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SEC Settlements Trends: 1Q 2009 Update
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Top Settlements
Here are the largest settlements announced by the SEC:
By Company
1. American International Group, Inc. ($800MM)
2. WorldCom, Inc. ($750MM)
View the full list of settlements
By Individual
1. Roys Poyiadjis ($200MM)
2. Charles R. Homa ($193MM)
View the full list of settlements
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Securities Blog Digest
Catch up on the latest securities posts from The D&O Diary, Securities Litigation Watch, the
10b-5 Daily, and other industry blogs. Updated weekly.
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Conduct Research Using
SEC Settlements Data
Academic researchers interested in conducting new research using our SEC Settlements data should contact NERA Senior Vice
President Dr. Elaine Buckberg. Selected
research will be published on this website.
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Download report
Learn more about the research team:
Elaine Buckberg
Jan Larsen
Baruch Lev
Paul Hinton
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In recent years the SEC has imposed unprecedented penalties in its enforcement actions. NERA has developed
a proprietary database of settlements in SEC enforcement actions by reviewing every litigation release and
administrative proceeding document published from July 31, 2002 through March 31, 2009. Our original
paper, released in November 2008, provides an overview of
trends we have identified in the number of settlements and settlement values in the six years since the passage
of the Sarbanes-Oxley Act (SOX).
We have also just released an update reviewing settlement data through the first quarter of 2009 --
SEC Settlements Trends: 1Q09 Update; Settlement Activity Increases As Change Comes to the SEC.
The SEC reached 182 new settlements during the first three months of 2009. The Q1 tally exceeds the 123
settlements in the fourth quarter of 2008 and the 157 settlements in the first quarter of 2008.
Read our 1Q 2009 update.
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New Paper: SEC Settlements in Ponzi Scheme Cases
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Over the last six-and-a-half years, the SEC has reached settlements with over 300 defendants in cases related to alleged Ponzi schemes. Although the scales of the alleged multi-billion dollar schemes in the Bernard Madoff and Sir Allen Stanford cases are greater than in any of the Ponzi scheme cases settled with the SEC during this period, there have been settlements in 12 cases with alleged fraud of $50 million of more. In this paper, NERA Consultant Jan Larsen and Vice President Paul Hinton provide an overview of these 12 cases and the associated SEC settlements reached to date. The authors also summarize monetary settlements, and review other mechanisms through which investor losses can be recovered.
Read the new study |
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Academic Collaborator: Professor Baruch Lev
Professor Lev is the Director of the Vincent C. Ross Institute of Accounting Research and the Philip Bardes Professor of Accounting and Finance at New York University Stern School
of Business. Professor Lev is also a Special Consultant to NERA.
Read full bio
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