SEC Says GE Violated Law Over Welch Perks
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General Electric Co. violated the law by failing to fully disclose to investors substantial perks paid to its retired chief executive Jack Welch, the Securities and Exchange Commission announced Thursday.
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The Securities and Exchange Commission filed a lawsuit on Wednesday against the brokerage firm JB Oxford Holdings and its National Clearing Corporation unit, accusing them of improper mutual fund trading.
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JB Oxford Holdings Inc., a Beverly Hills-based discount brokerage firm, was sued by the Securities and Exchange Commission for allegedly allowing thousands of improper trades in more than 600 mutual funds.
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Juniper Networks' former general counsel has been charged with violating SEC rules.
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The companyâs lawyers had attempted to gain the upper hand in a patent case by highlighting safety concerns about the companyâs own product.
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General Electric said Thursday that it had reached a settlement with the US Securities and Exchange Commission over allegations that the company failed to disclose perks like cars and an apartment for Jack Welch, its former chief executive.
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(InfoWorld) - The U.S. Securities and Exchange Commission (SEC) has suspended trading for 35 companies that allegedly benefited from spam e-mail campaigns to hype their stocks. The SEC action Thursday is the most suspensions of companies with stock hyped in spam, the SEC said in a news release. The suspensions, which will last for 10 business days, are part of a stepped-up SEC effort called Operation Spamalot aimed at protecting investors from potentially fraudulent spam campaigns hyping small-company stock, the SEC said. The e-mails used phrases such as "ready to explode," "ride the bull" and "fast money." The 35 companies have been quoted on the Pink Sheets over-the-counter stock service. They are not listed on any exchange or on the OTC Bulletin Board, the SEC said. The SEC estimated that 100 million such stock-trading e-mail messages are sent each week, often triggering dramatic spikes in share prices and trading volumes before the spamming stops and investors lose their money, the SEC said. "When spam clogs our mailboxes, it's annoying," SEC Chairman Christopher Cox said in a statement. "When it rips off investors, it's illegal and destructive. Today's trading suspensions, and actions that will follow, should send a clear message to spammers: the SEC will hold you accountable." The SEC said it continues to investigate the source of the spam. Among the spam campaigns noted by the SEC: * On Dec. 15, shares in Apparel Manufacturing Associates closed at $0.06, with a trading volume of 3,500 shares. After a weekend spam campaign proclaiming, "Huge news expected out on APPM, get in before the wire, we're taking it all the way to $1.00," trading volume on Dec. 18, volume hit 484,568 shares with the price spiking to over $0.19 a share. Two days later the price climbed to $0.45. By Dec. 27, the price was back down to $0.10 on trading volume of 65,350 shares. * On Dec. 19, trading in Goldmark Industries closed at $0.17 on trading volume of 126,286 shares. On Dec. 20, the spam campaign started with e-mail proclaiming "GDKI IS MAKING EVERYONE BANK!" and setting a five-day price target of $2. By Dec. 28, spam boasted of a price spike of 152 percent in two days and promised a five-day price target of $1. That same day, the company's stock closed at $.35 on a volume of more than 5 million shares. By Jan. 9, the closing share price was back down to $0.15. Advanced Powerline Technologies, iPackets International, Software Effective Solutions, Sports-stuff.com, and UBA Technology are among the other companies affected by the SEC suspensions. Secure Computing, a cybersecurity software vendor, praised the SEC for its action. The 35 companies suspended represent some of the most "mass-promoted" companies, the company said. There are more than 600 stock symbols sold on the Pink Sheets and OTC Bulletin Board exchanges that have been promoted through spam in the past year, the company said in an e-mail.
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General Motors Corp.  is recalling more than 193,000 vehicles on the U.S. market to fix a variety of safety defects, federal safety regulators said on Thursday.
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In their latest market-timing fraud case, Massachusetts securities regulators yesterday said employees in the Boston office of brokerage giant A.G. Edwards Inc. made billions of dollars of improper trades in mutual funds for two hedge funds with the approval of superiors at the St. Louis company.
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General Electric Co. yesterday agreed to a settlement with the Securities and Exchange Commission, which accused the company of failing to provide shareholders
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The U.S. Securities and Exchange  Commission is investigating about a dozen brokerage firms that  may have failed to obtain the best price for stocks traded for  customers, a source familiar with the matter said on Monday.
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WILMINGTON, Delaware  - General Motors Corp.  investors rejected all 10 shareholder proposals at its annual meeting on Tuesday, including one that would give investors more influence in board elections and another that would recoup bonuses when results are revised downward.
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General Motors Corp.  said on  Thursday U.S. securities regulators had requested documents  relating to its accounting for financial hedges and said a  parallel inquiry at its former finance arm could force the  automaker to restate past results again.
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General Electric Co. said it settled allegations with the US Securities and Exchange Commission that it didn&#39;t fully disclose perks such as an apartment and wine for retired Chief Executive Officer Jack Welch.
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Securities regulators charged Morgan Stanley DW Inc. with failing to hand over millions of e-mail messages to investigators and plaintiffs by falsely saying that the documents had been lost in the Sept. 11, 2001, terrorist attack on the World Trade Center, according to a complaint filed yesterday.
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The US Chamber of Commerce filed suit Thursday against the Securities and Exchange Commission over the independent-chair rule for mutual fund boards.
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Industrial giant General Electric settled with the US Securities and Exchange Commission on Thursday over its failure to disclose former CEO Jack Welch&#39;s lavish retirement package.