Monthly Archives: April 2010

FREE “FRAUD UNIVERSITY” CONFERENCE IN JUNE

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I just spoke to my friend Brent Baker who is a former SEC attorney now practicing at Parsons Behle & Latimer.  He is putting together a conference in Utah County on June 30, 2010.  Attendance is free.   The purpose of this event is similar to this blog – to educate people in Utah about scams that are being used in this state and to help people avoid being a victim.  It should be a great event.

According to their website Fraud College is “a non-profit 501c-3 organization devoted to the promotion of the common interests of citizens around the world. It’s students and faculty cooperate in helping learn how to identify and protect against involvement with fraudulent schemes. It’s efforts are targeted to reduce the incidence of investment fraud among investors by teaching the tactics most commonly used by fraudsters and the steps every investor can take to reduce their risk.”

GENERAL SOLICITATIONS IN PRIVATE PLACEMENTS

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This is a great article in last month’s Utah Bar Journal by my friends at Vantus Law Group about how to avoid general solicitations in private offerings in Utah.  The internet makes this very tricky, and many of my clients have gotten themselves in trouble.

Avoiding General Solicitations in a Securities Private Placement

THE PRICE OF NEGLECTING CORPORATE COMPLIANCE IN THE POST-MADOFF WORLD

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By Mark Pugsley and Matthew R. Lewis

In recent months companies and their executives have become the subject of greater scrutiny by regulators, investigators, and prosecutors.  Whether or not this increased scrutiny is warranted, the focus on companies and their executives is the new reality.  Taking a proactive position on corporate compliance can help prevent harsh actions by the government when perceived wrongdoing occurs.

Increased Scrutiny from the SEC

Due to recent financial scandals such as Bernie Madoff’s massive Ponzi scheme and other regulatory failures that some argue led to the near collapse of our financial system, the Securities and Exchange Commission is facing increased pressure from congress and the Obama administration to “fix” these problems.  As a result, the SEC’s Division of Enforcement, which investigates alleged violations of securities laws, has begun to be far more aggressive.

We are seeing increased SEC scrutiny in all areas of its jurisdiction, including the Foreign Corrupt Practices Act (FCPA), financial disclosure requirements, anti-fraud statues and insider trading.  Funding for the SEC is being increased significantly.  In its 2011 budget request, the SEC requested an increase of approximately $139 million over the SEC’s 2010 funding levels. Continue reading →