SEC Accountability and the Encroaching Administrative State
May 13, 2012
JURIST Guest Columnist Michael Macchiarola of the City University of New York School of Law says that several recent cases involving the Securities and Exchange Commission may present an opportunity to reevaluate the judiciary's deferential approach toward settlements made between administrative age....... [more] 
Costa Rica court sentenced ex-president to prison on corruption charges
April 27, 2012
On April 27, 2011, former Costa Rican president Miguel Angel Rodriguez was found guilty of corruption charges and sentenced to five years in prison. While president, Rodriguez accepted more than $800,000 in bribes from global telecommunications company Alcatel-Lucent in exchange for a deal with the....... [more]
SEC files subpoena enforcement action against Wells Fargo
March 24, 2012
The Securities Exchange Commission (SEC) announced on Friday that it filed a subpoena enforcement action in the U.S. District Court for the Northern District of California against Wells Fargo & Company to force the company to hand over documents connected to the company's sale of nearly $60 bill....... [more]
Federal judge ordered Stanford assets frozen indefinitely
March 13, 2012
On March 13, 2009, a judge for the US District Court for the Northern District of Texas ordered the assets of financier Allen Stanford indefinitely frozen at the request of the US Securities and Exchange Commission (SEC). Stanford faced charges relating to his orchestration of a $8 billion fraudulen....... [more]
Improving Corporate Campaign Finance Disclosure
March 9, 2012
JURIST Guest Columnist Mark Loewenstein of the University of Colorado Law School says that while the SEC clearly has the authority to require reporting companies to disclose information regarding their political expenditures, a better course of action may be to amend existing SEC rules to reinforce....... [more]
Financier Stanford convicted in Ponzi scheme
March 6, 2012
A jury in the US District Court for the Southern District of Texas on Tuesday convicted financier Allen Stanford on charges of orchestrating a $7 billion Ponzi scheme affecting investors in both the US and Latin America. Stanford was convicted on 13 of 14 charges, including conspiracy to commit wire....... [more]
Citigroup Ruling Has Serious Implications for SEC Settlements
January 16, 2012
JURIST Guest Columnists Bradley Bondi and Douglas Fischer of Cadwalader, Wickersham & Taft LLP say that when defendants in SEC lawsuits can "neither admit nor deny" the allegations against them, the courts are forced to assert their authority when they do not know the facts...It's not denial. I....... [more]
Telecom company reached settlements with DOJ and SEC in bribery case
December 27, 2011
On December 27, 2010, global telecommunications organization Alcatel-Lucent agreed to pay more than $137 million to resolve investigations into its sales practices by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The DOJ filed charges in the US District Cour....... [more]
SEC approved rule amendments for credit ratings agencies
December 3, 2011
On December 3, 2008 the US Securities and Exchange Commission (SEC) approved rule amendments to provide greater oversight and regulation of credit rating agencies. The amendments were passed to strengthen the Credit Rating Agency Reform Act of 2006. The regulations were passed because of the credit....... [more]
Federal judge blocks Citigroup-SEC settlement
November 29, 2011
A judge for the US District Court for the Southern District of New York on Monday blocked a proposed $285 million settlement with Citigroup Inc over the sale of toxic mortgage debt. The US Securities and Exchange Commission (SEC) put no effort into learning what Citigroup did wrong, Judge Jed Rakoff....... [more]
US hedge fund founder ordered to pay record penalty for insider trading
November 9, 2011
The US District Court for the Southern District of New York Tuesday ordered Galleon Group hedge fund founder Raj Rajaratnam to pay an unprecedented civil penalty for insider trading. In a thorough analysis of the appropriate amount of the fine, Judge Jed Rakoff handed down a $92.8 million penalty in....... [more]
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