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Selected Press Releases

SEC Charges Four India-Based Brokerage Firms with Violating U.S. Registration Requirements

11/27/2012

Washington, D.C., Nov. 27, 2012 — The Securities and Exchange Commission today charged four financial services firms based in India for providing brokerage services to institutional investors in the United States without being registered with the SEC as required under the federal securities laws.Read more

SEC Charges Hedge Fund Firm CR Intrinsic and Two Others in $276 Million Insider Trading Scheme Involving Alzheimer's Drug

11/20/2012

Washington, D.C., Nov. 20, 2012 — The Securities and Exchange Commission today charged Stamford, Conn.-based hedge fund advisory firm CR Intrinsic Investors LLC and its former portfolio manager along with a medical consultant for an expert network firm for their roles in a $276 million insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies. The illicit gains generated in this scheme make it the largest insider trading case ever charged by the SEC.Read more

SEC Sanctions Two Investment Advisers for Impeding Examinations

11/20/2012

Washington, D.C., Nov. 20, 2012 — The Securities and Exchange Commission today sanctioned two investment advisory firms for impeding examinations conducted by SEC staff.Read more

SEC Charges Ring of High School Buddies with Insider Trading in Health Care Stocks

11/19/2012

Washington, D.C., Nov. 19, 2012 — The Securities and Exchange Commission today charged three health care company employees and four others in a New Jersey-based insider trading ring of various high school friends generating $1.7 million in illegal profits and kickbacks by trading in advance of 11 public announcements involving mergers, a drug approval application, and quarterly earnings of pharmaceutical companies and medical technology firms.Read more

SEC Charges New York-Based Fraudster Who Spent Investor Funds on Drugs and Gambling

11/19/2012

Washington, D.C., Nov. 19, 2012 — The Securities and Exchange Commission today charged a purported investment adviser in New York with defrauding investors who he convinced to invest in his start-up businesses while in reality he was spending their money on illegal drugs and gambling.Read more