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Securities Law Blogs

Is Dodd-Frank Responsible For Market Volatility?
Last week’s market gyrations sparked questions about whether bank regulations implemented after the 2008 financial crisis exacerbated price declines by limiting the ability of Wall Street banks to make markets. Read More - Did Bank Rules Kill...

Customer Hit with $80,000 in Respondents' Attorney's Fees
It is not often that a public customer is forced to pay a respondent's attorneys fees, but in a recent FINRA arbitration, that is exactly what happened. According to the description in the FINRA arbitration award  it appears that a public...

Third Party Bene is Not a Customer for Arbitration Purposes
A FINRA arbitration panel has dismissed a $32 million claim because the claimant was not a customer of the brokerage firms, and did not have an account with the Respondents. The Claimant had alleged that he was an undisclosed third-party...

The Need for Narrow SEC Subpoenas
Two common criticisms of investigations by the Securities and Exchange Commission have been the length of time investigations take and the enormous costs they impose on private parties. The issues raised by those criticisms have grown in...

New Computer Programs to Detect Insider Trading
When you are accused of insider trading , it is not the time to try out a new attorney, or to contact your sister's divorce attorney for help. The SEC is serious about insider trading , and if they are looking at your innocent trades, you need to...

Insurance Agents Charged with Fraud Targeting Elderly Investors
The SEC announced charges against four insurance agents for unlawfully selling securities in what turned out to be a multi-million dollar offering fraud targeting elderly investors. The SEC previously charged a Colorado man who allegedly...

Risk Alert for BDs Selling Unregistered Securities for Customers
The SEC has published an important alert for brokerage firm who are selling unregistered securities for their customers. The Risk Alert summarizes deficiencies that were discovered by OCIE during a sweep of 22 broker-dealers frequently involved in...

SEC Loses Laptops with Confidential Information
You can't read the whole article without a subscription, but Law360 is reporting that SEC employees and contractors may have lost (or had stolen) HUNDREDS of laptops. The article states that the information on the computers could be used for...

NY Attorney General Going too Far?
New York Attorney General Eric Schneiderman filed a lawsuit in June against Barclays PLC accusing the bank of giving an unfair edge to high-frequency traders and lying to other customers about it. Barclays has now moved to dismiss the complaint,...

What Does It Take to be an SEC Whistleblower?
With an increase in calls regarding the SEC Whistleblower, it is time to bump up our earlier report on the program. This article is an overview of the program, and is not legal advice whistleblower claims. If you are interested in discussing a...


SEC Litigation Releases:

Judgment Entered Against Former Chief Financial Officer of China-Based Company in Fraudulent Scheme Involving Purported Web Services Business
Subaye, Inc. and James T. Crane

Final Judgment and Administrative Order Entered Against Pennsylvania-Based Registered Representative Who Stole Funds from Customers
Dennis F. Wright

SEC Obtains Summary Judgment Against Defendants in Securities Fraud Involving Biopharmaceutical Company
Stephen D. Ferrone, et al.

Jury Finds Anthony M. Knight, Former Chairman of a Failed Internet Startup, Liable for Securities Fraud and Illegal Sale of Unregistered Securities
iShopNoMarkup.com, Inc., et al.

SEC Obtains Summary Judgment Win On Liability in Ponzi Scheme Case
Edwin Yoshihiro Fujinaga and MRI International, Inc., et al.

Judgment Against Former CEO Orders Payment of Over $450,000 in Case Involving Scheme to Manipulate Company’s Stock
8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq.

The Securities and Exchange Commission Today Announced an Enforcement Action Against the Estate of Vincent James Saviano (Saviano) and His Firm Palmetto Investments LLC (Palmetto Investments), Alleging That He Defrauded Advisory Clients Who Invested in a Private Fund That Purportedly Executed a Day Trading Program.
The Estate of Vincent James Saviano and Palmetto Investments LLC

SEC Obtains Final Judgment Against Paul T. Mannion, Jr., Andrew S. Reckles, Pef Advisors LLC, and Pef Advisors Ltd.
Paul T. Mannion, Jr., et al.

Massachusetts-based Penny Stock Promoter Ordered to Pay Over $700,000 in SEC Fraud Case
Geoffrey J. Eiten and National Financial Communications Corp.

SEC Shuts Down $123 Million Atm Ponzi Scheme in California
Nationwide Automated Systems, Inc. et al.

News Stories:
UPDATE 2-EU seeks clarification on Italy's breach of debt-cutting goals
* Italy making "significant deviation" from goals - EU letter

Monsanto, soy exporter royalties dispute rages on in Brazil
SAO PAULO, Oct 23 (Reuters) - The majority of soy exporting firms in Brazil have still not agreed...

Banks seek relief to meet new Brazil liquidity rules, Valor says
SAO PAULO, Oct 23 (Reuters) - Commercial banks in Brazil want the central bank to ease a reserve ...

UPDATE 1-UK fraud prosecutor seeks more cash for big cases
LONDON, Oct 23 (Reuters) - Britain's Serious Fraud Office (SFO) has asked the government for an e...

BRIEF-Serinus Energy Inc to start trading on WSE main market on Oct. 27
* Says Warsaw Stock Exchange admits to trading on its main market 38,479,608 of company's shares ...

BRIEF-GM Q3 earnings per share excluding items $0.97
* Q3 net earnings per share $0.81; Q3 earnings per share excluding items $0.97; Q3 revenue $39.26...

UPDATE 1-EU requests clarification on Italy's "breach" of budget goals
ROME, Oct 23 (Reuters) - The European Commission has asked Italy to explain why its draft budget ...

EU mergers and takeovers (Oct 23)
BRUSSELS, Oct 23 (Reuters) - The following are mergers under review by the European Commission an...

EU set to allow car emissions into carbon trading market
* Transport is Europe's fastest-growing source of emissions

UK fraud prosecutor seeks extra 26.5 million pounds for big cases
LONDON, Oct 23 (Reuters) - Britain's leading prosecutor, the Serious Fraud Office (SFO), has aske...



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Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article. SECLaw.com was created by and is sponsored by Mark J. Astarita, Esq., a securities attorney and partner in the law firm of Beam & Astarita, LLC, who represents all participants in the financial markets. Mr. Astarita can be contacted by email at astarita@beamlaw.com.

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