‘Enforcement 40’ for 2020
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By Securities Docket on May 13, 2009, 4:58 pm
The SEC staff has issued a Wells notice to Angelo Mozilo, the co-founder of Countrywide Financial Corp., advising Mozilo that it intends to recommend that the SEC file civil fraud charges against him, the WSJ reports. The staff reportedly sent Mozilo the Wells notice several weeks ago. The WSJ reports that potential charges against Mozilo […]
By Securities Docket on May 13, 2009, 2:54 pm
Fox Business News interviews hedge fund expert and author Andrew Lo in this video on whether, and to what extent, hedge funds should be regulated.
By Securities Docket on May 13, 2009, 2:49 pm
Peter Alexander of NBC News reports in this video on the $12 billion withdrawn from Bernard Madoff’s firm in 2008, half of which was withdrawn in the three months leading up to his arrest. Visit msnbc.com for Breaking News, World News, and News about the Economy
By Securities Docket on May 13, 2009, 2:33 pm
When Flemish shareholders of Fortis revolted at a heated meeting in Ghent, Belgium last month by throwing shoes, coins and even ballot boxes at Fortis board members, we were willing to dismiss it as an isolated incident. After today’s egg-throwing developments in Dublin, Ireland, however, we think it is time to declare a new, full-blown Eurotrend: shareholders venting their fury at corporations by throwing things at board members.
By Securities Docket on May 13, 2009, 10:46 am
Fairly quietly, Sun Microsystems disclosed last week in its Form 10-Q that it may have violated the Foreign Corrupt Practices Act, and that such violations could have a material effect on its business. Full details are available in this post on my Enforcement Action blog over at Compliance Week.
By Securities Docket on May 13, 2009, 10:07 am
Last night, PBS Frontline aired its new, one-hour analysis of the Madoff scandal, “The Madoff Affair.” The entire video can be seen here.
By Securities Docket on May 13, 2009, 9:47 am
On May 7, 2009, the U.S. Court of Appeals for the Fourth Circuit reversed a lower court ruling dismissing a securities class action against Janus Capital Group. The Fourth Circuit held that plaintiffs’ claim against a subsidiary, Janus Capital Management, for violation of section 10(b) of the Exchange Act had been adequately pled, as was […]
By Securities Docket on May 13, 2009, 9:17 am
The trustee overseeing the liquidation of Bernard L. Madoff Investment Securities brought a third lawsuit yesterday demanding the return of huge sums from investors that had extensive relationships with Madoff. The NYLJ reports that trustee Irving H. Picard (pictured) brought a $1.1 billion complaint on Tuesday against Harley International Ltd. claiming the firm “knew or […]