The Chicago Board Options Exchange (CBOE) filed an application with the U.S. 
Posts Tagged ‘Securities And Exchange Commission’
CBOE files for $300 million IPO
March 11th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Cboe Volatility Index, Chicago Board Of Trade, Chicago Board of Trade (CBOT), Chicago Board Options, Chicago Board Options Exchange, Chicago Board Options Exchange (CBOE), Demutualization, Demutualize, Exchange Traded Fund, Index Option, Initial Public Offering, International Stock Exchange, Market Volatility, New York Mercantile Exchange, Profit Basis, Securities And Exchange Commission, Securities Regulator, Time Chicago, Trade Members, York Mercantile Exchange 
Comments OffSEC Charges Sean David Morton, “America’s Prophet”, With Fraud
March 5th, 2010 Before You Invest 
(Dow Jones)–The U.S. Securities and Exchange Commission has filed a civil suit against “America’s Prophet” Sean David Morton, alleging he lied about using his psychic expertise in investing more than $6 million from investors.
Morton, of Hermosa Beach Calif., solicited individuals over nationally syndicated radio broadcasts, public appearances and newsletters to put money into Delphi Associates Investment Group.
Posted in Finance Fraud Tags: California Office, Delphi Associates, Delphiassociates, Dow Jones, Exact Dates, Foreign Currencies, Foreign Currency Trading, Frequent Appearances, Highs And Lows, Intuitive Consultant, Investigative Reporter, Investment Group, Investment Scheme, Norwegian Forest Cat, Prophecy Research, Psychic Ability, Public Appearances, Radio Broadcasts, Sean David Morton, Sec Charges, Securities And Exchange Commission, Southern District Of New York, Unregistered Vehicles, Wife Melissa Comments OffSEC HALTS $14.7 MILLION PONZI SCHEME TARGETING RETIRED BUS DRIVERS
March 4th, 2010 Before You Invest The Securities and Exchange Commission obtained an asset freeze and other emergency relief to halt an ongoing Ponzi scheme targeting retired bus drivers living in the Los Angeles area.
The Commission alleges that Thomas L. Mitchell, (“Mitchell”), through his investment advisory firm Mitchell, Porter & Williams, Inc.
Posted in Finance Fraud Tags: Ab3, Advisory Firm, Bus Drivers, Bus Operators, Complaint Alleges That, Emergency Relief, Investing In Stocks, Investment Trust, Investor Money, Living Expenses, Lump Sum Payment, Mitchell Porter, Mpw, New Investor, Ponzi Scheme, Promissory Note, Retirement Money, Retirement Pensions, Securities And Exchange Commission, Stocks Bonds Comments OffSEC’s new short selling rules are short-sighted
March 4th, 2010 Before You Invest The Securities and Exchange Commission’s (SEC) decision to bring in tougher regulation of short selling practices has been criticized by a professor of finance.
Under the new rules, which were approved last week, restrictions will be imposed on short selling when stock falls by more than ten per cent in the course of a day.
If that occurs, then short selling may only take place at a price above the best bid for that stock.
According to SEC estimates, around four per cent of the market is affected by drops of ten per cent or more on an average day.
But the move has been attacked as “short-sighted” by Professor Larry Harris from the USC Marshall School of Business.
He told the Financial Times: “The majority of such sales reflect hedging and … if a stock price does not reflect fundamental value, retail investors will most likely end up paying more than they should for it.”
Announcing the introduction of the rule last week, a statement from SEC said the intention of the new legislation is to help market stability by preserving investor confidence.
Posted in Finance Fraud Tags: Best Bid, Course Of A Day, Estimates, Finance, Financial Times, Fundamental Value, Intention, Investor Confidence, Larry Harris, Market Stability, New Legislation, Professor Larry, Retail Investors, School Of Business, Sec Rules, Securities And Exchange, Securities And Exchange Commission, Selling Stock, Stock Price, Usc Marshall School Comments OffTraders voice concern about SEC’s rules on short selling
March 3rd, 2010 Before You Invest Short selling of equities continues to be a controversial strategy, prompting regulators in the U.S., Europe and Hong Kong to propose measures to make the market fairer. Traders, however, said the Securities and Exchange Commission’s rule that restricts short sales will hinder liquidity.
Posted in Finance Fraud Tags: Cms, Controversial Strategy, Europe, Hong Kong, Liquidity, Measures, Regulators, Sec Rules, Securities And Exchange, Securities And Exchange Commission, Voice Concern Comments OffGoldman Sachs made $100m on 131 days of 2009
March 3rd, 2010 Before You Invest Goldman Sachs made at least $100 million on 131 days in 2009 – equivalent to once every two days.
The figure was revealed by the Securities and Exchange Commission, in a filing that showed the bank made the profits by taking larger risks than it did in 2008.
Its daily ‘value at risk’ figure – the amount Goldman Sachs estimated it could lose in a day’s trading – stood at $218 million, up from $180 million the previous year.
However, the bank only lost money on 19 occasions in 2009, with the figure never exceeding more than $100 million.
David Hendler, an analyst with CreditSights, told the Financial Times that the figures were not surprising.
“It’s impressive, but it’s not unexpected,” he said. “They were one of the few games in town in 2009.”
Last month, Goldman Sachs announced that its chief executive Lloyd Blankfein is to receive a $9 million bonus for his work last year – a lower-than-expected amount and much lower than the $67.9 million he received in 2007.
Posted in Finance Fraud Tags: 100 Million, Bonus, Chief Executive, Financial Times, Games, Goldman Sachs, Hendler, Lloyd Blankfein, Lost Money, Occasions, Previous Year, Profits, Risk Figure, S Trading, Securities And Exchange, Securities And Exchange Commission, Value At Risk Comments OffCitigroup CEO to receive over $128,000 as a salary for 2009
March 2nd, 2010 Before You Invest Vikram Pandit, chief executive officer (CEO) at Citigroup, is to receive $128,751 as a salary for 2009, a new filing has claimed.
According to the document submitted to the Securities and Exchange Commission (SEC), Mr Pandit agreed to accept a salary of $1 for 2009 in February of last year until the bank made a profit.
Posted in Finance Fraud Tags: Base Salary, Ceo, Chief Executive Officer, Citi, Citigroup, Committee Members, Compensation Committee, Financial Crisis, Fiscal Aid, Incentive Award, Performance Incentive, Priorities, Securities And Exchange, Securities And Exchange Commission, Stock, Substantial Progress, Us Government Comments OffFiduciary Duty Reform Proposal May Backtrack on Previous Rhetoric
March 2nd, 2010 Before You Invest There is speculation this week that Senator Christopher Dodd (D-CT), will introduce new financial reform legislation that fails to create single fiduciary duty for Registered Independent Advisors (RIAs) and Broker-Dealers. This represents an expected 180?on the subject of fiduciary duty reform in light of intense lobbying efforts by the financial industry.
The provision, rather than create a single standard, calls on the Securities and Exchange Commission (SEC) to conduct a study on regulatory standards in the RIA/Broker-Dealer field, and then propose rules on the issue. The provision was first circulated by Senator Tim Johnson (D-SD), a Banking Committee member, three weeks ago.
Those in the financial industry have heard about the potential of a single fiduciary standard applying to both RIAs and broker-dealers for years, yet such talk has remained just that, talk. As quoted by Investmentnews.com, Knut A.
Posted in Finance Fraud Tags: Backtrack, Banking Committee, Broker Dealer, Broker Dealers, Christopher Dodd, Committee Member, Fiduciary Duty, Fiduciary Issues, Independent Advisors, Investor Protections, Reform Legislation, Reform Proposal, Regulatory Standards, Rias, Securities And Exchange Commission, Senator Christopher Dodd, Senator Tim Johnson, Straw Man, Subprime Mortgage Meltdown, Tim Johnson Comments OffEx-operations director of Madoff Securities, Daniel Bonventre, arrested
February 26th, 2010 Before You Invest 
The director of operations for Bernard L.
Posted in Finance Fraud Tags: Billions Of Dollars, Books, Criminal Complaint, Director Of Operations, False Statements, Falsification, Industry News, Internal Revenue Service, Investment Securities, Investors, Madoff, Operations Director, Securities And Exchange, Securities And Exchange Commission, Securities Commission, Securities Exchange, Securities Fraud, Securities Industry, Tens, Thursday Morning Comments OffMadoff Executive is Charge in Ponzi Scheme
February 25th, 2010 Before You Invest The long-time director of operations for convicted Ponzi schemer Bernard Madoff’s defunct firm was arrested and charged criminally Thursday with allegedly directing that false accounting entries be made in the firm’s books to conceal Mr. Madoff’s fraud.
Prosecutors from the U.S. Attorney’s Office in Manhattan charged Daniel Bonventre, former operations director at Bernard L.
Posted in Finance Fraud Tags: Accounting Fraud, Bernard Madoff, Broker Dealer, Conspiracy, Director Of Operations, False Appearance, Federal Tax, Financial Losses, Fraud Charges, Investment Securities, Investor Money, Magistrate Judge, Operations Director, Prosecutors, S Books, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Sixth Person, Time Director Comments Off
