Monthly Archives: June 2016

The hedge fund at the center of an insider-trading scandal is shutting down — Reuters

Visium Asset Management, the hedge fund at the center of an insider-trading investigation, is shutting down, according to an investor letter seen by Business Insider. Visium is shutting its flagship balanced fund and has suspended withdrawals and redemptions requested from investors. The fund managed $7.8 billion at the start of the year, according to Hedge Fund Intelligence. via The hedge fund…

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Bernard Madoff Investors to Receive Another Payout – Bankruptcy Beat – WSJ

Bernard Madoff’s cheated investors will receive another multimillion-dollar payout, bringing their total recoveries since the collapse of his Ponzi scheme to nearly $9.5 billion. Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in Manhattan on Wednesday authorized the seventh payout to investors in Bernard L. Madoff Investment Securities LLC, court papers show. via Bernard Madoff Investors to Receive Another Payout –…

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Tailored Cybersecurity Programs Remain a Policy and Enforcement Focus for Financial Regulators — OnPoint

Recent pronouncements from U.S. government officials, as well as regulatory actions, have made it clear that ensuring financial institutions’ cybersecurity will be a major priority for the SEC and other regulators charged with safeguarding financial markets. via Tailored Cybersecurity Programs Remain a Policy and Enforcement Focus for Financial Regulators — OnPoint

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Mary Jo White Wants to Read Your Gmail – WSJ

Ms. White probably will go down in history as one of the SEC’s most effective and successful leaders. In its 2015 fiscal year, the agency brought 807 enforcement cases, an unprecedented number, and secured orders directing penalties and disgorgement totaling $4.2 billion, an all-time high. There is no need to conscript Google, Yahoo and others to snoop into Americans’ emails.…

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Phil Mickelson and the SEC’s Legal Bogey – WSJ

The SEC often names relief defendants in cases where some person has obtained money through unlawful conduct, and then provides that money to other persons or entities, who were not themselves involved in the illegal activity. Naming the person in possession of the unlawful proceeds enables the SEC to lay legal claim to those funds. But that is not the…

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Judge Rakoff Sees Resistance to Fraud Prosecutions — Accounting Today

“I am regretfully increasingly convinced that the federal government and the federal system of justice has somewhat retrogressed over the past couple of decades in its prosecution of fraud, or at least in its prosecution of fraud when it’s perpetrated by people at the highest levels of the financial establishment,” said Rakoff, who received the Cressey Award from the ACFE.…

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