SEC

  • 11 Jul 2014 at 4:45 PM

SEC, FINRA Halt CYNK Freefall At 33%

You can’t trade the revenue-less, asset-less, member-less social network for two weeks, because, well, you know. Read more »

  • 26 Jun 2014 at 12:44 PM

Mary Jo White’s Leniency Only For The Pure Of Heart

If you aren’t going to be sincere when confessing all of your employees’ sins to the SEC, don’t bother: Mary Jo White can tell, and it will just make her angrier. Read more »

On Monday, Paradigm Capital Management became the first investment fund to pay a fine for retaliating against an employee who reported his firm’s misdeeds to the S.E.C. The hedge fund, which is based in Albany, N.Y., and manages $1.5 billion of client money, agreed to pay $2.2 million to settle the civil charges…Mr. Nordgaard was head trader at Paradigm Capital from 2009 to August 2012, when his contract was terminated. Mr. Nordgaard, who filed a lawsuit against the firm in 2012, said that shortly after he told his employer that he had reported trading violations, Paradigm Capital “embarked on a campaign of retaliation” against him. Days later, Mr. Nordgaard was removed from his desk and stripped of his trading privileges, according to the lawsuit. He was then assigned to “an isolated location to do low-level compliance work”. [Dealbook]

After a high-profile setback involving a certain outspoken NBA owner (not that one), the SEC thought it had figured out how to get a jury to see things its way. Did one not just find that a Texas septuagenarian was every bit the conniving fraudster that the SEC said he was?

Well, Mary Jo White & co.’s winning streak did not last long, so they’re doing what it takes to prevent the start of another losing streak. Read more »

As many of you know, in 2010, the SEC created a whistleblower program wherein a person who “comes forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered” can collect a nice little payout (awards range from 10-30% of the total collected). So you can’t really blamed the unnamed man or woman who submitted 196 applications1 for awards over the last 3.5 years in an attempt to win a nice li’l finder’s fee for him/herself, but the SEC can decide to make it official policy that any future cases submitted by this person shall be used for kindling, which it did last month. Read more »

  • 21 May 2014 at 2:40 PM

Could Somebody Help A Regulator Out?

The SEC would love to do something about all of those brokers doing all of those bad things and then lying about it while FINRA looks the other way. It really would. But it just doesn’t have the time, by which it means money. So it would really appreciate it if someone, say, FINRA, would step up to the plate and do its job. Read more »

  • 09 May 2014 at 4:49 PM

The Bitcoin Bugle: Resurrection

Remember when the brothers Winklevoss announced, with customary fanfare, that they’d be making bitcoin-ETF history, as long as no one stole their idea in the meantime? Me either. But they haven’t forgotten, and now, against some odds, people who want to lose money on fake money may eventually have the chance to do so on the Nasdaq. Read more »