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Join the Securities Litigation and Enforcement Group on LinkedInSecurities 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 […]
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 […]
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 […]
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 […]
CNBC Video: Why the Court Refused to Revoke Madoff’s Bail
In this video, CNBC’s Scott Cohn takes an interesting look at Bernard Madoff’s bail hearing yesterday and the reason why a federal judge denied a second bid by prosecutors to revoke Madoff’s bail.
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 […]
Details and Copy of Mark Cuban’s Motion to Dismiss SEC Insider Trading Case
As previously discussed here, Mark Cuban filed a motion to dismiss the SEC’s insider trading case against him yesterday in the U.S. District Court for the Northern District of Texas. A copy of Cuban’s Memorandum of Law in Support of Motion to Dismiss and additional details of his argument are available here.
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 […]
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 […]
WSJ Video: Town of Fairfield, CT Going After Madoff
DOJ, SEC, and Madoff class action attorneys step aside. As discussed in this WSJ video, officials from the Town of Fairfield, Connecticut have announced plans to attempt to arrest Bernard Madoff. The town alleges that Madoff defrauded the town of $42 million worth of pension money that was invested with him.