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On October 26, 2011, the Securities and Exchange Commission charged former McKinsey & Co. global head Rajat K. Gupta with insider trading for illegally tipping convicted hedge fund manager Raj Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble (P&G). The SEC also filed new insider trading charges against Rajaratnam after […]
The Securities and Exchange Commission (SEC) today charged Citigroup Global Markets Inc. (Citigroup), the principal U.S. broker-dealer subsidiary of Citigroup Inc., with misleading investors about a $1 billion collateralized debt obligation (CDO) called Class V Funding III (Class V III). At a time when the U.S. housing market was showing signs of distress, Citigroup structured […]
The Securities and Exchange Commission is warning broker-dealers it will scrutinize the procedures they use to ensure they don’t run afoul of the new market access rule when dealing in subaccounts used by disreputable day traders. In a communique made on Sept. 29 entitled “National Exam Risk Alert,” the SEC’s Office of Compliance Inspections and Examinations says […]
The Securities and Exchange Commission accused New York hedge-fund manager Corey Ribotsky and his firm of hiding losses and spending investors’ money on luxuries such as cars and a Rolex watch. Mr. Ribotsky’s firm, NIR Group LLC, invested through so-called PIPE transactions, or private investment in public equity, which often involve deals with small companies […]
Securities and Exchange Commission staff found “apparent failures” at each of the 10 credit rating agencies they examined, including Standard & Poor’s, Moody’s, and Fitch, the agency said on Friday in its first annual report on credit raters. The SEC sent letters outlining the staff’s concerns to each of the ratings firms and demanded a […]