Wednesday, 1 October 2014
Last updated 30 min ago
Oct 15 2013 | 9:58am ET
A Wells notice from the Securities and Exchange Commission is supposed to indicate that an enforcement action is imminent. But in one-fifth of cases, the notice is the enforcement action.
About 20% of individual Wells notice recipients in the past two years were not charged, The Wall Street Journal reports. The agency issued 797 in the two years to last September and closed 159 probes without taking action.
The SEC has only six months to take action after issuing a Wells notice unless enforcement directors grant an extension. Recipients have the opportunity to counter the allegations in the notices prior to charges being filed.
The many dropped cases "confirm that when we invite submissions, we carefully consider the evidence and arguments presented to us," an SEC spokesman told the Journal.
The SEC said it did not keep records on Wells notices prior to 2010, but some longtime agency officials told the Journal that they believe that even more cases were dropped prior to that point.
It is also unclear how many of the 387 companies that received Wells notices over the period avoided charges.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...