Negligence charges gain clout in SEC enforcement arsenal
By Julie DiMauro
BOSTON/NEW YORK, May 9 (Thomson Reuters Accelus) - Financial services firms may face more negligence cases brought by the U.S. Securities and Exchange Commission, reflecting a greater willingness by the commission to base charges on negligence findings, industry professionals were told at a Thomson Reuters forum.
“What we are seeing is a willingness to actively go out and charge negligence,” Ian Roffman, a partner at Nutter, McClennen & Fish LLP, told compliance officers and others in a panel discussion on SEC enforcement hosted by the Thomson Reuters Governance, Compliance and Risk division. (more…)
Evidence, access aid job security when compliance staff raise a red flag
By Emmanuel Olaoye
NEW YORK, Feb. 9 (Thomson Reuters Accelus) - Two vivid reminders of the job-security perils faced by compliance officers and others who sound alarms at company practices were provided last week by a congressional hearing into the MF Global bankruptcy and a federal appeals court ruling on whistleblower law.
The risks may be part of the job, but skillful management of internal policies and wise self-protection can help avoid career-threatening retaliation, experts said. (more…)
MF Global case raises questions for director oversight of CEOs
By Emmanuel Olaoye
NEW YORK, Nov. 8 (Thomson Reuters Accelus) - The collapse of MF Global and charges that millions of dollars are unaccounted for highlights the challenges that powerful corporate executives pose to a firm’s governance controls, experts said.
Jon Corzine, MF Global’s chief executive officer resigned on Friday, four days after the futures brokerage firms filed for bankruptcy. Before his time with the firm, Corzine ran the investment bank Goldman Sachs in the 90s before he went on to be a senator for the state of New Jersey. He then served as New Jersey’s governor for four years before joining MF Global in March 2010. (more…)
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