Legal Eagle Review
SEC Announces Order for Tick Size Pilot Plan
- Details
- Written by LER
The Securities and Exchange Commission today announced that it has ordered the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to act jointly to develop and file with the Commission a national market system plan to implement a targeted 12 month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain small capitalization stocks.
SEC Charges Former Brokers with Trading Ahead of IBM-SPSS Acquisition
- Details
- Written by LER
The Securities and Exchange Commission today announced it has charged two additional brokers with trading on inside information ahead of the $1.2 billion acquisition of SPSS Inc. in 2009 by IBM Corporation.
SEC Obtains Court Order to Halt Fraudulent Bond Offering by City of Harvey, Illinois
- Details
- Written by LER
The Securities and Exchange Commission today obtained an emergency court order against a Chicago suburb and its comptroller to stop a fraudulent bond offering that the city has been marketing to potential investors.
SEC Charges Hedge Fund Advisory Firm and Others in South Florida-Based Scheme to Misuse Investor Proceeds
- Details
- Written by LER
The Securities and Exchange Commission today charged a West Palm Beach, Fla.-based hedge fund advisory firm and its founder with fraudulently shifting money from one investment to another without informing investors. The firm’s founder and another individual later pocketed some of the transferred investor proceeds to enrich themselves.
Attorney General Holder Vows Justice Department Will Continue to Look at Banks That Help Payment Processors Carry out Consumer Scams
- Details
- Written by Legal Eagle Review
Attorney General Eric Holder on Monday said that the Justice Department will continue to investigate financial institutions that knowingly facilitate consumer scams, or that willfully look the other way in processing such fraudulent transactions. He acknowledged that multiple investigations were ongoing in this area, and said he expected several of those cases to be resolved in the coming months.
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