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Security Exchange Commission

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NEWS
March 25, 1998 | E. SCOTT RECKARD and ESTHER SCHRADER and SHELBY GRAD, TIMES STAFF WRITERS
Wall Street titan Merrill Lynch & Co. said Tuesday that federal authorities intend to bring civil charges against it for its role in the Orange County financial fiasco that turned into the nation's biggest municipal bankruptcy. As the county's chief investment house, Merrill Lynch helped Orange County sell $875 million in bonds through 1994 when the county's risky investments were reeling out of control toward losses that ultimately totaled $1.6 billion.
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NATIONAL
March 2, 2013 | By Rong-Gong Lin II and Maeve Reston, Los Angeles Times
The Las Vegas casino company headed by high-profile Republican donor and billionaire Sheldon Adelson said it probably violated a federal law that prohibits the bribery of foreign government officials. Las Vegas Sands Corp. said its auditors found that "there were likely violations" of the Foreign Corrupt Practices Act, which bars Americans from bribing foreign officials to secure an advantage. The disclosure was made in a filing Friday with the Securities and Exchange Commission.
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NEWS
July 25, 1989 | MARY ANN GALANTE, Times Staff Writer
Carl N. Karcher, founder of the Carl's Jr. hamburger chain, and six of his relatives agreed Monday to settle civil charges of insider trading by paying a total of $664,000. "The case is settled. Carl just wanted to get it behind him for the benefit of his family and children," Thomas Holliday, Karcher's attorney, said. Under the consent agreement, Karcher and his family members neither admitted nor denied the charges made against them.
BUSINESS
February 8, 2012 | By Nathaniel Popper, Los Angeles Times
Regulators are proposing dramatic reforms to one of the most popular places for retail investors to put their cash: money-market funds. The staff at the Securities and Exchange Commission is drawing up new rules that would govern the $2.7-trillion money-market-fund industry after the ultra-safe reputation of the funds came into question during the financial crisis. Money-market funds have long provided the safety and accessibility of a checking account with slightly higher returns thanks to a strategy of making almost risk-free short-term loans.
CALIFORNIA | LOCAL
December 19, 1994
The new Republican Congress has made it known that the Securities and Exchange Commission is one of the U.S. government agencies that it is targeting for budget cuts and curbs on litigation. With more money than ever pouring into stocks, bonds, mutual funds and other investments, this is not the time to scale back on the watchdog agency assigned to oversee the securities business and look out for consumer interests.
BUSINESS
March 10, 2002 | WALTER HAMILTON, TIMES STAFF WRITER
In October, Securities and Exchange Commission Chairman Harvey L. Pitt uttered three words that he's been trying to live down ever since. In his first official speech since taking office two months earlier, Pitt indicated to a gathering of accountants that he wanted a "kinder and gentler" SEC that would be less combative with the firms it regulates. Barely a month later, Enron Corp.
BUSINESS
January 17, 1994 | ANNE MICHAUD and JAMES S. GRANELLI, TIMES STAFF WRITERS
Barbara Bunte thought her success was evident and her retirement savings assured. During six years as West Coast regional director of Franklin Mortgage Capital Corp., she built the operation into a major mortgage banking business, expanding it from 13 employees to 180, from funding $5 million in new home loans each month to funding $200 million a month.
BUSINESS
March 2, 1992 | JAMES BATES
The San Francisco 49ers quarterback and past Super Bowl hero was featured recently in an ad campaign for the Franklin group of investment funds in San Mateo, Calif. The ads were to have run until around the middle of this year. But the SEC called time out, citing language in a 1940 law governing investment advisers and products that shields consumers from misleading ads. A spokesman for the SEC said commission officials believe that "testimonials are inherently misleading."
BUSINESS
November 15, 1990 | JOHN O'DELL, TIMES STAFF WRITER
Moving to take advantage of the extended federal tax credit for low-income housing investments, an Orange County real estate investment firm is seeking permission for a partnership offering to raise up to $20 million to build low-income apartments in California.
BUSINESS
October 16, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Securities and Exchange Commission ordered corporations Thursday to provide shareholders with easy-to-understand reports on the compensation of top executives and opened the door for easier challenges to management policies. The new rules, adopted after more than two years of study, are a significant expansion of shareholder rights. The measures take effect against a backdrop of public revulsion at excessive executive pay and complaints of entrenched corporate management.
ENTERTAINMENT
August 26, 2011 | By Robert Abele
What should have been a disturbing examination of a colossal financial crime in "Chasing Madoff" is instead a disturbed one. Using an irritably distracting collage of hopped-up graphics, archival footage and faux-noir re-creations in black and white, director Jeff Prosserman's frenzied documentary focuses on the scandal's much-noted whistle-blower, a securities analyst named Harry Markopolos, who had been trying for 10 years — before Bernard Madoff's...
BUSINESS
May 6, 2011 | By Nathan Olivarez Giles, Los Angeles Times
Barnes & Noble Inc. is set to announce a new e-reader May 24, according to a regulatory filing from the company. "In a meeting with investor analysts on May 4, 2011, Barnes & Noble Inc. ... indicated it expects to make an announcement on May 24, 2011, regarding the launch of a new e-reader device," Barnes & Noble said in a filing with the Securities and Exchange Commission. The bookseller and e-reader maker didn't say what the new device would be called, cost or look like.
BUSINESS
February 9, 2011 | By Richard A. Serrano, Los Angeles Times
Intensifying a crackdown on alleged insider trading by hedge funds, federal prosecutors have brought criminal charges against four more people, two of whom have already pleaded guilty. The actions in federal court in New York are the latest in a widening investigation by a special hedge fund task force created by the Securities and Exchange Commission and coordinated by the Obama administration that is designed to stem financial crimes. Two of those charged had connections to Primary Global Research of Mountain View, Calif.
BUSINESS
July 21, 2010 | Bloomberg News
U.S. regulators, saying mutual funds don't fully inform customers about the billions of dollars they charge every year to pay for marketing, took a step toward imposing new rules on the practice. Securities and Exchange Commission members voted 5-0 on Wednesday to seek comment on a proposal that would increase disclosure and cap the cumulative fees investors pay over time. Under the measure, a company couldn't charge more in so-called 12b-1 fees for a class of fund shares that continue to solicit new investors than they charge for classes that don't.
OPINION
November 12, 2009
The federal jury that acquitted two Bear Stearns hedge-fund managers of securities fraud this week undermined the government's effort to find crimes in Wall Street's epic collapse. That's just half the story, though, and as far as investors are concerned, the less interesting half. Ralph Cioffi and Matthew Tannin, the men in charge of the two failed hedge funds, still face a lawsuit by the Securities and Exchange Commission. The SEC's filing demonstrates that agency's ability to pursue investment managers even when their funds are unregulated.
BUSINESS
September 15, 2009 | Walter Hamilton and Tom Petruno
In a rare move, a federal judge threw out a deal in which Bank of America Corp. would have paid $33 million to settle charges that it misled shareholders about $3.6 billion in bonuses being paid to Merrill Lynch & Co. executives, contending that the punishment was too light. U.S. District Judge Jed Rakoff in New York also lashed out at federal regulators, saying they didn't dig deeply enough to determine whether Bank of America executives intentionally set out to deceive shareholders about plans to pay bonuses to employees of Merrill Lynch last year, when the bank was acquiring the Wall Street firm.
CALIFORNIA | LOCAL
January 12, 1993 | HECTOR TOBAR, TIMES STAFF WRITER
In a move that should avert immediate fiscal disaster for county government, the Securities and Exchange Commission staff has tentatively agreed to allow Los Angeles County to borrow as much as $125 million from its employee savings program, officials said Monday. County officials have been counting on the money to balance the 1992-93 budget and to pay for law enforcement, hospitals and other items. The money is to be used to fund the county's early retirement program.
BUSINESS
May 6, 2011 | By Nathan Olivarez Giles, Los Angeles Times
Barnes & Noble Inc. is set to announce a new e-reader May 24, according to a regulatory filing from the company. "In a meeting with investor analysts on May 4, 2011, Barnes & Noble Inc. ... indicated it expects to make an announcement on May 24, 2011, regarding the launch of a new e-reader device," Barnes & Noble said in a filing with the Securities and Exchange Commission. The bookseller and e-reader maker didn't say what the new device would be called, cost or look like.
CALIFORNIA | LOCAL
May 9, 2009 | David Zahniser
As a member of the powerful Los Angeles Fire and Police Pensions board, Sean Harrigan's private financial life intersected repeatedly with the business of his agency, which oversees a $10.7-billion portfolio on behalf of retired public employees. Long before he was caught up in a national investigation into the way public pensions are managed, Harrigan took a consulting job with a law firm that was applying to get work from his board, records show.
BUSINESS
April 28, 2009 | John Corrigan
Mary Schapiro, the new Securities and Exchange Commission chief, was certain to take a get-tough stance at the agency -- after Bernie Madoff, what other choice did she have? But in addition to all the steps she's taking along those lines -- a new enforcement director, streamlined rules for launching investigations, new procedures for following up on the 2,000 or so hotline tips the agency receives daily -- the SEC also is trying to make itself more transparent.
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