Posts Tagged ‘Securities And Exchange Commission’

SEC Said to Probe Role of Canceled Orders in May 6 Flash Crash

(Bloomberg) — The U.S. Securities and Exchange Commission is examining whether high-speed traders helped destabilize equity markets during the May 6 crash by repeatedly placing and canceling orders in an attempt to manipulate share prices, a person with direct knowledge of the inquiry said.The strategy is among several practices being investigated by regulators, said the person, who declined to be identified because the probe isn’t public.

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Santander Analyst Accused of Insider Trading in Potash Takeover Bid

(Bloomberg) — A Banco Santander SA analyst and an accomplice illegally reaped nearly $1.1 million with insider trades before BHP Billiton Ltd.’s $39 billion takeover bid for Potash Corp. of Saskatchewan Inc., U.S. regulators said.Juan Jose Fernandez Garcia, 35, and Luis Martin Caro Sanchez, 36, used accounts at the same U.S.

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Former Lehman Brothers CEO may be charged by SEC

Dick Fuld, former chief executive officer at Lehman Brothers, may be one of a number of senior figures from the bank potentially facing being charged by the Securities and Exchange Commission (SEC) over its collapse.Dick FuldAccording to Fox News, the CEO is thought to be one of many top representatives from the financial institution to have recently been engaged in recent meetings over the failure with the regulator.Questions are believed to have surrounded the use of Repo 105, a banking practice which can be used to provide an artificial impression of the health of an institution’s balance sheet.Other lines of enquiry are focusing on whether senior figures misled the markets about Lehman Brothers’ stability during the period leading up to its collapse in September 2008.Joseph Gregory, former president and Erin Callan, ex-chief financial officer, are both reported to be among the executives who could be facing charges alongside Mr Fuld.An SEC spokesman told City AM: “We cannot confirm or deny any ongoing investigations.”Lehman Brothers filed for bankruptcy on September 15th 2008 at the height of the global credit crisis.

GM Files for Landmark IPO to Repay Bailout

General Motors filed for an initial public offering of stock on Wednesday, clearing a key hurdle toward repaying taxpayers for a controversial bailout just over a year after its bankruptcy.The 700-page registration form, filed with the U.S. Securities and Exchange Commission, starts a process that will lead to an initial public offering of GM’s stock.

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Illinois Money Manager William A. Huber Pleads Guilty To Criminal Charges In Connection With Securities Fraud

The Securities and Exchange Commission announced today that on August 10, former Forsyth, Illinois money manager, William A. Huber, pled guilty to one count of mail fraud, one count of money laundering and one count of engaging in prohibited monetary transactions in a case being prosecuted by the U.S.

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Northamerican Energy – SEC Seeks Receiever

On August 11, 2010, the U.S. Securities and Exchange Commission filed a complaint in the United States District Court for the Southern District of Texas, Houston Division seeking emergency relief including the appointment of a receiver, against Houston resident Jon C. Ginder (“Ginder”) and two related oil and gas companies, Northamerican Energy Group, Inc.

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FINRA Seeks Extension of Discovery Guide Comment Period

The Financial Industry Regulatory Authority has requested to extend the public-comment period for a rule proposal that would redefine the type of information that parties typically exchange during securities arbitration proceedings. Finra filed a regulatory notice with the Securities and Exchange Commission on Tuesday to extend the comment period for proposed changes to its arbitration discovery guide by 45 days until Oct.

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Virgin Island Financier Accused of Ponzi Scheme Fraud

A U.S. Virgin Islands financier accused by the Securities and Exchange Commission of running a $105 million Ponzi scheme was charged with criminal fraud and taken into custody in Chicago. Daniel Spitzer, of St. Thomas, controlled a group of 12 investment funds, collectively called the Kenzie Funds, through which he raised more than $100 million from 400 investors between 2004 and 2010, according to a sworn statement by U.S.

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Former Deloitte and Touche Partner and Son Charged With Insider Trading

The Securities and Exchange Commission today charged a former Deloitte and Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients.The SEC alleges that Thomas P. Flanagan of Chicago traded in the securities of Deloitte clients, often while serving as a liaison between those companies’ management teams and Deloitte’s audit engagement teams.

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SEC Charges Boiler Room Operators

The Securities and Exchange Commission today charged two California boiler-room operators and four salesmen for conducting a fraudulent green energy investment scheme. The SEC’s complaint names as defendants, boiler-room operators Joseph R. Porche, age 51, of Aliso Viejo, CA, and Larry R. Crowder, age 53, of Newport Coast, CA; and salesmen Konrad C.

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