November 26, 2012 |
WASHINGTON - Mary L. Schapiro's departure as head of the Securities and Exchange Commission will leave the agency - at least temporarily - deadlocked as it continues to try to enact tough reforms on Wall Street. Schapiro, 57, said Monday that she will resign effective Dec. 14. President Obama quickly designated SEC Commissioner Elisse B. Walter as the agency's new chairwoman. Walter is not expected to radically change the regulator's agenda. But her move will leave the five-member SEC commission one person short - and effectively deadlocked on controversial issues such as Dodd-Frank financial reform, new regulations for money market mutual funds and a push to rein in high-speed trading.
February 20, 2009 |
The Securities and Exchange Commission has named former federal prosecutor Robert Khuzami its new enforcement chief. Khuzami has worked in the legal department of Deutsche Bank since 2004. Before that he worked for 11 years in the U.S. attorney's office in Manhattan prosecuting financial crimes. Khuzami, 52, replaces Linda Thomsen, whose departure was announced last week after she was widely criticized for the SEC's failure to detect an alleged $50-billion Ponzi scheme operated by Bernard Madoff.
October 16, 2009 |
The Securities and Exchange Commission hired a 29-year-old former employee in Goldman Sachs Group Inc.'s business intelligence unit as the first chief operating officer in the agency's enforcement division, according to people familiar with the decision. The new operating chief, Adam Storch, had worked since 2004 in a Goldman unit that reviewed contracts and transactions for signs of fraud. His new job is to make the SEC's enforcement division more efficient. Reached by phone at the SEC, he declined to comment.
October 16, 2010 |
Angelo R. Mozilo, who as head of home-loan giant Countrywide was at the center of the housing boom and bust, agreed Friday to pay a record fine as part of a $73-million settlement of a government fraud lawsuit over the lender's near-collapse. The deal with the Securities and Exchange Commission requires Mozilo, the highest-profile figure to be accused of wrongdoing in the mortgage meltdown, to personally pay a $22.5-million fine. The government said it would be the largest penalty ever paid by a senior executive of a public company in an SEC settlement.
February 10, 2009 |
The top cop at the Securities and Exchange Commission is leaving the government less than a week after receiving an angry dressing-down before Congress over the agency's failure to detect a massive alleged fraud scheme. The SEC said Monday that Linda Thomsen was leaving for the private sector but did not provide details. She has been the agency's enforcement director since May 2005.
August 5, 2009 |
General Electric Co. will pay a $50-million civil penalty to settle charges by the Securities and Exchange Commission accusing the conglomerate of improper accounting to make its financial results appear more attractive to investors. The SEC said Tuesday that GE violated U.S. securities laws four times in 2002 and 2003 when accounting for such items as commercial paper funding and the sale of train locomotives and aircraft engine spare parts.
October 12, 2011 |
Three former United Commercial Bank executives misled investors by concealing at least $65 million in loan losses before the San Francisco lender collapsed in 2009, the U.S. Securities and Exchange Commission said. Thomas Wu, who was the bank's chief executive, worked with Chief Operating Officer Ebrahim Shabudin and senior officer Thomas Yu to hide losses on loans and real estate assets from auditors, causing the bank's parent, UCBH Holdings Inc., to understate 2008 operating losses, the SEC said in a complaint filed Tuesday.
July 11, 2011 |
Here is roundup of alleged cons, frauds and schemes to watch out for. Burglary season — The summer months of July and August typically have the highest rate of home burglaries, in part because many people leave town for vacations, the Better Business Bureau said in a recent alert. Homeowners should consider installing security systems before they vacation this summer, the BBB said. Homes without such systems are about three times as likely to be burglarized as those with the systems, it said.
January 6, 2012 |
The Securities and Exchange Commission said it no longer would settle civil suits without an admission of liability in cases in which the defendant already had been convicted of criminal violations or admitted to them. The policy change came after a federal judge in November rejected a $285-million settlement between the SEC and Citigroup Inc. in which liability was neither admitted nor denied. The judge harshly criticized the SEC for imposing a "relatively modest" punishment on large banks for wrongdoing leading up to the financial crisis.
July 22, 2010 |
Dell Inc. agreed to pay $100 million and Chief Executive Michael Dell will pay an additional $4 million to settle U.S. regulatory claims that the company used fraudulent accounting to meet earnings targets. The computer maker and its founder failed to tell investors about "exclusivity payments" received from Intel Corp. in exchange for not using products made by the chipmaker's main rival, the Securities and Exchange Commission said Thursday. Those payments allowed Dell to reach its earnings targets from 2001 to 2006, the SEC said.