On July 3, 2012, Netflix CEO, Reed Hastings, possibly violated Reg FD when Hastings posted corporate information on his personal Facebook. However, on April 2, 2013, the SEC decided not to initiate an enforcement action or allege wrongdoing by Hastings or Netflix. The SEC recognized that there has been market uncertainty about the application of…
DetailsOn April 3, 2013, Matthew Taylor, a former Goldman trader, surrendered to the FBI in New York after he was accused by securities regulators of concealing an $8.3 billion futures position. Last year, the Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against Mr. Taylor alleging that he defrauded his then-employer, Goldman Sachs, by…
DetailsPaul Burks, the mastermind behind ZeekRewards $600 million ponzi scheme is still negatively affecting many investors nationwide. Paul Burks attracted approximately 1 million investors into his ponzi scheme, which was headquartered in Lexington, North Carolina. The SEC closed ZeekRewards operations on August 17, 2012. They alleged that Burks was selling securities without a license and…
DetailsWith his recent arrest of SAC Capital Advisors’ Michael Steinberg, which with detailed in a recent blog, Preet Bharara, the current U.S. Attorney for the Southern District of New York, has been dubbed the new sheriff of Wall Street. Mr. Bharara is a soft-spoken native of India who grew up in the suburbs of New…
DetailsFor the past 13 years Britain’s main financial regulator has been the Financial Services Authority. The agency’s tenure, however, is ending and Britain’s largest overhaul of its financial regulation is occurring as we speak. Starting in April 2013 the Financial Conduct Authority, a new consumer protect agency, will replace the Financial Services Authority. Furthermore, the…
DetailsOn March 22, 2013, we posted a blog entitled S.A.C. Affiliate Settles Largest Insider Trading Case with $600 million Settlement, that detailed how SAC agreed to pay more than $600 million to settle SEC charges that it participated in an insider trading scheme. However, this was not the end of SAC’s problems. On March 29,…
DetailsThe SEC has agreed in principle with eight former directors of five Morgan Keegan mutual funds to settle a civil enforcement action brought in December 2012. In the December action, the SEC charged the directors with failing to exercise their responsibilities to ensure accurate valuations of the assets in mutual funds, which included holdings in…
DetailsOn March 26, 2013, the SEC charged a California-based hedge fund analyst, Matthew Teeple, with insider trading in advance of a merger of two technology companies Foundry Networks Inc. and Brocade Communication Systems Inc. Teeple received nonpublic information from his friend, Foundry’s Chief Information Officer David Riley. The SEC also charged Riley and another trader,…
DetailsOn March 21, 2013, heiress of the Knott’s Berry Farm theme park, Maureen Sloan, filed a FINRA arbitration claim against LPL Financial and her former broker, Alberto Neira. The claim alleged that Neira stole $4.5 million from her through a fraudulent auto-financing scheme, called Silver Oak Leasing, and she lost an additional $4 million in…
DetailsOn March 22, 2013, the SEC charged Anastasios “Tommy” Belesis, owner of independent broker-dealer John Thomas Financial, and George R. Jarkesy Jr., a Houston-based hedge fund manager, with defrauding investors. The SEC alleged that, as part of the scheme, Belesis and Jarkesy launched two hedge funds that raised a total of $30 million from investors.…
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