Posts Tagged ‘ Wachovia ’

10 Biggest SEC Securities Settlements So Far This Year

September 20th, 2012. By AbiK

If you’ve been wondering what the largest SEC securities settlements have been for the first half of the year, the National Economic Research Associates, Inc., (NERA) recently released it’s mid-year update. NERA has a proprietary database of SEC settlements and judgments going back to July 21, 2002, and they track SEC settlement trends each year.

According to the NERA report for the first half of 2012, there are some interesting trends to keep an eye on:

• The SEC is on pace to settle with more defendants in FY12 than it has in any year since FY05.

• This increase is being driven by heightened settlement activity with individuals, particularly for allegations related to insider trading and Ponzi schemes; the SEC is on pace for a record number of insider trading settlements in FY12.

• The median settlement value with individuals continued to follow the upward path observed since FY10, while the median value of settlements with companies declined after reaching a record value in FY11.

• The largest settlements in 1H12 are the highly publicized settlements with Citigroup Global Markets, Inc. ($285 million), still under appeal after being rejected by Judge Jed Rakoff, and Raj Rajaratnam ($92.8 million).

The 10 largest SEC securities settlements for the first six months of the year were:

	Settling Defendant	Announcement Date	Settlement  Amount	Allegation
	1. Citigroup Global Markets Inc.	10/19/11	$285M	Financial Services Misrepresentation to Customers
	2. Raj Rajaratnam, Galleon Management, LP	11/8/11	$92.81M	Insider Trading
	3. Magyar Telekom	12/29/11	$90.80M	FCPA
	4. George David Gordon, Attorney	2/16/12	$50.51M	Market Manipulation
	5. Wachovia Bank N.A.	12/8/11	$46.08M	Trading Violations
	6. Pentagon Capital Management	3/30/12	$42.05M	Market Timing/Late Trading
	7. GE Funding Capital Market Services	12/23/11	$24.90M	Market Manipulation
	8. MAAA Trust1	12/22/11	$24.75M	Insider Trading
	9. Aon Corporation	12/20/11	$14.55M	FCPA
	10. Joseph F. Skowron III, Portfolio Manager, FrontPoint Partners, LLC	11/17/11	$13.37M	Insider Trading
	1Settlements that included a jointly liable individual.
	Read the full NERA Report here.

Tags: AON, Citigroup, FrontPoint, Galleon Management, GE Funding, George David Gordon, Joseph F Skowron, MAAA Trust, Magyar Telekom, NERA, Pentagon Capital, Raj Rajaratnam, SEC, Securities Fraud, securities settlement, Wachovia
Posted in Emerging Issues, Insecurities, Securities | No Comments »

A.G. Edwards…Going Somewhere?

November 9th, 2009. By LucyC

Way back in 2005, a class action lawsuit was filed against AG Edwards (now part of Wachovia), alleging that the investment company was not playing by the rules. On Friday—yes that’s over four years later—a website popped up with some information on the AG Edwards class action suit. 

Just in case the details of the suit don’t come flooding back—here’s what you need to know: 

What are the Allegations Against AG Edwards?

“This lawsuit is about whether A.G. Edwards breached its fiduciary duties to Plaintiffs, owners of A.G. Edwards accounts which held shares of mutual funds, and all others similarly situated, and whether, as a result of those breaches, A.G. Edwards has been unjustly enriched by receiving millions of dollars in payments from mutual fund companies whose mutual funds were held by Plaintiffs. A.G. Edwards denies these allegations and the Court has not decided whether A.G. Edwards or the Plaintiffs are correct.” 

Are You In or Out?

Are you eligible to join the AG Edwards class action lawsuit? Read the rest of this entry »

Tags: AG Edwards, Wachovia
Posted in Class Action, Financial | 54 Comments »