Securities and Exchange Commission

Stories 61 - 80 | << Prev   Next >>

Justice Department Opens Inquiry Into HP Unit

Autonomy's bookkeeping under investigation

(Newser) - Hewlett-Packard says the Justice Department is investigating HP's business software unit Autonomy, which the computer maker has accused of fudging its accounting . HP revealed the investigation in an SEC filing yesterday. The technology company also said it provided information to the UK Serious Fraud Office and the SEC about...

SEC Chief Schapiro Resigns
 SEC Chief Schapiro Resigns 
Nov 26, 2012 11:19 AM CST

SEC Chief Schapiro Resigns

President Obama names Elisse Walter to replace her

(Newser) - Mary Schapiro is stepping down as SEC chairman, she announced today, making her the first major departure from the Obama administration and one that it was seemingly fully prepared for. President Obama immediately promoted SEC Commissioner Elisse B. Walter to the job, reports the New York Times , which adds that,...

SEC: National Radio Host Misleads Investors

Ray Lucia's plan won't provide seniors 'income for life': regulators

(Newser) - Popular radio host Ray Lucia says his investment plan can "generate inflation-adjusted income for life"—but the SEC says that claim is misleading, and wants to stop him from using it, the Los Angeles Times reports. According to the SEC, the nationally syndicated Lucia "performed scant, if...

Knight Capital on Brink After Millions of Accidental Trades

Talk of regulation heats up after brokerage debacle

(Newser) - Forty-five minutes. That's how long it took Knight Capital to lose $440 million on Wednesday when its new trading software went haywire, making millions of unintended trades, and leaving it at the brink of collapse. Now the company is fighting for its survival, and debate is heating up about...

Facebook IPO Proves Need for Overhaul: Lawmakers

Darrell Issa raises concerns for small investors

(Newser) - Lawmakers led by Rep. Darrell Issa have penned a letter to the SEC urging an overhaul of the IPO system, saying Facebook's shaky public offering underlines the raw deal handed to small investors, the Wall Street Journal reports. The Republican House Oversight chair wrote that investment banks "dictate...

Justice Department Opens JPMorgan Probe

Meanwhile, Jamie Dimon survives shareholder vote

(Newser) - Maybe Jamie Dimon will go on trial after all? That's getting way ahead of things, but the Justice Department has opened an inquiry into the JPMorgan trading scandal, sources tell the Wall Street Journal . It's currently unclear what legal violations it's looking into, but the probe will...

SEC Dumps Millions on Consultants

And critics say it's not getting its money's worth

(Newser) - The Securities and Exchange Commission is, by its own admission, something of an organizational mess right now, so it's done what many corporations have done: called in consultants. In less than a year, the SEC has spent more than $8.5 million on consultants, Reuters reports, hiring first the...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Real-Life 'Rudy' Settles SEC Fraud Case for $383K

Daniel Ruettiger, 12 others accused of 'pump-and-dump' scheme

(Newser) - Daniel Ruettiger—the man who inspired the 1993 movie Rudy, about an undersized student who earned a spot on Notre Dame's football team—is paying a full-sized $382,866 to settle fraud charges with the SEC, reports the Wall Street Journal . Ruettiger and 12 accomplices were charged with a...

SEC Sues Ex- Fannie, Freddie CEOs

Firms wildly misrepresented exposure to subprime loans: feds

(Newser) - Federal regulators are suing former Fannie Mae boss Daniel Mudd and ex-Freddie Mac CEO Richard Syron for vastly downplaying the volume of subprime loans their firms held. Freddie Mac suggested it was exposed to between $2 billion and $6 billion in subprime loans; the figure was more like $244 billion....

Galleon Founder Slapped With $92.8M Civil Penalty

Convicted insider trader hit with record SEC fine

(Newser) - Galleon Group hedge fund founder Raj Rajaratnam has broken another record. The former billionaire, who received the longest-ever prison sentence for insider trading last month, has been ordered to pay the largest-ever Securities and Exchange Commission civil penalty for insider trading, reports the New York Times . The $92.8 million...

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed....

SEC Probing S&amp;P Downgrade
 SEC Probing S&P Downgrade 
Aug 12, 2011 9:38 AM CDT

SEC Probing S&P Downgrade

But analysts say proving insider trading violations would be difficult

(Newser) - The SEC wants to know who knew about S&P's decision to downgrade the United States credit rating before it happened, as part of a very initial look at whether insider trading violations occurred, reports the Financial Times . Those involved in the case say the investigation isn't based...

JP Morgan Coughs Up $153M to Settle Fraud Case

Investors misled about shoddy securities

(Newser) - JP Morgan has paid $153.6 million to settle SEC charges that it misled investors as it scrambled to offload mortgage-backed securities before the 2007 collapse in the housing market, reports Reuters . " We are soooo pregnant with this deal," wrote an exec in a 2007 email, referring to...

Facebook to Go Public With an Estimated Worth of $100B
Facebook Prepping for
$100B IPO in Early 2012
sources say
Jun 13, 2011 2:29 PM CDT

Facebook Prepping for $100B IPO in Early 2012

Notoriously private company to finally share its financial status, sources tell CNBC

(Newser) - Facebook is just about ready to change its IPO status to "public," sources tell CNBC . The social networking behemoth, which had previously kept its financial numbers under lock and key, will likely go public in the first quarter of next year at a valuation of $100 billion. Because...

Feds Halt 'Crowdsourced' Attempt to Buy PBR

BuyaBeerCompany.com was so successful, they forgot a teensy detail...

(Newser) - It seemed innovative at the time: Start an online campaign to purchase the iconic Pabst Brewing Co. and sell shares on Facebook and Twitter to cover the $300 million cost. Michael Migliozzi II and Brian William Flatow found 5 million people (all hipsters , we presume) who said they would invest...

Obama Looks to Crack Down on Secret Donations

Administration actions would replace law Congress fails to pass

(Newser) - The Obama administration has drafted an executive order that would force all companies seeking government contracts to disclose their donations to groups airing political ads, as part of a multi-pronged attack on the kind of anonymous campaign spending Republicans walloped Democrats with last year. The FEC is also moving to...

Insider Trading Suspect Jumps to His Death

Seattle Genetics exec was accused of sharing clinical trial results

(Newser) - An executive accused of illegally profiting from inside knowledge of his company's promising new cancer drug jumped to his death from an airport parking garage in New Jersey. Zizhong Fan, manager of clinical programming at Seattle Genetics, is believed to have shared insider information on clinical trials involving the...

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

Feds Suspect Banks Colluded to Fix Interest Rate

Citigroup, Bank of America often reported similar numbers

(Newser) - The Justice Department and the SEC are investigating whether banks colluded to hold down a key interest rate before and during the financial crisis, sources tell the Wall Street Journal . The London interbank offered rate, or Libor, is calculated based on banks' self-reported borrowing costs. But from 2006 to 2008...

Stories 61 - 80 | << Prev   Next >>