Today, the SEC and the United Kingdom's Financial Services Authority announced the signing of a Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information Related to the Supervision of Financial Services Firms and Market Oversight. The "landmark" agreement "will facilitate the exchange of confidential supervisory information currently collected by both regulators." The agreement also "provides for exchange of information about regulated entities and investment banking groups that operate both in the United States and the United Kingdom."
In other news, the agency announced the filing of a securities fraud action against three hedge funds, Langley Partners, North Olmsted Partners, and Quantico Partners (collectively, "Langley Partners"), and their portfolio manager, Jeffrey Thorp. The complaint accuses defendants of perpetrating an illegal trading scheme to evade registration requirements in connection with 23 unregistered securities offerings and of engaging in insider trading. Defendants settled: Langley Partners will disgorge $8.8 million; Langley Partners and Thorp will pay civil penalties totaling $7 million.
Next, the SEC announced the filing of a lawsuit seeking an order to enforce investigative subpoenas served on Gary Lynn McDuff. McDuff is suspected of participating in a ponzi scheme. Finally, the SEC announced the retirement of its Executive Director, Jim McConnell. McConnell, who has served as the Executive Director for 16 years, will retire effective June 2006.
Comment Preview