SEC Announces Fraud Charges Against Coal Company and CEO for False Disclosures About Management
The Securities and Exchange Commission today announced fraud charges against a Seattle-headquartered coal company and its founder for making false disclosures about who was running the company. The SEC’s Enforcement Division alleges that L&L Energy Inc., which has all of its operations in China and Taiwan, created the false appearance that the company had a professional management team in place when in reality Dickson Lee was single-handedly controlling the company’s operations. An L&L Energy annual report falsely listed Lee’s brother as the CEO and a woman as the acting CFO in spite of the fact that she had rejected Lee’s…
Read MoreSEC Names Jeffrey Boujoukos as Associate Regional Director in Philadelphia Office
The Securities and Exchange Commission today announced that G. Jeffrey Boujoukos has been named the associate regional director for enforcement in the Philadelphia office. As the regional trial counsel since joining the SEC in 2009, Mr. Boujoukos has supervised the Philadelphia office’s trial unit. He has litigated matters involving insider trading, Ponzi schemes, investment adviser fraud, and other securities laws violations. Among the successful cases he prosecuted was a three-week trial last fall against a financial services company, subsidiary, and CEO accused of committing an offering fraud in the sale of millions of dollars of promissory notes and stock. The…
Read MoreSEC Announces Agenda, Panelists for Cybersecurity Roundtable
The Securities and Exchange Commission today announced the agenda and panelists for its March 26 roundtable on the issues and challenges cybersecurity presents for market participants and public companies. The roundtable, announced in February, will begin at 9:30 a.m. and will be divided into four panels. Participants on the first panel will discuss the cybersecurity landscape. The second panel will discuss cybersecurity disclosure issues faced by public companies. Participants on the third panel will discuss the cybersecurity issues faced by exchanges and other key market systems. On the final panel, participants will discuss how broker-dealers, investment advisers, and transfer agents…
Read MoreStaff Analysis of Data and Academic Literature Related to Money Market Fund Reform
The staff of the Securities and Exchange Commission today made available certain analyses of data and academic literature related to money market fund reform. The analyses, which were conducted by the staff of the SEC’s Division of Economic and Risk Analysis, are available for review and comment on the Commission’s website as part of the comment file for rule amendments proposed by the SEC in June 2013 regarding money market fund reform. The analyses examine: The spread between same-day buy and sell transaction prices for certain corporate bonds from Jan. 2, 2008 to Jan. 31, 2009. The extent of government…
Read MoreSEC Charges Stockbroker and Law Firm Managing Clerk in $5.6 Million Insider Trading Scheme
The Securities and Exchange Commission today charged a stockbroker and a managing clerk at a law firm with insider trading around more than a dozen mergers or other corporate transactions for illicit profits of $5.6 million during a four-year period. The SEC alleges that Vladimir Eydelman and Steven Metro were linked through a mutual friend who acted as a middleman in the illegal trading scheme. Metro, who works at Simpson Thacher & Bartlett in New York, obtained material nonpublic information about corporate clients involved in pending deals by accessing confidential documents in the law firm’s computer system. Metro typically tipped…
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