Two victims of the convicted Ponzi schemer Bernard Madoff filed suit Wednesday against the Securities and Exchange Commission, accusing the government regulator of negligence in failing to protect investors.
The SEC could use more days like this.
The Securities and Exchange Commission leveled insider trading charges against a Perot Systems investment firm employee for taking home $8.6 million in allegedly illicit profits just days after Dell's $3.9 billion acquisition of the services company.
Last June, when Bank of America CEO Ken Lewis was asked by a U.S. House committee why the bank hadn't disclosed seemingly important information about its upcoming Merrill Lynch acquisition in a proxy statement last November, he had a ready response:
The outrage over big bonuses paid to Merrill Lynch employees is quickly becoming less a scandal for Bank of America and more of another black eye for Wall Street's top cop in Washington.
A federal judge struck down a proposed settlement reached between Bank of America and federal regulators over outsized bonuses paid to Merrill Lynch employee.
Lawmakers took the Securities and Exchange Commission to task Thursday for failing to prevent Bernard Madoff from perpetrating one of the largest financial frauds in U.S. history.
The Securities and Exchange Commission overlooked "more than ample" evidence, including six complaints, that red-flagged the Bernard Madoff Ponzi scheme, an internal watchdog said Wednesday.
Is the new cop on the U.S. securities beat armed with a pea shooter? The size of the penalties meted out by boss Mary Schapiro's team at the Securities and Exchange Commission makes it appear so.
A federal judge refused Monday to sign off on Bank of America's $33 million settlement of a Securities and Exchange Commission lawsuit, saying neither side convinced him that the settlement was fair to the public.
Two victims of the convicted Ponzi schemer Bernard Madoff filed suit Wednesday against the Securities and Exchange Commission, accusing the government regulator of negligence in failing to protect investors.
The SEC could use more days like this.
The Securities and Exchange Commission leveled insider trading charges against a Perot Systems investment firm employee for taking home $8.6 million in allegedly illicit profits just days after Dell's $3.9 billion acquisition of the services company.
Last June, when Bank of America CEO Ken Lewis was asked by a U.S. House committee why the bank hadn't disclosed seemingly important information about its upcoming Merrill Lynch acquisition in a proxy statement last November, he had a ready response:
The outrage over big bonuses paid to Merrill Lynch employees is quickly becoming less a scandal for Bank of America and more of another black eye for Wall Street's top cop in Washington.
A federal judge struck down a proposed settlement reached between Bank of America and federal regulators over outsized bonuses paid to Merrill Lynch employee.
Lawmakers took the Securities and Exchange Commission to task Thursday for failing to prevent Bernard Madoff from perpetrating one of the largest financial frauds in U.S. history.
The Securities and Exchange Commission overlooked "more than ample" evidence, including six complaints, that red-flagged the Bernard Madoff Ponzi scheme, an internal watchdog said Wednesday.
Is the new cop on the U.S. securities beat armed with a pea shooter? The size of the penalties meted out by boss Mary Schapiro's team at the Securities and Exchange Commission makes it appear so.
A federal judge refused Monday to sign off on Bank of America's $33 million settlement of a Securities and Exchange Commission lawsuit, saying neither side convinced him that the settlement was fair to the public.
Maurice "Hank" Greenberg, former chief executive of American International Group, has agreed to pay $15 million to settle charges related to an accounting scandal, the Securities and Exchange Commission said Thursday.
The Securities and Exchange Commission on Tuesday filed a suit against General Electric claiming that it reported false results in its financial statements.
The Securities and Exchange Commission on Monday charged a brokerage firm and several individuals with raising money from investors to feed Bernard Madoff's Ponzi scheme.
Where will Mary Schapiro focus her scrutiny? That's no small matter to the investing world.
Admitted fraudster Bernard Madoff, the mastermind of history's biggest Ponzi scheme, had a three-hour meeting with the Securities and Exchange Commission's top watchdog this week, several sources with knowledge of the situation told CNN.
The Obama administration plans to release updated details in the coming weeks to guide Congress on the best way to reshape the nation's financial regulatory system and prevent future collapses.
The Securities and Exchange Commission has filed fraud charges against the operators of the Reserve Primary Fund for failing to provide important information to investors and trustees about the fund's exposure to Lehman Brothers.
Just when their missteps in the ongoing financial crisis appeared to have faded, credit rating agencies are finding themselves back in the spotlight once again.
Is this the biggest overnight price increase you've ever heard of - 359%? On April 10th, which is tomorrow, that will be the leap in "transaction fees" paid by investors to the U.S. government.
While Bernie Madoff will never walk the streets again, there's still a lot of explaining to do, not just by Madoff and his family, but at the Securities and Exchange Commission, whose bungling of the investigation likely cost Madoff's victims even more money.
Your Honor, for many years up until my arrest on December 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business, Bernard L. Madoff Securities LLC, which was located here in Manhattan, New York, at 885 Third Avenue.
Regulators should expand the toolbox banks can use to place a value on hard-to-sell assets, market participants and accounting watchdogs told a congressional panel Thursday. But some legislators said they want more sweeping action now.
This is a strange little rally. Stocks surged Tuesday and continued to head higher Wednesday morning.
Policymakers are reaching deep into their toolbox in search of a fix for the troubled financial markets. And once again, they are targeting short sellers, investors who profit when a stock price falls.
A federal judge has unfrozen the assets of about 12,000 people and groups who invested in companies of R. Allen Stanford, who is accused in a $9.2 billion fraud scheme.
The Obama administration announced plans Thursday to boost the U.S. Securities and Exchange Commission's budget by 13% to help the investor protection agency better police markets and detect fraud.
If successful businesses share certain "best practices," do scam artists have their own favored techniques? The banker R. Allen Stanford, while accused of a smaller scheme than Bernie Madoff's, conducted his business in ways that make it appear they were using a similar playbook.
The Securities and Exchange Commission said Tuesday that it has charged financier R. Allen Stanford and three of his companies with orchestrating a $9.2 billion investment and sales fraud.
Blackberry maker Research in Motion announced Tuesday that the company and four current and former officers have settled an options backdating case brought by the Securities and Exchange Commission.
The U.S. Securities and Exchange Commission has charged businessman Robert Allen Stanford with orchestrating an $8 billion fraudulent investment program.
Harry Markopolos, the fraud investigator whose efforts to blow the whistle on investment adviser Bernard Madoff were rebuffed by the Securities and Exchange Commission, Thursday presented the SEC's inspector general with evidence of two new cases of potential investment fraud.
A whistleblower who repeatedly warned the Securities and Exchange Commission that Bernard Madoff was perpetrating a massive investment fraud testified Wednesday that the regulatory agency that oversees financial markets is inept, "financially illiterate" and far too cozy with the financial titans it is supposed to be regulating.
Here's a simple idea to prevent Wall Street meltdowns from happening again in the future, brought to you courtesy of the World Economic Forum in Davos: Start paying regulators much, much better.
The Securities and Exchange Commission's director of enforcement told a Senate committee Tuesday that the agency lacks the resources to pursue all the leads and tips about possible fraud that come to it.
Apple and its CEO-on-leave-but-still-active-sort-of Steve Jobs practically forced the Securities and Exchange Commission to look into the adequacy of the company¹s disclosures about Jobs's medical problems. But the investigation may have less to do with Jobs's health than with the SEC's.
Mary Schapiro, the president-elect's pick to head the Securities and Exchange Commission, vowed on Thursday to rebuild the battered agency if her nomination is approved.
When stock markets are soaring, people think they're making money because they're geniuses. But when the market tanks -- which it always does, sooner or later -- people look for villains to blame for their losses.
In today's dire financial climate, what exactly should a CEO say when it's time to hold that quarterly earnings call with analysts and the media?
Yes, there really are times when life imitates art. A case in point: the Bernie Madoff scandal, in which the disgraced investor bears a startling resemblance to Zero Mostel's sleazy theater promoter in one of my favorite flicks, "The Producers."
A former Lehman Brothers employee has been charged with illegal insider trading in a plot that accrued over $4.8 million in profits in a four-year span, according to a complaint filed by the Securities and Exchange Commission on Thursday.
President-elect Barack Obama, citing the need for tighter oversight of the nation's financial markets, on Thursday named veteran regulator Mary Schapiro as his choice to head the Securities and Exchange Commission.
President-elect Barack Obama is set to name a veteran financial regulator to head the Securities and Exchange Commission, two Democratic officials told CNN on Wednesday.
The lead government regulator charged with protecting investors vowed Wednesday to get to the bottom of why allegations over a decade's time about alleged fraudster Bernard Madoff were not fully explored.
Seventy years ago in 1938, Richard Whitney, the chief executive of the New York Stock Exchange (NYSE), was sentenced to 40 months in Sing Sing for embezzling funds from clients, including the widows and orphans benefit fund of the NYSE.
Fair value accounting is still fair game for attack, but there may be more common ground than imagined between critics and proponents of the rules governing how financial firms value the securities they hold.
Are well-intentioned but misguided accounting rules intensifying the financial crisis?
Mark to market is a business rarity - an accounting term that draws reactions from people who don't know spreadsheets from bedsheets. Mark to market, which we'll call MTM, evokes images of Enron's made-up profits and the other corporate scandals that marred the first years of this decade. Not pretty.
Republican presidential candidate John McCain caused some waves last month when he said that if he is elected to the White House, he'd fire SEC chairman Christopher Cox.
It's easy to understand why the proposal to spend $700 billion in taxpayer money to rescue banks would inspire impassioned debate in Washington.
The head of the Securities and Exchange Commission has been criticized for not doing enough to stave off the market crisis, but the easy target probably doesn't deserve all the hits he's taking
Randy Newman once famously sang that short people got no reason to live. Apparently, SEC chairman Christopher Cox feels the same way about short sellers.
A tidal wave of small-cap stock liquidity hits today as changes take effect to the Securities and Exchange Commission's Rule 144, shortening the holding period for investors with restricted securities from one year to six months.
The U.S. Securities and Exchange Commission took what it called "emergency action" Friday and temporarily banned investors from short-selling 799 financial companies.
The Securities and Exchange Commission adopted a set of new rules Wednesday which would ultimately ban the practice of so-called "naked" short selling, possibly providing some much-needed comfort for financial markets.
With Wall Street engulfed in crisis, the Securities and Exchange Commission is planning measures to rein in aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers
Federal prosecutors and regulators on Wednesday accused two former Wall Street brokers of defrauding customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages
Third Point Management, a New York hedge fund run by one of the country's most outspoken and controversial investors, has come under investigation from the Securities and Exchange Commission.
Should the financial sector endure yet another harrowing period of wild market swings and rumors later this week, expect regulators to round up the usual suspects - namely, the short sellers.
There is a lot of negativity on Wall Street right now. But I don't think cracking down on short sellers is the solution to the market's woes.
Psst! Here's one you can trade on: The Securities and Exchange Commission, buffeted on all sides from the great leverage collapse of 2008, is now going to get to the bottom of the age-old dilemma of the trading desk rumor.
Government officials said Tuesday that the country's three largest credit raters failed in their reviews of subprime mortgage-backed securities.
The pact between the Federal Reserve and the Securities and Exchange Commission should enhance regulatory cooperation between the two agencies, allowing them to more effectively carry out their regulatory duties, officials said
Phil Goldstein became a hedge fund manager thanks to a pair of gray sweatpants. In the summer of 1992 the 47-year-old civil engineer walked into Las Vegas's Mirage hotel to meet his first potential investor. The shorts he was wearing didn't meet the dress code of Moongate, a Chinese restaurant where the two men had planned to meet. He thought the rule was arbitrary, so he went to a nearby gift shop, purchased a pair of sweatpants, changed into them, and returned to the restaurant. After the meal he changed back into his shorts and returned the pants for store credit. When Goldstein also told the prospect that he was staying off the Strip, at a $39-a-night motel, the deal was sealed. "This is a man I want managing my money," the investor told his broker that night.
In a move to protect investors from shady security-selling practices, major credit-rating firms Moody's, S&P, and Fitch reached a cooperation agreement with New York state Attorney General Andrew Cuomo Thursday.
Securities regulators on Wednesday charged Broadcom Corp. co-founders Henry T. Nicholas III and Henry Samueli with falsifying the company's reported income
"This is indeed a concern and we will tackle it." That was SEC chairman Christopher Cox's handwritten note to a senator worried that companies were retaliating against analysts who produced research critical of them.
In a possible antecedent to a criminal investigation, the Justice Department has asked the Securities and Exchange Commission for information about its investigation of Merrill Lynch & Co., according to a Friday Wall Street Journal report.
The Securities and Exchange Commission announced Tuesday it had reached a $24 million settlement with a former Dow Jones & Co. board member and three Hong Kong residents in an insider trading suit.
The Securities and Exchange Commission launched an Internet tool Friday that makes it easier for investors to research and compare executive compensation.
Last month the Supreme Court heard arguments in a case known as Stoneridge Investment v. Scientific-Atlanta, which may prove to be the most important securities case of the decade. Based on the Justices' questions at the Oct. 9 oral argument, a majority think investors should be barred from bringing class-action suits against third parties that allegedly helped a corporation commit a fraud on its shareholders.
The country's leading ratings agencies - Moody's, Standard & Poor's and Fitch - are under attack these days for fueling the subprime mortgage meltdown with excessively high ratings on mortgage-backed bonds that turned out to be bad bets.
Companies fretting that the SEC would be introducing new executive compensation rules this year will get a reprieve, at least temporarily, the head of the SEC division that regulates corporate finance told a group of lawyers Wednesday.
Lawmakers grilled credit rating agency executives Wednesday about their role in the subprime mortgage meltdown, particularly their cozy relationship with issuers of some of the securities that soured during this summer's crisis.
If you'd like to help thousands of people who are saving for retirement (and maybe even yourself), I have a suggestion. Tell the Securities and Exchange Commission to get off its duff and pass rules improving the disclosure investors get about variable-annuity fees.
Apple CEO Steve Jobs has been subpoenaed by the Securities and Exchange Commission to give a deposition in a stock-options backdating case against Apple's former general counsel, a person familiar with the case told The Associated Press Thursday.
The government is casting a wide net in its scrutiny of Wall Street banks, investors, credit-rating agencies and others in the role they played in the subprime mortgage crisis.
The Securities and Exchange Commission is ratcheting up scrutiny of the potential for insider trading at hedge funds.
Federal regulators said Friday they are reviewing the role credit-rating agencies played in the mortgage market debacle for borrowers with weak credit.
The Securities and Exchange Commission has asked the top brass of nearly 300 U.S. companies to better explain the pay packages of top executives, according to a report Friday.
The Securities and Exchange Commission is closely watching the liquidity of the five biggest U.S. securities firms and has not seen any financial weakness among them, SEC Chairman Christopher Cox said Tuesday.
The Securities and Exchange Commission filed civil fraud charges on Monday against Sentinel Management Group, the cash management firm serving the U.S. futures industry that filed for Chapter 11 bankruptcy protection late on Friday.
A former lawyer for the agency claims his investigation into insider trading was stalled to protect a powerful executive, and a new Congressional report backs him up
Take-Two Interactive Software Inc said Wednesday it received a Wells notice from the U.S. Securities and Exchange Commission in connection with a previously disclosed investigation into the company's past stock option granting practices.
A merger of the two major watchdogs for U.S. stock markets has received final regulatory approval, the Securities and Exchange Commission said late Thursday.
The Securities and Exchange Commission is expected to float two options on Wednesday as it crafts rules aimed at clarifying how investors access a company's proxy statement.
The Securities and Exchange Commission adopted Wednesday a new auditing standard that encourages a less costly approach when complying with a controversial provision of the Sarbanes-Oxley corporate reform law.
Dow Jones & Co. Inc. board member David Li, a prominent Hong Kong banker, may face civil charges in a Securities and Exchange Commission insider trading investigation linked to News Corp.'s $5 billion bid for the U.S. media company.
The Securities and Exchange Commission opened an informal inquiry into online posts made under a pseudonym by Whole Food's CEO John Mackey, a newspaper reported Friday.
New Century Financial Corp., a collapsed subprime lender that is liquidating in bankruptcy, said on Thursday the U.S. Securities and Exchange Commission has elevated its investigation of the company to formal status.
The U.S. Securities and Exchange Commission is investigating the collapse of Brookstreet Securities, a California broker-dealer that was hit by heavy losses in mortgage-backed securities this month, its president said on Friday.
The U.S. Securities and Exchange Commission is forming an advisory committee to study how to make the U.S. financial reporting system less complex and costly, the agency said Wednesday.
The Securities and Exchange Commission has opened 12 investigations into collateralized debt obligations (CDO) linked to the sinking value of subprime mortgages and created a working group to focus on subprime market problems, the agency said Tuesday.
All five commissioners of the Securities and Exchange Commission are to appear Tuesday at a Congressional hearing that is expected to explore hedge fund activities, access to corporate proxy statements and so-called soft-dollar arrangements.
Hedge fund GLG Partners agreed to pay more than $3.2 million in fines after the U.S. Securities and Exchange Commission found it had earned $2.2 million in illegal profits, the agency said Tuesday.
The U.S. Securities and Exchange Commission took a step Wednesday toward allowing foreign public companies to choose international accounting standards or U.S. rules when filing data with the agency.
Jeffrey McMahon, the former chief financial officer of Enron, has agreed to pay $300,000 to settle fraud charges, the Securities and Exchange Commission said Wednesday.
Trading has been suspended on 35 stocks that were the subjects of misleading spam e-mail campaigns, the Securities and Exchange Commission said Thursday.
A federal court recently tossed out an SEC rule requiring hedge funds to register with the agency. Now Congress is considering more expansive rules. Here's why hedge-fund regulations are being scru...
If you're shopping for a 529 college savings plan and a broker or adviser hands you what she says is the best product for you, can you be sure it is? As your kids might say, Yeah, well, sorta--actu...
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