June 18, 2013

IM Directors Speaks About His Division’s Risk and Examinations Office

Norm Champ, the Director of the SEC’s Division of Investment Management, spoke at the 2013 Insured Retirement Institute Government, Legal & Regulatory Conference in Washington, D.C. about the Division of Investment Management’s Risk and Examinations Office (“REO”).  REO supports the Division’s work primarily through two functions: • REO maintains an industry…

Continue reading...

June 10, 2013

SEC Charges Officials at Investment Adviser in Scheme to Hide Theft from Pension Fund

The SEC charged Chauncey Mayfield, the founder, president and CEO of MayfieldGentry Realty Advisors, a Detroit-based investment adviser, for stealing nearly $3.1 million from the pension fund that the firm manages for the city’s police officers and firefighters so he could buy two strip malls in California. Four other officials…

Continue reading...

June 7, 2013

SEC Charges Whittier Trust and Fund Manager in Insider Trading Investigation Into Expert Networks

The SEC charged Whittier Trust Company, a California-based wealth management company, and its former fund manager, Victor Dosti, with insider trading on non-public information about technology companies. The SEC alleges that Dosti generated profits and avoided losses for the funds he managed at the Trust by trading on confidential information…

Continue reading...

June 6, 2013

SEC Freezes Assets of Trader for Insider Trading Ahead of Smithfield Foods Acquisition Announcement

The SEC announced an emergency court order to freeze the assets of Badin Rungruangnavarat, a trader based in Thailand, who made more than $3 million in profits by trading in advance of a recent announcement that Smithfield Foods agreed to a multi-million dollar acquisition by China-based Shuanghui International Holdings.  The…

Continue reading...

June 6, 2013

SEC Renames Division Focusing on Economic and Risk Analysis

The SEC announced that it has changed the name of its Division of Risk, Strategy, and Financial Innovation to better reflect its core responsibilities and focus.  The Division is now called the Division of Economic and Risk Analysis. The Division was created by the 2009 combination of three offices: the…

Continue reading...

June 5, 2013

SEC Proposes Money Market Fund Reform

On June 5, 2013, the SEC voted unanimously to propose amendments and new rules that aim to reform the operation of money market funds. The overarching goal of the Proposal is to make money market funds less susceptible to runs during periods of economic stress that could harm investors.  The…

Continue reading...

June 3, 2013

SEC Suspends Trading of 61 Companies in Over-The-Counter Market

The SEC  announced the second-largest trading suspension in the agency’s history as it continues its “Operation Shell Expel” mission against the manipulation of microcap shall companies that are ripe for fraud as they lay dormant in the over-the-counter market. The SEC suspended trading in the securities of 61 empty shell…

Continue reading...

June 3, 2013

Robert E. Rice Named as Chief Counsel to SEC Chair

SEC Chairman Mary Jo White announced that she has appointed Robert E. Rice as her chief counsel.  Mr. Rice comes to the SEC from Deutsche Bank AG in New York, where he was head of governance, litigation and regulation for the Americas and the global co-head of its governance, litigation…

Continue reading...

Menu