The Securities and Exchange Commission charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment […]
Robert Khuzami, director of the SEC’s Division of Enforcement, said today that the agency has begun reviewing registration documents to find advisers who have not accurately portrayed their education, assets under management and other aspects of their firm. “If they come face to face with inspectors early on … they’re going to know that we’re […]
The Securities and Exchange Commission is weighing new limits and disclosure requirements on the use of derivatives in mutual funds and exchange-traded funds, and the fund industry is pushing back. Investment companies and industry groups this past week submitted formal comments to the SEC in response to a request from the agency. Many of the […]
The SEC has charged a prominent San Diego-based financial advisor with fraud, accusing him and his firm of failing to disclose to clients a conflict of interest in an investment and lying to and misleading clients about a hedge fund he manages. Kevin O’Rourke, the suit’s target, is the founder and president of Western Pacific […]
The Securities and Exchange Commission engaged in an unprecedented crackdown on investment advisers over the last year, contributing to an overall surge in agency enforcement. The SEC announced today that it filed 146 enforcement actions against investment advisers and investment companies during the 2011 fiscal year, which ended Sept. 30. That number represents a 30% […]