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Bond oversight lax according to Securities and Exchange Commission

Wall Street banks may not be exercising proper supervision of state and local government bond sales, the Securities and Exchange Commission said, warning investors about risks in the $3.7 trillion municipal market. Reviews of underwriters showed that some may not be sufficiently examining bond documents for evidence of fraud, the agency’s Office of Compliance Inspections and […]

Stanford class actions to move forward

 Investors who lost billions in a massive Ponzi scheme orchestrated by convicted former Texas tycoon R. Allen Stanford won a legal victory Monday as a federal appeals court decided to let their class action lawsuits go forward against individuals and companies they allege aided the financier’s fraud. The 5th U.S. Circuit Court of Appeals overturned […]

SEC v. Prime Star Group, Inc., et al.

The Securities and Exchange Commission filed a civil action in the United States District Court for the District of Nevada against Prime Star Group, Inc. and its chief executive officer Roger Mohlman of Las Vegas, Nevada, for violations of antifraud, registration, reporting, and books and records provisions, and against Danny Colon and Marysol Morera of […]

SEC slows on Dodd-Frank reforms

Less than halfway through the process of implementing the 2010 Dodd-Frank Act, the pace of rule-writing by the U.S. Securities and Exchange Commission has slowed by about half.  The agency’s five commissioners haven’t met once in the last four months to approve or propose regulations required under Dodd-Frank, designed to curb the kind of risky […]

Brookstreet CEO fined $10 million for securities fraud

The Securities and Exchange  Commission today announced that a federal judge has ordered the former CEO of  Brookstreet Securities Corp. to pay a maximum $10 million penalty in a  securities fraud case related to the financial crisis. The SEC litigated the case beginning in December 2009, when the agency  charged Stanley C. Brooks and Brookstreet […]