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Securities And Exchange Commission

BUSINESS
March 29, 2008 | From Reuters
President Bush intends to nominate two former Securities and Exchange Commission staff members to fill empty seats on the panel, the White House said Friday. The five-seat body has been operating with just three commissioners, all Republicans, for several weeks amid worsening market turmoil. Elisse Walter, former deputy director of the SEC's corporation finance division, and Luis Aguilar, a former SEC lawyer, will be nominated for the vacant positions, the White House said in a statement.
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BUSINESS
March 29, 2008 | Maura Reynolds, Times Staff Writer
The Bush administration is proposing a sweeping overhaul of the nation's financial regulatory system, combining what is now an alphabet soup of government agencies into three streamlined regulators. The proposal is the result of a year of study by Treasury Secretary Henry M. Paulson Jr. and has the support of the president, according to Treasury officials who spoke on condition of anonymity Friday.
BUSINESS
March 7, 2008 | From Times Wire Services
Timothy N. Jenson, former chief executive of Merisel Inc., has agreed to pay a $275,000 penalty to end a federal lawsuit accusing him of a scheme to loot the software distributor. In settling with the Securities and Exchange Commission, Jenson, 48, of Los Alamitos also agreed to be barred from serving as an officer or a director of a public company. Neither Jenson nor another defendant, TDH Enterprises, a company he controls, admitted or denied the allegations. Jenson and TDH also were ordered to follow anti-fraud and other provisions of the federal securities laws.
BUSINESS
December 20, 2007 | Cyndia Zwahlen, Special to The Times
Will small public companies -- many already dragging their feet on complying with important parts of the Sarbanes-Oxley corporate accounting reform legislation -- get their wish for a permanent exemption?
BUSINESS
December 13, 2007 | From Bloomberg News
A federal judge has ordered the Los Angeles-based founder of an Internet stock-picking service to pay $1.7 million after the Securities and Exchange Commission said he secretly sold shares touted on his website. Nicholas Czuczko, who operated thestockster.com, falsely portrayed the site's penny stock picks as unbiased and underplayed the likelihood that he and associates would trade in the shares, Judge Otis Wright in Los Angeles said in an order dated Dec. 5.
BUSINESS
November 29, 2007 | From Bloomberg News
Securities firms and banks sold "too many lottery tickets" tied to U.S. mortgages and failed to look closely enough at their growing risks, the head of the Securities and Exchange Commission's market regulation division said Wednesday. Financial companies had "a significant risk-management failure" on so-called super-senior classes of collateralized debt obligations made up of asset-backed bonds, according to the text of remarks Erik R. Sirri made at a New York conference. Merrill Lynch & Co.
BUSINESS
November 21, 2007 | From Times Wire Services
The Securities and Exchange Commission said Tuesday that it would take up next week a rule to let companies keep shareholders' director nominees off corporate ballots. Some institutional investors are opposed to the rule, which is to be considered Nov. 28, saying they deserve a bigger say in picking directors because company-picked boards have failed to police executives. Democratic lawmakers have joined the fight, urging the SEC to delay action.
BUSINESS
November 20, 2007 | From Times Wire Services
Sanctions imposed by the Securities and Exchange Commission fell to the lowest level since 2002, after Republican commissioners complained that heavy penalties hurt investors and the agency brought fewer billion-dollar accounting fraud cases. The SEC brought a record 656 cases in fiscal 2007, 14% more than the previous year. But the agency collected only $1.6 billion in fines and illicit profit in the year ending Sept.
BUSINESS
November 16, 2007 | From Times Wire Services
The Securities and Exchange Commission on Thursday eliminated a rule requiring foreign companies with U.S.-traded shares to explain their financial results in line with U.S. accounting standards. The move, a push toward acceptance of a single, global accounting standard, has raised objections from investor advocates and some key lawmakers.
BUSINESS
November 8, 2007 | From the Associated Press
Embattled investment bank Merrill Lynch & Co. said Wednesday that federal regulators were investigating matters related to its holdings of high-risk mortgage debt. The Securities and Exchange Commission began the investigation Oct. 24, the world's largest brokerage firm said in a regulatory filing. It did not provide details but said it was cooperating with the inquiry.
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