Securities Industry News

Hong Kong's Court of Appeal has dismissed an appeal by David TSIEN Pak Cheong against a ban imposed by the Securities and Futures Commission resulting from a finding that he had engaged in insider trading.

The Enforcement Division of the USA's Securities and Exchange Commission has asked for more time to complete arrangements for a distribution of surrendered proceeds in a case involving BNY Mellon and Mark Shaw. Who do you think it applied to?

The Financial Services Authority (FSA) has fined Samuel Kahn £1,094,900 and obtained a High Court injunction restraining him from committing market abuse. This is the first time the FSA has secured a final injunction from the High Court to prevent market abuse and also the first fine calculated under the new penalties system. It all looks a little bit American.

Part three of a summary of the USA's Securities and Exchange Commission's marathon release of enforcement and litigation information made 16th May 2011 and covering a period of several weeks.

More from the USA's SEC's marathon enforcement spree

Today is the 17th May. It's Tuesday. But in the USA, even on the East Coast, it's still Monday evening. That makes the deluge of enforcement announcements that the SEC has issued in the past few hours all the more impressive. Less impressive is that some related to action more than a week ago, and in some cases in February 2011 which renders them of less value for due diligence purposes where freezing orders have been obtained.

US alternative investment (so-called "hedge") fund manager Raj Rajaratnam has been found guilty of insider trading.

Do a Google search for on-line stockbroker TD Waterhouse and the top entry is to www.tdwaterhouse.com (see graphic 1, below).) But it doesn't work (see graphic 2). But this failure is minor compared to the issue in the company's UK client's system which says "we have been unable to validate your card" (see graphic 3) when, in fact, an authorisation code is issued and funds debited from or reserved in the client's bank account.

"There is no such thing as a merger," says not-quite-spoof management book The Duffers Guide to Management. And that's what Australian Treasury Minister had in mind when he decided that the AUD8,000 million deal proposed between the Australian Stock Exchange and the Singapore Stock Exchange was not in the national interest.

The Securities and Exchange Commission has sued Houston-area businessman Daniel Frishberg alleging fraudulent conduct in connection with promissory note offerings made to clients of his investment advisory firm.