Charles Lane of the Washington Post has this video interview with SEC Chair Mary Schapiro. She talks about the “craziest year of her life.” Read more »
Category: SEC News
Did you “Make” an Untrue Statement under 10b-5?
The First Circuit threw out the SEC’s 10b-5(b) claim in SEC v. Tambone. This time it was the entire court after an earlier decision of a three judge panel reached the opposite decision. The SEC alleged that James Tambone and Robert Hussey engaged in fraud in connection with the sale of mutual fund shares tied to … Read more »
The Problem with Selective Disclosure
If you want to see a classic case of the problems with selective disclosure take a look at the recent SEC case against Presstek, Inc. and its former CFO. Presstek was having a bad quarter in 2006. The CFO knew that the company would be reporting bad financial performance for the quarter. The CFO told … Read more »
Another Charge in Madoff Fraud
The SEC has charged Daniel Bonventre, Madoff’s Director of Operations, with securities fraud. “According to the SEC’s complaint, Bonventre was responsible for the firm’s general ledger and financial statements that were materially misstated because they did not reflect the manner in which investor funds were maintained and used. Bonventure ensured that BMIS financial reports did … Read more »
SEC Decides to Think Further About IFRS
The Securities and Exchange Commission voted to issue a statement that lays out its position regarding global accounting standards. They want to make it clear that “the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors.” By 2011, the SEC will decide whether to incorporate IFRS … Read more »
SEC Commissioner is a Blog Commenter
So you write a blog post about the fiduciary duty of financial service providers to their clients. Actually, the real story is about the lack of fiduciary duty that brokers have to their customers. Then an SEC Commissioner chimes in. Tara Siegel Bernard writes for New York Times blog, Bucks: Making the Most of Your … Read more »
SEC Guidance Regarding Disclosure Related to Climate Change
Last week, the Securities and Exchange Commission voted to provide public companies with interpretive guidance on existing disclosure requirements as they apply to business or legal developments relating to the issue of climate change. The SEC has now released the text of the guidance: Guidance Regarding Disclosure Related to Climate Change Those who are fired … Read more »
The SEC and Climate Change
Last week, the Securities and Exchange Commission voted to provide public companies with interpretive guidance on existing disclosure requirements as they apply to business or legal developments relating to the issue of climate change. Chairman Mary Schapiro pointed out in her speech that the SEC is not commenting or opining on the issue of climate … Read more »
SEC’s New Enforcement Cooperation Initiative
The Securities and Exchange Commission announced a new initiative encouraging cooperation. They put on a big media blitz. Big enough that they even allowed me to ask a question of SEC Enforcement Director Robert Khuzami. For the first time, the SEC set out how it will evaluate whether, how much, and in what manner to … Read more »
Questions and Answers with Robert Khuzami
After the news conference announcing the Rearrangement of its Enforcement Program, the Securities and Exchange Commission offered a group of bloggers the chance to ask questions to Robert Khuzami, the Director of Enforcement. (It must have felt like Obi-Wan stepping into the cantina full of low-life scoundrels.) The blogging participants: Todd Sullivan of Value Plays … Read more »