SEC, FBI and DOJ
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WASHINGTON (Sarah N. Lynch) -The Securities and Exchange Commission failed to follow federal guidelines and spent in excess of $100,000 on living and travel expenses for a former senior agency official, the SEC's watchdog has found. In a report obtained through a Freedom of Information Act request, SEC Inspector General David Kotz criticized the agency for how it reimbursed Texas professor Henry Hu, who served from 2009 through the start of 2011 as the head of the new Risk, Strategy and Financial Innovation Division. SEC Chairman Mary Schapiro tapped Hu to help launch the new unit, designed to serve as the agency "think tank," to look ahead at the fast-changing landscape of trading and financial instruments. In an unusual move, first reported by Reuters in May, the SEC decided to offer him a compensation package that designated his hometown of Austin, Texas, as his "duty station.
Henry Hu, Ex-SEC Official, Received Over $100K In Living, Travel Expenses: Watchdog
By JEAN EAGLESHAM , TOM LAURICELLA and LIZ MOYER U.S. securities regulators charged a former employee of Goldman Sachs Group Inc. GS -0.47% with tipping off his father in the first insider-trading case related to the $1 trillion market in exchange-traded funds. The Securities and Exchange Commission on Wednesday alleged Spencer D.
SEC Accuses Ex-Goldman Employee of Insider Trading
SEC Proposes Ban on Magnetar-Like Deals
Photo by Alex Wong/Getty Images The Securities and Exchange Commission yesterday unveiled proposed rules to ban hedge funds and banks from assembling risky securities, marketing them to investors and then immediately betting against their own creations, reaping profits when they fail. The rule would also ban firms from setting up risky securities for the benefit of an undisclosed third party.
WASHINGTON-- Republicans seem to be trying to starve the U.S. Securities and Exchange Commission (SEC) of the resources it needs to police the sale of investment products, Rep. Gary Peters said today at the fiduciary standard hearing. "Consumers are not being served if they're not receiving access to investment quality advice," Peters, D-Mich., said at an invest products sales oversight hearing organized by the House Financial Services Committee's capital markets subcommittee. "Whatever regulator will regulate investment advisors in future, it's important they be given resources needed, but Republicans seem unwilling to do this."
Fiduciary Standard: Peters Defends SEC - Regulatory,Legislative and Tax Issues - Life and Health Insurance News
