investor fraud

SEC to formally invite and specifically reward cooperation for the first time

December 23, 2009 23:01

All United States Attorney's Offices have routinized the practice of cooperation and standardized their form of cooperation agreement which, following Section 5K1.1 of the Sentencing Guidelines and 18 U.S.C. § 3553(e), specifies to a degree both the benefits of cooperation and the consequences...

Stakeholders in the Madoff Scandal and Their Need to Act Promptly and Proactively - Indirect Stakeholders - Installment 9

Alain Leibman
May 26, 2009 13:51

This is the ninth in a series of installments on this blog that is discussing some of the issues that face the manifold stakeholders that have been materially affected by the long global Ponzi scheme of Bernard L. Madoff. All potential stakeholders should consult professional advisors promptly to...

Attorneys sued by SEC for issuing allegedly fraudulent Rule 144 opinion letters

Alain Leibman
May 13, 2009 19:24

Last week the Securities and Exchange Commission sued two California attorneys for issuing allegedly fraudulent legal opinions which allowed the holders of restricted Rule 144 stock in a communications company to sell their holdings prematurely (news release here). As set forth in the SEC's press...

Hennessee Group Settles with SEC over Bayou Group Fraud

Shepherd Smith & Edwards LLP
April 28, 2009 23:37

Hedge fund investment adviser Hennessee Group, LLC has reached an agreement with the Securities and Exchange Commission over its securities fraud probe into Bayou Group and hedge fund manage Samuel Goldberg. Investors lost some $400 million in the scam. Now,...Hedge fund investment adviser...

SEC To Propose Audit Requirements for Investment Advisors, Possibly by Mid-May

Gina Ori
April 23, 2009 16:02

On April 6th, SEC Chairwoman Schapiro told the Counsel of Institutional Investors that the Commission was looking into “many potential reforms” for market professionals and intermediaries, including brokers, advisors and credit rating agencies. Among the Commission’s early...