The SEC announced it filed a civil action against Lee S. Rosen, the former Chairman of the Board of publicly traded New Generation Biofuels Holdings, Inc., alleging that he fraudulently evaded the reporting requirements concerning his ownership interest in New Generation shares held in five separate trusts in violation of the antifraud provisions and beneficial reporting provisions of the federal securities laws. According to the complaint, at various times from June 2007 through May 2010, Rosen, directly or indirectly profited from the sale of New Generation shares held in two of the five

The committee’s leadership team for the 113th Congress is: Rep. Gary Miller, who will serve as Vice Chairman; Rep. Lynn Westmoreland, who will serve in a newly created position as the Committee Whip. Rep. Randy Neugebauer, who will serve as Chairman of the Insurance, Housing and Community Opportunity Subcommittee. Rep. Shelley Moore Capito, who will serve as Chairman of the Financial Institutions and Consumer Credit Subcommittee. Rep. Scott Garrett, who will serve as Chairman of the Capital Markets and Government-Sponsored Enterprises Subcommittee. Rep. Patrick McHenry, who will serve as

The SEC barred an Arizona-based mutual fund manager from the securities industry for failing to follow the investment objectives of a stock mutual fund managed by his firm, leading to the fund’s collapse. The SEC found that the prospectus of Z Seven Fund (ZSF) stated that it sought long-term capital appreciation and restricted the use of options. Nonetheless, beginning in September 2009, the fund invested in put options for speculative purposes contrary to the fund’s stated investment policy. The losses from options trading and the ensuing investor redemptions ultimately resulted in ZSF’s

SEC Chairman Elisse Walter has announced the appointment of Paul A. Beswick as the agency's Chief Accountant. Mr. Beswick had been serving as Acting Chief Accountant for the past several months. View Press Release in full here (links externally to SEC website).

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a letter providing that DSIO will not recommend that the CFTC take action against certain CPOs, CTAs or any principal or associated person thereof who will be required to register with the CFTC pursuant to the recent amendment to CFTC Rule 4.5 or the rescission of Rule 4.13(a)(4). The no-action letter provides that the relevant entity or individual will not be required to be actually registered by the December 31 deadline, so long as an application to register has been filed by the deadline. See: CFTC Letter 12-68