Posts Tagged ‘SEC’

Hedge fund scam preys on elderly

January 22, 2009

Rod Cameron Stringer has been a crop-dusting pilot, a bails bondsman, a used car saleman and now he operates a hedge fund or as the SEC, not mincing words calls it, “an investment scheme.”  Mr. Stringer requires clients to invest $100,000 to $200,000 for a long period of time.  His primary bank account shows he has deposited more than $8 million since January 2007 and yet the account currently holds $819,779.   He has prepared a written statement for one of his largest investors just last month claiming he has more than $45 million invested in a variety of funds.  The SEC’s professional opinon of these claims? They are “completely bogus.”

This is a civil complaint filed in Texas federal court but I hope that Mr. Stringer like Mr. Madoff, has been criminally charged as well.

Complaint courtesy Courthousenews

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SEC goes interactive

January 6, 2009

The Securities and Exchange Commission approved requiring public companies to release interactive versions of their financial data.  What I think this means is that it will be possible to download financial tables in XML and run independent calculations on the numbers in Excel and other applications.  The SEC has also unveiled, IDEA, Interactive Data Electronic Applications, which will replace EDGAR as the platform for these new capabilities. 

This could have big implications to the companies that currently re-package and sell this data.  I’m sure they are working furiously to get new products and services to market to take advantage of these developments.

News release

More plain English from the SEC

December 1, 2008

The Securities and Exchanage Commission unanimously ruled that a “plain English” executive summary must be made available on the cover of a mutual fund prospectus.  Now I don’t mean to be a curmudgeon but really, shouldn’t this be the case with all such filings?  Isn’t “plain-English” what we Americans speak?

Okay, I’ll get on board and applaud them and encourage them not to stop here but to make sure ALL filings have an executive summary in “plain English.”

New release

Antitrust suits not new for Qualcomm

November 20, 2008

Its been awhile since I’ve mentioned the power of SEC filings for analyzing a business from its litigation perspective so I thought I’d use the recent Qualcomm antitrust suit as an opportunity.

The company’s most recent 10-K was filed just in September and they do an excellent job of outlining their litigation, giving dates, courts, case names.  Two things standout; they are in fierce competition with Broadcom Corporation as they are involved in both patent infringement and antitrust lawsuits with them.  The second thing is that everyone is coming after them for antitrust violations in countries such as Japan and Korea.  The EU has also been handling claims made by a range of companies. 

They are also famous in legal circles as the poster child of what not to do in terms of e-discovery related to their litigation with Broadcom.  Sanctions anyone?  Ouch.