Companies Mentioned

Securities And Exchange Commission

Category
Title
Summary
Date
Commentaries
Securities Law

SEC v. Tambone: SEC’s Effort to Expand Primary Liability Rejected
Sitting en banc, the First Circuit has rejected the SEC’s argument that Rule 10b-5(b) allows for primary liability for defendants’ “implied misrepresentations” to their customers. In SEC v. Tambone, 597 F.3d 436 (2010), the First Circuit focused on the meaning of the word “make” as used in Rule 10b-5(b), finding…
Posted:
04/26/2010
Summaries
Securities Law >
New Settlements and Verdicts

Fl Court Enters $3.15M Judgment Against James in Ponzi Scheme Suit
On September 24, 2008, the SEC filed a civil injunctive action against James and James Asset for misappropriating client funds and operating a Ponzi scheme. The SEC’s complaint alleged that from at least April 2001 through January 2008, defendants received at least $5.2 million from at least 44 clients who…
Date of ruling:
03/23/2009
Summaries
Securities Law >
New Settlements and Verdicts

Judah and Excel Lease Fund Settle $40M Debenture Offering Suit in TX District Court
Based on the SEC’s complaint, Judah was a resident of Lubbock, Texas, and the president and sole owner of Excel. Judah is not registered with the SEC in any capacity. Judah is a recidivist securities-law violator, the district court having imposed an injunction against him in 2001 for violations of…
Date of ruling:
04/23/2009
Summaries
Securities Law >
New Settlements and Verdicts

Unlawful Proprietary Trading Charges Net $42M for the SEC
In its complaints, the SEC alleged that the defendants failed to meet their basic obligation as specialists to serve public customer orders over their own proprietary interests while executing trades on the CHX. According to the SEC, as specialists operating on the CHX, each of the defendants had a general…
Date of ruling:
03/24/2009
Summaries
Securities Law >
New Settlements and Verdicts

SEC Settles Insider Trading Charges Involving Dick’s Sporting Goods Acquisition of Galyan’s Trading Company
The SEC filed the two complaints on September 30, 2008 it filed in the U.S. District Court for the Western District of Pennsylvania against a total of sixteen individuals for insider trading in advance of Dick’s Sporting Goods Inc.‘s June 21, 2004, announcement that it intended to acquire Galyan’s Trading…
Date of ruling:
04/17/2009
Summaries
Securities Law >
New Settlements and Verdicts

SEC Secures $51M Final Judgment Against Tri Energy and Co-Defendants for Their Gold-Related Ponzi Scheme
The SEC’s amended complaint, filed on August 10, 2006, stated that Tri Energy, Inc. and H & J Energy, Inc. represented themselves as companies engaged in the mining business. Defendant Jennings is the president and chairman of Tri Energy, as well as the president and treasurer of H & J…
Date of ruling:
04/13/2009
Summaries
Securities Law >
New Settlements and Verdicts

MA District Court Enters $2.91M Final Judgment Against UK Fund Manager for $ 34M Securities Fraud
The SEC originally filed its action against Manterfield on April 12, 2007 in the district court, and filed an amended complaint on May 1, 2007. The amended complaint alleged that from June 2006 through April 2007, Manterfield and his business partner Andersen, acting through Lydia, engaged in a scheme to…
Date of ruling:
04/8/2009
Summaries
Securities Law >
New Settlements and Verdicts

Former CFO of HP Company Settles Stock Option Backdating Charges with $2.29M Payment
By way of background, Mercury (formerly known as Mercury Interactive Corporation) was acquired by Hewlett-Packard Company (“HP”) by an agreement consummated on November 8, 2006, and is now a non-trading subsidiary of HP. Prior to the consummation of the merger, Mercury was a corporation headquartered in Mountain View, California, and…
Date of ruling:
03/23/2009
Summaries
Securities Law >
New Settlements and Verdicts

“Grand Theft Auto” Game Maker to Pay $3M to Settle Illegal Stock Option Backdating Charges
According to the SEC, Take-Two defrauded investors by granting backdated, undisclosed “in the money” stock options to officers, directors, and key employees while failing to record required non-cash charges for option-related compensation expenses. See http://www.sec.gov/litigation/litreleases/2009/lr20982.htm. Specifically, the SEC’s complaint alleged that on over 100 occasions from 1997 through September 2003,…
Date of ruling:
04/6/2009
Summaries
Securities Law >
New Settlements and Verdicts

NASDAQ Market-Issuer Escala Consents to Final Judgment in Accounting and Disclosure Fraud Case
The SEC complaint alleged a fraudulent business scheme based upon the secret and dramatic manipulation of collectible stamp values, in which Escala, Manning, and Crawford violated the antifraud and reporting provisions of the federal securities laws by: 1.      failing to disclose the related party status of Barrett &…
Date of ruling:
03/23/2009
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