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Displaying 41-50 out of 63 results for "TICs".

Persistence and Mean Reversion in Market Data

Jason Voss at the CFA Institute has recently written a very interesting series of posts on the Hurst exponent, which is "a method for detecting persistence, randomness, or mean reversion in financial markets." The Hurst exponent measures the degree to which a signal depends on previous values--a phenomenon known as autocorrelation--and specifically whether values tend to 'switch' (e.g., high values followed by low values) or 'persist' (e.g., high values followed by other high values). Jason...

SEC Litigation Releases: Week in Review - January 25th, 2013

Randy M. Cho Sentenced to Prison Term of 12 Years in Criminal Action
January 24, 2013, (Litigation Release No. 22601)
Randy M. Cho was sentenced in a criminal action to 12 years in federal prison on charges of "perpetrating an investment scheme between 2001 and October 2009, which resulted in almost $8 million in losses from 57 investors." In addition to the prison sentence, Cho has been ordered to pay restitution of almost $8 million. In 2009, the SEC permanently enjoined Cho from violating...

FINRA Dispute Resolution Statistics 2012

Last week, we covered NERA's analysis of SEC settlements during FY2012. This week, we're taking a look at FINRA's recent release of their dispute resolution summary statistics. FINRA arbitration is a common way for investors to pursue restitution for damage caused by fraud, negligence, or other fiduciary breaches. FINRA provides a detailed summary of the arbitration process and claims can be filed either online or by mail.

Through December of this year, FINRA reports that the number of new...

SEC Litigation Releases: Week in Review - January 18th, 2013

SEC Charges Georgia Resident with Insider Trading
January 17, 2013, (Litigation Release No. 22596)
According to the complaint (opens to PDF), John M. Darden III traded with non-public information regarding the merger between Southwest Airlines Company and AirTran Holdings, Inc. Darden, who gained over $150,000 in profits from the illicit trading, agreed to a final judgment that provides permanent injunctive relief and orders him to pay over $325,000 in disgorgement, pre-judgment interest, and...

SLCG Research: Tenants-in-Common Interests

While we've spent a great deal of time talking about non-traded REITs on this blog, so far we've given less attention to another kind of real estate investment that has also been sold to investors based on questionable merits: tenants-in-common (TIC) interests. TICs are private placement investments that were very popular during the real estate boom of 2002-2008, but have suffered tremendously when the markets turned sour. We discussed TICs in our paper on non-traded REITs, but we felt that...

SEC Litigation Releases: Week in Review - November 23rd, 2012

Brian Stoker Found Not Liable
November 21, 2012, (Litigation Release No. 22541)
On July 31, 2012, the United States District Court for the Southern District of New York found Brian H. Stoker, former Citigroup Global Markets Inc. employee, "not liable for violations of the Federal securities laws related to the issuance of a $1 billion collateralized debt obligation (CDO) called Class V Funding III." The SEC did not appeal the verdict, and "the time for appeal has expired." The SEC filed its...

SEC Under Pressure Regarding JOBS Act Provisions

According to InvestmentNews, the SEC is being asked to abandon their new rules allowing hedge funds and other private placements to actively advertise to investors. We've discussed these issues before, as we think this could mark a significant change in how the public views this highly opaque and unregulated market. From the article:

Critics assert that the SEC proposed rule on private-fund advertising was too vague and would hurt investors by allowing them to be lured in by slick sales...

SEC Litigation Releases: Week in Review - September 28th, 2012

Court Enters Final Judgments by Consent Against SEC Defendants Shay Keren and Lawrence Steven Cohen
September 27, 2012, (Litigation Release No. 22498)
The SEC announced that final judgments have been entered against Shay Keren and Lawrence Steven Cohen which permanently enjoins them from violating sections of the Securities Act and Exchange Act as well as bars them from "participating in an offering of penny stock for a period of five years." The SEC filed a complaint in September 2008 against...

SEC Litigation Releases: Week in Review - August 24th, 2012

SEC Charges New York-Based Firm and Owner in Penny Stock Scheme
August 23, 2012,(Litigation Release No. 22457)
Edward Bronson and his company, E-Lionheart Associates LLC (which also conducts business under the name Fairhills Capital Inc.), have been charged by the SEC with conducting a penny stock scheme in which they allegedly reaped over $10 million in illegal profits. The alleged scheme involved buying shares at deep discounts from over 100 penny stock companies and then selling them...

The JOBS Act and Private Placements

The Jumpstart Our Business Startups (JOBS) Act (PDF) that was enacted this past April was ostensibly designed to increase investment opportunities by relaxing certain regulatory requirements on small businesses. There are several excellent reviews of the provisions of the JOBS Act, which not surprisingly is a lengthy and impenetrable document, and there has been considerable debate between proponents, who argue that increased investment opportunities can help support new business ventures...

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