Home |
|
_____________ |
|
_____________ |
| _____________ |
|
|
|
SEC Settlements Trends: 1Q 2009 Update |
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 __________________________ 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.__________________________ Conduct Research Using |
|||
|
Learn more about the research team: Elaine Buckberg Jan Larsen Baruch Lev Paul Hinton | 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. |
|||
_________________________________________ New Paper: SEC Settlements in Ponzi Scheme Cases |
||||
|
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. |
|||
__________________________________________ 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. |
||||
