. 15, 2009

January 28 Webcast: FCPA Enforcement — The Paradigm Shift of 2008. http://is.gd/g34l # FINRA’s Review of Madoff Records Suggests He Made No Trades at All. http://is.gd/g0Qd # Details and Copy of Mark Cuban’s Motion to Dismiss SEC Insider Trading Case. http://is.gd/fZCc # UK: Joint Venture Seeks to Raise Over $300 Million to Fund Corporate and Investor Litigation. http://is.gd/fYEX # Mark…

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Canada: Alberta Securities Commission Announces Settlement of Insider Trading Case Against Former Mirage Energy CEO

The Alberta Securities Commission (ASC) announced yesterday that it had reached a settlement with Rene Laprade, former director of Sahara Energy Ltd. and former director, C.E.O. and president of Mirage Energy Ltd., regarding allegations that he engaged in illegal insider trading of Mirage Energy securities in February 2008. According to the ASC, Laprade agreed to pay $10,000 to settle the…

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U.S. Senate Banking Committee to Hold Hearing Jan. 27 to Examine Alleged Madoff Fraud

The U.S. Senate Banking Committee will hold a hearing on January 27 to examine Wall Street financier Bernard Madoff’s alleged $50 billion fraud, a committee aide stated today.  The Senate’s planned hearing follows the House Financial Services Committee’s hearing on January 5, previously discussed here. Reuters reports that Senate Banking Committee Chairman Christopher Dodd and the panel’s top Republican, Richard…

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January 28 Webcast: FCPA Enforcement — The Paradigm Shift of 2008

On January 28, 2009, KPMG Forensic is sponsoring a webcast that will shed light on the game-changing developments in 2008 in the enforcement of the Foreign Corrupt Practices Act.  2008 brought FCPA settlements of previously unthinkable amounts (including the historic Siemens settlement), but also important new trends such as: increasingly aggressive enforcement against individuals; ramped up international coordination; and the…

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FINRA’s Review of Madoff Records Suggests He Made No Trades at All

A spokesman for the Financial Industry Regulatory Authority (FINRA) stated today that FINRA’s review of Bernard Madoff’s records show no record of Bernard Madoff’s investment funds placing trades through his brokerage operation. The Boston Globe reports that “that leaves only two options – either he was placing trades only through other firms, which would be highly unusual, or he was…

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UK: FSA Fines Belgian Investor £176,254 for Insider Trading

The UK’s Financial Services Authority announced yesterday that it has fined Erik Boyen, a Belgium based private investor, £176,254 for dealing in the shares of Monterrico Metals Plc, an AIM-quoted company, on the basis of inside information.  The penalty includes a disgorgement of profit of £127,254 and an additional penalty of £49,000, and follows similar fines imposed on Erik Boyen’s…

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UK: Joint Venture Seeks to Raise Over $300 Million to Fund Corporate and Investor Litigation

In the UK, litigation insurance broker ILF Limited and alternative assets adviser IGS Group announced yesterday a joint venture to raise funds to invest in corporate litigation cases.  Reuters reports that the joint venture called Independent Litigation Funding LLP will aim to raise up to eight new funds this year, each of around 20 million pounds ($29 million), to finance…

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