February 8, 2011
The SEC charged a New York-based hedge fund and four hedge fund portfolio managers and analysts with illegally trading on confidential information obtained from technology company employees moonlighting as expert network consultants.
February 3, 2011
AXA SA, one of France’s largest insurance companies, agreed to pay $242 million to settle an administrative action brought by the SEC in connection with an error in a quantitative investment model for managing client assets. The case involved several U.S. divisions of AXA, including AXA Rosenberg Group LLC (ARG), AXA Rosenberg Investment Management LLC (ARIM) and Barr Rosenberg Research Center LLC (BRRC).
February 2, 2011
The SEC charged Thomas L. Mitchell (“Mitchell”) and Mitchell, Porter & Williams, Inc. (“MPW”) with violations of the federal securities laws. The SEC alleges that from at least 1995 until March 2010, MPW and Mitchell operated a $14.7 million Ponzi scheme targeting retiring Los Angeles County Metropolitan Transit Authority bus operators.
January 28, 2011
The SEC has charged a Stamford, Connecticut-based investment adviser and its principal, Francisco Illarramendi, with misappropriating at least $53 million in investor funds and used the money for self-dealing transactions.
January 27, 2011
The SEC charged Michael Cardillo, a former trader at the hedge fund investment adviser Galleon Management, LP, with insider trading for trading ahead of September 2007 announced acquisition of 3Com Corp., and November 2007 announced acquisition of AxcanPharma Inc.
January 26, 2011
The SEC charged Adam Smith, a former portfolio manager of the Galleon Emerging Technology funds (f/k/a the Galleon Communications funds) (“Galleon”), with engaging in insider trading in the securities of ATI Technologies, Inc.
January 24, 2011
The SEC charged Horseman Capital Management, L.P. (“Horseman”), a London-based investment adviser with funds in the United States, with violating Rule 105 of Exchange Act Regulation M (“Rule 105”).
January 20, 2011
The SEC charged three affiliated New York-based investment firms and four former senior officers with fraud, misuse of client assets, and other securities laws violations involving their $66 million advisory business.
January 7, 2011
The SEC brought charges against Raymond P. Morris (Morris), James L. Haley (Haley), Jay J. Lindford (Lindford), attorney Luc D. Nguyen (Nguyen), E&R Holdings, LLC (E&R Holdings), Wise Financial Holdings, LLC (Wise Financial), Momentum Leasing, LLC (Momentum), Cornerstone Capital Fund, LLC (Cornerstone), Vantage Point Capital, LLC (Vantage Point) and Freedom Group, LLC (Freedom Group), alleging unregistered fraudulent offers, sales and purchases of securities that bilked at least 90 investors out of no less than $60 million.
January 7, 2011
The SEC brought charges against Kimball L. Young and Thomas S. Albright, former portfolio managers of the Tax Free Fund for Utah (TFFU), a municipal bond fund operated and advised by Aquila Investment Management, LLC (Aquila), a registered investment adviser.