SEC

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SEC Digging for a Mole on Wall Street

Issues subpoenas to get to the bottom of health care leaks

(Newser) - The SEC is trying to ferret out who leaked word of a coming government health care decision to stock traders, allowing them to get an unfair jump on the competition. The agency has issued subpoenas to a number of companies and individuals related to the case, the Washington Post reports....

Senate Approves Obama's Choice to Head SEC

Mary Jo White said she will hold 'all wrongdoers' accountable

(Newser) - The US Senate has confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved today by a Senate voice vote. She will replace Elisse Walter, who has been...

Hedge Fund to Pay Record $614M for Insider Trading

SAC Capital agrees to settle with the SEC

(Newser) - Two affiliates of a major hedge fund agreed today to pay $614 million in the biggest-ever insider trading settlement on Wall Street, the New York Times reports. One affiliate of SAC Capital, CR Intrinsic, agreed to pay $600 million after a worker was accused of using confidential data on drug...

Feds to Illinois: You Deceived Investors

SEC settles with Illinois over underfunded pension system

(Newser) - Federal regulators accused Illinois of securities fraud today, saying officials had misled investors about the shaky state of the state pension system, the New York Times reports. The SEC said Illinois had issued false annual reports for 15 years claiming the state was keeping up with its required payments to...

Feds Suspect Insider Trading Related to Heinz Deal

SEC freezes Swiss account that made a huge profit

(Newser) - Some traders made a bundle over the big HJ Heinz acquisition yesterday, and federal regulars suspect insider trading. The SEC obtained a court order today to freeze a brokerage account in Switzerland and prevent the assets from being moved. The account was used for trades placed Wednesday that netted $1....

Warren to Regulators: Why Don't You Take More Banks to Court?

Senator makes a splash at first hearing; critics see grandstanding

(Newser) - Elizabeth Warren has kept a low national profile in her first month on the job as a senator, but that changed yesterday at a hearing in which she grilled federal regulators of Wall Street, reports the Boston Globe and MassLive . In the exchange getting the most attention, Warren noted that...

Obama to Pick Prosecutor to Head SEC: Report

Mary Jo White to head SEC, Richard Cordray to head CFPB

(Newser) - Is the SEC about to get tougher? President Obama intends to nominate former US Attorney Mary Jo White to head the organization, sources tell the AP . White spent nearly a decade prosecuting white collar criminals in Manhattan, and has a reputation as a particularly dogged prosecutor of financial fraud cases...

SEC Warns Netflix CEO Over Post on Facebook

Agency says it's not the same as informing investors

(Newser) - Netflix finally got some happy headlines this week thanks its Disney deal , but the SEC has likely spoiled the good mood of CEO Reed Hastings with an unusual lawsuit threat. The agency notified the company that it might file a civil suit because of a Facebook post and blog entry...

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,...

After Facebook Debacle, SEC May Pull IPO Gag

Committee tells Darrell Issa he raised valid points

(Newser) - The SEC is considering eliminating the rule forbidding company executives from hyping their stock before they go public, after a string of disastrous high-profile IPOs like Facebook's. SEC chair Mary Schapiro sent a letter to Darrell Issa letting him know that her team was reviewing the so-called "quiet...

SEC Moves to Stop ... Central African Bloodshed

New rule to require companies to disclose 'blood minerals' use, eventually

(Newser) - The SEC voted yesterday to impose a new rule forcing companies to reveal their use of so-called "blood minerals" ... eventually. The rule, which was mandated by the Dodd-Frank financial reform bill, requires companies to disclose their use of gold, tin, tungsten, and tantalum mined in and near the Democratic...

Romney's Bain Story Doesn't Match SEC Filings

He told the SEC he was CEO until 2002, not 1999

(Newser) - Mitt Romney was Bain Capital's CEO up until 2002, or about three years longer than he's been publicly saying he was, according to documents filed with the SEC. Romney has said he left the firm in February 1999, in part to shield himself from criticism about Bain's...

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...

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....

SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

(Newser) - SEC staffers managed to miss Bernie Madoff's Ponzi scheme for more than a decade despite numerous warnings, but that is apparently not a fireable offense. The agency disciplined eight employees involved in the case, with the most severe punishment being a 30-day suspension coupled with a demotion, reports the...

SEC Sees 'Apparent Failures' at Ratings Agencies

But new report doesn't offer specifics about the companies

(Newser) - The SEC wagged its finger at the ratings agency industry today, accusing each of the 10 registered companies of "apparent failures" in key areas, including how they manage conflicts of interest, reports Reuters . Alas, those looking for specifics against the likes of Moody's, Fitch, and Standard & Poor'...

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....

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