Items Tagged with 'Securities and Exchange Commission'

ARTICLES

SEC, Delaware accuse mortgage loan officer of running Ponzi scheme

Matthew Krimm charged with dozens of counts of fraud
A Delaware mortgage loan officer ran a Ponzi scheme that bilked more than $1.69 million out of investors who thought they were investing in a “highly successful” mortgage business, the Securities and Exchange Commission and the Delaware Department of Justice claim in new legal filings.
Read More

SEC accuses Michigan pastor of leading $6.7 million real estate fraud scheme

Allegedly targeted church members, retirees, and laid-off auto workers
A Michigan pastor allegedly bilked church members, retirees, and laid-off autoworkers out of millions of dollars by convincing them to invest in a “successful” real estate scheme, the Securities and Exchange Commission said last week. All told, the SEC is charging Larry Holley, the pastor of Abundant Life Ministries in Flint, with defrauding approximately $6.7 million from more than 80 investors.
Read More

What does Trump's SEC chair choice think about deregulation?

WSJ provides inside look at Jay Clayton’s likely approach
President Donald Trump recently selected a new leader for one of the government’s top financial regulators, nominating top Wall Street lawyer Jay Clayton to serve as the chair of the Securities and Exchange Commission. But what does Clayton think about the current state of financial regulations? Here's a glimpse.
Read More

SEC abandons case against Thornburg Mortgage executives

Execs accused of concealing company’s failing financial condition
The Securities and Exchange Commission is giving up in its case against two former Thornburg Mortgage executives who stood accused of hiding the financial condition of Thornburg as the once-dominant mortgage lender stumbled towards collapse during the financial crisis.
Read More

Monday Morning Cup of Coffee: What does Goldman Sachs expect from Trump administration?

Plus trouble brewing for Canada’s housing market
In the days since the election, observers on both sides of the political divide found themselves shaking their collective heads at the frequency at which the name Goldman Sachs is a prominent feature on the resume of one of President-elect Donald Trump’s cabinet nominees. So, what exactly does Goldman Sachs expect out of the Trump administration? All that and more in your Monday Morning Cup of Coffee.
Read More

Trump taps top Wall Street lawyer, Jay Clayton, to chair SEC

Represented Goldman Sachs, Bear Stearns, Ally, others during financial crisis
One of the financial sector's top regulators will soon have a new leader, as President-elect Donald Trump announced Wednesday that he plans to nominate a top Wall Street lawyer to fill the position of chair of the Securities and Exchange Commission. Trump chose Jay Clayton, who represented Goldman Sachs, Bear Stearns, Ally Financial, Barclays Capital and a number of other large financial institutions during and after the financial crisis, to serve as the new chair of the SEC.
Read More

SEC Enforcement Director Andrew Ceresney stepping down

SEC’s top cop to leave at year-end
Last month, Mary Jo White, the chair of the Securities and Exchange Commission, announced that she planned to step down at the end of the year, clearing the way for President-elect Donald Trump to choose new leadership for the financial regulator. Now, another of the SEC’s top positions is about to be vacant, as Andrew Ceresney, the SEC’s enforcement director, announced that he plans to step down at the end of the year as well.
Read More

Former SEC commissioner named to CFPB landing team by Trump transition team

Paul Atkins has been a critic of heavy regulation
Every day more details are coming out on what the Trump administration will look like. Tuesday the president-elect's team announced it selected a former Republican member of the Securities and Exchange Commission to be on the landing team for the Consumer Financial Protection Bureau. These teams are being created to work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. Why is this one a big deal? The future of the CFPB is currently in question.
Read More

SEC Chair Mary Jo White stepping down at end of Obama administration

President-elect Trump will choose new head of SEC
President-elect Donald Trump and his transition team are currently working to fill the roughly 4,000 jobs that will become available when the Trump administration takes over in January. However, there’s now one more government job that unexpectedly became available Monday — chair of the Securities and Exchange Commission.
Read More

Sen. Warren calls for Obama to oust SEC chair

"The only way to return the SEC to its intended purpose is to change its leadership"
In the eyes of Sen. Elizabeth Warren, D-Mass, the chair of the Securities and Exchange Commission does not do nearly enough to prevent the “flood” of money flowing from corporations into the election process and repeatedly “undermined” the SEC’s mission to protect investors, and therefore needs to replaced immediately.
Read More