The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed […]
Mary Shapiro, Chairman of the U.S. Securities and Exchange Commission (SEC), gave a speech at the Securities Industry and Financial Markets Association (SIFMA) annual meeting yesterday signaling the agency’s priorities in the coming months and years. Key issues raised by Chairman Shapiro include revitalizing enforcement efforts, the need for forthrightness in consumer products, as well […]
The Securities and Exchange Commission today charged Bank of America Corporation for misleading investors about billions of dollars in bonuses that were being paid to Merrill Lynch & Co. executives at the time of its acquisition of the firm. Bank of America agreed to settle the SEC’s charges and pay a penalty of $33 million. […]
On July 2, 2007, the Securities and Exchange Commission filed an emergency action in Dallas federal court to halt what the Commission contends is a fraudulent offering of securities, known as Secured Debt Obligations (“SDOs”), by Amerifirst Funding, Inc. and Amerifirst Acceptance Corporation (together, “Amerifirst”). The SDOs are notes purportedly secured by automobile financing receivables […]