The SEC announced that the U.S. District Court for the Eastern District of Virginia entered settled final judgments against Linda (Knudsen) Woolf and Hands on Capital, Inc. in Securities and Exchange Commission v. Linda Woolf, Hands on Capital, Inc., et al., Civil Action No. 1:08cv235 (E.D. Va. filed March 11, 2008). Without admitting or denying the Commission's allegations, Woolf and Hands on Capital also consented to the entry of final judgments permanently enjoining them from future violations of Section 10(b) of the Securities Exchange Act of 1934, and from receiving compensation for

The SEC announced a non-prosecution agreement ("NPA") with Ralph Lauren Corporation in which the company agrees to disgorge profits obtained in connection with bribes paid by a subsidiary to government officials in Argentina from 2005 to 2009. "When they found a problem, Ralph Lauren Corporation did the right thing by immediately reporting it to the SEC and providing exceptional assistance in our investigation," said George S. Canellos, Acting Director of the SEC's Division of Enforcement. "The NPA in this matter makes clear that we will confer substantial and tangible benefits on companies

SIFMA submitted an Amicus "Friend of the Court" Brief, addressing whether (i) SIPC should provide "expansive and unprecedented financial guarantees" for investors who purchased CDs issued by an offshore bank in Antigua, or (ii) SIPC's Congressionally mandated responsibilities are appropriately limited to reimbursing customers of failed brokerages for any securities or cash that are missing from their brokerage accounts. Lofchie Comment: See Lofchie's Guide to Broker-Dealer Regulation, Insolvency Chapter (link below). The discussion in the Chapter is consistent with the arguments made in the

The SEC announced that Acting Director George Canellos and former federal prosecutor Andrew Ceresney have been named Co-Directors of the Division of Enforcement. Click here to learn more (links externally to SEC website).

SIFMA released a statement from Acting President and CEO Kenneth E. Bentsen, Jr. ahead of Senate consideration of the Marketplace Fairness Act. The gist of the statement was that SIFMA opposes a financial transactions tax. View Statement in full here (links externally to SIFMA website).