A Financial History of Modern US Corporate Scandals From by Jerry W Markham

By Jerry W Markham

This significant new reference for college kids, college, and pros of yankee company governance, glossy monetary historical past, and securities legislations starts off with an exam of the cave in of the Enron company and different monetary scandals that arose within the wake of the industry downturn of 2000. Jerry W. Markham, writer of the award-winning monetary background of the USA and previous SEC guidance, offers context and research to the fashionable period of company curruption.

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The students made almost $350,000 in trading on four stocks. In another case, two individuals were indicted in February 2000 for promoting penny stocks through thousands of e-mail messages. The securities were worthless, and the defendants were pumping up the value of the stock in order to profit on their own holdings. A fifteen-yearold boy in New Jersey was charged by the SEC in September 2000 with manipulating stock prices through a pump and dump scheme on the Internet. He agreed to return $285,000 in profits.

Arbitration proceedings against broker-dealers are conducted by the NASD and the NYSE. Their procedures have been criticized as favoring broker-dealers due to the inclusion of industry members on the arbi- THE STOCK MARKET BUBBLE 19 tration panels. California adopted a provision that allowed arbitration proceedings to be set aside when panel members were not deemed to be independent, which some NASD arbitrators would not be under the California standard. A federal district court held that the Federal Arbitration Act and the SEC oversight of the NASD arbitration programs preempted that California provision.

R. 5 million to the SEC to settle charges arising from that debacle. 5 million to a Canadian investor by a jury in New York. The investor, Henryk de Kwiatkowski, was a wealthy businessman who owned Calumet Farms, the famous thoroughbred horse farm in Lexington, Kentucky. He lost $215 million trading currencies over a five-month period in 1994–1995. A federal circuit court in New York reversed the award, however, and threw out the case. Bear Stearns remained a very independent-minded firm. Its longtime chief executive officer, Alan (Ace) Greenberg, required employees to donate 4 percent of their income to charity.

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