A recently announced SEC investigation into hedge fund fraud reads like a high-concept movie synopsis that is a cross between “The Wolf of Wall Street” and “The Producers.” Only this time it’s Wall Street investors who are allegedly being duped, not backers of a Broadway production. The regulator is charging that Moazzam “Mark” Malik has… Read More >>
Tough NY State Data Security Bill Worries Wall Street
A new data security law proposed by New York’s Attorney General Eric Schneiderman could be a boon for cyber-security vendors, and have consequences that reach far beyond New York State, industry observers say. The bill, proposed in late January, seeks to impose tougher disclosure requirements for companies affected by cyber-breaches and heighten standards for data… Read More >>
SEC Promotes Pamela Dyson to CIO
The SEC has promoted Pamela C. Dyson from Acting Chief Information Office (CIO) to CIO in charge of overseeing all of the regulator’s IT technology functions “Pam has been instrumental in our ongoing efforts to enhance the commission’s information technology capabilities,” says SEC Chair Mary Jo White in a statement. Dyson has held key positions… Read More >>
SEC Fills Chief Counsel Post for Trading and Markets
The SEC has named Heather Seidel as the new chief counsel for the regulator’s division of trading and markets, an internal move for Seidel, who left her position as associate director in the division’s office of market supervision to begin her new role immediately, officials say. The chief counsel for the division provides legal and… Read More >>
SEC Slams Branches of Big Accounting Firms in China
The SEC has imposed $500,000 sanctions against four China-based branches of four top accounting firms that allegedly refused to turn over documents related to investigations of potential fraud, say SEC officials. The four firms — Deloitte Touche Tohmatsu Certified Public Accountants Ltd., Ernst & Young Hua Ming LLP, KPMG Huazhen (Special General Partnership), and PricewaterhouseCoopers… Read More >>
SEC, FINRA to Wall Street: Bolster Your Cyber-Security Defenses
Two new reports by regulators on the state of the financial services industry’s cyber-security readiness find that while firms have made definite progress in recent months, much work remains to be done to shore up cyber-defenses. The reports, issued Feb. 3 by the Financial Industry Regulatory Authority (FINRA) and the SEC, draw on the findings… Read More >>
Compliance Vendor’s MD from BTMU
Officials at Exiger, a regulatory and financial crime, risk and compliance vendor, report the appointment of John W. Melican as managing director. Melican joins the company from Bank of Tokyo-Mitsubishi UFJ (BTMU), where, most recently, he was head of bank secrecy act/anti-money laundering, sanctions and anti-corruption compliance for the Americas, according to a statement from… Read More >>
SEC Names New Head of Investment Management Division
The SEC has named David Grim as acting director of the Division of Investment Management, officials say. He replaces Norm Chap, the division’s former director, who left the SEC at the end of January 2015. Grim has been the division’s deputy director for the past two years where he has been responsible for overseeing all… Read More >>
Obama Wants a New Tax on the 100 Biggest Firms
President Obama’s just released 2016 fiscal year federal budget proposal is already ruffling Republican feathers in Washington, D.C., and it’s no wonder as it includes taxes meant to stimulate controversy. In particular, the Obama administration is taking aim at big Wall Street banks and other securities firms. “The President’s proposal would make it more costly… Read More >>
New Chief Revenue Officer for Compliance Science
Governance, risk management and compliance vendor Compliance Science has added a new chief revenue officer (CRO) and moved to a bigger office, following “the rapid expansion of Compliance Science’s market share … resulting from insider trading concerns continuing to proliferate” across the industry, a spokesperson says in an email. In his new role as CRO… Read More >>
