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Selected Press Releases

SEC Charges Research Analyst with Trading and Tipping Ahead of IBM-SPSS Merger

12/26/2012

Washington, D.C., Dec. 26, 2012 — The Securities and Exchange Commission today announced additional charges in an insider trading case against two brokers who traded on nonpublic information ahead of IBM Corporation’s acquisition of SPSS Inc.Read more

SEC Bans Arizona-Based Investment Adviser From Securities Industry For Fraudulent Actions In Mutual Fund Collapse

12/21/2012

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today barred an Arizona-based mutual fund manager from the securities industry for failing to follow the investment objectives of a stock mutual fund managed by his firm, leading to the fund’s collapse.Read more

SEC Approves New Rules Regarding Lost Holders of Securities

12/21/2012

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact. Read more

SEC Charges Four Penny Stock Purchasers with Fraud

12/21/2012

Washington, D.C., Dec. 21, 2012 — The Securities and Exchange Commission today charged four securities industry professionals with conducting a fraudulent penny stock scheme in which they illegally acquired more than one billion unregistered shares in microcap companies at deep discounts and then dumped them on the market for approximately $17 million in illicit profits while claiming bogus exemptions from the federal securities laws.Read more

SEC Charges Advisory Firms and Portfolio Managers for Roles in Collapse of Midwest-Based Closed-End Fund

12/19/2012

Washington, D.C., Dec. 19, 2012 — The Securities and Exchange Commission today charged two investment advisory firms and two portfolio managers responsible for managing a Midwest-based closed-end fund for their roles in the failure to adequately inform investors about the fund’s risky derivative strategies that contributed to its collapse during the financial crisis.Read more