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Tag >> Wells Notice
Feb 17
2011

Ex-Freddie Mac CFO gets Wells Notice

Posted by Stephen Taub in Wells NoticeSecurities and Exchange CommissionSEC enforcementFreddie Maccompliancechief financial officerCFO resignationsCFO

Stephen Taub

The former chief financial officer of Freddie Mac will probably face civil charges for his role in the collapse of the mortgage giant.

Anthony Piszel abruptly resigned as CFO of CoreLogic, after receiving a Wells notice from the Securities and Exchange Commission staff in connection with certain disclosure matters during Piszel's tenure at Freddie Mac from November 2006 to September 2008.

Apr 21
2010

Goldman's other disclosure problem

Posted by Ron F in Wells NoticeSecurities and Exchange CommissionRegulationJP Morgan ChaseGoldman SachsGeneral Electricfinancial crisisfinanacial reportingcredit-default swapCongresscomplianceBanksbanking reformBankingBank of AmericaauditingauditAIG

Ron F

This is seriously speculative stuff on my part. But I wonder if the other shoe that Carl Levin says is about to drop on Goldman has to do with its failure to disclose the fact that it received a Wells Notice from the SEC last July about the Abacus deal.

Yes, the bank claims it was immaterial, just as it claims was its lack of disclosure of hedgie John Paulson's role in helping to design the CDO to go south so he could profit by shorting the deal was immaterial.

Apr 02
2010

SEC to charge former Dell employees

Posted by Stephen Taub in Wells NoticeSecurities and Exchange CommissionsecrestatementsDellcompliance

Stephen Taub

The Securities and Exchange Commission is preparing to take some sort of action against several former employees at Dell stemming from accounting and financial reporting matters dating back to 2001.

The computer maker said in a regulatory filing the individuals received "Wells Notices," which indicates the SEC staff has made a preliminary decision to recommend that the SEC begin a civil or administrative action against the former employees. Dell also said it is possible that other individuals have received or will receive such notices, although it did not provide more details to this cryptic reference.

Mar 11
2010

SEC brings rare Reg FD case

Posted by Stephen Taub in Wells NoticeSecurities and Exchange CommissionSEC filingssecRegulation FDinvestor relationsfinancial statementsfinanacial reportingdelayed filingcomplianceAccounting

Stephen Taub

The Securities and Exchange Commission filed a rare Reg FD case earlier this week.

The regulator brought this action against Presstek, a maker and distributor of digital imaging equipment and its former chief executive officer, Edward J. Marino. The SEC's complaint alleges that on September 28, 2006, while acting on behalf of Presstek, Marino selectively disclosed material non-public information regarding Presstek's financial performance during the third quarter of 2006 to a managing partner of a registered investment adviser. The SEC also alleges that within minutes of receiving the information from Marino, the partner decided to sell his firm's entire Presstek stake. According to the complaint, Presstek did not simultaneously disclose to the public the information provided by Marino to the partner.

Presstek agreed to pay a civil penalty of $400,000 as part of its deal to settle the Commission's charges, without admitting or denying the allegations. The Commission said it took into account certain remedial measures taken by Presstek, including revising its corporate communications policies and corporate governance principles, replacing its management team and appointing new independent board members, and creating a whistleblower's hotline.

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