Daily Update from Securities Docket |
- Securities Docket A.M. News Wire for June 22, 2010
- Australia: Reforms May Help ASIC Crack Down on ‘Rumourtrage’
- SEC Charges Investment Adviser With Fraudulent Management of CDOs Tied to Mortgage-Backed Securities
- Provision to Reverse Stoneridge Not Dead Yet
- The Return of the Hoax Press Release
Securities Docket A.M. News Wire for June 22, 2010 Posted: 22 Jun 2010 03:55 AM PDT
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Australia: Reforms May Help ASIC Crack Down on ‘Rumourtrage’ Posted: 21 Jun 2010 01:54 PM PDT In Australia, those engaged in ''rumourtrage'' or the spreading of rumors to affect share prices could be in for greater penalties if the federal government takes up a recommendation. AAP reports that the Parliamentary Joint Committee on Corporations and Financial Services has told the government to consider reforming the Corporations Act to provide ASIC more power to deal with rumourtrage, which has evolved as a new challenge for the corporate regulator. |
SEC Charges Investment Adviser With Fraudulent Management of CDOs Tied to Mortgage-Backed Securities Posted: 21 Jun 2010 12:49 PM PDT The SEC today charged a New York-based investment adviser and three of his affiliated firms with fraudulently managing investment products tied to the mortgage markets as they came under pressure in 2007. The agency alleges that ICP Asset Management LLC defrauded four multi-billion-dollar collateralized debt obligations (CDOs) by engaging in fraudulent practices and misrepresentations that caused the CDOs to lose tens of millions of dollars. |
Provision to Reverse Stoneridge Not Dead Yet Posted: 21 Jun 2010 11:57 AM PDT Writing about the fate of the "Specter amendment" that would reverse the Supreme Court's decision in Stoneridge Investment Partners v. Scientific-Atlanta has proven to be about as difficult as writing about the fate of the UK's Financial Services Authority: as soon as you hit the "Publish" button, the outlook changes completely! Full details are available in this post on my Enforcement Action blog over at Compliance Week. |
The Return of the Hoax Press Release Posted: 21 Jun 2010 08:21 AM PDT Fake press releases are not uncommon. There have been many instances, for example, of bogus text dressed up to look like a real press release and then hopefully pasted by fraudsters onto internet message boards with the hopes of sparking trading in the underlying security. True "hoax" press releases that are able to bypass wire service security measures and actually go out over the wire services are much less common, however. Oddly, there have been two new hoax press releases in the past week alone. Full details are available in this post on my Enforcement Action blog over at Compliance Week. |
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Daily Update from Securities Docket Part 1
Daily Update from Securities Docket Part 1
Daily Update from Securities Docket Part 1
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