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HomeSEC Settles with Great American Gary Aguirre, or Wall Street-Washington Incest Personified RECOMMENDED
Posted by Larry Doyle on June 29th, 2010 1:15 PM |
Thanks very much to a regular reader of Sense on Cents for sharing a fascinating story. The Government Accountability Project just released the following story regarding a significant settlement paid by the SEC to a former SEC attorney Gary Aguirre. This story highlights the Wall Street-Washington incest to the ‘nth’ degree. Will the media pick this story up and highlight it? They should.
With the details provided in this story, Gary Aguirre clearly shows himself to be a great American and as such earns immediate induction into the Sense on Cents Hall of Fame. The General Accountability Project reports SEC Settles with Aguirre:
In what may be the largest settlement of its kind, the Securities and Exchange Commission (SEC) has agreed to pay $755,000 to settle the wrongful termination claim of Gary J. Aguirre, the attorney who headed the SEC’s insider trading investigation of Pequot Capital Management until his firing in September 2005. (more…)
Update: David Slaine Pleads Guilty
Posted by Larry Doyle on February 2nd, 2010 10:02 PM |
GUILTY!!
Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.
God forbid one tries to make an honest living in the financial industry.
I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or derail the ongoing investigation?
We may never know. What we do know now is that Slaine had already pled guilty at that point.
Reuters reports today, Ex-NY Fund Manager Slaine Pleads Guilty: >> (more…)
Wiretaps on Wall Street
Posted by Larry Doyle on October 26th, 2009 11:11 AM |
“Leave the gun, take the cannoli.”
The world of organized crime evokes thoughts of payoffs, extortion, racketeering, and wiretaps. Are regulators now utilizing tools previously relegated to infiltrating the backroom dealings of the underworld to discover illegal activities on Wall Street? Yes, they are.
The news that regulators are now employing wiretaps to investigate financial frauds on Wall Street is sending a chill through Wall Street in general and hedge funds in particular. Why do regulators feel the need to utilize wiretaps?
Recall from the SEC’s and FINRA’s own internal reviews of their handlings of the Madoff and Stanford frauds that the regulators were woefully deficient in tracking and stopping these frauds. One of the greatest regulatory deficiencies highlighted is the use of technology.
Many hedge funds have spent millions upon millions of dollars on technology. These tools allow these funds to move with cat-like quickness in allocating capital and seizing investment opportunities. As we are learning, not all of these movements would seem to have been executed in a legal and ethical fashion.
How quickly can the regulators move to develop the necessary technical capabilities to track hedge fund activities? Don’t hold your breath.
Jules Kroll addressed the capabilities of the regulators relative to the tools employed by hedge funds on a Bloomberg interview this morning. Prior to my sharing Mr. Kroll’s assessment of the regulators’ capabilities, who is Jules Kroll? He recently founded a new firm, K2 Global Partners, which will look to “provide specialized risk services and solutions” to a wide array of global clients. (more…)
