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Score another point for Mark Cuban in SEC battle

Posted Jun 2nd 2009 6:30PM by Zac Bissonnette (RSS feed)
Filed under: Scandals

The SEC's insider trading case against Mark Cuban is proving to be quite different from the usual open and shut matters we've come to expect from the commission. As Jonathan Berr reported yesterday on DailyFinance, some major legal experts have defended Mark Cuban's insistence that he didn't qualify as an insider when engaged in the trades in question.

Worse news for the SEC: Cuban has taken the unusual step of suing the SEC for denying him proper access to documents that detail the SEC's allegations and evidence against him.

Continue reading Score another point for Mark Cuban in SEC battle

Why E*Trade shareholders should worry about the $1 million SEC fine

Posted Jul 30th 2008 4:33PM by Jonathan Berr (RSS feed)
Filed under: Press releases, Law, E*TRADE (ETFC)

E*Trade (NASDAQ: ETFC) was fined $1 million by the Securities and Exchange Commission for failing to comply with federal anti-money laundering laws. The company, which did not admit guilt in the enforcement action, will pay an even steeper price over the long term, which is a good reason to avoid the company's stock.

What many investors and members of the press forget about government fines is that the dollar amount does not tell the full story. E*Trade will likely spend far more than $1 million upgrading its computer systems after it failed to verify the identities of more than 65,000 of its customers as required by SEC rules and the USA Patriot Act. Moreover, the company could face countless legal headaches from people whose stolen identities may have been used to set up phony E*Trade accounts. Let's not forget about the money laundering cases involving drug dealers and terrorists whose funding sources were not properly verified because of E*Trade.

The SEC, for one, has found no excuse for E*Trade's inaction to correct the problem, which it knew about for years.

Continue reading Why E*Trade shareholders should worry about the $1 million SEC fine

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Last updated: November 24, 2009: 06:30 AM

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