Legislation by Rep. Barney Frank to tighten derivatives regulation contains an exemption that may let most financial firms escape new collateral and disclosure rules, the head of the Commodity Futures Trading Commission said. The provision is among several loopholes in ...

Tagged with: Barney Frank U.S. Securities and Exchange Commission

Jed Rakoff, the federal judge who rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp. over Merrill Lynch & Co. bonuses, is a stickler for fairness and transparency. His ruling this week in ...

Tagged with: Bank of America Jed Rakoff Merrill Lynch & Co. U.S. Securities and Exchange Commission

Finally a judge has dared say no to the once-venerable Securities and Exchange Commission and one of its cozy corporate settlements. If that wasn’t novel enough, this fellow first had the nerve to ask the SEC a bunch of questions ...

Tagged with: Bank of America Bernie Madoff General Electric Jed Rakoff Merrill Lynch & Co. U.S. Securities and Exchange Commission

The U.S. Securities and Exchange Commission is left with few options as it weighs how to proceed in a lawsuit against Bank of America Corp. after a judge rejected a $33 million settlement. On Monday, U.S. District Judge Jed Rakoff ...

Tagged with: Bank of America U.S. Securities and Exchange Commission

In the current economy, the public has grown to mistrust the government as well as the investment industry. Such mistrust is warranted: In my 40-plus years in the investment industry, this is the worst I have ever seen it. Laws, ...

Tagged with: Bernard L. Madoff Investment Securities investment U.S. Securities and Exchange Commission

Former president of First Bank Mortgage Mark Turkcan was sentenced to one year and one day in prison for the misapplication of $35 million. A federal judge also ordered him to pay restitution of nearly $25 million. Turkcan, 54, pleaded ...

Tagged with: Bear Stearns fraud Mark Turkcan U.S. District Court of the Eastern District of Missouri U.S. Securities and Exchange Commission

American International Group investors will receive $843 million as part of a settlement of Securities and Exchange Commission claims the insurer, now under U.S. control, committed accounting fraud from 2000 to 2005. Checks will be mailed in the next few ...

Tagged with: AIG Sarbanes-Oxley Act U.S. Securities and Exchange Commission

Former Krispy Kreme Doughnuts Chief Executive Officer Scott Livengood and two other executives agreed to pay more than $783,000 to settle U.S. regulatory claims they misled investors about profits in 2004. The company resolved a related complaint without fines. Livengood, ...

Tagged with: investors U.S. Securities and Exchange Commission

Bernard Madoff, who is accused of defrauding investors of $50 billion, will appear in Manhattan federal court today so a judge can find out whether he will waive his lawyer’s possible conflict of interest. U.S. District Judge Leonard Sand is ...

Tagged with: Bernard Madoff Ponzi scheme U.S. Securities and Exchange Commission

KV Pharmaceutical Co., a St. Louis-based drug company, sued Citigroup Global Markets Inc., claiming the investment banking unit compelled it to buy $73.9 million worth of illiquid auction-rate securities. The Citigroup unit misled KV, telling it that the securities were ...

Tagged with: KV Pharmaceutical Co. U.S. Securities and Exchange Commission

Blagojevich seeks to disqualify Fitzgerald from case Illinois Gov. Rod Blagojevich, accused of trying to sell the vacant U.S. Senate seat of President-elect Barack Obama, asked a judge to disqualify Chicago U.S. Attorney Patrick Fitzgerald from the case. In papers ...

Tagged with: Charter Communications Illinois patent infringement Patrick Fitzgerald Rod Blagojevich U.S. Securities and Exchange Commission Verizon Communications