SEC

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Connecticut Firm Helped Madoff Go Global

Fairfield Greenwich says it didn't know about improper dealings, had $7.5B invested

(Newser) - As Bernard Madoff’s financial network comes under scrutiny, one investment fund is emerging as an especially close partner, the Wall Street Journal reports. Fairfield Greenwich had $7.5 billion invested with Madoff, more than half the group’s total assets as of Nov. 1. There’s no evidence Fairfield...

SEC: Ex-Lehman Broker Stole Inside Info From Wife

$4.8m conspiracy earned cash, luxe rewards

(Newser) - A former Lehman Brothers broker was charged yesterday in a $4.8 million insider trading scheme built on his PR-exec wife’s knowledge of upcoming mergers, the AP reports. Matthew Devlin passed information to friends and associates (including former Playboy model Maria Checa), and won cash, luxury goods, and tuition...

Obama Taps Schapiro as SEC Chair

Schapiro brings a wealth of experience to her new position

(Newser) - Barack Obama named Mary Schapiro as chair of the beleaguered SEC today, the Wall Street Journal reports. Schapiro's hefty resume includes stints as an SEC commissioner under former presidents Reagan and Bush, and another as acting commissioner in 1993 by Bill Clinton. Since then, Schapiro served on and eventually headed...

SEC Had Dirt on Madoff in '06
 SEC Had Dirt on Madoff in '06 
Dec 18, 2008 11:37 AM CST

SEC Had Dirt on Madoff in '06

But, obviously, didn't pursue it

(Newser) - The SEC knew that Bernie Madoff was misleading them about how he was handling his customers' money in 2006, the Wall Street Journal reports, and noted multiple violations which, if investigated, would have laid bare his Ponzi scheme. Instead, Madoff’s firm was told to register as an investment adviser,...

Obama Picks First Woman to Lead SEC
Obama Picks First Woman
to Lead SEC
Dec 17, 2008 5:56 PM CST

Obama Picks First Woman to Lead SEC

Veteran regulator Mary Schapiro will take over agency

(Newser) - Barack Obama has made his pick for a new leader of the SEC, currently under siege for its failure to detect the massive fraud of Bernard Madoff, the Wall Street Journal reports. Obama is expected to announce tomorrow that Mary Schapiro—a former commissioner of the Securities and Exchange Commission—...

Mukasey Steps Off Madoff Case

Rogue financier, meanwhile, placed under house arrest

(Newser) - Attorney General Michael Mukasey is recusing himself from the Bernard Madoff investigation because his son is representing an employee involved with the fraud case, Bloomberg reports. Mukasey also graduated from an Orthodox Jewish school where Madoff’s wife has taught and which placed $6 million in the fraudulent scheme. A...

Ex SEC Official's Marriage to Madoff Niece Investigated

Fraudster bragged of family ties to SEC

(Newser) - An SEC official dated and later married the niece of confessed fraudster Bernard Madoff, and the agency is investigating the link, reports the Wall Street Journal. Eric Swanson, an SEC director of compliance who left the agency, married Shana Madoff, a compliance lawyer at Madoff's firm, last year, but began...

SEC Chief Says His Staff Ignored Madoff Warnings

Cox calls actions 'deeply troubling'

(Newser) - SEC chief Christopher Cox blasted his own agency's failure to detect Bernard Madoff's massive investment-fraud scheme, the Wall Street Journal reports. Cox called it "deeply troubling" that SEC investigators had ignored "credible and specific allegations" dating back to at least 1999. He called on the SEC's inspector general...

SEC Under Fire for Flubbing Madoff Warnings

Judge liquidates confessed fraudster's investment firm

(Newser) - The SEC is coming under fire for failing to spot what may be the biggest securities fraud in history, the Washington Post reports. The regulator received repeated warnings from 1999 onwards that Bernard Madoff's investment fund was fishy, but failed to conduct even a routine examination until Madoff blew the...

More Banks, Celebs Losers in Madoff Scam

BNP Paribas, RBS join charities of Spielberg, Wiesel as Ponzi victims

(Newser) - Bernard Madoff’s alleged Ponzi scheme, which federal investigators say cost investors $50 billion, continues to claim more victims, reports the Wall Street Journal. Spain’s Grupo Santander and France’s BNP Paribas said yesterday they’re on the list, as are charities involving Nobel laureate Elie Wiesel and director...

Red Flags Didn't Stop Colossal Madoff Fraud

Steady returns, tiny auditors prompted questions

(Newser) - Bernard Madoff's investment operation—found this week to be a massive Ponzi scheme that lost as much as $50 billion—raised plenty of red flags over the last decade, the Wall Street Journal reports. As far back as 1999, Madoff’s steady returns in wide-ranging markets seemed unrealistic to some...

Top Broker Collared for Running $50B Ponzi Scheme

FBI arrests Bernard Madoff; SEC on trail

(Newser) - The FBI has arrested a giant among Wall Street brokers and charged him with bilking his investors of up to $50 billion, the Wall Street Journal reports. Federal agents busted Bernard L. Madoff, a former NASDAQ chaiman, after he admitted to employees that his investment advisory business was a "...

In Football, the South Rises Again

Nothing tops college football in the South

(Newser) - With Alabama and Florida getting set to play for what is likely to be a national championship berth tomorrow, the Wall Street Journal looks into what has been giving the juggernaut Southeastern Conference its recent momentum. It's not just great coaching—although that helps—but a combination of culture, politics,...

Mark Cuban Hit With Insider-Trading Charges

Owner of NBA's Dallas Mavericks accused in 2004 stock sale

(Newser) - Dallas Mavericks owner Mark Cuban was charged today with insider trading, the Dallas Morning News reports. The government alleges that, in 2004, Cuban spoke with the CEO of a company in which he held shares, and was told, confidentially, of a new stock offering that would dilute the value of...

$148M Loss Bites Into Crocs
 $148M Loss Bites Into Crocs 

Nov 13, 2008 3:02 AM CST

$148M Loss Bites Into Crocs

Demand for colorful clogs tanks

(Newser) - Crocs, the maker of hugely popular colorful plastic clogs, suffered a $148 million third quarter loss on a 32% drop in demand in Europe and the US. The Colorado-based company has shuttered a factory in Canada, will close another in Brazil next month, and has amassed extensive unsold inventory, reports...

Las Vegas Sands Nears Bankruptcy

Chips are down for gaming giant

(Newser) - Casino giant Las Vegas Sands is on the verge of bankruptcy, reports the Las Vegas Sun. The company, which owns the Venetian and Palazzo casinos in Las Vegas and has several gambling resorts in development around the world, filed paperwork with the federal government yesterday declaring that the Sands’ ratio...

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(Newser) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but...

Now Brace for Short-Sellers
 Now Brace for Short-Sellers 
Oct 8, 2008 6:01 AM CDT

Now Brace for Short-Sellers

Wall Street steels for end of ban short-selling

(Newser) - The controversial three-week ban on short-selling financial stocks ends at midnight tonight and analysts are uncertain about the impact on an already-traumatized Wall Street. Financial shares have plunged 23% since the ban was imposed, suggesting short-selling might not have played as large a role as suspected in earlier declines, reports...

SEC Relaxes 'Fire Sale' Assets Rule

Aims to ease pressure by freeing assets from free-market value

(Newser) - The SEC is relaxing enforcement of a controversial rule in a bid to ease pressure on banks during the financial crisis, the New York Times reports. Current accounting rules require companies to value assets at a fluctuating fair market price. In the current financial chaos, values are rapidly heading south,...

SEC Chair Cox Fiddled as US Markets Burned
SEC Chair Cox Fiddled as US Markets Burned
ANALYSIS
Sep 22, 2008 3:22 PM CDT

SEC Chair Cox Fiddled as US Markets Burned

'Exceedingly cautious' approach had Paulson looking to kill agency

(Newser) - With US markets in upheaval, the head of the watchdog Securities and Exchange Commission was preoccupied with a new technology for corporate filing, Bloomberg reports. Christopher Cox’s inaction has provoked bipartisan criticism: McCain adviser Carly Fiorina said he has been “asleep at the switch,” while Democratic Sen....

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