‘Enforcement 40’ for 2020
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Fake Press Release Scam Fails for Umpteenth Time in a Row
The SEC announced today that it has charged Richard Karp with fraud for writing and disseminating a fake press release that, when reported in the media, caused a company’s stock price to spike and allowed him to make thousands of dollars in illicit profits. This marks the [insert your own large number here] time in […]
Defendant Says One Person Who Can Find Requested Document is “Away and We Don’t Know When He’s Going to Come Back”
In Australia, AWB Ltd is pushing to delay a $60 million shareholder class action because it contends that it will still be sifting through 26,000 pages of documents on the proposed trial date of September 7. AWB told the Federal Court yesterday that shareholders would have to limit their demands for documents if they wanted […]
UK: Serious Fraud Office Building Hedge Fund Fraud Warning System
Hedge fund fraudsters beware: the UK’s Serious Fraud Office disclosed yesterday that the agency is building a Flux Capacitor warning system* to help it spot hedge fund fraud. Reuters reports that Richard Alderman, head of the SFO, did not provide details but stated that “[w]e’re looking in particular at a system of red flags to […]
Mass. Senators Recommend Carmen Ortiz as U.S. Attorney
Carmen M. Ortiz has been recommended to President Obama as the first woman and the first Hispanic US attorney in the state of Massachusetts. The Boston Globe reports that Senators Edward M. Kennedy and John F. Kerry recommended yesterday that President Obama nominate Ortiz to the post. Ortiz has worked in the US attorney’s office […]
“TUI”: Trading Under the Influence
In the UK, the resurgent FSA brought another headline-grabbing case yesterday against David Redmond, a freight and oil trader in Morgan Stanley’s Commodities Division in London. The FSA’s report states that on February 6, 2008, “Mr Redmond took an extended lunch break between 13.14 and 16.41 and it appears that this affected his behaviour on […]
Securities Docket A.M. News Wire for May 21, 2009
Discovery Dispute Leads SEC to Seek Sanctions Against Attorneys, Dorsey & Whitney fires partner in London charged with insider trading by FSA, SEC’s Schapiro Questions “Profoundly” Obama Plan, and more.
Joel Laitman and Christopher Lometti Join Cohen Milstein Sellers & Toll in New York
Joel Laitman and Christopher Lometti have joined Cohen Milstein Sellers & Toll in its New York office, and will handle complex securities fraud and investor protection litigation. The AmLaw Daily reports that both were previously name partners at Schoengold Sporn Laitman Lometti.