Home
Subject list

SEC

Next     Prev
Page: 1 2

1911
Kansas became the first US state to pass “blue sky” rules governing the public offering of securities. The process culminated in the 1933 Federal Securities Act.
Links: USA, Kansas, SEC     Click to see the source(s) for this event 
 
1961
Americas’ Securities and Exchange Commission (SEC) prosecuted insider trading for the first time after a company employee tipped his broker that the firm would be cutting its dividend. The broker was fined $3000 and suspended for 20 days.
Links: USA, SEC, Fraud     Click to see the source(s) for this event 
 
1971
Charles Schwab started his brokerage firm in San Francisco. In 1975 he took advantage of new SEC regulations and turned the company into a discount brokerage.
Links: USA, SF, SEC     Click to see the source(s) for this event 
 
1971
Robert Lee Vesco (1935-2007) fled the US to avoid charges of bilking mutual fund investors of $224 million. In 1972 the SEC charged him and others in a civil lawsuit, but Vesco had fled to the Bahamas and then to Costa Rica where he established a close friendship with Pres. Jose Figueres, plowing some 11 million into the country.
Links: USA, SEC, Scam     Click to see the source(s) for this event 
 
1975 May 1
The US brokerage industry, acting on a mandate by the SEC, deregulated commissions. Charles Schwab soon became one of the first to slash the price of equity trades.
Links: USA, SEC     Click to see the source(s) for this event 
We offer additional services to help you as well including tax attorney help with tax relief issues, auto accident attorney services, and sustainable development information to research going green!
1981
The SEC sued the Swiss bank Svizzera Italiana to freeze the assets in trades it suspected were based on material, nonpublic information, i.e. insider trading. It eventually got the names.
Links: USA, Switzerland, SEC, Banking     Click to see the source(s) for this event 
 
1986 Nov 14
The Securities and Exchange Commission imposed a record $100 million penalty against inside-trader Ivan F. Boesky and barred him from working again in the securities industry.
Links: USA, SEC     Click to see the source(s) for this event 
 
1986
Ivan Boesky was arrested on Wall Street for insider trading.
Links: USA, SEC     Click to see the source(s) for this event 
 
1988 Sep 7
The Security & Exchange Commission accused Drexel of violating security laws.
Links: USA, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
1988
George Soros, billionaire financier, traded shares of French bank Societe Generale prior to a takeover. A court in 2002 alleged insider knowledge and fined him $2.2 million. Soros had declined to participate in takeover deal but bought shares that gained him $2.28 million.
Links: USA, France, M&A, SEC     Click to see the source(s) for this event 
International Red Cross
Make a donation
1990 Apr 4
Security law violator Ivan Boesky was released from federal custody.
Links: USA, SEC     Click to see the source(s) for this event 
 
1990 Apr 20
Former junk bond financier Michael Milken agreed to plead guilty to six felonies and pay $600 million in penalties to settle the largest securities fraud case in history.
Links: USA, SEC, Corp. Scandal, Fraud     Click to see the source(s) for this event 
 
1990 Apr 24
Security law violator Michael Milken pleaded guilty to 6 felonies.
Links: USA, SEC     Click to see the source(s) for this event 
 
1991 Mar 4
George W. Bush notified the SEC about his 1990 sale of Harken stock.
Links: USA, SEC, BushHW     Click to see the source(s) for this event 
 
1993 Jun 29
A one-day stock transaction netted Sen. Alfonse D’Amato a profit of $37,125. D’Amato was the ranking Republican on the Senate Banking Committee and appeared to have gotten special consideration in getting shares on the IPO of Computer Marketplace.
Links: USA, SEC     Click to see the source(s) for this event 
1994 Apr 17
Joseph Jett, an African-American bond trader, was fired from Kidder, Peabody & Co., who claimed that he'd recorded $350 million in phony profits and then bilked them of $8 million in bogus bonuses. In 1999 Jett published his memoir, "Black and White on Wall Street: The Untold Story of the Man Wrongly Accused of Bringing Down Kidder Peabody." In July, 1998, the SEC ruled that Jett did not commit securities fraud. But an SEC judge did say Jett had intended to commit fraud, and charged him with a lesser record-keeping violation.
Links: USA, SEC, Corp. Scandal, Fraud     Click to see the source(s) for this event 
 
1996 May 6
All the nearly 16,000 public companies nationwide were required to file their financial reports electronically with the SEC. All info will go into EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system. The home page of the SEC is: http://www.sec.gov.
Links: USA, SEC     Click to see the source(s) for this event 
 
1997 Sep
In Tyrone, Pa., Devon Capital Management under John Gardner Black was shut down by the SEC. Mr. Black was charged with fraud after losing millions in high-risk bonds and derivatives and then trying to cover up the losses. Some $70 million was lost from the investments of 64 cash-strapped school districts in the state.
Links: USA, Pennsylvania, SEC, Fraud     Click to see the source(s) for this event 
 
1998 Feb 5
A federal judge in Los Angeles threw out Charles Keating's state securities fraud conviction for a second time, saying the trial judge had given jurors flawed instructions. In 1999, on the eve of the retrial of the federal case, Keating entered a plea agreement: he admitted to having committed bankruptcy fraud by extracting $1 million from American Financial Corp. while already anticipating the collapse that happened weeks later; in return, the federal prosecutors dropped all other charges against him and his son, Charles Keating III. Keating, an Arizona land developer, was sentenced to the four years he had already served.
Links: USA, California, Arizona, SEC, Bankruptcy, Fraud     Click to see the source(s) for this event 
 
2000 Aug 25
The shares of Emulex Corp. fell 62% due to a false report on the company. The drop caused an estimated $50 million investor losses. Shares recovered after the company refuted the reports. Mark Simeon Jakob (23) of El Segundo was arrested a week later for perpetrating the hoax, which netted him $186,000. He was later sentenced to nearly four years in prison for wire and securities fraud.
Links: SEC, Scam, Fraud     Click to see the source(s) for this event 
Timelines
A text-based site.
2001 Feb
Arthur Levitt, chairman of the US Securities and Exchange Commission, retired. In 2002 he authored "Take on the Street: What Wall Street and Corporate America Don’t Want You to Know."
Links: SEC     Click to see the source(s) for this event 
 
2001 Oct 22
Anderson Accounting learned that the SEC was inquiring into the accounting records of Enron Corp. Enron disclosed that that the SEC had opened an inquiry into its limited partnerships.
Links: Enron, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2001 Oct 31
The SEC inquiry into Enron Corp. became a formal investigation.
Links: Enron, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2001 Nov 29
The SEC investigation of Enron Corp. was expanded to include the Anderson Accounting firm.
Links: USA, Accounting, Enron, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2002 Oct 31
The Securities and Exchange Commission ordered an investigation into allegations that Chairman Harvey Pitt had concealed information on the corporate ties of William Webster. Pitt and Webster both ended up resigning.
Links: USA, SEC, Corp. Scandal     Click to see the source(s) for this event 
We offer additional services to help you as well including tax attorney help with tax relief issues, auto accident attorney services, and sustainable development information to research going green!
2002 Nov 5
Securities and Exchange Commission Chairman Harvey Pitt resigned under pressure after a series of political missteps that had embarrassed the White House.
Links: SEC     Click to see the source(s) for this event 
 
2002 Dec 10
Pres. Bush named William Donaldson (71), co-founder of a Wall Street brokerage firm, to head the SEC.
Links: SEC, BushGW     Click to see the source(s) for this event 
 
2003 Mar 19
The SEC filed a civil suit claiming that HealthSouth Corp. and its chairman Richard M. Scrushy had committed massive accounting fraud to overstate earnings by some $1.4 billion since 1999. Weston Smith, the former finance chief, later pleaded guilty to 4 charges. HealthSouth fired Scrushy as chairman and CEO. He was indicted in November.
Links: Lawsuit, SEC, Fraud     Click to see the source(s) for this event 
 
2003 Apr 28
Ten of the largest US Wall Street firms agreed to pay $1.4 billion to settle government charges involving abuse of investors during the late 1990s. Details of the settlement, which called for one of the largest penalties ever levied by securities regulators, will change the way major investment firms do business.
Links: USA, SEC     Click to see the source(s) for this event 
 
2004 Aug 31
A report was filed with the SEC that said Conrad Black and associates systematically looted Hollinger Int’l. of more than $400 million from 1997-2003. In 2007 Black (62) was convicted in Illinois U.S. District Court. He was sentenced to serve 78 months in federal prison, pay Hollinger $6.1 million and a fine of $125,000. Black was guilty of diverting funds for personal benefit from money due Hollinger International when the company sold certain publishing assets and he obstructed justice by taking possession of documents to which he was not entitled. Black's three co-defendants, former Hollinger International vice presidents John Boultbee (64) of Vancouver and Peter Y. Atkinson (60) of Toronto and attorney Mark Kipnis (59) of Chicago were all found guilty of three counts of mail fraud.
Links: Canada, USA, Chicago, Lawsuit, SEC     Click to see the source(s) for this event 
International Red Cross
Make a donation
2004 Oct 26
The SEC voted to require hedge funds with over $25 million to register with the agency, providing access to auditors in an effort to reduce fraud.
Links: USA, SEC, Fraud     Click to see the source(s) for this event 
 
2005 Jul 29
The US Senate approved the nomination of Karen Hughes, a former political adviser to President Bush, as the State Department's top public relations official, and Rep. Christopher Cox to chair the Securities and Exchange Commission.
Links: USA, SEC     Click to see the source(s) for this event 
 
2005 Oct 10
Refco Inc., a futures trading company that went public August 11, ousted CEO Phillip Bennett after discovering that a firm he controlled owed Refco $430 million. Bennett repaid the cash the same day. Bennett was arrested the next day and charged with securities fraud on Oct 12. Refco field for bankruptcy on Oct 17.
Links: USA, SEC, Corp. Scandal, IPO, Fraud     Click to see the source(s) for this event 
 
2006 Feb 1
New SEC rules went into effect for many hedge funds. US funds with over 15 American investors were required to register.
Links: USA, SEC     Click to see the source(s) for this event 
 
2006 Jun 23
A US federal appeals court tossed out a controversial rule requiring hedge fund advisors to register with the SEC.
Links: USA, SEC     Click to see the source(s) for this event 
2006 Jul 20
The SEC filed criminal and civil charges against executives at Brocade Communications in San Jose, Ca., for back-dating stock options. Estimates had it that some 29% of 7,774 US companies may have backdated option grants from 1996-2002.
Links: USA, SF Bay Area, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2006 Aug 22
Kristjan Lepik of Tallinn, Estonia, settled theft charges with the SEC. He agreed to return over $550,000 in trading profits and pay a $15,000 penalty for illegally trading on corporate information. The SEC said Lepik and co-worker Oliver Peek made at least $7.8 million trading on advanced looks at hundreds of press releases.
Links: USA, Estonia, SEC     Click to see the source(s) for this event 
 
2006 Sep 13
The SEC froze trade in the shares of Indigenous Global Development Corp. (IGDC), run by Deni Leonard, a Native American businessman. An SEC suit said Leonard claimed to have struck deals with Canadian tribes to develop and purchase natural gas to be sold to power plants, but no deals were made.
Links: USA, AmerIndian, SEC, (Lawsuit     Click to see the source(s) for this event 
 
2006 Dec 11
Siemens, a German conglomerate, filed papers with the SEC to account for some $265 million siphoned out of secret bank accounts in Liechtenstein, Austria and Switzerland.
Links: Austria, USA, Germany, Switzerland, Liechtenstein, SEC     Click to see the source(s) for this event 
 
2006 Dec 21
Deutsche Bank AG agreed to pay $208 million to end SEC investigations into improper mutual fund trading.
Links: USA, SEC, Corp. Scandal     Click to see the source(s) for this event 
Timelines
A text-based site.
2006
US Representatives Louise Slaughter, D-NY, and Tim Waltz, D-Minn., proposed legislation called the Stock Act, or Stop Trading on Congressional Knowledge Act, to ban members of Congress from insider trading. The legislation went nowhere.
Links: USA, SEC, Govm’t Scandal     Click to see the source(s) for this event 
 
2007 Feb 26
Malaysia's securities watchdog said it has frozen two local bank accounts, shut down two Web sites and questioned several people suspected to be involved in a global Internet investment scam. In March 3 men were indicted by the US for securities fraud. The indictment named Jaisankar Marimuthu (32) of India, Thirugnanam Ramanathan (34), an Indian residing in Malaysia, and Chockalingam Ramanathan (33) of Chennai, India. The 1st two were arrested in Hong Kong, while the 3rd remained at large.
Links: USA, India, Malaysia, Internet, SEC, Scam, Fraud     Click to see the source(s) for this event 
 
2007 Feb 26
The SEC sued Blue Bottle, a Hong Kong firm, alleging they hacked into computer systems to get corporate news releases early and traded on that information, making a profit of $2.7 million.
Links: Hong Kong, Lawsuit, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2007 Mar 14
Bank of America agreed to pay $26 million to settle SEC allegations that from 1999 to 2001 its securities unit made improper trades using advanced knowledge of the firm’s stock research.
Links: USA, SEC, Banking     Click to see the source(s) for this event 
 
2007 May 8
The SEC accused two Hong Kong residents of "widespread and unlawful trading activity" when they bought $15 million of Dow Jones & Co. stock ahead of an announcement that News Corp. was seeking to buy the company.
Links: USA, Hong Kong, M&A, SEC     Click to see the source(s) for this event 
We offer additional services to help you as well including tax attorney help with tax relief issues, auto accident attorney services, and sustainable development information to research going green!
2007 Sep 12
The US SEC said it had filed civil fraud charges against Douglas Hamilton, Craig Johnson, James Kinney and Kenneth Taylor, the former vice presidents of finance for Toronto-based Nortel's optical, wireline, wireless and enterprise business units.
Links: Canada, USA, SEC, Corp. Scandal, Fraud     Click to see the source(s) for this event 
 
2008 Feb 6
The US SEC settled with David Li, head of the Bank of East Asia, charges of insider trading regarding last year’s acquisition of Down Jones by News Corp. Michael Leung, another Hong Kong tycoon, and his family also settled for $8.1 million in disgorged profits and a similar amount in fines.
Links: USA, Hong Kong, SEC     Click to see the source(s) for this event 
 
2008 Jul 13
The US Securities and Exchange Commission said it would immediately conduct investigations aimed at preventing the intentional spreading of false information intended to manipulate securities prices. the Federal Reserve and the Treasury Department announced steps to brace slumping mortgage giants Fannie Mae and Freddie Mac.
Links: USA, SEC, Banking     Click to see the source(s) for this event 
 
2008 Jul 15
The SEC said it would immediately move to curb improper short selling in Fannie Mae and Freddie Mac as well as those of 17 financial firms. The move would be effective July 21 and expire after 30 days. The SEC also planned to consider extending the requirements to all stocks traded in the US.
Links: USA, SEC     Click to see the source(s) for this event 
 
2008 Sep 18
Central banks around the world poured in $180 billion in extra liquidity to calm markets made jittery by the mayhem on Wall Street. An SEC measure took effect making short sellers and their broker dealers deliver securities by the close of business on the settlement date, three days after the sale. The Bush administration asked lawmakers for the power to rescue banks by buying distressed assets. Pres. Bush said “markets are adjusting” as he defended the government’s recent moves.
Links: USA, SEC, BushGW, Banking     Click to see the source(s) for this event 
International Red Cross
Make a donation
2008 Sep 19
US federal securities regulators, in an effort to boost investor confidence in the face of a market crisis, took the dramatic step of temporarily banning the trading practice of short selling financial stocks. The rules were soon adjusted to allow bona fide market making and hedging activity. The SEC eased buyback rules allowing corporations to purchase in one day up to 100% of the average daily trading volume of their stock.
Links: USA, NYSE, SEC     Click to see the source(s) for this event 
 
2008 Nov 17
The SEC charged Mark Cuban, high-tech entrepreneur and owner of the Dallas Mavericks, with illegal insider trading for allegedly using confidential information to avoid over $750,000 in stock losses from the sale of Mama.com stock in 2004.
Links: USA, Texas, SEC     Click to see the source(s) for this event 
 
2009 Jan 7
The SEC charged Joseph S. Forte of Broomall, Pennsylvania, an investment fund manager, with running a Ponzi scheme since at least 1995. Losses to investors were estimated at $50 million.
Links: USA, SEC, Fraud     Click to see the source(s) for this event 
 
2009 Apr 7
A lawsuit filed in US District Court in Denver by the SEC alleged that Shawn Merriman, an unlicensed broker, collected up to $20 million from investors in several states to support a lavish lifestyle. The former bishop in The Church of Jesus Christ of Latter-day Saints allegedly operated a Ponzi scheme from his suburban Denver home for about 15 years, bilking investors out of millions of dollars to collect religious art and classic cars.
Links: USA, Colorado, SEC, Fraud     Click to see the source(s) for this event 
 
2009 Apr 9
The SEC charged Atlanta attorney Robert P. Copeland (48) for running a Ponzi scheme from about 2004-2009. He was alleged to have raised over $35 million from at least 140 investors and owed over $28 million to the victims.
Links: GeorgiaUS, USA, SEC, Scam     Click to see the source(s) for this event 
2009 Apr 16
PEMGroup with assets of $4 billion said its board had appointed a special committee to look into allegations of a Ponzi scheme by money manager Danny Pang, who temporarily stepped aside while visiting Taiwan. The SEC soon filed a civil lawsuit against Pang and froze the assets of his firm, Private Equity Management Group Inc.
Links: USA, Taiwan, Lawsuit, SEC, Corp. Scandal     Click to see the source(s) for this event 
 
2009 Jun 4
Angelo Mozilo, the man who rode the housing boom to build Countrywide Financial Corp. into a California colossus of high-risk mortgage lending, was charged with civil fraud and illegal insider trading by federal regulators who accuse him of deceiving shareholders and profiting on confidential information. The Securities and Exchange Commission also filed civil fraud charges against two other former executives of Countrywide.
Links: USA, SEC, Real Estate, Fraud     Click to see the source(s) for this event 
 
2009 Jun 9
The SEC filed suit in San Francisco against Peter C. Son (37) of Danville for allegedly defrauding 500 investors of $80 million in a Ponzi scheme. Jin K. Ching (46) of Los Altos was also charged for bilking their Korean American victims from 2003-2008 through SNC Asset Management Inc. of Pleasanton and SNC Investments of New York. In 2010 Peter C. Son was sentenced to 15 years in federal prison.
Links: USA, SF Bay Area, SEC, Fraud     Click to see the source(s) for this event 
 
2009 Jul 26
Hazem al-Braikan (36), a Kuwaiti businessman linked to Citigroup and charged in the United States with fraud, was found dead in his bed in Kuwait City with a gunshot wound to the head and a handgun at his side. The US SEC charged al-Braikan last week with scheming to make millions by manipulating the stock of certain US companies.
Links: Suicide, Kuwait, SEC, Scam     Click to see the source(s) for this event 
 
2009 Aug 3
Bank of America agreed to pay $33 million to settle a complaint filed by the SEC alleging that the bank misled investors over bonuses at Merrill Lynch as BofA was finalizing its takeover of the securities firm in late 2008.
Links: USA, SEC, Banking     Click to see the source(s) for this event 
Timelines
A text-based site.

Next     Prev
Page: 1 2



Go to top