New York Appeals Court Gives SEC-Citigroup Deal New Life
A federal appeals court said Judge Rakoff likely overstepped his authority when he blocked the SEC's $285 million settlement with Citi over toxic mortgage securities.
SEC Adds 130 Examiners for ‘Priority’ Areas: Exam Chief di Florio
Carlo di Florio, director of OCIE, told CCOs that the SEC has hired 130 new examiners over the last 18 months and that the agency is focusing on three 'priority' areas when it comes to advisory firms.
SEC Orders Advisor With Ties to Wells Fargo to Explain Actions on Doomed CDO
The SEC ordered investment advisor Lisa Premo to answer questions about her alleged part in overstating the NAV of a fund after a CDO went into default in 2008.
Judge Blocks, Blasts SEC-Citigroup Settlement
Judge Jed S. Rakoff on Monday rejected a settlement negotiated between the SEC and Citigroup over a $1 billion mortgage fund and said that he could not determine whether the $285 million settlement was “fair, reasonable, adequate and in the public interest.”
UBS Pays $8M Fine to Settle SEC’s Short-Sale Case
The SEC charged UBS Securities Thursday with faulty record-keeping practices related to short sales, and UBS agreed to pay an $8 million penalty to settle the enforcement action.
New Hire Roundup: Reinhart Joins Wealthcare Capital, Bowden Goes to SEC
This week in new hires, Len Reinhart joined Wealthcare Capital’s board, Andrew J. Bowden was appointed the SEC’s new associate director of advisor exams, and the Senate confirmed Luis Aguilar and Daniel Gallagher as SEC commissioners.
Citigroup to Pay $285 Million to Settle SEC Charges on CDO Deal
The SEC charged Citigroup’s principal U.S. broker-dealer subsidiary with betting against clients who invested in the CDO as the housing market showed signs of distress.
SEC May Seek Legal Action Against S&P
An issue over the rating of a collateralized debt obligation from 2007 prompted the SEC Thursday to send a so-called “Wells notice” to McGraw-Hill, the parent company of Standard and Poor’s.
Fannie, Freddie Subprime Settlement Could Say Mea Culpa
The Securities and Exchange Commission may be close to a settlement with Fannie Mae and Freddie Mac over their descent into subprime housing loans and lack of disclosure surrounding them, but the path to resolution is not smooth.
SEC Dropping ‘Proxy Access’ Appeal
The Securities and Exchange Commission announced late Tuesday that it would not seek an appeal of a decision by the U.S. Court of Appeals in Washington, D.C., over its so-called “proxy access” rule.