The Securities and Exchange Commission has charged John Kinnucan and his Portland, Oregon-based expert consulting firm Broadband Research Corporation with insider trading. The charges stem from the SEC’s ongoing investigation of insider trading involving expert networks. The SEC alleges that Kinnucan and Broadband claimed to be in the business of providing clients with legitimate research [...]
February 22, 2012 |
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The Financial Services Authority (FSA) has fined Santander £1.5 million for failing to confirm under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS). Customers began asking the extent of FSCS cover towards the end of 2008, but it was January 2010 before Santander clarified the position. During this [...]
February 22, 2012 |
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The Financial Reporting Council has taken steps to promote a better understanding of explanations under its ‘comply or explain’ approach to corporate governance in a paper published today. The paper, which is based on discussions between senior company and investor representatives facilitated for the FRC by the London Business School, notes a very high level [...]
February 21, 2012 |
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The FRC’s Board for Actuarial Standards (BAS) has announced that the FRC will consult on bringing actuarial work on pension incentive exercises into the scope of its technical actuarial standards (TASs). The consultation will also consider whether the TASs should include specific principles to be followed when providing actuarial advice on incentive exercises. An incentive [...]
February 21, 2012 |
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The Securities and Exchange Commission has filed a civil injunctive action in the U.S. District Court for the Central District of California, which charged Brenda A. Eschbach of Tustin, California with securities fraud, investment advisory fraud, and acting as an unregistered broker-dealer. In its complaint, the SEC alleged that Eschbach misappropriated over $3 million in [...]
February 21, 2012 |
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Authorities have continued their searches at one London business address and two domestic premises in London and Kent, leading to the arrest of a 44 year old man who was interviewed under caution at a London police station. The suspect has been released on bail pending further enquiries. The searches and arrest arise out of [...]
February 21, 2012 |
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The Securities and Exchange Commission is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor’s home from the net worth calculation. Under the SEC’s rule, registered investment advisers may charge clients performance fees if the client’s net [...]
February 21, 2012 |
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The Financial Services Authority (FSA) has fined the former managing director in Corporate Broking at Merrill Lynch International (now Bank of America Merrill Lynch International) £350,000, for “improperly disclosing inside information” ahead of a significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. Andrew Osborne allegedly acted on behalf of Punch and approached [...]
February 20, 2012 |
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Two non-U.S. companies — Venulum Ltd. (a British Virgin Islands company) and Venulum Inc. (a Canadian company) — and their owner and chairperson, are facing charges filed by the US Securities and Exchange Commission over registration violations in connection with unregistered offers and sales of promissory notes and interests in fine wines. According to the [...]
February 20, 2012 |
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The Financial Reporting Council has taken steps to promote a better understanding of explanations under its comply-or-explain approach to corporate governance. The paper, which is based on discussions between senior company and investor representatives facilitated for the FRC by the London Business School, notes a very high level of compliance with the UK Governance Code. [...]
February 15, 2012 |
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The Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the Southern District of New York charging a hedge fund manager and his Menlo Park, Calif.-based firm for their involvement in the insider trading ring connected to Raj Rajaratnam and hedge fund advisory firm Galleon Management. The SEC [...]
February 15, 2012 |
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The Securities and Exchange Commission today charged a hedge fund manager and his Menlo Park, Calif.-based firm for their involvement in the insider trading ring connected to Raj Rajaratnam and hedge fund advisory firm Galleon Management. The SEC alleges that Douglas F. Whitman and Whitman Capital illegally traded based on material nonpublic information obtained from [...]
February 13, 2012 |
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The Public Company Accounting Oversight Board announced a settled disciplinary order censuring Ernst & Young LLP, imposing a $2 million civil money penalty against the firm, and sanctioning four of its current and former partners for violating PCAOB rules and standards. The $2 million civil money penalty against the firm is the Board’s largest civil [...]
February 13, 2012 |
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The OFT is considering an offer by Jewson Limited (Jewson) to sell a branch in each of 22 local areas to remedy competition concerns raised by its completed acquisition of Build Center. Jewson and Build Center are two of the country’s largest general builder’s merchants. Jewson has a chain of 510 general builder’s merchants in [...]
February 12, 2012 |
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The Monitoring Board and the Trustees of the IFRS Foundation jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation. The reviews build upon the achievements of the last 11 years, during which International Financial Reporting Standards (IFRSs) have become the internationally accepted language of financial reporting, required [...]
February 12, 2012 |
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The Securities and Exchange Commission charged that a former employee of Takeda Pharmaceuticals International, Inc. traded on inside information about the Japanese firm’s business alliances and corporate acquisitions. Brent Bankosky, a former Senior Director in Takeda’s U.S.-based business development group, has agreed to pay more than $136,000 to settle the SEC’s charges. The proposed settlement [...]
February 12, 2012 |
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The Office of Fair Trading is launching a fact-finding review to understand more about the challenges facing consumers and businesses in remote communities across the UK. The UK’s consumer and competition body is calling for evidence from the public in these areas to help inform its work. The OFT recognises that prices of many goods [...]
February 12, 2012 |
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The FSCS has sent compensation application forms to more than 4,000 private customers of MF Global UK Limited with individual accounts. This will allow them to make a claim for compensation. The news follows the recent announcement by KPMG, the special administrators of MF Global UK Limited, that customers will start to receive dividend payments [...]
February 12, 2012 |
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Chief Judge Gregory M. Sleet of the United States District Court for the District of Delaware entered final judgments against Defendants Nathan M. Michaud and Gerard J. D’Amaro on January 24, 2012, and Defendant Marc J. Riviello on February 3, 2012, in SEC v. Dynkowski, et al., Civil Action No. 1:09-361, a stock manipulation case [...]
February 12, 2012 |
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The Securities and Exchange Commission charged Glencoe, Illinois resident Kenneth A. Dachman with misappropriating over $1.8 million in investor funds and making false and misleading statements to investors in offerings for three companies for which he was the Chairman – Central Sleep Diagnostics, LLC (Central Sleep), Central Sleep Diagnostics of Florida, LLC (Central Sleep Florida), [...]
February 8, 2012 |
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