FOR IMMEDIATE RELEASE 2008-147 Washington, D.C., July 22, 2008 — The Securities and Exchange Commission today charged an Ann Arbor, Mich.-based company and a former executive in an accounting fraud scheme that ultimately cost the company more than 7 million in market capitalization and caused its stock price to drop by more than half its value during [...]

FOR IMMEDIATE RELEASE 2008-148 Washington, D.C., July 23, 2008 — The Securities and Exchange Commission today filed fraud charges and obtained an emergency court order to stop a Hillsborough, Calif., investment adviser who is alleged to have misappropriated more than million from investors who were falsely promised that their money would be invested in the stock [...]

FOR IMMEDIATE RELEASE 2008-146 Washington, D.C., July 22, 2008 — The Securities and Exchange Commission staff today released a new ComplianceAlert letter identifying common deficiencies and weaknesses thatSecurity Exchange Commissionexaminers have recently found during compliance examinations of firms that are registered with the SEC. The ComplianceAlert is intended to foster robust compliance in the securities industry by [...]

FOR IMMEDIATE RELEASE 2008-145 Washington, D.C., July 18, 2008 — The Securities and Exchange Commission today announced that the Federal Home Loan Mortgage Corporation (Freddie Mac) has voluntarily registered its common stock under the Securities Exchange Act of 1934 and is now subject to the Act’s periodic and current reporting requirements. By voluntarily becoming a reporting [...]

FOR IMMEDIATE RELEASE 2008-143 Washington, D.C., July 15, 2008 - The Securities and Exchange Commission today issued an emergency order to enhance investor protections against “naked” short selling in the securities of Fannie Mae, Freddie Mac, and primary dealers at commercial and investment banks. The SEC’s order will require that anyone effecting a short sale in these securities [...]

FOR IMMEDIATE RELEASE 2008-144 Washington, D.C., July 16, 2008 — The Securities and Exchange Commission today charged the mayor of Beaufort, S.C., with insider trading on non-public information that he obtained while doing consulting work for a California biotechnology company. TheSecurity Exchange Commissionalleges that Mayor William J. Rauch purchased stock in Advanced Cell Technology, Inc., immediately after one [...]

FOR IMMEDIATE RELEASE 2008-139 Washington, D.C., July 11, 2008 — The Securities and Exchange Commission today announced that Wayne Strumpfer has been named to lead the investor education unit within the SEC’s recently expanded Office of Investor Education and Advocacy. Mr. Strumpfer will be responsible for leading the SEC’s efforts to help Americans of all ages better [...]

Prevention Effort Augments SEC’s Ongoing Enforcement Investigations FOR IMMEDIATE RELEASE 2008-140 Washington, D.C., July 13, 2008 — The Securities and Exchange Commission today announced that theSecurity Exchange Commissionand other securities regulators will immediately conduct examinations aimed at the prevention of the intentional spread of false information intended to manipulate securities prices. The examinations will be conducted by [...]

FOR IMMEDIATE RELEASE 2008-138 Washington, D.C., July 11, 2008 — The Securities and Exchange Commission today charged Houston-based energy company El Paso Corporation, its subsidiaries, and five former employees with fraud for improperly inflating their proved oil and gas reserves, making the companies’ financial statements materially misleading to investors. Additional Materials Litigation Release No. 20642 SEC Complaint The SEC’s complaint, filed [...]

FOR IMMEDIATE RELEASE 2008-142 Washington, D.C., July 14, 2008 — The Securities and Exchange Commission announced today that Meridith Mitchell has been named the agency’s Deputy General Counsel for Legal Policy and Administrative Practice. Ms. Mitchell fills the position previously held by Alexander F. Cohen, who recently became the SEC’s Deputy Chief of Staff. She joins Andrew [...]