| | | Effective PR

GM's UK arm, Vauxhall, is taking out full page advertisements in all major UK newspapers promoting a "lifetime warranty." But the headline is not the full story.

CoNet Section: 

It's almost six months since prosecutors in Gibraltar arrested Benjamin and Solomon Marrache of law firm Marrache and Co, alleging false accounting. That's a nice term for lying - and doing it in writing. But it's a little more complicated than that.

CoNet Section: 

The Law Society of England and Wales has issued an e-mail circular to solicitors referring to acceptable documents for client identification in relation to money laundering. Is it sufficient?

CoNet Section: 

The USA's Securities and Exchange Commission has unanimously voted to approve new rules to significantly curtail "pay to play" practices by investment advisers. Why not call it what it is - corruption?

BIScom Subsection: 

When Malaysia's Securities Commission imposed conditions on the activities of SJ Asset Management an unrelated company, SJ Securities, began to get calls from worried clients.

BIScom Subsection: 

International law firm Dechert LLP have announced that Thomas P. Vartanian, David L. Ansell, and Robert H. Ledig have joined the firm as partners in the Washington, D.C. office. All three were previously partners at Fried, Frank, Harris, Shriver & Jacobson LLP, where Vartanian served as chairman of the Financial Institutions Transaction Group.

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VW says - again - that it's courtship with Proton is off.

CoNet Section: 

The USA's Securities and Exchange Commission has issued civil proceedings against Spongetech Inc, and several officers and an affiliate company alleging a market abuse scheme involving fraudulent mistatement and pump and dump. The U.S. Attorney's Office for the Eastern District of New York has announced a parallel criminal action.

BIScom Subsection: 

On Friday 15th April 2010, the Securities and Exchange Commission was heavily criticised by the Office of the Inspector General. That day the SEC announced "fraud charges" against Goldman Sachs, sending markets reeling but diverting attention from the OIG report. Schapiro appeared before the House Subcommittee the following Monday, in part to rebut the OIG's findings. That the news agenda continued to be taken up with the Goldman's action and paid little or no attention to her appearance before the subcommittee's Appropriations Committee (applying for funding for the SEC) demonstrates the success of the diversionary tactic. Her full testimony is below (unedited)

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It really would be helpful if the USA would stop inventing new uses for existing terms: they did it with "billion" and "Orient," they get "protest" wrong and they really, really, really don't have a grip on "terrorism." But despite that, their warnings about "sovereign citizens" should not be ignored and financial institutions are in the front line.

"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.

New Zealand's Securities Commission is to issue civil proceedings against Nuplex Industries Limited and several present and former directors in the SC's first "continuous disclosure" case and papers are being filed at The High Court in Wellington this morning. The company is dual-listed in NZ and Australia.

BIScom Subsection: 

The value of client data is demonstrated by the case of a San Jose law firm. A clerk stole data and used it to forge credit applications. And it was not the only professional business targeted.

CoNet Section: 

The UK's Financial Services Authority has fined Credit Suisse, Getco Europe and Instanet Europe for failing to put in place measures to aid the FSA in identifying possible market abuse.

BIScom Subsection: 

David B. Stocker, a lawyer in Phoenix, Arizona, pleaded guilty on11 March 11, 2009, in U.S. District Court in Alexandria, Virginia., for his participation in a stock manipulation conspiracy known as a "pump-and-dump" scheme. On 12 March 2010 (yes, a year later) Stocker has been sentenced.

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