Word: sec
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
Manipulation of a security is forbidden by law, though just what constitutes manipulation has not yet been defined. Pegging operations ("stabilization"') are subject to SEC rules & regulations, which have not yet been issued. In this legal swamp Lehman wanted to be on ground as solid as possible...
...first decision on the Securities Act of 1934. The case originated last year after J. Edward Jones, dealer in oil royalties, filed a registration statement with the Securities & Exchange Commission. Summoned to explain his facts & figures, Royalist Jones suddenly changed his mind, tried to withdraw the statement. This SEC forbade him to do (TIME, July...
Justices Stone, Brandeis and Cardozo held that SEC's rule was "wisely conceived and lawfully adopted to spoil the plans of those intent upon obscuring or suppressing the acknowledgment of their knavery...
Instead of taking any action itself, the Stock Exchange tipped off SEC, which in turn tipped off the New York State Bureau of Securities. Not until the day after the injunction was obtained last week did the gong on the rostrum above the floor of the Exchange bring trading to a halt for the formal announcement that Partner Meighan had been suspended for three years for "conduct or proceeding inconsistent with just and equitable principles of trade in that his firm . . . had engaged in reckless and unbusinesslike dealing. . . ." Later the New York Curb Exchange suspended McCaffrey's Curb members...
Into the Federal District Court in Cleveland last week marched SEC attorneys, charging Otis & Co., among other things, with having rigged the market in the stock of Murray Ohio Manufacturing Co. For Cyrus Eaton's Cleveland banking firm, which is trying with some success to stage a comeback from its Depression deflation, the SEC suit was vastly annoying. If SEC succeeds in building up a case against the firm, it will be on technicalities, since Otis customers have made money in Murray stock. Most of the stock was bought from large Murray shareholders, distributed to Otis customers at from...