Securities Industry News

A US law firm has issued a media statement detailing the rejection by a Judge in Ohio of applications by Credit Suisse to dismiss claims made against the bank by a "litigation trust" created in the insolvency of National Century Financial Enterprises.

Demonstrating to supposedly more sophisticated countries that directors must bear responsibility for failings in filed accounts, Malaysia's Securities Commission has charged Tan Chin Han, CEO of Welli Multi Corporation Berhad with knowingly authorising a misleading statement to be filed.

Malaysia's Securities Commission (SC) has brought criminal charges against two directors of Multi-Code Electronics Industries Berhad (MCEI), alleging a fraud of MYR17.56 million.

Billed as a "hedge fund fraud," it is now known that Bernard Madoff's actions were primarily securities / ponzi - based. Yesterday he pleaded guilty to 11 charges of fraud. He could face two lifetimes in jail - and that for a man who is already advanced in years. But will the deal make finding the money even more difficult for creditors?

ASIC today said it would keep the ban on covered short selling of financial securities in place until 31 May 2009 but will keep this position under review.

You would think that Stephen Lewis Matthews of Sydney would learn. Permanantly banned from undertaking the business of advising other individuals about securities or dealing in securities except as otherwise permitted by the then Corporations Law in 2000, he's already been jailed for contempt for breaking the court order - and found guilty on three other occasions. Today, he's been convicted of contempt again.

When the first meeting of creditors of Bernard Madoff was held on Friday 20th, some thought they would hear some bad news, but just how bad came as a shock to most.

Rocco Musumeci and Richard John Wade formerly with Bell Potter in Woolagong and ABN AMRO in Melbourne have been sentenced in respect of insider trading in shares in Genetic Technology Ltd. And the

A former senior executive of a securities company and a financial adviser of a listed company have been charged by the ICAC in two separate cases for allegedly accepting bribes totalling HKD1.1 million and misleading the Securities and Futures Commission (SFC) in relation to the purchase of the listed company's shares. One was an SVP at an HSBC unit in Hong Kong.

An Indonesian investor has referred Singapore-based DBS-Vickers Securities to the Indonesian Capital Market and Financial Supervision Agency (Bapepam-LK) claiming the illegal sale of shares at a low price. The company says it was necessary to meet unpaid margin calls.