CCH Wall Street

We keep you up-to-the-minute on critical industry developments by providing you with current industry news, culled from a variety of leading news sources. You can scan highlights here on our main news page, and follow convenient links to the complete stories. By subscribing to the CCH Securities Compliance Tracker, you'll receive your own daily, customized news updates via email.

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	Doral Settles SEC Fraud Charges, Pays $25M - 9/22/2006
	The SEC has closed its case against the Puerto Rico bank, which overstated its income by roughly $921 million.
	NASD Fines MetLife $5M for Late Trading, Fibs - 9/21/2006
	The regulator has imposed the fine on three MetLife subsidiaries for submitting misleading responses to its inquiry.
	SEC Probes 100 Firms for Options Backdating - 9/20/2006
	The SEC has not limited itself to any one type or size of firm as it conducts its investigation into options granting practices.
	NYSE Hits Big Firms in September Disciplinary Actions - 9/19/2006
	NYSE Regulation has published its monthly police blotter, which includes censures and fines for a bevy of violations by big member firms.
	Commissioner Touts Bill to Reorganize SEC - 9/18/2006
	Commissioner Paul Atkins will encourage the SEC to take into consideration a bill introduced last year that would eliminate the OCIE.
	SEC Charges Native American Firm with Fraud - 9/15/2006
	According to the Commission, Indigenous Global Development Corporation solicited investors via false press releases and SEC filings.
	Failing Fund Manager Charged with Pilfering $10.7M - 9/14/2006
	The SEC has charged a Chicago-based pension fund manager with covering budget shortfalls with client assets.
	Five Fund Firms Fined for Performance Fees - 9/13/2006
	The SEC has ordered five prominent mutual fund firms to reimburse their mutual funds $7.5 million for years of overcharging performance fees.
	SEC Settles Case against Gold Mine Stock Schemers - 9/12/2006
	It has settled charges against two principals in a scam that cost investors millions and sent some of their co-conspirators to prison.
	SEC Halts Oil and Gas Scam - 9/11/2006
	Charges filed against two stock promoters who ran energy investment scheme that went from inept to fraudulent and cost investors unknown amounts.
	New Pension Bill Adds to Compliance Burden - 9/8/2006
	The recently passed Pension Protection Act will open up sales opportunities for firms, but add more headaches their compliance departments.
	NASD Fines Morgan Stanley $2.9M for Plethora of Violations - 9/7/2006
	The regulator has levied the fine for a smorgasbord of abuses at two of the brokerage’s units over the last seven years.
	SEC Charges Broker with $1.5M Fraud - 9/6/2006
	The SEC has accused a financial advisor stealing more than $1 million from clients to pay for his personal expenses, including a vacation home.
	NASD Fines American Funds $5M for Sales Violations - 9/5/2006
	A hearing panel has found against the fund giant on charges that it improperly used directed brokerage practices to sell its funds.
	Prudential Pays $600M to Settle SEC Charges - 9/1/2006
	It is paying the gargantuan penalty for its participation in a massive mutual fund market timing scheme in 1999.
	ABA Urges the Adoption of Standards on Attorney-Client Privilege - 8/31/2006
	The American Bar Association has formed a task force to clarify issues of attorney-client privilege as it operates in an independent audit.
	SEC Proposes Electronic Filing of Transfer Agent Forms - 8/30/2006
	The regulator’s proposal would have registered transfer agents file their forms on EDGAR in XML format.
	A Look at the SEC’s Executive Compensation Disclosure Reforms - 8/29/2006
	CCH Securities Analyst Jim Hamilton takes an in-depth look at the SEC’s overhaul of the rules on disclosure of executive and director compensation.
	SEC Drops Civil Action against Investor Relations Consultant - 8/28/2006
	At the same time, however, the regulator has entered cease-and-desist and disgorgement orders against the Tampa-based firm.
	Industry Still Opposes Aspects of SEC Indy Fund Board Rule - 8/25/2006
	But as the comment period closed over the independent director rule, there appears to be an opportunity for the SEC to reach a compromise about the rule.
	SEC Files Emergency Action to Halt Unregistered Stock Scam - 8/24/2006
	The Commission has filed an emergency enforcement action against a scheme that targeted senior citizens with bogus promises.
	Advisor or Broker? SEC Conducts Study with Hearing Pending - 8/23/2006
	The SEC will publish a study to find the differences between a broker and an investment advisor as it prepares to face-off with the FPA in court.
	Brokerage CEO Sentenced to Years in Prison - 8/22/2006
	A federal court in Florida has sentenced the former chief exec to nearly five years for deceptively pitching stakes in a floundering broker-dealer.
	SEC Pursues $22M Ponzi Scheme Aimed at Retirement Funds - 8/21/2006
	The SEC has taken steps to stop a real-estate based scam that targeted Californian retirees and investors close to retirement.
	Execs Charged with Improperly Backdating Options - 8/18/2006
	The SEC charged three former Comverse Technology executives with a stock option scheme that netted them hundreds of millions of dollars.
	Brokerages Beefing up 529 Plan Disclosures - 8/17/2006
	As the new MSRB rule takes effect, firms that sell 529 Plans are increasing the disclosures related to the offerings.
	NASD Fines ING $7M for Directed Brokerage Violations - 8/16/2006
	It has hit four ING-owned broker dealers for taking directed brokerage commissions in exchange for marketing specific firms’ mutual funds.
	A.G. Edwards Fined $900K for Bevy of Missteps - 8/15/2006
	NYSE Regulation has fined and censured the firm for placing clients in unsuitable fee-based accounts, along with other abuses.
	NYSE Proposes Streamlining Arbitration Panel - 8/14/2006
	The Big Board regulator is proposing to reduce the number of arbitrators on cases worth less than $200,000 in order to increase efficiency.
	Phony Disability Claims Cost Citigroup $1.15M - 8/11/2006
	The NASD has hit Citigroup with over a million dollars in penalties after its brokers made false disability claims to avoid mutual fund sales charges.