Blog
Former broker ordered to pay $5.6 Million for insider trades
January 14, 2014
The Securities and Exchange Commission obtained a final judgment against a former registered representative who misappropriated material nonpublic information from his customer and used it to trade Burger King Holding, Inc.’s (“Burger King”) securities and tip others before the company’s September 2, 2010 announcement that it was being acquired by a New York private equity […]
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SEC charges former SAP employee with insider trading
December 24, 2013
The Securities and Exchange Commission announced that, on December 23, 2013, it charged David F. Marchand, of Campbell, California, a former Board Assistant to the Co-Chief Executive Officer of SAP AG, with unlawful insider trading in the securities of three issuers: SuccessFactors, Inc. (“SuccessFactors”), Ariba, Inc. (“Ariba”) and SAP AG (“SAP”). According to the SEC’s […]
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SEC Announces Fraud Charges Against Detroit-Based Money Market Fund Manager
November 26, 2013
The Securities and Exchange Commission today announced fraud charges against a Detroit-based investment advisory firm and a portfolio manager for deceiving the trustees of a money market fund and failing to comply with rules that limit risk in a money market fund’s portfolio. Money market funds seek to maintain a stable share price by investing […]
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Supreme Court To Review Halliburton Case
November 22, 2013
The U.S. Supreme Court has granted certiorari in Halliburton v. Erica P. John Fund, setting up what could be the most important securities litigation decision in the last twenty-five years. At issue is the continued validity of the fraud-on-the market-theory, whereby reliance by investors on a misstatement is presumed if the company’s shares were traded […]
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FINRA publishes additional guidance on expungement
October 25, 2013
On Tuesday, October 15, 2013, FINRA Dispute Resolution published the following guidance and reminder for arbitrators when considering expungement requests. Extraordinary Nature of Expungement Relief — Expungement is an extraordinary remedy that should be granted only under appropriate circumstances. Information should be expunged only when it has no meaningful investor protection or regulatory value. Once […]
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