List of major SEC enforcement actions (2009–12)

The below list of major SEC enforcement actions (2009–12) reflects major actions that the Enforcement Division of the United States Securities and Exchange Commission (SEC) brought in 2009–12.

The SEC is a federal agency of the United States. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States.[1]

The Enforcement Division works with the SEC's other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. The director of the SEC's Enforcement Division Robert Khuzami left the office in February 2013.[2]

List

2009

2010

2011

In FY 2011, the Enforcement Division filed 735 actions, an 8.6% increase over FY 2010 and more than any other year in SEC history. It also obtained $2.8 billion in penalties and disgorgement.[23] More significantly, the filed actions involve many highly complex markets, products and transactions, as well as charges against a significant number of individuals. One commentator noted that despite budget and other restraints, the SEC has recently “had a string of successes,” and has made progress "despite every disadvantage".[24]

A sampling of FY 2011 and 2012 cases are set forth below.

2012

References

  1. A-Z Index of U.S. Government Departments and Agencies USA.gov
  2. Protess, Ben. "S.E.C.'s Revolving Door Hurts Its Effectiveness, Report Says". nytimes.com. Retrieved March 1, 2013.
  3. Gretchen Morgenson, "Lending Magnate Settles Fraud Case" The New York Times (October 15, 2010)
  4. Edvard Pettersson, "Countrywide’s Mozilo Settles for $67.5 Million Over SEC Claims" BusinessWeek (October 16, 2010)
  5. "SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments" SEC Litigation Release No. 21164 (August 3, 2009)
  6. Zachary A. Goldfarb, "Judge criticizes, but approves, settlement With Bank of America" The Washington Post (February 23, 2010)
  7. "SEC Charges Billionaire Hedge Fund Manager Raj Rajaratnam With Insider Trading" SEC Litigation Release No. 21255 (October 16, 2009)
  8. "Galleon Case Ushers in Wiretaps for Financial Crimes (Update 1)" Bloomberg News (October 17, 2009)
  9. "SEC Obtains Record $92.8 Million Penalty Against Raj Rajaratnam" SEC Release No. 2011-233 (November 8, 2011)
  10. "SEC Charges Billionaire Hedge Fund Manager Raj Rajaratnam With Insider Trading; High-Ranking Corporate Executives Also Charged in Scheme That Generated More Than $25 Million in Illicit Gains" SEC Release No. 2009-221 (October 16, 2009)
  11. Zachary A Goldfarb, "SEC charges former New Century Financial executives with fraud; Subprime lender's collapse helped trigger financial crisis" The Washington Post (December 8, 2009)
  12. Sewell Chan and Louise Story, "Goldman Pays $550 Million to Settle Fraud Case" The New York Times (July 15, 2010)
  13. 1 2 3 Max Abelson, "Wall Street's Wrist Slap" The New York Observer (July 20, 2010)
  14. Matt Taibbi, "The People vs. Goldman Sachs" Rolling Stone (May 11, 2011)
  15. "SEC Enforcement Chief on This Week's Newsmakers" C-SPAN National Cable Satellite Corporation (June 3, 2012)
  16. "Citigroup Settles Subprime Charges" New York Magazine (July 29, 2010)
  17. "SEC Charges Citigroup and Two Executives for Misleading Investors About Exposure to Subprime Mortgage Assets: Citigroup Agrees to Pay $75 Million Penalty" U.S. Securities and Exchange Commission Press Release (July 29, 2010)
  18. Edward Wyatt, "Judge Accepts Citigroup's Settlement With SEC" The New York Times (September 24, 2010)
  19. "SEC Charges State Street for Misleading Investors About Sub-Prime Mortgage Investments" National Mortgage Professional Magazine (February 5, 2010)
  20. "SEC Charges Two State Street Employees for Misleading Sub-Prime Mortgage Information" National Mortgage Professional Magazine (September 30, 2010)
  21. "SEC Charges Georgia Based Hedge Fund Managers With Fraud in Valuing a "Side Pocket" and Theft of Investor Assets" SEC Release No. 2010-199 (October 19, 2010)
  22. "Financial Fraud Enforcement Task Force Announces Regional Results of 'Operation Broken Trust' Targeting Investment Fraud" Department of Justice, Office of Public Affairs press release (December 6, 2010)
  23. "SEC Enforcement Division Produces Record Results in Safeguarding Investors and Markets; Agency’s Fiscal Year Totals Show Most Enforcement Actions Filed in Single Year" SEC Release No. 2011-234 (November 9, 2011)
  24. Devin Leonard, “Rajaratnam Case Shows Outmanned, Outgunned SEC on a Roll” Business Week (April 19, 2012)
  25. "SEC Charges Merrill Lynch for Misusing Customer Order Information and Charging Undisclosed Trading Fees" SEC Release No. 2011-22 (January 25, 2011)
  26. "SEC Charges Schwab Entities and Two Executives With Making Misleading Statements; Schwab Entities to Pay More Than $118 Million to Settle SEC Charges" SEC Release 2011-7 (January 11, 2011)
  27. "SEC Charges Hedge Fund Managers and Traders in $30 Million Expert Network Insider Trading Scheme" SEC Release No. 2011-40 (February 8, 2011)
  28. "SEC Charges Military Body Armor Supplier and Former Outside Directors With Accounting Fraud" SEC Release No. 2011-52 (February 28, 2011)
  29. "SEC Charges Three Executives With Conducting $230 Million Investment Scheme at Ohio Based Company" SEC Release No. 2011-67 (March 16, 2011)
  30. "SEC Charges FDA Chemist With Insider Trading Ahead of Drug Approval Announcements" SEC Release No. 2011-76 (March 29, 2011)
  31. "SEC Charges Corporate Attorney and Wall Street Trader in $32 Million Insider Trading Ring" SEC Release No. 2011-85 (April 6, 2011)
  32. "SEC Announces Securities Laws Violations by Wachovia Involving Mortgage-Backed Securities" SEC Release No. 2011-83 (April 5, 2011)
  33. "SEC Charges Former Hedge Fund Portfolio Manager With Insider Trading; Hedge Funds Agree to Pay Approximately $33 Million" SEC Release No. 2011-91 (April 13, 2011)
  34. "SEC Charges Former NASDAQ Managing Director With Insider Trading" Litigation Release No. 21981 Securities and Exchange Commission v. Donald L. Johnson, Defendant and Dalila Lopez, Relief Defendant, Civil Action No. 11-CV-3618 (VM) (S.D.N.Y.) (May 26, 2011)
  35. "SEC Charges Banc of America Securities With Fraud in Connection With Improper Bidding Practices Involving Investment of Proceeds of Municipal Securities" SEC Release No. 2010-239 (December 7, 2010)
  36. "SEC Charges UBS With Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds; UBS to Pay $160 Million to Settle Charges" SEC Release No. 2011-105 (May 4, 2011)
  37. "SEC Charges J.P. Morgan Securities With Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds; J.P. Morgan to Pay $228 Million to Settle Charges by SEC, Others" SEC Release No. 2011-143 (July 7, 2011)
  38. "SEC Charges Wachovia With Fraudulent Bid Rigging in Municipal Bond Proceeds; Wachovia Agrees to $148 Million Settlement With SEC and Other Authorities" SEC Release No. 2011-257 (December 8, 2011)
  39. "SEC Charges GE Funding Capital Market Services With Fraud Involving Municipal Bond Proceeds; Firm Agrees to Pay $70 Million in Settlement With SEC and Others" SEC Release No. 2011-276 (December 23, 2011)
  40. "J.P. Morgan to Pay $153.6 Million to Settle SEC Charges of Misleading Investors in CDO Tied to U.S. Housing Market; Harmed Investors Getting Their Money Back, Firm to Pay Penalty and Change Practices" SEC Release No. 2011-131 (June 21, 2011)
  41. "SEC Charges Stifel, Nicolaus & Co. and Executive With Fraud in Sale of Investments to Wisconsin School Districts" SEC Release No. 2011-165 (August 10, 2011)
  42. "SEC Charges AXA Rosenberg Entities for Concealing Error in Quantitative Investment Model; Firms Agree to Pay More Than $240 Million to Settle SEC Charges" SEC Release No. 2011-37 (February 3, 2011)
  43. "SEC Charges Quant Manager With Fraud" SEC Release No. 2011-189 (September 22, 2011)
  44. "SEC Sanctions Direct Edge Electronic Exchanges and Orders Remedial Measures to Strengthen Systems and Controls" SEC Release No. 2011-208 (October 13, 2011)
  45. "Alternative Trading System Agrees to Settle Charges That It Failed to Disclose Trading by an Affiliate" SEC Release No. 2011-220 (October 24, 2011)
  46. "Citigroup to Pay $285 Million to Settle SEC Charges for Misleading Investors About CDO Tied to Housing Market; Former Citigroup Employee Separately Charged for His Role in Structuring Transaction" SEC Release No. 2011-214 (October 19, 2011)
  47. "SEC Charges Bank Executives With Hiding Millions of Dollars in Losses During 2008 Financial Crisis" SEC Release No. 2011-202 (October 11, 2011)
  48. "SEC Files Insider Trading Charges Against Rajat Gupta; SEC Brings New Charges Against Raj Rajaratnam" SEC Release No. 2011-223 (October 26, 2011)
  49. "SEC v. Andrey C. Hicks, et al, Commission Obtains Temporary Restraining Order and Asset Freeze Against Massachusetts Based Purported Hedge Fund Manager" SEC Litigation Release No. 22141 (October 26, 2011)
  50. "SEC v. Eric Aronson, et al, SEC Charges Operators of Green Product-Themed Ponzi Scheme" SEC Litigation Release No. 22117 (October 6, 2011)
  51. "In the Matter of Morgan Stanley Investment Management Inc., USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Investment Advisers Act of 1940 Release No. 3315 (November 16, 2011)
  52. "SEC v. Michael R. Balboa, et al, SEC Charges Hedge Fund Manager and Broker With Multi-Million Dollar Overvaluation Scheme" SEC Litigation Release No. 22176 (December 2, 2011)
  53. "SEC v. Chetan Kapur, et al, SEC Charges New York-Based Hedge Fund Managers ThinkStrategy Capital and Chetan Kapur with Securities Fraud" SEC Litigation Release No. 22151 (November 10, 2011)
  54. "SEC v. Patrick G. Rooney, et al, SEC Charges Illinois-Based Hedge Fund Adviser and Its Owner for Fraudulent Conduct" SEC Litigation Release No. 22167 (November 22, 2011)
  55. "In the Matter of LeadDog Capital Markets, LLC, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 65750 (November 15, 2011)
  56. "SEC v. Wachovia Bank, N.A., n/k/a Wells Fargo Bank, N.A., successor by merger, SEC Charges Wachovia With Fraudulent Bidding Rigging in Municipal Bond Proceeds" SEC Litigation Release No. 22183 (December 8, 2011)
  57. "SEC v. GE Funding Capital Market Services, SEC Charges GE Funding Capital Market Services With Fraud Involving Municipal Bond Proceeds; Firm Agrees to Pay $70 Million in Settlement With SEC and Others" SEC Litigation Release No. 22210 (December 23, 2011)
  58. "SEC v. Magyar Telekom PLC, et al; SEC v. Straub, et al, SEC Charges Magyar Telekom and Former Executives With Bribing Officials in Macedonia and Montenegro" SEC Litigation Release No. 22213 (December 29, 2011)
  59. "SEC Charges Former Fannie Mae and Freddie Mac Executives With Securities Fraud; Companies Agree to Cooperate in SEC Actions" SEC Release No. 2011-267 (December 16, 2011)
  60. "SEC Charges Seven Former Siemens Executives with Bribing Leaders in Argentina" SEC Release No. 2011-263 (December 13, 2011)
  61. "SEC Charges Seven Fund Managers and Analysts in Insider Trading Scheme, and Also Charges Hedge Fund Firms Diamondback Capital and Level Global" SEC Litigation Release No. 22230 (January 19, 2012)
  62. "SEC v. Igors Nagaicevs, SEC Charges Latvian Trader in Pervasive Brokerage Account Hijacking Scheme; SEC Also Charges 12 Firms and Individuals for Extending Market Access Without Registering as Brokers" SEC Litigation Release No. 22238 (January 26, 2012)
  63. "In the Matter of Anthony Fields, CPA, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 66091 (January 4, 2012)
  64. "SEC v. Life Partners Holdings, Inc., et al, The Securities and Exchange Commission today charged Texas-based financial services firm Life Partners Holdings, Inc. and three of its senior executives for their involvement in a fraudulent disclosure and accounting scheme involving life settlements" SEC Litigation Release No. 22219 (January 4, 2012)
  65. "SEC Charges Former Credit Suisse Investment Bankers in Subprime Bond Pricing Scheme During Credit Crisis" SEC Release No. 2012-23 (February 1, 2012)
  66. "SEC v. Ming Zhao, et al, SEC Charges Chairman and Ex-CEO of Puda Coal With Fraud" SEC Litigation Release No. 22264 (February 22, 2012)
  67. "SEC v. China Sky One Medical, Inc., et al, SEC Charges China Sky One Medical and Top Executive With Inflating Financial Results Through Phony Sales" SEC Litigation Release No. 22470 (September 4, 2012)
  68. "SEC v. Whitman, et al, SEC Charges California Hedge Fund Manager Connected to Galleon Insider Trading Case" SEC Litigation Release No. 22257 (February 10, 2012)
  69. "SEC v. Kinnucan, et al, SEC Charges Oregon Based Expert Consulting Firm and Owner With Insider Trading in Technology Sector" SEC Litigation Release No. 22261 (February 17, 2012)
  70. "SEC v. Smith & Nephew PLC, SEC Charges Smith & Nephew PLC With Foreign Bribery" SEC Litigation Release No. 22252 (February 6, 2012)
  71. "SEC Charges Three Mortgage Executives With Fraudulent Accounting Maneuvers in Midst of Financial Crisis" SEC Release No. 2012-42 (March 13, 2012)
  72. "SEC Announces Charges From Investigation of Secondary Market Trading of Private Company Shares" SEC Release No. 2012-43 (March 14, 2012)
  73. "SEC v. Biomet, Inc., SEC Charges Medical Device Company Biomet With Foreign Bribery" SEC Litigation Release No. 22306 (March 26, 2012)
  74. "SEC v. Brookstreet Securities Corp., et al, Judge Orders Brookstreet CEO to Pay $10 Million Penalty in SEC Case" SEC Litigation Release No. 22277 (March 6, 2012)
  75. "SEC v. Option One Mortgage Corporation, SEC Charges H&R Block Subsidiary Option One With Defrauding Investors in Subprime Mortgage Investments" SEC Litigation Release No. 22344 (April 24, 2012)
  76. "In the Matter of optionsXpress, Inc., et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 66815 (April 16, 2012)
  77. "SEC v. Autochina International Ltd., et al, SEC Charges China Based Company and Others With Stock Manipulation" SEC Litigation Release No. 22326 (April 11, 2012)
  78. "SEC v. Peterson, SEC Charges Former Morgan Stanley Executive With FCPA Violations and Investment Adviser Fraud" SEC Litigation Release No. 22346 (April 25, 2012)
  79. "SEC v. Shervin Neman, et al, SEC Shuts Down Ponzi Scheme Targeting Persian-Jewish Community in Los Angeles" SEC Litigation Release No. 22331 (April 13, 2012)
  80. "In the Matter of Egan-Jones Ratings Company, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 66854 (April 24, 2012)
  81. "In the Matter of Goldman, Sachs & Co., USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 66791 (April 12, 2012)
  82. "SEC Charges Texas Bank Holding Company’s CEO and CFO With Misleading Investors About Loan Quality and Financial Health During the Financial Crisis " SEC Release No. 2012-55 (April 6, 2012)
  83. "SEC Charges UBS Puerto Rico and Two Executives with Defrauding Fund Customers" SEC Release No. 2012-81 (May 1, 2012)
  84. "In the Matter of 1-800-Attorney, Inc., et al, USA Before the SEC, SEC Suspends Trading in Common Stock of Three Hundred Seventy-Nine Companies Quoted on OTC Link" Securities Exchange Act of 1934 Release No. 66980 (May 14, 2012)
  85. "SEC v. Shah, et al, SEC Charges Former Yahoo Executive and Ameriprise Mutual Fund Manager With Insider Trading" SEC Litigation Release No. 22372 (May 22, 2012)
  86. "In the Matter of Deloitte Touche Tohmatsu Certified Public Accountants Ltd., USA Before the SEC, Second Corrected Order Instituting Administrative Proceedings" Securities Exchange Act of 1934 Release No. 66948 (May 9, 2012)
  87. "SEC v. Kwame Kilpatrick, et al, SEC Charges Former Detroit Officials and Investment Adviser to City Pension Funds in Influence Peddling Scheme" SEC Litigation Release No. 22362 (May 9, 2012)
  88. "SEC v. Harbinger Capital Partners LLC, et al, SEC Charges Philip A. Falcone and Harbinger Charged with Securities Fraud" SEC Litigation Release No. 22403 (June 28, 2012)
  89. "In the Matter of OppenheimerFunds, Inc., USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67142 (June 6, 2012)
  90. "SEC v. Bryan Arias, et al" SEC Litigation Release No. 22391 (June 12, 2012)
  91. "SEC v. National Note of Utah, LC, et al, SEC Halts $100 Million Real Estate Based Ponzi Scheme" SEC Release No. 2012-119 (June 25, 2012)
  92. "SEC v. Apparao Mukkamala, et al, SEC Charges Five Physicians with Insider Trading in Stock of Medical Professional Liability Insurer" SEC Litigation Release No. 22413 (July 10, 2012)
  93. "SEC v. Well Advantage Ltd., et al, SEC Freezes Assets of Insider Traders in Nexen Acquisition" SEC Litigation Release No. 22428 (July 30, 2012)
  94. "SEC v. Manouchehr Moshayedi, et al, SEC Charges CEO With Insider Trading in Secondary Offering of Company Stock" SEC Litigation Release No. 22419 (July 20, 2012)
  95. "SEC v. Mizuho Securities USA Inc., Mizuho to Pay $127.5 Million to Settle SEC Charges of Misleading Investors in CDO" SEC Litigation Release No. 22417 (July 19, 2012)
  96. "In the Matter of Alexander V. Rekeda, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67455 (July 18, 2012)
  97. "In the Matter of Xavier Capdepon, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67456 (July 18, 2012)
  98. "SEC v. James V. Mazzo, et al, New Charges in Insider Trading Case Include Former CEO and Professional Baseball Player" SEC Litigation Release No. 22451 (August 17, 2012)
  99. "SEC v. Pfizer Inc. and SEC v. Wyeth LLC, SEC Files Settled FCPA Charges Against Pfizer Inc. and Wyeth LLC" SEC Litigation Release No. 22438 (August 8, 2012)
  100. "SEC v. Bruce Cole, et al, SEC Charges Former CEO and Chairman of Mamtek U.S. With Fraud in the Offer and Sale of Municipal Bonds" SEC Litigation Release No. 22484 (September 18, 2012)
  101. "SEC v. James Donnan III, et al, SEC Charges College Football Hall of Fame Coach in $80 Million Ponzi Scheme" SEC Litigation Release No. 22453 (August 17, 2012)
  102. "SEC v. Rex Group LLC, et al, SEC Files Enforcement Action to Halt $600 Million Pyramid and Ponzi Scheme; North Carolina Company Solicited Investors Over Internet" SEC Litigation Release No. 22456 (August 22, 2012)
  103. "In the Matter of Wells Fargo Brokerage Services, LLC n/k/a Wells Fargo Securities, LLC and Shawn Patrick McMurtry, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67649 (August 14, 2012)
  104. "SEC v. Gilbert G. Lundstrom, et al and SEC v. Don A. Langford, SEC Charges Bank Executives in Nebraska with Understating Losses During Financial Crisis" SEC Litigation Release No. 22493 (September 25, 2012)
  105. "SEC v. ICP Asset Management, LLC, et al" SEC Litigation Release No. 22477 (September 10, 2012)
  106. "In the Matter of Goldman, Sachs & Co., USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67934 (September 27, 2012)
  107. "In the Matter of Neil M.M. Morrison, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67935 (September 27, 2012)
  108. "In the Matter of New York Stock Exchange LLC, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67857 (September 14, 2012)
  109. "In the Matter of Hold Brothers On-Line Investment Services, LLC, et al, USA Before the SEC, Order Instituting Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67924 (September 25, 2012)
  110. "In the Matter of Michael Bresner, et al, USA Before the SEC, Order Instituting Public Administrative and Cease-and-Desist Proceedings" Securities Exchange Act of 1934 Release No. 67810 (September 10, 2012)
  111. "In the Matter of JP Turner, et al, USA Before the SEC, Order Instituting Administrative Proceedings" Securities Exchange Act of 1934 Release No. 67808 (September 10, 2012)
  112. "In the Matter of Credit Suisse Securities (USA) LLC, et al, SEC Charges JP Morgan and Credit Suisse With Misleading Investors in RMBS Offerings" SEC Release No. 2012-233 (November 16, 2012)
  113. "SEC v. JP Morgan Securities LLC, et al, SEC Charges JP Morgan Securities LLC With Misleading Investors in RMBS Offerings" SEC Litigation Release No. 22533 (November 16, 2012)
  114. "SEC v. CR Intrinsic Investors, LLC et al" SEC Litigation Release No. 22539 (November 20, 2012)
  115. "In the Matter of Massachusetts Mutual Life Insurance Company, MassMutual to Pay $1.625 Million After SEC Investigation Highlights Prior Insufficient Disclosures About Annuity Product; MassMutual Changes Product Before Any Investors Harmed" SEC Release No. 2012-230 (November 15, 2012)
  116. "SEC v. BP p.l.c., BP to Pay $525 Million Penalty to Settle SEC Charges of Securities Fraud During Deepwater Horizon Oil Spill" SEC Litigation Release No. 22531 (November 15, 2012)

 This article incorporates text from Securities and Exchange Commission documents, which are in the public domain.

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