SEC

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Galleon's Rajaratnam Charged in Fraud Case

Alleged inside-trader accused of conspiracy, securities fraud

(Newser) - Raj Rajaratnam was charged with five counts of conspiracy and six counts of securities fraud today, the first criminal charges related to allegations of insider trading at his Galleon group hedge fund. Danielle Chiesi, who prosecutors say was one of Rajaratnam's illicit collaborators, was hit with three counts of conspiracy...

Crooked Giants Dodge SEC Penalties

Agency routinely grants waivers for harshest punishments

(Newser) - Financial giants accused of swindling investors have been successfully dodging the SEC's harshest penalties by arguing that the law shouldn't apply to them. Firms including Citigroup, Bank of America, and AIG have recently sought and received waivers from regulations requiring lawbreakers to close their mutual fund businesses. Waivers have been...

Wild Finish Means Texas Vs. 'Bama for Title
 Wild Finish Means 
 Texas Vs. 'Bama for Title 
bcs championship
Dec 5, 2009 10:55 PM CST

Wild Finish Means Texas Vs. 'Bama for Title

Longhorns edge Nebraska; Tide trounce Florida

(Newser) - Texas and Alabama will play for the BCS championship next month. The Longhorns survived a crazy finish and beat Nebraska 13-12 on a last-second field goal to make it to the title game. They almost didn't get a chance to kick when QB Colt McCoy mismanaged the clock and let...

Feds: NY Hedge Fund Boss Funded Terror

Donations were funneled to Tamil Tigers

(Newser) - A hedge-fund manager busted for insider trading has been contributing money to a Sri Lankan terrorist group, according to FBI agents. Raj Rajaratnam came under scrutiny in a federal probe into the Tamil Rehabilitation Organization, a charity which was charged with funneling money to the Liberation Tigers of Tamil Eelam,...

29-Year-Old SEC Honcho Came From Goldman

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

(Newser) - The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his...

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs...

2 Madoff Victims Sue SEC
 2 Madoff Victims Sue SEC 
Oct 14, 2009 3:32 PM CDT

2 Madoff Victims Sue SEC

Regulators are responsible for victims' losses, suit claims

(Newser) - Two investors who lost a combined $2.4 million to Bernie Madoff’s ponzi scheme have sued the SEC for negligence. The lawsuit argues that the commission should reimburse the plaintiffs for their losses because it failed in its duty to protect investors. Regulators had "countless opportunities" to catch...

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

(Newser) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge...

SEC Moves to Ban Lightning-Fast Trading

Flash orders let big investors buy and sell in milliseconds, harming slower traders

(Newser) - The SEC is seeking a ban on the financial technique known as flash orders, a controversial method in which powerful computers survey other investors' trades and adjust strategies within milliseconds to turn a profit. SEC head Mary Schapiro said that flash orders "may create a two-tiered market" since only...

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed...

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ...

SEC Report: We Never Did 'Competent' Madoff Probe

(Newser) - The SEC's inspector general says the agency had plenty of chances to take down Bernie Madoff and whiffed on every one, Bloomberg reports. In a report released today, H. David Kotz writes that the SEC received "detailed and substantive complaints over the years to warrant a thorough and comprehensive...

Stanford 'Fraud Scheme Sealed With Blood Oath'

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

(Newser) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the...

Jilted South Wooing Heisman Voters

(Newser) - At least two Southern universities are spending some cash this year to try to correct a historical football inequity—at least in the eyes of the South, the Wall Street Journal reports. The SEC has won more national titles than any other conference since the Heisman Trophy debuted in 1935,...

SEC Lacks Smarts Needed to Tackle Shadowy Trades

...but doesn't have the technology or know-how, critics say

(Newser) - The Securities and Exchange Commission is stepping up its efforts to shine light on the market’s more shadowy corners, examining flash quotes, high-frequency trades, and so-called “dark pools.” But the agency just doesn’t have the technology or trading know-how to keep up, experts tell the Wall ...

Judge Slams 'Lying' BofA, Merrill Over $3.6B Bonuses

(Newser) - The judge who has refused to sign off on Bank of America's settlement with the SEC over $3.6 billion in bonuses paid to Merrill Lynch delivered a stinging rebuke to both parties in a hearing yesterday, the New York Times reports. The firms "effectively lied to their shareholders"...

What Truce? O'Reilly, Olbermann Back in the Ring

Olbermann calls O'Reilly 'worst'; O'Reilly attacks GE

(Newser) - The feud between Bill O’Reilly and Keith Olbermann continues, despite word of a peace deal: On Monday Olbermann said there was no truce and awarded O’Reilly the silver medal for “World’s Worst Person.” Then he gave the gold to Fox News honcho Rupert Murdoch. O’...

Judge Balks at BofA Bonus Settlement

$33M deal with SEC raises questions of fairness; hearing set

(Newser) - Bank of America won't be able to quietly settle the flap over bonuses for Merrill Lynch execs with a simple $33 million payout to the SEC, a federal judge ruled yesterday. Judge Jed Rakoff refused to sign off on the settlement, saying that doing so would leave the public in...

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports....

BofA Settles SEC Suit Over Merrill Bonuses for $33M

Commission says bank misled investors over Merrill payout

(Newser) - Bank of America will pay $33 million to settle a federal lawsuit, filed today, which says the bank misled its investors, Reuters reports. During its takeover of Merrill Lynch, the lawsuit charges, Bank of America told investors Merrill wouldn’t pay bonuses without BoA’s permission before the deal closed....

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