Attorney: SEC Won&#39;t Fine, Charge Winnick
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The attorney for Gary Winnick, the founder and former chairman of Global Crossing Ltd., said Monday he has been told that his client will not be charged or fined by the Securities and Exchange Commission after a lengthy investigation of the fiber-optic
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NORTHFIELD, Ill. The SEC won&#39;t recommend enforcement action against Kraft Foods for allegedly helping the Fleming Companies inflate revenue.
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Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) , the insurance broker accused by New York&#39;s Attorney General Eliot Spitzer of bid-rigging fraud, on
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(InfoWorld) - The practice of manipulating stock options grants to make them more favorable has come back to haunt yet another round of high-tech executives. A former Monster Worldwide Inc. executive is expected to agree to a plea deal in New York Thursday, just a day after the founder of Take-Two Interactive Software Inc. pleaded guilty to a state felony related to backdating. The U.S. Attorney's Office in Manhattan would not comment specifically on a Wall Street Journal report that Monster's former general counsel, Myron Olesnyckyj, will cooperate with its investigation into stock options practices at the company. However, a spokeswoman confirmed that there will be a court proceeding Thursday related to stock options at 12:45 PM ET and the office expects to release more information afterwards. Monster declined to comment beyond releasing the following statement: "The Company terminated this individual some time ago and it is inappropriate to comment on the developments. The Company will continue to cooperate with the government in this ongoing investigation." The U.S. Securities and Exchange Commission (SEC) Wednesday said that it simultaneously filed and settled civil charges against Ryan Brant, the former CEO and chairman of Take-Two, a video and computer game publisher and distributor, which he founded. The SEC alleged that during a seven-year period, Brant enriched himself and others by granting undisclosed, "in the money" stock options to himself and to other Take-Two officers and employees. Brant did not admit or deny the allegations, the SEC said, but agreed to a settlement that bars him from serving as the officer or director of a public company. He also agreed to pay about US$6.3 million, comprised of what the SEC called "ill-gotten gains" of more than $4 million plus $1 million interest, plus a $1 million civil penalty. The settlement must still be approved in court. A Take-Two representative said only that Brant is no longer an employee, and it would not be appropriate to comment on his actions as a private individual. Meanwhile, middleware vendor BEA Systems Inc. Wednesday announced the conclusion of its stock-option review. The review won't cost any high-level executives their job, but will cost a number of them money. Several former and current executives and directors have agreed to repay the company after-tax profits they realized on mispriced options.
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Morningstar Inc., the mutual fund and stock research provider, on Friday said it may face U.S. Securities and Exchange Commission civil charges over incorrect data it published about a mutual fund.
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Federal securities regulators will throw their weight behind investors in a big-money dispute that could resolve whether shareholders can sue bankers who enabled their corporate clients to engage in fraud, two people familiar with the decision said yesterday.
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The Securities and Exchange Commission does not plan to bring civil securities charges against former Global Crossing Ltd. chairman Gary Winnick, according to his attorney, Gary Naftalis.
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Prosecutors in the first Enron Corp. (ENRNQ.PK: Quote, Profile, Research) criminal trial sought to cast doubt on Wednesday on a former Merrill Lynch (MER.
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Securities and Exchange Commission Chairman William H. Donaldson said in an interview this week that the accounting issues the SEC must address in its investigation of mortgage funding giant Fannie Mae are &quot;not black and white.
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Gary Winnick, the former chairman of Global Crossing, is to be cleared by watchdogs of wrongdoing following the collapse of the once high-flying telecoms group.
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Juniper Networks' former general counsel has been charged with violating SEC rules.
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US Securities and Exchange Commission Chairman William Donaldson rejected a staff proposal to sanction Gary Winnick as part of a settlement with Global Crossing Ltd.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Wednesday said it may face civil action from the US Securities and Exchange Commission for possible violations of securities laws.
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The Recording Industry Association of America opposes a judge's recommendation that it reimburse Tanya Andersen for legal defense bills she incurred to fight piracy charges that were dropped for lack of evidence. Andersen's defense bills could amount to hundreds of thousands of dollars.
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The judge who presided over the Securities and Exchange CommissionÂs fraud suit against MCI threatened to punish the company for not receiving approval from a monitor before paying fees to lawyers, accountants and other professionals.
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WASHINGTON -- Four enforcement officials at the Securities and Exchange Commission rejected allegations by a former agency attorney of political interference in an insider-trading investigation of Wall Street executive John Mack and a major hedge fund.
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A board member of US media giant Dow Jones may face civil action over breaches of securities laws.