(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.
Posts Tagged ‘Securities And Exchange Commission’
SEC Said to Probe Role of Canceled Orders in May 6 Flash Crash
September 3rd, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Andrei Kirilenko, Cftc, Circuit Breakers, Commodity Futures Trading, Commodity Futures Trading Commission, Data Feeds, Data Provider, Electronic Trading, Financial Economist, Futures Trading Commission, Group Llc, Lee Co, Market Structure, Mary Schapiro, Securities And Exchange Commission, Share Prices, Stock Volatility, True Market, Wall Street Journal, Winnetka Illinois 
Comments OffSantander Analyst Accused of Insider Trading in Potash Takeover Bid
August 25th, 2010 Before You Invest (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.
Posted in Finance Fraud Tags: Barclays Capital, Bhp Billiton, Bhp Billiton Ltd, Bnp Paribas, Derivatives Research, Insider Trades, Insider Trading, Jose Fernandez Garcia, Jpmorgan Securities, Juan Jose Fernandez, Market Abuse, Potash Corp Of Saskatchewan, Potash Corp Of Saskatchewan Inc, Royal Bank Of Scotland, Royal Bank Of Scotland Group, Royal Bank Of Scotland Group Plc, Scotland Group Plc, Securities And Exchange Commission, Takeover Bid, Td Securities Inc Comments OffFormer Lehman Brothers CEO may be charged by SEC
August 21st, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Balance Sheet, Bankruptcy, Chief Executive Officer, Chief Financial Officer, Collapse, Credit Crisis, Dick Fuld, Enquiry, Erin Callan, Financial Institution, Former President, Fox News, Global Credit, Investigations, Joseph Gregory, Lehman Brothers, Repo, Securities And Exchange, Securities And Exchange Commission, Spokesman Comments OffGM Files for Landmark IPO to Repay Bailout
August 18th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Bailout, Derogatory Nickname, Detroit Automaker, Ed Whitacre, Gm Files, Government Ownership, Health Care Trust, Initial Public Offering, Ownership Stake, Page Registration, Preferred Shares, Public Image, Securities And Exchange Commission, Survival Aid, Treasury Department, U S Treasury, U S Treasury Department, United Auto Workers, Visa Inc, Workers Health Comments OffIllinois Money Manager William A. Huber Pleads Guilty To Criminal Charges In Connection With Securities Fraud
August 15th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Bernard Madoff, Central District Of Illinois, District Court Judge, Forsyth Illinois, Investor Funds, Judge Joe, Lavish Lifestyle, Life Insurance Premiums, Mail Fraud, Mcdade, Monetary Transactions, Money Manager, Mortgage Payments, Northern District Of Illinois, Personal Expenses, Personal Life Insurance, Redemption Payments, Securities And Exchange Commission, Securities Fraud, Type Scheme Comments OffNorthamerican Energy – SEC Seeks Receiever
August 13th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Complaint Alleges That, Emergency Relief, Ginder, Houston Division, Houston Resident, Jon C, Limited Partnership, Northamerican Energy Group, Northamerican Energy Group Corp, Oil And Gas, Oil And Gas Companies, Oil And Gas Production, Partnership Offerings, Production History, Securities And Exchange Commission, Southern District Of Texas, States District Court, Television Advertisements, Texas Houston, United States District Comments OffVirgin Island Financier Accused of Ponzi Scheme Fraud
August 8th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Barrington Illinois, Business Expenses, Civil Lawsuit, Criminal Complaint, Criminal Fraud, Federal Custody, Investment Funds, Investor Money, Magistrate Judge, Patrick J Fitzgerald, Perpetrator, Ponzi Schemes, Postal Inspector, Reda, Securities And Exchange Commission, Spitzer, Swindler, Sworn Statement, Virgin Island, Virgin Islands Comments OffFormer Deloitte and Touche Partner and Son Charged With Insider Trading
August 7th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Audit Clients, Audit Engagement, Audit Engagements, Best Buy, Confidential Information, Deloitte And Touche, Deloitte And Touche Llp, Deloitte Clients, Deloitte Touche, Earnings Results, Flanagans, Insider Trading, Liaison, Management Teams, Possession, S Consulting, Sears, Securities And Exchange, Securities And Exchange Commission, Walgreens Comments OffSEC Charges Boiler Room Operators
August 6th, 2010 Before You Invest 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.
Posted in Finance Fraud Tags: Aliso Viejo Ca, Boiler Room, Coto De Caza, Coto De Caza Ca, Energy Investment, Environmental Energy, Green Energy, Investment Scheme, Lavish Lifestyles, Newport Coast, Rancho Santa Margarita, Rancho Santa Margarita Ca, Room Operators, Sales Commissions, San Clemente Ca, Santa Margarita Ca, Sec Charges, Securities And Exchange Commission, Trabuco Canyon Ca, Unregistered Shares Comments Off
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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