September 3, 2014

SEC Commissioner Aguilar: Enforcement Settlement As “Wrist Slap”

Recently, I’ve blogged about how the SEC Commissioners increasingly seem to be at odds with each other. It doesn’t seem like that trend will turn anytime soon as this NY Times article highlights last week’s unusual dissent from Commissioner Aguilar in an enforcement case. It is rare for a Commissioner to publicly issue a dissenting statement in an enforcement action.

In the dissent, Aguilar described a settlement with the former CFO of Affiliated Computer Services as “a wrist slap at best.” The case against the company was for financial fraud – and compensation was clawed back from the company’s former executives. Interestingly, this is one of the companies charged with options backdating a while back…

Whistleblowers: SEC Gives Internal Auditor $300K Award

Last week, the SEC awarded more than $300k to an internal auditor, the 1st time that the SEC has granted an award for a whistleblower with an audit or compliance function within a company.

Meanwhile, Steve Quinlivan reports about how the SEC is fighting off phony whistleblower submissions…

Spotlight on Vote Counting: Our 10 Question Checklist

Last week, we mailed the August-September Issue of The Corporate Counsel that includes pieces on:

– A Spotlight on Vote Counting: Our 10 Question Checklist
– The Latest on Shareholder Proposal Litigation
– Staff Discusses Shareholder Proposal Trends at 2014 Stakeholder Meeting
– Rule 144 and Shell Companies—Back on Our Wish List
– Rule 506(c) Verification—Recent Guidance from the Staff and from SIFMA

Act Now: Get this issue rushed to when you try a “Rest of ’14 for Free” No-Risk Trial today.

– Broc Romanek