Just one week after she was appointed, Alex Oh has resigned her position as the director of the Securities and Exchange Commission’s Division of Enforcement. Oh cited ”personal reasons,” according to a commission statement. However, the New York Times, The Wall Street Journal, and other media report that the abrupt resignation was prompted by the… Read More >>
CFTC Enforcers Report Banner Year for 2020
’Tis the season for annual reports, and one of the most instructive is from the regulator Commodity Futures Trading Commission (CFTC) and its Division of Enforcement. When it comes to the CFTC’s mission to “be tough on those who break the rules,” as Division of Enforcement Acting Director Vince McGonagle puts it in a commission… Read More >>
CFTC Offers a Rewards System for Cooperation
The CFTC’s Division of Enforcement (DOE) is spelling out what it means when it says that a firm has been cooperative via an enforcement investigation. The goal is to let the public get a better view into how a firm maximized cooperation and minimized painful penalties. The clarity comes from a new guidance that the… Read More >>
Galleon PM to Pay $840K to Settle SEC Charges
The SEC reports that former hedge fund portfolio manager Rajarengan “Rengan” Rajaratnam has agreed to pay more than $840,000 and accept securities industry bars in order to settle the agency’s insider-trading case brought against him for “his role in the widespread insider-trading scheme conducted by his brother Raj Rajaratnam and hedge fund advisory firm Galleon… Read More >>
The SEC Neither Admits Nor Denies a Flawed Policy
I was initially elated when I first read that the SEC was getting rid of its “neither confirm nor deny” language. However, the more I drilled down to the details it became clear that it was a narrow change and not the reform I thought had been inspired by US District Court Judge Jed Rakoff…. Read More >>
