BP to Pay $4.5 Billion in Gulf Spill; SEC Levies Huge Penalty
British oil company BP agreed Thursday to pay $4.5 billion to the U.S. in fines and other charges, including $525 million to the SEC–the third largest penalty ever assessed by the SEC–over the oil spill in the Gulf of Mexico.
SEC Socks MassMutual With $1.6 Million VA Penalty
The SEC on Thursday charged Massachusetts Mutual Life Insurance Co. with securities law violations for failing to sufficiently disclose the potential negative impact of a “cap” it placed on a complex investment product that investors were planning to use for retirement.
SEC, DOJ Release Foreign Corrupt Practices Act Guide
The Securities and Exchange Commission and the Department of Justice released Wednesday A Resource Guide to the U.S. Foreign Corrupt Practices Act, a 120-page guide providing a detailed analysis of the U.S. Foreign Corrupt Practices Act and closely examines the SEC and DOJ approach to FCPA enforcement.
Bruce Bent Cleared in SEC Fraud Charges
Bruce Bent, founder of the first money market fund, was cleared of fraud charges Monday after the SEC alleged that he deceived investors leading up to the Primary Reserve Fund “breaking the buck.”
SEC Fines NYSE for Giving Proprietary Customers Head Start on Market Data
NYSE Euronext agreed to a $5 million penalty for sending market data to proprietary customers' feeds before broadcasting it publicly, becoming the first exchange to pay an SEC fine.
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.