Regulatory News

CC to Decide on Rank/Gala Merger

CC to Decide on Rank/Gala Merger

The Competition Commission (CC) has published an issues statement as part of its investigation into the anticipated acquisition by the Rank Group PLC (Rank) of Gala Casinos Limited (Gala). The Office of Fair Trading (OFT) referred the case in August, and the CC will decide whether the acquisition may be expected to result in a [...]

Ex-Indymac CEO Settles SEC Charges

Ex-Indymac CEO Settles SEC Charges

A federal court in California has entered a settled final judgment as to Michael W. Perry, the former Chief Executive Officer and Chairman of the Board of IndyMac Bancorp, Inc. IndyMac, through its main subsidiary, IndyMac Bank, primarily made, purchased, and sold residential mortgage loans. In July 2008, IndyMac Bank was placed under Federal Deposit [...]

SEC Charges 3 for Their Roles in Manipulating Market for Sunrise Solar Corporation Stock

SEC Charges 3 for Their Roles in Manipulating Market for Sunrise Solar Corporation Stock

The Securities and Exchange Commission has charged Texas-based Sunrise Solar Corporation, its former CEO Eddie D. Austin, Jr. (Austin), and his wife Carolyn Austin for their involvement in a fraudulent market manipulation scheme. The SEC’s Complaint alleges that between July 25, 2008 and May 26, 2009, Austin drafted, reviewed, and approved numerous false and misleading [...]

OFT Refers Private Motor Insurance Market to CC

OFT Refers Private Motor Insurance Market to CC

The Competition Commission (CC) is to carry out an investigation into the UK’s private motor insurance market. The Office of Fair Trading (OFT) announced its decision to refer on Friday 28 September. The CC will now carry out its own comprehensive investigation to see if there are any features of this market which prevent, restrict [...]

Four Charged with Insider Dealing

Four Charged with Insider Dealing

Four men have been charged by the Financial Services Authority (FSA) with conspiracy to insider deal between 1st November 2006 and 23rd March 2010. Martyn Dodgson, a senior corporate broker, Andrew Hind, Benjamin Anderson and Iraj Parvizi have been bailed to attend Westminster Magistrates’ Court on 19 October 2012. The charges arise out of Operation [...]

‘Speedy’ FSCS Payout to Members of Tamworth Credit Union Limited

‘Speedy’ FSCS Payout to Members of Tamworth Credit Union Limited

Savers with Tamworth Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted to make compensation payments. The FSCS said it aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Tamworth Credit Union [...]

Implementation of Capital Standards: Assessment Reports Published by Basel Committee

Implementation of Capital Standards: Assessment Reports Published by Basel Committee

The Basel Committee on Banking Supervision has published three reports assessing the rules that will implement Basel III in the European Union, Japan and the United States. Conducted by independent teams of technical experts from a wide range of countries, the assessments compared the relevant domestic regulations with the Basel Committee’s global standards. The assessment [...]

Tribunal Upholds FSA Decision to Ban and Fine Swiss Fund Manager and Two Former Cantor Fitzgerald Traders for Market Abuse

Tribunal Upholds FSA Decision to Ban and Fine Swiss Fund Manager and Two Former Cantor Fitzgerald Traders for Market Abuse

The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Stefan Chaligné, a Swiss-based hedge fund manager £900,000, (plus disgorgement of the financial benefit he obtained of €362,950) and Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe’s (CFE) London-based French desk £650,000. The FSA did not seek [...]

SEC Raps Exec in Minnesota Over Company Funds Diverted to Pay Personal Expenses

SEC Raps Exec in Minnesota Over Company Funds Diverted to Pay Personal Expenses

The Securities and Exchange Commission has charged the former chief financial officer of a Minnetonka, Minn.-based manufacturer of computer networking devices for secretly diverting company funds to cover unauthorized personal expenses and other employees’ entertainment expenses that lacked any legitimate business purpose. The SEC alleges that Subramanian Krishnan, the former CFO of Digi International, evaded [...]

SEC Files Charges in $42 Million Offering Fraud Targeting Seniors

SEC Files Charges in $42 Million Offering Fraud Targeting Seniors

The Securities and Exchange Commission filed charges against Bradley A. Holcom, of Welches, Oregon, and Jose L. Pinedo, of San Diego, California, in connection with a fraudulent scheme that sold $42 million of promissory notes to more than 150 investors located across the United States, many of whom are senior citizens. According to the complaint [...]

SEC Charges Company and Its Two Principals and Attorney in Stock Manipulation Scheme

SEC Charges Company and Its Two Principals and Attorney in Stock Manipulation Scheme

The Securities and Exchange Commission filed an enforcement action on September 27, 2012, in federal court in New York charging 8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq. for their roles in a scheme to manipulate 8000, Inc.’s stock price. The complaint charges the defendants misrepresented 8000, Inc.’s financial condition [...]

OFT Considers Divestment Remedy in Vinegars Merger

OFT Considers Divestment Remedy in Vinegars Merger

The OFT is considering undertakings offered by Nakano (part of the Japanese Mizkan Group Corporation) to divest its production plant in Burntwood, Staffordshire to address the competition concerns arising from its completed acquisition of the vinegar and pickles businesses of Premier Foods Group Limited (Premier). Prior to the merger, Nakano and Premier both manufactured and [...]

SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals

SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals

The Securities and Exchange Commission today charged a former analyst at a Boston-based investment bank with illegally tipping a close friend with confidential information about clients involved in impending mergers and acquisitions. The SEC alleges that Jauyo “Jason” Lee, who worked in the San Francisco office of Leerink Swann LLC, gleaned sensitive nonpublic information about [...]

SEC Charges Goldman Sachs and Former VP in Pay-to-Play Probe

SEC Charges Goldman Sachs and Former VP in Pay-to-Play Probe

The Securities and Exchange Commission charged Goldman, Sachs & Co. and one of its former investment bankers with “pay-to-play” violations involving undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor. Pay-to-play schemes involve campaign contributions or other payments made in an attempt to influence the awarding of [...]

SEC Charges Bank Executives in Nebraska with Hiding Losses During Financial Crisis

SEC Charges Bank Executives in Nebraska with Hiding Losses During Financial Crisis

The Securities and Exchange Commission charged three former bank executives in Nebraska for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators at the height of the financial crisis. One of the executives and his son also are charged with insider trading. The SEC alleges that Gilbert [...]

SEC Charges N.Y.-Based Brokerage Firm with Layering

SEC Charges N.Y.-Based Brokerage Firm with Layering

The Securities and Exchange Commission charged a New York-based brokerage firm and three executives for allowing traders outside the U.S. to access the markets and conduct manipulative trading through accounts the firm controlled. The SEC’s investigation found that Hold Brothers On-Line Investment Services ignored red flags indicating that overseas traders were accessing the markets through [...]

Competition Commission Publishes Energy and Postal Services Appeals Rules

Competition Commission Publishes Energy and Postal Services Appeals Rules

The Competition Commission (CC) has published procedural rules on how it will deal with appeals against certain decisions made by Ofgem and Ofcom. The rules relating to decisions by Ofgem follow changes to the regulatory regimes in the Gas Act 1986, Electricity Act 1989 and the Utilities Act 2000 made by the Electricity & Gas [...]

SEC Sues 4 in Phony Investment Scheme

SEC Sues 4 in Phony Investment Scheme

The Securities and Exchange Commission filed a complaint in Indiana charging Rudolf D. Pameijer, Lindsay R. Sayer, Ryan W. Koester and his entity Rykoworks Capital Group, LLC with running a fraudulent investment scheme. The complaint alleges that the defendants in this scheme misappropriated nearly $1.7 million from investors. As alleged in the complaint, Koester held [...]

SEC Charges Tyco for Illicit Payments to Foreign Officials

SEC Charges Tyco for Illicit Payments to Foreign Officials

The Securities and Exchange Commission has charged Tyco International Ltd. with violating the Foreign Corrupt Practices Act (FCPA) when subsidiaries arranged illicit payments to foreign officials in more than a dozen countries. The SEC alleges that subsidiaries of the Swiss-based global manufacturer perpetuated schemes that typically involved payments of fake “commissions” or the use of [...]

FSA Charges Ben Wilson Over Unauthorised Investment Scheme

FSA Charges Ben Wilson Over Unauthorised Investment Scheme

The Financial Services Authority (FSA) has charged Benjamin Edward Weymouth Wilson of Bournemouth, Dorset, with seven offences relating to an unauthorised investment scheme he operated. Mr Wilson, trading as SureInvestment, operated a scheme that purported to carry out futures trading for the benefit of its investors. The charges follow searches of two premises in Poole [...]

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