Word: sec
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...Browning-Ferris surprised Wall Street with a gloomier-than-expected earnings forecast and its stock plunged 19%. While most shareholders got trashed, Stanton and Hoover avoided $468,000 in losses with their timely sales. Disclosure of the trades led to the resignation of both executives as well as an SEC investigation, which is ongoing...
Stung by criticism of lax enforcement, the SEC has been pressured into cracking down. The watchdog agency has opened a raft of investigations into cases involving corporate insiders in recent months. In one of its toughest actions to date, the SEC last October filed insider-trading charges against three top officers at Shared Medical Systems. The executives, including CEO R. James Macaleer, are accused of making false statements about Shared Medical's financial health and then selling 157,400 shares, at 35 to 4114 each, before the Malvern, Pa., company disclosed a sudden sharp decline in its earnings. The news...
...though, the SEC is coming down the hardest on insiders who fail to file timely forms disclosing their trades and holdings. The regulatory agency won authority last year to impose fines of up to $50,000 for late or omitted filings. It also expanded the definition of insider. In the past, officers from vice presidents to CEOs were required to file. But now the category is defined by job function rather than by company title. Typically, executives with major responsibilities, including lab directors, actuaries and software developers, must file...
...improve surveillance, the SEC is beginning to use computer data bases to keep track of the nearly 200,000 insider filings that the agency receives each year. The changes have already boosted compliance. The number of insider reports filed after deadline has declined from 55% five years ago to less than...
Many critics, however, complain that the SEC's regulatory bark is worse than its bite. They point to a case, decided last month, involving Neil Rogen, founder and former chairman of Memory Metals, who without admitting or denying guilt agreed to a court order to settle insider-trading charges with forfeited profits and fines totaling $6 million. The SEC, though, waived the fines when Rogen said he didn't have the money to pay them...