February 28, 2008 |
THQ Inc. said the U.S. Securities and Exchange Commission doesn't plan to recommend any action against the video-game publisher related to a stock options probe. The SEC's investigation into the Agoura Hills-based company's practices in granting stock options has been completed, THQ said.
April 20, 2010 |
Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in U.S. history, violated its own risk-management rules with the knowledge of the U.S. Securities and Exchange Commission, a bankruptcy examiner said Monday. "We found that the SEC was aware of these excesses and simply acquiesced," Anton Valukas, the Lehman examiner, said in testimony to be presented in Washington tomorrow on policy issues arising from his 2,200-page report on Lehman‘s downfall. Valukas is scheduled to testify before the House Committee on Financial Services.
October 22, 1986
The Securities and Exchange Commission said the San Francisco brokerage house had failed to reasonably supervise certain former employees who allegedly took "excessive" commissions on Treasury bond sales in 1982-84. Sutro & Co. should have detected the overcharges internally, the SEC charged. A settlement was made without the firm admitting or denying any wrongdoing. The company said it would refund any overcharges to clients within 120 days.
August 28, 2008 |
The Securities and Exchange Commission on Wednesday fined a California hedge fund manager and newsletter publisher $100,000 over claims he misled people into investing $20 million in two fraudulent real estate firms. Mark J.P. Boucher of Portola Valley helped raise the money by falsely claiming the investments were secured by real estate when one company never owned property and the other was "wholly underwater in debt," the SEC said. Without admitting the claims in the civil suit against him, Boucher agreed to be barred from serving as an investment advisor for five years, the agency said.
May 8, 2008 |
The Securities and Exchange Commission plans to share more information with the Federal Reserve about the health of investment banks after a run on Bear Stearns Cos. put the firm on the brink of filing for bankruptcy. The SEC and the Fed are preparing a "memorandum of understanding" for communicating with each other, Erik Sirri, head of the SEC's trading and markets division, said in Senate testimony Wednesday. The effort reflects the fact that the central bank is lending money to investment banks for the first time since the Great Depression, he said.
May 6, 2009 |
Federal regulators on Tuesday accused Reserve Management Co. and its two top executives of fraud, saying they withheld key facts from investors when its big money-market fund "broke the buck" last fall. The Securities and Exchange Commission filed a civil complaint against Reserve Management, Chairman Bruce Bent Sr., 71, and Vice Chairman and President Bruce Bent II, 42.
October 23, 2008 |
The Securities and Exchange Commission said it brought 671 enforcement cases in the fiscal year that ended Sept. 30, with the number of market manipulation cases up more than 45% over the previous year. The SEC also said it has more than 50 pending investigations related to the subprime mortgage market. The agency, working in conjunction with the FBI and federal prosecutors, has been investigating whether mortgage lenders and Wall Street firms participated in fraud. The 671 cases initiated in the latest fiscal year represent the second-highest number of enforcement actions in the SEC's history, the agency said.
August 4, 1985
Your story, "Anatomy of a Stock Deal Turned Sour" (July 21) about people in a Texas town following the lead of newcomer Thomas W. Reid by buying into a stock while the market was allegedly manipulated to affect the price--all to their ultimate disaster when the price bubble burst--raises an issue that has bothered me about regulatory enforcement activities. Your story was prompted by a settlement with the Securities and Exchange Commission in which the defendant consented to a boilerplate court order.
May 18, 1989 |
David S. Ruder is resigning as chairman of the Securities and Exchange Commission to return to the faculty of the Northwestern University School of Law, the agency announced today. Under Ruder's command, the SEC conducted a massive investigtion into insider trading on Wall Street that resulted in charges against a string of financiers including speculator Ivan Boesky, junk bond wizard Michael Milken and Milken's firm, Drexel Burnham Lambert Inc. In a letter to President Bush, Ruder said he plans to return to Northwestern at the end of August.
March 3, 2009 |
The Securities and Exchange Commission said con artists were impersonating its employees and pressing brokerages and money managers to turn over records in "emergency" inspections. In other instances, investors have been tricked into giving impersonators private information, access to brokerage accounts or money, the SEC said. The regulator has been alerting investors of people posing as SEC staff since at least 2007, according to notices posted on its website.