Blog

Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 511-520 out of 692 results

LIBOR Manipulation

(Jul 2012)

An ongoing investigation into the manipulation of LIBOR has exploded recently with the revelation that Barclays was actively manipulating LIBOR since 2005, possibly at the behest of Paul Tucker (a leading candidate to become the next governor of the UK central bank). As evidenced by several forms of electronic communication, some employees were submitting false data to boost profits.

Such accusations of LIBOR rate manipulation are not new. In 2008, the British Bankers Association (BBA) ...

Variable Annuity Regulation: Speech by Susan Nash

(Jul 2012)

Last Tuesday, Susan Nash, Associate Director of the Division of Investment Management at the SEC, gave an interesting speech at the URI 2012 Government, Legal & Regulatory Conference regarding variable annuities. Variable annuities continue to grow in sales -- according to Ms. Nash's comments, sales of variable annuities grew by approximately 12% in 2011 -- but have been the subject of numerous FINRA Investor Alerts and Regulatory Notices due to their high costs and complex risks.

Ms. Nash...

SEC Litigation Releases: Week in Review - June 29th, 2012

(Jun 2012)

SEC Shuts Down Mortgage Fund Ponzi-like Scheme
June 28, 2012, (Litigation Release No. 22406)
According to the complaint (opens to PDF), Small Business Capital Corp. ("SB Capital") and Mark Feathers ("Feathers"), its principal, are operating an "alleged Ponzi-like scheme." $42 million have been raised by SB Capital and Feathers through selling securities issued by their mortgage investment funds, Investors Prime Fund, LLC and SBC Portfolio Fund, LLC ("Funds"). The Funds attracted more than 400...

401(k) Fees Can Drastically Reduce Nest Egg

(Jun 2012)

A recent report conducted by Demos -- a New York City-based public policy organization -- points out that the high fees charged by 401(k)'s can cut nest eggs by 30% for median-income two-wage family.

Company-sponsored 401(k) plans often include a list of mutual funds in which employees can invest. Although these fees are disclosed on the individual fund prospectuses, the account statements from 401(k)'s generally do not include such fees (only the result of the fund performance net of fees)....

SEC Litigation Releases: Week in Review - June 22nd, 2012

(Jun 2012)

SEC Charges Massachusetts Investment Adviser with Fraud and Obtains Asset Freeze
June 20, 2012, (Litigation Release No. 22396)
Earlier this week, the SEC charged Gary J. Martel with defrauding investors through his companies Martel Financial Group and MFG Funding. According to the complaint), Martel defrauded at least a dozen investors of millions of dollars. Martel allegedly told his clientele (including retirees) that he would invest in fixed-income securities. Martel allegedly composed...

SEC Litigation Releases: Week in Review - June 15th, 2012

(Jun 2012)

Promoters of Convicted Ponzi Scheme Operator Jeffrey L. Mowen Ordered to Pay Over $20 Million in Disgorgement and Civil Penalties
June 13, 2012, (Litigation Release No. 22393)
The US District Court for the District of Utah granted the SEC's motion for entry of final judgment against Defendants Michael W. Averett, Michael G. Butcher, Thomas R. Fry, Gary W. Hansen, James B. Mooring, and Bevan J. Wilde, who allegedly "acted as promoters...through the unregistered offer and sale of high-yield...

Oppenheimer Fined for Complex Derivatives in Bond Funds

(Jun 2012)

In May 2010, SCLG released a paper on the Oppenheimer Champion Income Fund, detailing the complex derivatives transactions that led that fund to accumulate huge losses in 2008 compared to other high-yield bond funds. On Wednesday, the SEC charged OppenheimerFunds for material misrepresentations of these very risks in two funds, including the Champion Income Fund. OppenheimerFunds agreed to pay $35 million to settle the SEC's claims.

The funds, the Oppenheimer Champion Income Fund and the...

SEC Litigation Releases: Week in Review - June 8th, 2012

(Jun 2012)

Court Enters Final Judgments, Including Indemnity Bars, Against Rajnish K. Das and Stormy L. Dean, Former CFOs of infoUSA, Inc.
June 1, 2012, (Litigation Release No. 22388)
As a result of the SEC complaint against Rajnish K. Das and Stormy L. Dean, the US District Court for the District of Nebraska barred the pair from serving as an officer or director of a public company for three years and levied a civil penalty of $50,000 against each of them. In the complaint, the SEC alleged Das and Dean...

SEC Litigation Releases: Week in Review - June 1st, 2012

(Jun 2012)

SEC Charges Two Feeders for One of South Florida's Largest-Ever Ponzi Schemes,
May 31, 2012, (Litigation Release No. 22383)
The SEC charged George Levin and Frank Preve with perpetrating a Ponzi scheme through which they raised nearly $160 million from close to 200 investors in less than two years. The defendants used the investor funds to purchase (fraudulent) discounted legal settlements from Scott Rothstein (former Florida attorney). Rothstein then used the investor funds to make Ponzi...

SEC Litigation Releases: Week in Review - May 25th, 2012

(May 2012)

SEC Charges Northern California Fund Manager in $60 Million Scheme
May 24, 2012, (Litigation Release No. 22375)
The SEC charged John A. Geringer with running a $60 million Ponzi scheme. In Geringer's management of the GLR Growth Fund, he allegedly misrepresented the fund's historical returns -- double-digit annually -- in the marketing materials and then used new investor funds to finance the returns current investors purportedly realized. Geringer went so far as to produce account statements...

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