“SEC Charges Operators Of Reserve Primary Fund With Fraud”
The situation is fluid. Updates to come. Watch this space.
2:22 pm Update: CNBC notes that The Reserve Primary Fund, whose buck-breaking record Dealbreaker reported on back in October, has some explaining to do.
2:51 pm Update:
The Securities and Exchange Commission today filed fraud charges against several entities and individuals who operate the Reserve Primary Fund for failing to provide key material facts to investors and trustees about the fund’s vulnerability as Lehman Brothers Holdings, Inc. sought bankruptcy protection.
SEC Charges Operators of Reserve Primary Fund With Fraud [SEC.gov]
watching…
I am the CEO of a feeder fund. What is “fraud”?
I am with the SEC what is Fraud?
Holy crap, really? That guy was like the founding father of MM funds. Ugggh.
Heading to Brokebuck Mountain.
I can’t quit you….
http://www.sec.gov/news/press/2009/2009-104.htm
Holy Markopoulos!
@6
They literally must have put that up in the past 5-10 minutes, but yea, tons o’ fun are sure to ensue, whoohoo!
Mary Schapiro, who is your CEO?
SEC Seeks Comments on Short Selling Measures The SEC is seeking public comment on whether short sale price restrictions or circuit breaker restrictions should be imposed and whether such measures would help promote market stability and restore investor confidence.” http://tinyurl.com/dbs3jv
“The Securities and Exchange Commission today charged two California-based attorneys as well as a California corporation and its owner for preparing and issuing fraudulent legal opinions involving unregistered stock that enabled promoters and others to sell shares in an illegal pump-and-dump scheme.”
http://www.sec.gov/
Fraud seems like the wrong legal term in this case. What is legalese for “fucking up big time, but more because you are a dumb shit than because you were trying to steal money”?
@12, Fraud by intellectual incompetence.
http://tinyurl.com/cke7wz Agenda and comments about today’s round table at the SEC. “The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC’s Web site. For additional information about the roundtable, contact the SEC’s Division of Trading and Markets at (202) 551-5720.”
They got Bent?
WHO…DOES…NUMBER…2…WORK…FOR?!?!
@12
Criminal negligence?
@12 sodomy?
@12: How about…..
Impersonating an intelligent person?
http://tinyurl.com/cn3le6 ” Submit Comments on File No. S7-08-09Amendments to Regulation SHO Complete this form to submit your comments. Fields marked with an asterisk (*) are required.Important: All comments will be made available to the public. Comments sent viaonline form or e-mail, will be posted on our website. Comments sent via paper willbe converted to PDF and then posted on our website. We do not edit personalidentifying information from submissions; submit only information that you wish to make available publicly.If you would like to submit Microsoft Word, PDF, or WordPerfect files as your comments or as supplementary materials to your comments, you will be able to do so on the next page.”
Submit comments on this proposal (comments due June 19, 2009)
My college buddy works for this firm I tried calling him today and his voice mail box was full. Did they see this coming and can all traders weeks ago?