Technology analyst John Kinnucan was arrested Friday on allegations of trading on information about many of the nation's leading tech companies, resulting in illicit gains of nearly $110 million.
President Obama is likely to propose a substantial funding increase for Wall Street regulators in his forthcoming budget.
The private equity world is struggling to stay in the shadows.
The Securities and Exchange Commission charged six former executives of Fannie Mae and Freddie Mac with securities fraud on Friday for misrepresenting their holdings of high-risk mortgage loans.
The SEC is about to get tougher on Wall Street crime. A little bit. The Securities and Exchange Commission said Friday that in certain cases, it will no longer allow defendants to settle complaints without admitting or denying the allegations against them. The catch is that the change to this controversial policy applies only to cases in which defendants have been convicted of the same conduct in criminal proceedings, or in which they've admitted to the conduct as part of an agreement with law enforcement officials to avoid or delay criminal prosecution. The SEC does not have the power to bring criminal complaints. Defendants will still be able to reach SEC settlements without admitting or denying the allegations against them when there are no concurrent criminal convictions or admissions of criminal violations for the same conduct.
A federal appeals court has delayed proceedings in a mortgage securities fraud case brought by the Securities and Exchange Commission against Citigroup.
Insurance giant Aon has agreed to pay more than $16 million in fines to settle charges that its subsidiaries bribed foreign government officials, the Securities and Exchange Commission announced Tuesday.
Daniel Ruettiger, the basis of the inspirational sports movie "Rudy," has agreed to settle charges with the Securities and Exchange Commission that he and some business associates schemed to deceive investors into buying stock in his sports drink company.
The Securities and Exchange Commission is appealing a federal judge's decision last month to toss out a proposed $285 million mortgage securities fraud settlement between the agency and Citigroup.
A few days before he graduated, one of my students asked me how does one keep up with public affairs (as I was advocating) when you have a demanding full-time job, a cute but fussy baby, an elderly parent who needs attending and something of a social life? I suggested that he listen to NPR, watch CNN -- and once in a while choose a particular story to follow. For example, the report of what happens when major American corporations break the law.
A judge rejected a proposed $285 million mortgage securities fraud settlement between Citigroup and the Securities and Exchange Commission on Monday, saying the deal was "neither fair, nor reasonable, nor adequate, nor in the public interest."
Citigroup has agreed to pay $285 million to settle Securities and Exchange Commission charges that the bank misled investors about the strength of a security tied to the struggling U.S. housing market.
Prices of US-listed Chinese stocks fell after the Securities and Exchange Commission's enforcement chief said the Department of Justice is looking into accounting practices at Chinese companies, following a series of high-profile scandals this year.
The Bernard Madoff Ponzi scheme continues to haunt the Securities and Exchange Commission.
Securities and Exchange Commission regulators have sent subpoenas to various financial firms as they look into possible insider trading before Standard & Poor's cut the U.S. credit rating last month, according to a report published Tuesday.
"Let's hope we are all wealthy and retired by the time this house of cards falters."
updated: Fri Aug 19 2011 11:07:00
Market analyst Michael Hewson discusses the stock market sell-off and what it means for global investors.
Credit rating agency Standard & Poor's downgrade of the U.S. sovereign debt rating on Aug. 5, which plunged stocks into a roller-coaster frenzy for the past week, didn't come as a surprise.
JPMorgan Chase will pay $228 million in a setttlement of charges that the bank's securities division rigged the market for municipal bond derivatives, state and federal regulators announced Thursday.
JPMorgan has agreed to pay $153.6 million to settle charges it misled investors in the sale of a complex mortgage-backed security, the Securities and Exchange Commission announced Tuesday.
In the nearly two years since the government began cracking down on insider trading, federal prosecutors have charged and convicted dozens of people in several overlapping cases.
The Securities and Exchange Commission is investigating one of the nation's largest hedge funds, SAC Capital Advisors LP, in connection with insider trading, according to a published report.
Google plans to raise cash by selling bonds for the first time in the company's history, the Internet search giant said Monday in a filing with the Securities and Exchange Commission.
Once a year, public companies have to throw open their boardroom doors and meet with their investors. Those annual meetings give small stockholders a chance to bend the ear of corporate bigwigs, and put their own proposals up for a shareholder vote.
U.S. stocks fell on Friday as oil and gold prices spiked and investors awaited news about the pending government shutdown.
The Securities and Exchange Commission may relax its rules to make it easier for companies to issue shares without making their financial details public.
Securities and Exchange Commission chairman Mary Schapiro warned Friday that the squabbling in Washington and the looming government shutdown could impede the agency's power to enforce securities laws.
U.S. stocks were headed for a slightly higher open Friday, as oil and gold prices spiked and investors awaited news about the pending government shutdown.
The owner of the Gulf of Mexico oil rig that exploded last year, killing 11 workers and leading to what has been called the worst oil spill ever, said Monday that calling 2010 its "best year" in safety "may have been insensitive."
Will the Securities and Exchange Commission be able to stop the next Bernie Madoff?
The head of the Securities and Exchange Commission warned Congress on Thursday that proposed cuts to the regulator's budget would hurt its ability to do its job watching markets.
Congressional Republicans intent on big spending cuts are on a collision course with Wall Street's top regulators over a plan to slash millions from agency budgets.
You can't buy shares of Facebook yet, but that hasn't stopped wealthy individuals and investment funds from snapping up its stock on rapidly growing exchanges like SecondMarket and SharesPost.
The court-appointed trustee in the Bernard Madoff case has sued the outgoing top lawyer at the Securities and Exchange Commission for allegedly profiting off the largest Ponzi scheme in history.
The Securities and Exchange Commission charged three former senior-level executives of IndyMac Bancorp with securities fraud on Friday.
The Securities and Exchange Commission is so cash-strapped that it has delayed key parts of the financial reform bill passed last year by Congress -- and is curtailing some of its normal operations.
Facebook has received investments that place the social network's value at $50 billion, according to a published report.
Six oil services and a freight company have paid $236.5 million to settle a government lawsuit that alleges they paid millions of dollars in bribes to foreign customs officials.
Last week the inspector general of the Securities and Exchange Commission released a 77-page report that is, in itself, an epitome of precisely what the IG is supposed to be trying to prevent: waste and abuse at the SEC.
Angelo Mozilo, the former co-founder of Countrywide Financial, agreed Friday to pay $67.5 million to the SEC to settle fraud charges.
Although Facebook isn't yet public, employees and other insiders have been able to cash out some of their equity through private stock-sale deals. But the company is trying to dump cold water on that rapidly heating up market: Facebook recently began charging employees a $2,500 fee if they sell their private stock.
Steven Rattner, President Obama's former car czar, is close to reaching a deal with the Securities and Exchange Commission over his role in a "pay-to-play" scandal involving the New York state pension fund, according to published reports.
One of the actors in "CHiPS," a hit TV show from 1970s and early '80s, is accused of being part of a stock fraud scheme, authorities said Thursday.
A large investor using an automated trading software to sell futures contracts sparked the brief-but-historic stock market "flash crash" on May 6, according to a report by federal regulators released Friday.
Lawmakers moved Thursday to repeal a provision in the financial reform law that shields the Securities and Exchange Commission from requests under the Freedom of Information Act.
The head of the Securities and Exchange Commission told lawmakers on Thursday that her agency needs to keep its protection from some 10,000 information requests filed every year.
The chairman of the Securities and Exchange Commission says the ability to conduct confidential investigations into securities activity trumps the media's need to know.
Britain's Financial Services Authority said Thursday it has fined Goldman Sachs International nearly $27 million for not disclosing its investigation by the U.S. Securities and Exchange Commission.
The Securities and Exchange Commission on Wednesday voted to make it easier for shareholders to have a bigger say on corporate leadership at publicly-traded companies.
The State of New Jersey agreed to settle fraud charges brought by the Securities and Exchange Commission Wednesday after it became the first U.S. state ever to be accused of violating federal securities laws.
The Securities and Exchange Commission was not seeking a blanket exemption from public information laws, when it asked Congress to include a little known provision in the Wall Street reform law, the agency said in a letter to lawmakers Friday.
Two billionaire brothers face federal fraud charges for selling stock in companies which they helped oversee and then trying to conceal some $550 million in gains.
It's a natural human tendency to rely on the opinions of friends. We all do it, but, given the right circumstances, that impulse can endanger anything from interpersonal relationships to world economies.
Citigroup said Thursday it would pay $73 million to settle charges by the Securities and Exchange Commission that the bank, as well as two of its executives, misled investors about the company's exposure to the subprime mortgage market.
One of Wall Street reform's littlest known provisions is getting big attention for giving a government agency a possible loophole for avoiding journalists' requests for information.
The Securities and Exchange Commission will make it easier for the public to join in the rulemaking discussion, as required by the new Wall St. reform law.
Though last week's settlement between the U.S. Securities and Exchange Commission and Dell was anticipated -- the computer maker admitted no wrongdoing and agreed to pay about $100 million in fines -- it was nevertheless a stunning event both in terms of the charges it leveled against Dell and those it reinforced against semiconductor giant Intel.
General Electric said Tuesday it will pay $23.4 million to settle Securities and Exchange Commission charges that the conglomerate was involved in a $3.6 million kickback scheme with Iraqi government agencies.
The Goldman Sachs trader at the center of a deal that led to the firm's recent settlement with the SEC has asked a federal district court to dismiss fraud charges against him.
The Securities and Exchange Commission will need to hire about 800 new people to carry out the Wall Street reform legislation, the head of the regulatory agency plans to tell lawmakers.
Goldman Sachs paid $550 million to settle charges of defrauding investors in a sale of securities tied to subprime mortgages, the Securities and Exchange Commission said Thursday.
Until the Securities and Exchange Commission gets its act together, the public might very well be better off with no top financial regulator at all. A friend and fellow parent provided the perfect metaphor for why: Having an ineffective regulator that the public counts on for protection is like being at a swimming pool where little kids wear water wings, parents bury their noses in trashy novels, and the lifeguards are too busy flirting to do their jobs. It sounds great to relax while Jimmy flails away, but having a false sense of security in swimming pools and financial markets can only lead to disaster.
A proposed rule to stop financial firms from shopping for credit ratings will instead be postponed and studied, under an agreement finalized Wednesday by lawmakers negotiating a final Wall Street reform package.
Goldman Sachs' legal troubles just keep piling up -- and it's becoming a bigger headache for the investment bank and its shareholders.
The Securities and Exchange Commission approved new rules Thursday that will halt trading uniformly across all U.S. markets for stocks experiencing wild price swings to prevent a repeat of last month's "flash crash."
In a hotel meeting room in Scottsdale, Ariz., in April, SEC commissioner Mike Slive essentially promised that if the tectonic plates beneath the college sports' landscape began to shift, Slive's league would not sit on the sidelines.
DESTIN, Fla. -- SEC presidents will discuss expansion at their scheduled meeting Friday, but they don't intend to go on the offensive.
The government unveiled two high-profile cases of financial fraud Thursday as federal regulators look to crack down on Wall Street shenanigans.
Investment regulators issued an alert Thursday warning against stock scams that promise profits from the Gulf of Mexico oil spill cleanup.
Hedge funds have nowhere left to hide.
The Securities and Exchange Commission proposed new rules Tuesday that would pause trading in certain stocks that experience extreme swings.
The Securities and Exchange Commission is about to start requiring credit-rating agencies and the companies they rate to publicly share the information used in those ratings. The SEC hopes opening the books will encourage other ratings shops to sound off, providing an independent check on abusive 'ratings shopping', and giving smaller agencies a better chance to compete.
The U.S. Securities and Exchange Commission warned investors Thursday to beware of a group calling itself "U.S. Securities and Equities Administration."
If you can't fight the federal government, you may as well pay 'em. Especially if you're Goldman Sachs.
Last week's brief-but-historic stock market plunge was triggered by a combination of unusual factors, but its ultimate cause remains a mystery, executives from the nation's leading stock exchanges and market regulators told Congress on Tuesday.
Six major U.S. stock exchanges have agreed to new guidelines aimed at preventing last week's momentary stock market collapse from happening again.
Goldman Sachs' legal headaches don't start and end with the Securities and Exchange Commission.
The law firm that won Enron investors $7.2 billion in what was one of the largest class action suits in the history of securities law filed charges against Goldman Sachs on Monday.
updated: Mon Apr 26 2010 08:03:00
An inspector general report reveals 33 SEC workers were searching for porn on the job. CNN's Christine Romans reports.
The Securities and Exchange Commission's internal watchdog said Sunday that he will launch an investigation into the SEC's decision to pursue fraud charges against Goldman Sachs.
As the country was sinking into its worst financial crisis in more than 70 years, Security and Exchange Commission employees and contractors cruised porn sites and viewed sexually explicit pictures using government computers, according to an agency report obtained by CNN.
As the country was sinking into its worst financial crisis in more than 70 years, Security and Exchange Commission employees and contractors cruised porn sites and viewed sexually explicit pictures using government computers, an SEC investigation obtained by CNN showed.
The SEC's enforcement action against Goldman Sachs highlights the widening fissures that underlie Wall Street and raises important issues on three levels:
With the Securities and Exchange Commission filing charges against Goldman Sachs, arguably Wall Street's most lauded and respected firm, it's tempting to say the agency is targeting corporate titans to get its mojo back.
The SEC and the U.S. Attorney's office in New Jersey on Wednesday charged a Miami Beach-based businessman with allegedly running a Ponzi scheme that sucked in close to $1 billion.
Goldman Sachs executives endured a barrage of questions from the investment community and reporters Tuesday for its role in creating a complex mortgage security which has since prompted federal fraud charges against the company.
Facing criticism for failing to prevent the collapse of Lehman Brothers, the nation's top finance officials told lawmakers Tuesday that the largest bankruptcy in U.S. history highlights the need for more vigorous regulation of the financial markets.
updated: Mon Apr 19 2010 21:15:00
CNN's Richard Quest sits down with the former head of AIG and current CEO of C.V. Starr, Hank Greenberg.
Just when Wall Street thought it had put its subprime troubles behind it.
updated: Sun Apr 18 2010 21:14:00
CNN's Tony Harris talks to Fortune Magazine's Colin Barr about the SEC charging Goldman Sachs with defrauding investors.
The SEC's fraud charges against Goldman Sachs focus on a Frenchman known as the "fabulous Fab."
Stocks tumbled Friday, with the Dow industrials skidding to end just above 11,000, as financial shares retreated after U.S. regulators charged Goldman Sachs with defrauding investors.
Treasurys rallied Friday on news Goldman Sachs has been charged with fraud by Securities and Exchange Commission.
The Securities and Exchange Commission on Friday charged Wall Street's most gilded firm, Goldman Sachs, with defrauding investors in a sale of securities tied to subprime mortgages.
Who cares about strong bank earnings when Goldman Sachs is under siege from the federal government?
The SEC showed some major teeth Friday. It's about time. And hopefully this won't be the last time the agency bares its fangs.
The maker of Mercedes-Benz vehicles agreed to a $185 million settlement of allegations that it paid bribes to win contracts on three continents, the U.S. government said Thursday.
A few days ago, I watched one of California's top high school economics teachers lead a class in a discussion of the differences between the earthquakes in Haiti and Chile. I'm applying for my own teaching credential and was there observing.
James Bandler caught up with Harry Markopolos in Boston recently to discuss his upcoming book, No One Would Listen: A True Financial Thriller, and how he's doing with his life as an agent for whistleblowers. Edited excerpts from the extended interview:
In January 2009, when Mary Schapiro took over the Securities and Exchange Commission, the agency was the butt of jokes. Though the SEC's whole purpose is to police the securities industry, it had missed massive abuses such as Bernie Madoff's decades-long Ponzi scheme and Allen Stanford's alleged $8 billion scam.
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