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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:

SEC Charges New Jersey-Based Hedge Fund Manager with Insider Trading in Carter’S Stock
Stephen E. Slawson

District Court Enters Final Judgments of Permanent Injunction Against Defendants Anthony Thompson, Otc Solutions, LLC, Jay Fung, Pudong LLC, Ryan Gonzalez and Recycle Tech, Inc.
Recycle Tech, Inc., et al.,

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.

News Stories:
Maker of U.S. highway guardrails stops shipments over safety concerns
Oct 24 (Reuters) - Railcar maker Trinity Industries Inc said on Friday that it would stop shippin...

Ocwen to hire independent firm to probe backdated foreclosure letters
Oct 24 (Reuters) - Ocwen Financial Corp said it was hiring an independent firm to investigate how...

UPDATE 2-Fannie Mae settles shareholder lawsuit for $170 million
NEW YORK, Oct 24 (Reuters) - Fannie Mae has reached a $170 million settlement of a lawsuit accusi...

U.S. SEC rejects NYSE proposal to list 'non-transparent' ETFs
NEW YORK, Oct 24 (Reuters) - U.S. regulators on Friday rejected a proposal from the NYSE Arca exc...

UPDATE 1-Fannie Mae settles shareholder lawsuit for $170 million
(Adds allegations, lead plaintiffs, case citation, byline)

Pentagon official upbeat on streamlining U.S. military acquisitions
WASHINGTON, Oct 24 (Reuters) - The Pentagon and Congress have better-than-ever odds of reaching a...

Fannie Mae settles shareholder lawsuit for $170 million
NEW YORK, Oct 24 (Reuters) - Fannie Mae has reached a $170 million settlement of a lawsuit accusi...

UPDATE 1-Ex-Bank of New York Mellon employee pleads guilty to insider trading
NEW YORK, Oct 24 (Reuters) - A former Bank of New York Mellon Corp employee on Friday pleaded gui...

BRIEF-Fannie Mae reaches $170 million settlement of shareholder lawsuit
Oct 24 (Reuters) - Federal National Mortgage Association : * Fannie mae, fhfa reach $170 million ...

Ex-fund manager spared prison for assisting U.S. insider trading probes
NEW YORK, Oct 24 (Reuters) - A former portfolio manager who became a key cooperator in a broad U....



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