As we discussed last month, the SEC’s Asset Management Unit has developed a likeness for not just big, headline-grabbing cases, but relatively small compliance-based cases that are designed to prevent minor problems from growing into large ones. People like to say that the damage is done before the SEC ever gets involved, and that is… Continue Reading
Monthly Archives: December 2012
Remote Tippee Issues Hang over SEC / Wells Fargo Insider Trading Case
Posted in Insider TradingThe SEC brought a big insider trading case against a number of individuals in the Western District of North Carolina yesterday. The complaint alleges $11 million in illicit profits. The complaint calls it an insider trading “ring,” but it’s more like a tree. At the roots were a 30-year-old investment banker named John Femenia. He… Continue Reading
PCAOB Brings Case on Audit Documentation
Posted in AuditorsThe Public Company Accounting Oversight Board brought a settled action on November 13th against three outside auditors whose errors were measured not in substance, but in process. Dale Arnold Hotz, Jyothi Nuthulaganti Manohar, and Michael Jared Fadner – all CPAs and respectively a partner, director, and assurance manager at then-McGladrey & Pullen – issued a… Continue Reading