SEC Charges Research Analyst with Trading and Tipping Ahead of IBM-SPSS Merger

Author: LPclient

FOR IMMEDIATE RELEASE 2012-280 Washington, D.C., Dec. 26, 2012 — The Securities and Exchange Commission today announced additional charges in an insider trading case against two brokers who traded on nonpublic information ahead of IBM Corporation’s acquisition of SPSS Inc. Additional Materials SEC Complaint In an amended complaint filed in federal court in Manhattan, the… Read more »

SEC Issues Investor Bulletin to Help Investors Assess Municipal Bond Credit Risk

Author: LPclient

FOR IMMEDIATE RELEASE 2012-279 Washington, D.C., Dec. 26, 2012 — The Securities and Exchange Commission today issued an Investor Bulletin to help purchasers of municipal bonds better assess the bonds’ credit risks. Additional Materials Municipal Bonds: Understanding Credit Risk The bulletin provides several factors for investors to consider including the type of the bond, the… Read more »

FINRA Orders Pruco Securities to Pay $10.7 Million in Restitution for Improper Pricing of Mutual Fund Orders; Firm Fined $550,000

Author: LPclient

WASHINGTON – The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Pruco Securities, LLC of Newark, New Jersey, to pay more than $10.7 million in restitution, plus interest, to customers who placed mutual fund orders with Pruco via facsimile or mail (paper orders) from late 2003 to June 2011 and received an… Read more »

SEC Charges Four Penny Stock Purchasers with Fraud

Author: LPclient

FOR IMMEDIATE RELEASE 2012-278 Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today charged four securities industry professionals with conducting a fraudulent penny stock scheme in which they illegally acquired more than one billion unregistered shares in microcap companies at deep discounts and then dumped them on the market for approximately $17… Read more »

SEC Approves New Rules Regarding Lost Holders of Securities

Author: LPclient

FOR IMMEDIATE RELEASE 2012-277 Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact.  Additional Materials Draft Final Rule: Lost Securityholders and Unresponsive Payees A similar rule already applied to recordkeeping transfer agents, who… Read more »

John Davidson Joins FINRA Board of Governors

Author: LPclient

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that Carol Anthony (John) Davidson, retired Senior Vice President, Controller and Chief Accounting Officer of Tyco International, will join FINRA's Board of Governors. Mr. Davidson, who will begin his term on Jan. 1, fills the seat vacated by Ellyn Brown.