Sec settles mercury backdating brocade

Posted by / 31-Jan-2018 01:54

I believe that was the largest restatement in the short and sordid history of options backdating.Now the SEC has settled with Broadcom itself, and interestingly enough the SEC extracted only a million civil penalty in addition to a permanent injunction.Abrams was charged with one count of income tax evasion and two counts of aiding and assisting in the preparation of false tax returns for two other Mercury executives.This is the third time an executive has been charged with tax evasion arising from options backdating.At yesterday’s hearing of the Senate Committee on Banking, Housing and Urban Affairs entitled “Turmoil in U. Credit Markets: The Role of the Credit Rating Agencies,” Chairman Cox defended the SEC’s implementation of the Credit Rating Agency Reform Act of 2006 and spelled out some possible new rulemaking efforts on the credit rating front.In his testimony, Chairman Cox outlined the SEC Staff’s efforts in conducting ongoing examinations of the nationally recognized statistical rating organizations (NRSROs).The rules changes are now off to the SEC for final action.

Sharon was the project leader for the development of AS No.

Although the Cablevision settlement is only the latest in a growing list of options backdating-related lawsuit resolutions (as is …

Continue Reading In a very interesting May 15, 2008 paper entitled “Do Options Backdating Cases Settle for Less?

The examination Staff’s preliminary observations have been that the “ratings process used to rate these products may have been less quantitatively developed, particularly as the products became more complicated and involved different types of loans, than was generally believed.” While the SEC is trying to avoid engaging in substantive regulation of the ratings process, it is interested in the adequacy of the NRSRO’s disclosure about their procedures and methodologies, and whether such factors as a desire to maintain or increase market share may have caused the NRSROs to be “less conservative” than their disclosed methodologies.

Now that the SEC’s NRSRO registration system is in place and other rules implementing the 2006 legislation are effective, the SEC is looking at other areas of rulemaking within its authority.

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About the United Health Group Class Action Settlement: United Health Group announced on July 2, 2008 (here) that it reached an agreement to settle its high profile options backdating-related securities class action lawsuit for $895 million.

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