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Tax accounting fraud leads to highest SEC penalty this fiscal year

The SEC has announced the settlement of the largest penalty in a financial reporting case this fiscal year, and the third largest in the past decade, in connection with a multi-year income tax accounting fraud by Weatherford International. Enforcement Director Andrew Ceresne

Exchanges did not breach contracts by allowing faster market data access

The Second Circuit Court of Appeals has affirmed the dismissal of a breach of contract action brought against several national exchanges for allegedly providing an unfair data advantage to high frequency traders. The court noted that while Regulation NMS requires that exchan

Government tells justices Tilton case not ready for prime time

Acting U.S. Solicitor General Ian Heath Gershengorn told the Supreme Court that Lynn Tilton should be denied a stay of her administrative proceeding while she decides if she will ask the justices to take her case now that the Second Circuit has held that the district court l

Barclays pays $500K to settle trading charges

Barclays Bank PLC agreed to pay a $500,000 civil monetary penalty for its failure to document and produce records for thousands of metals and energy trades that involved an Exchange for Related Position (EFRP) in violation of CFTC Regulations 1.31 and 1.35. The global bankin

SEC: Hedge fund manager used shareholder status to obtain, trade on inside information

The SEC charged hedge fund manager Leon Cooperman with insider trading, alleging that he used his status as one of a company’s largest shareholders to gain access to senior executives and obtain confidential information, which he then traded on. The SEC also charged hi

$486M settlement approved in decade-long Celebrex suit

A federal court in Manhattan has preliminarily approved a $486 million settlement to end more than 11 years of litigation against Pfizer, Inc. for alleged misrepresentations concerning the company’s anti-inflammatory drugs, Celebrex and Bextra. Judge Laura Taylor Swain

Auditors’ close personal relationships with EY audit clients violated independence rules

The SEC has announced its first enforcement actions against auditors that violated the independence rules by developing close personal relationships with their audit clients, one platonic and the other romantic. SEC Enforcement Director Andrew Ceresney noted that most of the

Piwowar urges public to help spur SEC to conduct review of Regulation NMS

The SEC is providing an opportunity for the public to influence whether the Commission conducts a comprehensive review of Regulation NMS, and SEC Commissioner Michael Piwowar is urging industry participants not to miss it. He issued a statement to make the public aware that

Execs hid scheme to meet revenue targets, lied to auditors

Two former Bankrate, Inc. executives behind a scheme to artificially inflate the company’s revenue were unsuccessful in their attempt to get the SEC's complaint against them dismissed.

SEC wins jury trial against City of Miami, director in bond fraud

In the first federal jury trial by the SEC against a municipality or municipal officer for violations of the federal securities laws, a jury in federal district court found the City of Miami and its former budget director liable on multiple counts of securities fraud in an S

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