SEC gives a slap on the wrist
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After last week&#39;s settlement with San Francisco investment adviser Garrett Van Wagoner, you have to wonder how serious the Securities and Exchange Commission is about protecting mutual fund shareholders.
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The Securities and Exchange Commission is scrutinizing biotechnology companies as part of a wider effort to ensure that companies don&#39;t mislead investors
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Here's a ticker we watched too long.
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SEC seems determined to move toward an international standard.
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And the market reaction looks a little screwy.
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Who to blame? Wall Street's giants brought it on themselves. And there's the regulators.
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Many investors are in a quandary over how to adjust their portfolios while waiting on the Fedâs next move.
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(InfoWorld) - The Securities and Exchange Commission has taken the drastic step of suspending trading in shares of 35 companies whose stocks have frequently been touted in mass spam campaigns. SEC officials said on Feb. 8 that the firms involved -- none of which are household names -- have been the subject of repeated spam efforts meant to drive up trading of their securities and, subsequently, the value of the companies themselves. The trading bans will last for 10 days, after which shares in the involved companies will be unlocked -- unless the SEC's ongoing investigation proves any of the firms were involved in the e-mail schemes. While the ban might seem unfair to the businesses involved, especially if their names and securities were merely selected by scammers looking for penny stocks to inflate in so-called pump-and-dump operations, SEC officials said that in each business's case, there were sufficient questions raised regarding the "adequacy and accuracy" of information being advertised about the companies. Criminals have increasingly begun using spam to drive up interest in cheap stocks over the last several years. Before sending out mass messages about a specific firm, the individuals buy stock in the companies in the expectation that, with their e-mails, they can convince other people to purchase shares. When prices of the shares involved rise, the schemers sell off their own holdings, thus the pump-and-dump moniker. The spam messages, which often feature subject lines such as "Fast Money," have become one of the types of unwanted e-mail most frequently delivered to inboxes over the last year, alongside advertisements for prescription medications. Whenever misleading information is being widely distributed about a firm whose securities are traded, the SEC takes such actions, an agency representative said. "All we can say is that we suspend trading any time we think misinformation about specific securities is being reported," said Helene Glotzer, an SEC spokeswoman. "We're not making a statement that these companies themselves were behind the misstatements, but if the information is out there we feel it is important to let the investing public know; we'll continue our investigation, and if it is appropriate to take action against any of the companies, that is what we will do." The suspensions are part of an SEC initiative known as Operation Spamalot, which was launched specifically to shield investors from spam e-mail "hyping" small company stocks. SEC officials said that anyone who has received such e-mail will recognize the names of the companies who were suspended, as they are among the most frequently cited businesses in securities-related spam campaigns. The messages typically advertise some new product or impending deal that will increase the value of the companies and encourage investors to buy their low-priced securities, which are usually penny stocks. For instance, among the companies whose shares were suspended is Apparel Manufacturing Associates, a Bloomfield, Conn.-based firm that markets itself as a management and development company focused on the fashion arena. The SEC said that on Friday, Dec. 15, 2006, shares in Apparel Manufacturing closed at 6 cents, on a trading volume of 3,500 shares. After a weekend-long spam campaign using e-mails about the company advertising "huge news" that encouraged investors to "get in before the wire," trading volume in the stock rose to 484,568 shares on Monday, Dec. 18, with the price of the stock rising to more than 19 cents a share. The agency said that two days later the price had climbed to 45 cents per share, but one week after, Apparel Manufacturing's share price had fallen to 10 cents on trading volume of 65,350 shares. Calls to the company seeking comment on the stock suspension were not immediately returned. If the SEC investigation finds no link between the companies involved and the spam campaigns, their shares will be released for trading on March 21, 2007. SEC officials noted that the suspensions were all handed out to companies that are not subject to the SEC reporting requirements and whose shares are not listed on any exchange or on the OTC Bulletin Board. This means that brokers posting quotations for the purchase and sale of the securities are not required to conduct due diligence regarding the issuers, according to the agency. The 35 companies whose trading was suspended by the SEC are: Advanced Powerline Technologies, America Asia Petroleum, Amerossi International Group, Apparel Manufacturing Associates, Asgard Holdings, Biogenerics, China Gold, CTR Investments & Consulting, DC Brands International, Equal Trading, Equitable Mining, Espion International, Goldmark Industries, GroFeed, Healtheuniverse, Interlink Global, Investigative Services Agencies, iPackets International, Koko Petroleum, Leatt Corporation, LOM Logistics, Modern Energy, National Healthcare Logistics, Presidents Financial, Red Truck Entertainment, Relay Capital, Rodedawg International Industries, Rouchon Industries, Software Effective Solutions, Solucorp Industries, Sports-stuff.com, UBA Technology, Wataire Industries, WayPoint Biomedical Holdings, and Wineco Productions.
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A fine levied against Bear Stearns for failing to detect fraud in a hedge fund customer has struck fear in the heart of Wall Street.
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The nation&#39;s stock exchanges would be forced to tighten their governance and move toward separating their self-policing function from their business operations under a plan proposed by federal regulators yesterday.
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Turn that frown upside down, investors.
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Nearly two years to the day after the most contentious hearing in memory, a divided Securities and Exchange Commission clashed Tuesday over a new rule requiring hedge funds to register with the SEC.
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US industrial group General Electric received a slap on the wrist from the securities and exchange commission for failing to disclose the retirement package given to former chief executive officer Jack Welch.
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Rampages through the Pink Sheets The Securities and Exchange Commission (SEC) today hit back at 'pump and dump' fraudsters by suspending trading in 35 companies that have been the "subject of recent and repeated spam email campaigns". Next step of its pleasingly named "Operation Spamalot", is to find the perpetrators and bring them to justice.â¦
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By MICHAEL J. MARTINEZ      NEW YORK  -- Ever read a company's Security and Exchange Commission filings? No? Consider yourself lucky...
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Conrad Black and David Radler &quot;abused their control of a public company and treated it as their personal piggy bank,&quot; says Stephen Cutler, the SEC&#39;s head of enforcement.
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Here's a ticker we watched for too long.