Securities Industry News

Since we last looked (only a couple of weeks ago) Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) has been a busy man - and kept his lawyers busy.

Bernard Madoff made much of his so-called "feeder funds" in which financial institutions took investments and passed them onto Madoff to manage. Many financial institutions and so-called hedge funds adopted this practice. One of them was UBS and the trustee, Irving Picard, alleges that the bank failed in its duties.

On 19 November, the USA's Securities and Exchange Commission proposed new rules to strengthen supervision of investment advisers "and to fill key gaps in the regulatory landscape."

Conspiracy, securities fraud, falsifying books and records of a broker-dealer, falsifying books and records of an investment adviser and committing tax evasion - all in a day's work for two Madoff staff, say prosecutors

Larry Wilcox, 63, of Hollywood, California has pleaded guilty to one count of conspiracy to commit securities fraud.

Andrew Dalzell, 49, of Randwick, New South Wales and former senior manager at accounting firm KPMG has pleaded guilty in the Supreme Court of New South Wales to one charge of insider trading.

The Securities and Exchange Commission of Thailand has brought criminal proceedings against Numkrit Jeraputtiruk, formerly with UBS Securities and six others.

On 29th October 2010, The Securities and Exchange Commission obtained an emergency court order freezing the assets of two Chicago-based financial firms that were conducting a fraudulent offering of promissory notes.

The Australian Securities and Investments Commission has banned a client adviser "after concluding there were grounds to believe [he] had failed to comply with a financial services law and there was reason to believe that he would not comply with a financial services law in the future.

Care Investment Trust Inc. (NYSE: CRE) ("Care" or the "Company"), a real estate investment and finance company that invests in healthcare-related real estate and commercial mortgage debt, has announced that on 21 October, 2010 the NYSE Regulation, Inc. Board of Directors' Committee for Review rejected the Company's appeal and affirmed the New York Stock Exchange Staff's ("NYSE Staff") decision to de-list the Company's common stock.