Author Archives: BraunHagey & Borden

SEC Publicizes 2013 Whistleblower Results

On November 15, 2013, the SEC publicized its 2013 Annual Report on the Dodd-Frank Whistleblower Program.  Although the Whistleblower Program is only in its third year, the SEC trumpeted its results as “historic.”  During Fiscal Year 2013, the program paid … Continue reading

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CFTC Settles with MF Global for $1.2 Billion

CFTC v. MF Global, Inc.  et al., Case No. 1:11-cv-07866-VM (S.D.N.Y.).  On November 18, 2013, the CFTC announced a settlement with MF Global Inc. (“MF Global”) requiring it to pay $1.212 billion in restitution to customers and a $100 million … Continue reading

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SEC Charges Mark Megalli with Insider Trading

SEC v. Mark Megalli, (N.D. Ga.).  On November 14, 2013, the SEC announced it filed insider trading charges against Mark Megalli for trading on nonpublic information about clothing company Carter’s Inc.  According to the SEC, Megalli got inside information through a … Continue reading

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SEC Enters into Deferred Prosecution Agreement with Scott Herckis

On November 12, 2013, the SEC announced that it entered into its first deferred prosecution agreement (“DPA”) with an individual.  DPAs are intended to encourage cooperation with the SEC as it investigates wrongdoing.  In return for such cooperation, the SEC … Continue reading

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President Obama Nominates Treasury Department Official Timothy Massad to Head the CFTC

On November 12, President Obama announced the nomination of Timothy Massad to replace Gary Gensler as chairman of the CFTC.

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SEC Charges Subsidiary of the Royal Bank of Scotland with Fraud in Connection with Mortgage-Backed Security Offering

SEC v. RBS Securities, Inc., Case No. 3:13-cv-01643 (D. Conn.).  On November 7, 2013, the SEC announced it filed settled fraud charges against RBS Securities Inc., a subsidiary of the Royal Bank of Scotland plc, in connection with a subprime … Continue reading

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CFTC Obtains Restraining Order Against Commodity Pool Operator and Trading Advisor AlphaMetrix

CFTC v. AlphaMetrix, LLC, Case No. 1:13-cv-7896 (N.D. Ill.)  On November 6, 2013, the CFTC announced charges against AlphaMetrix, LLC (“AlphaMetrix”), a Commodity Pool Operator and Commodity Trading Advisor.  The CFTC alleges that AlphaMetrix misappropriated funds belonging to commodity pools … Continue reading

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SEC Charges Audit Firm Sherb & Co. LLP and Four of its Auditors for Audit Failures of China-based Companies

In the Matter of Sherb & Co., LLP, et al., Admin Proc. No. 3-15609.  On November 6, 2013, the SEC announced the filing of a settled administrative proceeding against Sherb & Co. LLP, and four of its auditors, Steven J. … Continue reading

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SEC Files Subpoena Enforcement Action against Anthony Coronati

SEC v. Anthony Coronati, Case No. 1:13-mc-00372-P1.  On November 5, 2013, the SEC announced it filed a subpoena enforcement action against Anthony Coronati and obtained an order directing Coronati to show cause why he should not be ordered to comply … Continue reading

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SEC Charges Municipal Issuer and the Underwriter and Outside Developer in Connection with a Bond Offering that Financed the Construction of a Regional Events Center and Ice Hockey Arena

In the Matter of the Greater Wenatchee Regional Events Center Public Facilities District, et al., Admin Proc. No. 3-156602; In the Matter of  Piper Jaffray & Co. and Jane Towery, Admin Proc. No. 3-15603.  On November 5, 2013, the SEC … Continue reading

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