Daily Archives: February 6, 2009, 11:59 pm

Canada: RIM Execs Agree to $92 Million Settlement of Options Backdating Probe

Four directors of Canadian company Research in Motion have agreed to settle a probe by Canadian regulators over the backdating of stock options by paying a combined $92 million.  The settling individuals include the company’s joint CEOs, its president, its CFO, and other board members. The Register reports that the $92 million is broken down as follows: $38.3 million to…

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SEC: “Stay Tuned” for More Subprime-Related Enforcement Actions

Rosalind Tyson, regional director of the SEC’s Los Angeles office, stated today at PLI’s 2009 SEC Speaks that the SEC expects to file additional subprime-related enforcement actions and has dozens of “very active” investigations underway.  “We expect to be filing additional actions in this space, stay tuned,” she said. Reuters reports that Tyson said the agency is looking at mortgage…

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Sutherland Study Finds Benefits for Brokers, Firms to Litigate Against SEC and FINRA

A new study by Sutherland Asbill & Brennan analyzing litigated disciplinary proceedings brought by the SEC and FINRA against broker-dealer firms and registered representatives shows that it often pays for defendants to litigate, rather than settle.  The authors of the study, Brian L. Rubin and Christian J. Cannon, analyzed cases from October 2007 through September 2008 where firms and individuals…

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David Becker to Rejoin SEC as General Counsel

The SEC announced today that David M. Becker will return to the agency later this month as its General Counsel and Senior Policy Director.  Mr. Becker previously served as SEC General Counsel from January 2000 to May 2002 after joining the SEC staff as Deputy General Counsel in 1998. Becker returns to the SEC from law firm Cleary Gottlieb Steen…

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SEC Chairman Schapiro Announces Immediate Measures to Bolster Enforcement

SEC Chairman Mary Schapiro delivered a speech this morning at PLI”s 2009 “SEC Speaks” conference that announced several important new Enforcement Division initiatives, including the end of the SEC’s two-year “penalty pilot” experiment and the implementation of a system permitting more rapid approval of formal orders of investigation. Full details and a copy of the speech are available at this…

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Feb. 17 Webcast: Web 2.0 – Leveraging New Media to Maximize Your Securities & Compliance Practice

On February 17, 2009, Securities Docket is sponsoring a webcast that will look at the numerous ways that securities and compliance counsel and professionals can now use New Media to promote, market, and network themselves, their practices and their firms as never before. Please join Doug Cornelius, Chief Compliance Officer of Beacon Capital Partners, and Bruce Carton, Editor of Securities…

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Prosecutors Charge Investment Banker, Three Others in Insider Trading Case

On Thursday, federal prosecutors in New York charged four people, including a UBS AG investment banker, a former co-worker, a family friend and a former classmate, criminally in an insider trading case that allegedly produced more than $7 million in profits. According to the WSJ, prosecutors announced charges against the following individuals: Nicos Achillea Stephanou of London, formerly with UBS.…

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William “Boots” Del Biaggio III Pleads Guilty to Securities Fraud

In Silicon Valley, the Ponzi scheme of William “Boots” Del Biaggio III, who pleaded guilty Wednesday to securities fraud, is causing a buzz.  The New York Times reports that on Wednesday, Del Biaggio pleaded guilty to securities fraud.  He has been charged with falsifying documents to obtain $100 million in fraudulent loans. In December, as previously noted here, Del Biaggio,…

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