US Judge Approves SAC Settlement With a Caveat
A U.S. district judge says SAC should pay $602 million to settle an insider-trading lawsuit brought by the Securities and Exchange Commission, but only once a higher court rules on a separate case against Citigroup.
United States: European Commission Fines Microsoft €561 Million For Breach Of Commitments - Jones Day
This groundbreaking fine, reflecting what the EC determined to be a grave and longstanding violation, sends a stern warning to companies of the consequences of broken commitments.
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Big Brother: How the Obama Budget Helps Ordinary Savers (at Some Risk)
The newly released White House budget addresses the savings needs of ordinary Americans in a big-brother kind of way. But it does little to address our nation’s overall financial illiteracy. In 244 pages, the Obama budget makes not a single mention of “financial education” or “financial literacy.” The budget does offer measures to beef up math education and help students finish college, both of which are linked to smarter personal money management. Still, when it comes to things like mortgages and retirement saving, this president favors the hand of big brother over initiatives that would help people help themselves. To be fair, the president has embraced financial education at a certain level. We have a formal national strategy for financial literacy and a couple high-level commissions coordinating private and public sector financial education efforts. These groups have done a great job developing helpful consumer websites like moneyasyougrow.org and mymoney.gov. But this work ...
Ex-KPMG Partner Hit with Civil, Criminal Charges
(LOS ANGELES) — It has shades of a Hollywood crime story. An accountant and a jeweler are longtime friends and golf partners. But then the down-on-his-luck jeweler convinces the accountant to pass along private information about clients, and uses the insider information to play the stock market and win big. Bags of cash swap hands in alleys. Then the feds get wind of the scam. The jeweler turns state’s witness and amid a spiral of wire taps and surveillance photos, the men’s reputations unravel and their mea culpas play out on a very public stage. On Thursday, federal prosecutors and the Securities and Exchange Commission filed criminal and civil charges against fired KPMG accounting partner Scott London for conspiracy to commit securities fraud through insider trading. The 24-page criminal affidavit alleges that London, 50, provided confidential information about KPMG audit clients Herbalife Ltd., Skechers USA Inc., Uggs maker Deckers Outdoor Corp., RSC Holdings and Pacific Capital ...
US Charges Ex-KPMG Partner with Insider Trading
(LOS ANGELES) — The Los Angeles U.S. attorney’s office and the Securities Exchange Commission have filed criminal and civil insider trading charges against a former KPMG partner and his close friend. Fifty-year-old Scott London of Agoura Hills, Calif., was charged Thursday with one count of conspiracy to commit securities fraud in the criminal complaint. Prosecutors allege that London provided confidential information about KMPG clients to Bryan Shaw over a period of several years. They say Shaw used the information to make illegal trades worth more than $1 million. MORE: Can the Federal Government Really Deter Insider Trading?