New Century Debtors File Billion Dollar Lawsuit Against KPMG. http://is.gd/q9IA # Vice Chancellor Lamb retiring from Delaware Chancery Court. http://is.gd/q3bp # Hong Kong: SFC Obtains Third Criminal Conviction for Insider Trading in Last Twelve Months. http://is.gd/q08r #
Robert Khuzami, the new Director of the SEC’s Enforcement Division who began working at the agency on March 30, spoke to the staff on his first day to outline four major themes he’d like them to pursue: being “strategic, swift, smart and successful.” In an interview with Dow Jones Newswires, Khuzami emphasized that he believes “there needs to be a…
A liquidating trust formed by New Century Financial Corp. debtors filed a billion-dollar lawsuit today against KPMG International and its U.S. arm, KPMG LLP. The lawsuit alleges that KPMG performed “grossly negligent audits” that helped trigger the collapse of New Century by covering up “catastrophic” accounting and other problems at New Century, Reuters reports. “As New Century’s auditor, KPMG failed…
Today the U.S. Marshall’s Service seized Bernard Madoff’s yacht, “the Bull.” MSNBC has the video.
Perhaps the moral of the story is don’t mock the new, tougher FSA? On Tuesday, less than three weeks after the FSA’s Sants told the UK to be “very frightened” of the FSA (which drew a fair amount of snickering from the UK press), the FSA apparently did its best impression of the SWAT team that storms into Bud Fox’s office at the end of the movie “Wall Street.”