Posts Tagged ‘ sec ’

SEC Honors Three Individuals With Whistleblower Award

June 14, 2013

The Securities and Exchange Commission presented the second-ever Whistleblower Award to three individuals under the Dodd-Frank Act. Without naming the whistleblowers, SEC issued an order Wednesday saying that each of the three whistleblowers will receive 5 percent of funds the regulator will collect from enforcement action against Locust Offshore Management LLC and its CEO Andrey C. Hicks. The hedge fund’s chief Andrey C. Hicks has pleaded guilty of criminal fraud charges. He has been sentenced to 40...
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Lululemon Founder Sold Shares Days Before CEO’s Exit

By Mani

June 13, 2013

Lululemon Athletica Inc. (NASDAQ:LULU) (TSE:LLL) Chairman Dennis “Chip” Wilson sold $50 million worth of stock in the company four days before the shares plummeted on the chief executive officer’s sudden departure. Shares of yoga-apparel retailer Lululemon Athletica Inc. (NASDAQ:LULU) (TSE:LLL) plunged after CEO Christine Day quit. Some of the biggest fans of Lululemon Athletica have been demanding the CEO’s resignation since the yoga gear maker’s most popular pants styles tanked in the fashion market because they were too sheer. The...
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Berkshire Disclose More Details On Insurance Losses After SEC Pressure

By Mani

June 13, 2013

Berkshire Hathaway Inc. (NYSE:BRK:A) (NYSE:BRK.B) agreed to provide more detail to investors about claims cost at insurance units, after the U.S. Securities and Exchange Commission pressed for more information. Berkshire Hathaway’s Letter To SEC Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK:A) (NYSE:BRK.B) said in its letter to the Securities and Exchange Commission that the insurance major agree to provide disclosures in future filings of the significant catastrophe losses for their insurance group as a whole. The...
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Clearwire Supports Dish Offer, Asks Shareholders To Accept

By Marie Cabural

June 13, 2013

The board of directors of Clearwire Corporation (NASDAQ:CLWR) unanimously recommended the proposal of DISH Network Corp. (NASDAQ:DISH) to acquire all outstanding common stock of the company for $4.40 per share. In a regulatory filing with the Securities and Exchange Commission (SEC), Clearwire Corporation (NASDAQ:CLWR) encouraged shareholders to accept the offer of DISH Network Corp (NASDAQ:DISH) citing that it was “fair to and in the best interest of shareholders of Class A common stock”. The...
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SEC, Finra Warn Against Pump And Dump Penny Stock Emails

By Vikas Shukla

June 12, 2013

The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (Finra) have issued a warning to investors that they should avoid emails with pump and dump penny stock schemes. A report by the Internet security firm McAfee shows that pump and dump penny stock emails (or spams) are on the rise. How to Identify Pump and Dump Penny Stocks Fraudsters use large scale emails to lure investors into their scams by promising higher...
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CBOE To Pay SEC $6M Fine For Systemic Lapses

By Vikas Shukla

June 12, 2013

The Chicago Board Options Exchange (CBOE) has agreed to pay the Securities and Exchange Commission $6 million to settle charges that it failed to prevent illegal short-selling. CBOE Holdings Inc. (NASDAQ:CBOE) which operates the country’s biggest options market, was charged to have compliance breakdowns linked to billions of dollars of trades. An SEC judge found these regulatory shortcomings to be fraudulent. The SEC said that it’s the first time CBOE has been charged for regulatory...
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Promoted Stock Pump and Dump Scoreboard

By DavidMerkel

June 12, 2013

Okay, here’s the promoted stock scoreboard: Ticker Date of Article Price @ Article Price @ 6/11/13 Decline Annualized Splits GTXO 5/27/2008 2.45 0.011 -99.6% -65.8% BONZ 10/22/2009 0.35 0.004 -98.9% -71.2% BONU 10/22/2009 0.89 0.010 -98.9% -71.2% UTOG 3/30/2011 1.55 0.004 -99.7% -93.3% OBJE 4/29/2011 116.00 0.554 -99.5% -92.0% 1:40 LSTG 10/5/2011 1.12 0.031 -97.2% -88.1% AERN 10/5/2011 0.0770 0.0002 -99.7% -97.1% IRYS 3/15/2012 0.261 0.003 -98.9% -97.4% NVMN 3/22/2012 1.47 0.080 -94.6%...
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Washington Times Promotes Polar Petroleum Pump and Dump

By DavidMerkel

June 11, 2013

Washington Times Promotes Polar Petroleum Pump and Dump

I’m not going to run the promoted stock scoreboard again so soon, but let it be known that Dephasium has fallen ~75% in the 5 days since I wrote about it. Put on your peril-sensitive sunglasses, here is the chart: Yes, my article was written at the peak. In this case the “dump” was rather violent. But why I am I writing about promoted stocks this evening? This morning in my e-mail, I received this [note: after...
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SEC Commissioner Explains Why Agency is Targeting Smaller Insider Trading Cases

By ValueWalk Staff

June 10, 2013

United States Securities and Exchange (SEC) Commissioner Daniel Gallagher spoke with FOX Business Network’s (FBN) Charlie Gasparino about insider trading. Gallagher discussed the reasons why the SEC devotes resources and time to smaller insider trading cases, saying that, “If people feel like they aren’t getting a fair shake and someone else is getting a better price, they’re not going to come to the markets.” He went on to say that bringing these smaller insider...
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SEC’s New Chief Counsel Tangled In Whistleblower Case

By Vikas Shukla

June 10, 2013

The Securities and Exchange Commission (SEC) chairman’s new chief counsel Robert Rice is entangled in a whistleblower’s case brought up by his ex-colleague at Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB). His colleague Eric Ben-Artzi claimed that he was fired by Robert Rice for blowing the whistle on a fraud. Eric Ben-Artzi alleged that Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB) misrepresented the value of credit derivatives on its books between 2007 and 2010, hiding as much as $12...
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