By John Foley
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Onetime Texas billionaire Sam Wyly and the estate of his late brother Charles just can't seem to outsmart the Securities and Exchange Commission. Their latest attempt to evade the consequences of their allegedly fraudulent offshore trust scheme failed Monday, when U.S. District Judge Shira Scheindlin of Manhattan, in a ruling of first impression in the 2nd U.S. Circuit Court of Appeals, said that the SEC is entitled to freeze the Wylys' assets, even though both Sam and Charles' estate declared Chapter 11 bankruptcy in late October, after the SEC began to take steps to collect the nearly $200 million (plus interest) Scheindlin awarded the agency in September.
(Reuters) - On Wednesday, the $200 million activist hedge fund Stilwell Value and its founder, Joseph Stilwell, filed a complaint against the Securities and Exchange Commission in federal court in Manhattan. Stilwell's lawyers at Skadden, Arps, Slate, Meagher & Flom and Post & Schell are asking for a declaratory judgment to block the SEC from bringing an administrative proceeding against Stilwell, who has been under investigation since 2012 for interfund lending. According to Stilwell's complaint, if the SEC follows through with its threats to sue him in an administrative proceeding - rather than prosecuting its case against him in federal district court - it will be breaching the U.S. Constitution.
By Emmanuel Olaoye, Compliance Complete
The Securities and Exchange Commission has rolled out its intentions to regulate high-frequency trading, making stricter regulation in some form a strong possibility, but the agency faces more work and some challenging obstacles before it can put new rules in the books.
By Stuart Gittleman, Compliance Complete
NEW YORK, Apr. 15, 2014 (Thomson Reuters Accelus) - Companies and financial firms that are potentially subject to the Foreign Corrupt Practices Act and other anti-corruption regimes should expect more of the enforcement crackdown they have seen in recent years, except in greater quantity and intensity, two former U.S. government officials said last week.