The Securities and Exchange Commission issued a warning about con-artists who may use the names of actual SEC employees to mislead potential victims. The SEC is already beaten down by the Madoff scandal. Now it has to deal with scam artists further dragging mud across the reputation of the SEC. Investors should be aware that … Read more »
Tag: SEC
SEC Requirements for Online Annual Reports and Proxy Statements
The SEC is trying to move investors further into the internet era with its new regulations on the ability to furnish proxy materials to shareholders by posting them on an Internet Web site and providing shareholders with notice of the electronic availability of the proxy materials. [SEC Release 34-56135] This is amendment to the original … Read more »
What Is Insider Trading?
The SEC.gov website has a blurb on Insider Trading. They start off with legal insider trading, when officers, directors and employees buy and sell stock in their own companies. Corporate insiders are required to report their trades. Illegal insider trading “refers generally to buying or selling a security, in breach of a fiduciary duty or … Read more »
SEC Inspector General Testifies In Congress
SEC Inspector General H. David Kotz In the first Congressional hearing since the Madoff scandal broke in December, Mr. Kotz said his agency’s handling of the Madoff case may be a symptom of more widespread problems with how the agency handles its examinations and investigations. Kotz testified on the subject of “Assessing the Madoff Ponzi … Read more »
No Laughing Matter; National Lampoon Subject to SEC Complaint
See a copy of the complaint at JD supra: SEC v. National Lampoon. The Commission’s complaint alleges that, from at least March 2008 through June 2008, Laikin, Barsky, Rodriguez and Dougherty engaged in a fraudulent scheme to manipulate the market for the common stock of National Lampoon. Specifically, Laikin, along with Barsky, paid kickbacks in … Read more »
How To Keep The Corporate Website In Compliance With Securities Laws
Timothy Hearn of Dorsey and Whitney, penned SEC Provides Guidance On Use Of Company Web Sites in Cyberspace Lawyer Vol. 13, No. 9, Pgs. 8-12. Bowne’s Digest of Compliance professionals abstracted some of the highlights: Tips On How To Keep The Corporate Website In Compliance With Securities Laws. The SEC has issued an interpretive release … Read more »
Researching the Federal Securities Law
The SEC has put together a collection of Researching the Federal Securities Laws Through the SEC Website. This guide provides an overview of how to research the securities law through the SEC website and is provided as a service to investors and members of the public. It is neither a legal interpretation nor a statement … Read more »
Open Letter to CEOs of SEC-Registered Firms
The SEC’s Office of Compliance Inspections and Examinations has published an letter to CEOs of SEC Registered Firms about the importance of compliance programs during this time of “financial and market turmoil.” December 2, 2008 Dear CEO of SEC-Registered Firm: During this time of financial and market turmoil, the Office of Compliance Inspections and Examinations … Read more »
Core Initial Request for Information from Investment Advisers
The SEC’s Office of Compliance Inspections and Examinations has published its Core Initial Request for Information for Investment Adviser Examinations. The initial phase of an examination includes a review of the firm’s business and investment activities, its organizational affiliations and its corresponding compliance policies and procedures. The staff will request information and documents and speak … Read more »
Mark Cuban and Insider Trading
The Wall Street Journal reported that the SEC filed insider trading charges against Mark Cuban (owner of the Dallas Mavericks basketball team): SEC Charges Mark Cuban With Insider Trading. You can read the full text of the complaint against Mark Cuban. According to the complaint, Cuban owned 600,000 shares in Mamma.com Inc. (now called Copernic … Read more »