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INVESTMENT ADVISER PLEADS GUILTY TO INSIDER TRADING
NewsThe U.S. Attorney’s office for the Southern District of New York announced today that David Hobson, who served as an investment adviser in the Providence, Rhode Island, offices of two different national broker-dealer and investment advisers, pled guilty to engaging in a scheme to commit insider trading on deals involving pharmaceutical company Pfizer.
OPENING ARGUMENTS BEGIN IN SEC CASE AGAINST PARTRIARCH’S LYNN TILTON
NewsThe SEC asserted that Tilton and her firm improperly collected the money in fees and other payments for over 10 years without disclosing to investors that companies were defaulting on loans the investors had made to the failing companies attempting turnarounds.
HONG KONG EXCHANGE TO INSTITUTE VOLATILITY CONTROL MECHANISM FOR DERIVATIVES MARKET
NewsHong Kong Exchanges and Clearing Limited (HKEX), which operates stock and futures markets in Hong Kong, announced a plan to institute a Volatility Control Mechanism (VCM) designed to prevent extreme price volatility for its derivatives market in November of 2016. The institution of this mechanism follows the HKEX’s adoption of a VCM for the securities market in August of this year.
CHAIR OF SEC DELIVERS SPEECH ON NEED FOR GREATER REGULATION OF THE U.S. TREASURY MARKET
NewsMary Jo White, chair of the SEC, discussed the need for increased regulatory oversight of U.S. Treasury trading in a speech at the Evolving Structure of the U.S. Treasury Market Conference at the New York Federal Reserve Board yesterday.
CHINESE SECURITIES REGULATOR ANNOUNCES IPO INVESTIGATIONS ON SIX COMPANIES
Corporate Transactional, NewsThe China Securities Regulatory Commission (“CSRC”) released a statement Friday on its investigation into six companies over alleged securities violations pertaining to initial public offerings and disclosures.
TECHNOLOGY COMPANY AGREES TO $2.5 MILLION FINE WITH SEC OVER ACCOUNTING VIOLATIONS
Corporate Transactional, NewsThe SEC just announced that a Houston technology solutions company agreed to pay a $2.5 million penalty to settle charges that it overstated profits, as well as that two former executives of the company agreed to settle charges of causing the violations.
SEC CHARGES ATTORNEY WITH USING BOARD ACCESS TO ENGAGE IN INSIDER TRADING
Newscommittee of the board of directors at Nashville-based Pinnacle Financial Partners to trade on nonpublic information he learned about an impending merger.
SEC REFILES FRAUD COMPLAINT AGAINST TEXAS AG
News, SecuritiesThe SEC refiled federal fraud charges against Texas Attorney General Ken Paxton, after the agency’s initial civil complaint was dismissed by a judge for lack of sufficient evidentiary allegations.
DOJ ANNOUNCES INSIDER TRADING CHARGES AGAINST FORMER TECH EXEC AND TWO OTHERS
NewsThe Department of Justice announced this week that a former Palo Alto, California, based global vice president of SAP SE and two others were indicted for their roles in a scheme to commit insider trading and money laundering, allegedly resulting in hundreds of thousands of dollars in profits.
SEC ANNOUNCES HIGHS IN ENFORCEMENT ACTIONS FOR FISCAL 2016
NewsThe SEC recently announced its enforcement results for fiscal year 2016 (ending September 30), stating that it reached new highs in the number of actions filed and in the money that was forfeited through disgorgement and penalties.
SEC PENALIZES DEUTSCHE BANK $9.5 MILLION FOR FAILING TO SAFEGUARD RESEARCH INFORMATION
Corporate Transactional, NewsThe SEC announced today that Deutsche Bank Securities agreed to pay a $9.5 million penalty for failing to properly safeguard nonpublic information generated by its research analysts. Deutsche Bank also published an improper research report and failed to properly preserve and provide certain electronic records sought by the SEC during its investigation.
SEC RECORDS RELEASE SHOWS NEAR UNANIMITY IN BRINGING ACTIONS
Corporate Transactional, NewsRecords just released by the SEC pertaining to its votes to bring legal action against companies and individuals revealed that the Commission is less divided on such votes than was commonly thought.
CREDIT SUISSE AGREES TO PAY $90 MILLION PENALTY TO SEC
Corporate Transactional, NewsThe SEC announced today that Credit Suisse AG agreed to pay a $90 million penalty and admit wrongdoing to settle charges of misrepresenting how it determined a key performance metric in its wealth management business. In addition, a former executive of Credit Suisse agreed to settle charges that he was a cause of the violations.
SEC CHARGES OIL & GAS COMPANY WITH WIDESPREAD SECURITIES FRAUD
NewsAegis Oil, LLC and its CEO and President were charged by the SEC with widespread securities fraud in offering $35 million in unregistered stock to 250 investors across the country.
BOFA AGREES TO $15.5 MILLION IN PENALTIES FOR MERRILL LYNCH “MINI FLASH CRASHES”
NewsBank of America agreed to pay a $12.5 million penalty to the SEC for its Merrill Lynch unit’s asserted failure to maintain effective trading controls and prevent erroneous orders that caused mini crashes, as well as agreeing to pay $3 million in fines to several exchanges, including the NYSE and NASDAQ, for the same purported failures.
SAN DIEGO ADVISER RAYMOND LUCIA ASKS FOR REHEARING ON CHALLENGE TO SEC IN-HOUSE COURTS
Corporate Transactional, NewsLast month, San Diego-based investment adviser Raymond Lucia suffered a rejection by a panel of the U.S. Court of Appeals for the District of Columbia Circuit of his request that the court consider his challenge to the constitutionality of the SEC’s use of in-house courts.