Gawker
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apple
SEC Still Investigating Steve Jobs, Stock Be Damned
The Securities and Exchange Commission is reportedly still investigating whether Apple misled investors about Steve Jobs' health. That the company's stock has nearly doubled in the intervening six months is apparently beside the point — as it should be. More »
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By Ryan TateComment by Aaron Altman: Good for the SEC. In the post-Madoff world, both it and the DOJ are crackin' that whip. Better... 4 Responses | Other threads
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moguls
Mark Cuban's High Definition Dreams Crushed By Time Warner
Mark Cuban concedes his HDNet has been permanently kicked off Time Warner Cable Systems nationwide. It's a rough time for the mouthy internet entrepreneur. More »
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By Ryan TateComment by Cutting Makes You Sexy: Hey. Have you guys seen Role Models? You know that guy from Role Models who plays Oggie's dad? Mark Cuban reminds... 1 Responses | Other threads
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crime
Danny Pang, California's Answer to Bernie Madoff, Arrested
The FBI has arrested Orange County financier Danny Pang on money-laundering charges, as his firm, PEMGroup, faces an SEC investigation. It's a classic law-enforcement move, like when Eliot Ness caught Al Capone on tax evasion. More »
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By Owen ThomasComment by stylin: Everything other word he says is a lie. He will promise you the world. I have never seen a con-artist... more » | Other threads
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crime
Danny Pang's Last Gamble
A dead stripper wife. A gambling habit. A made-up résumé. All Southern California financier Danny Pang needed to complete the picture was an SEC investigation of an alleged Ponzi scheme. Now he has that, too. More »
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By Owen ThomasComment by Gawkchalk: what ever happened to all of the good asian roll models? 4 Responses | Other threads
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scandal
Did Apple's Ex-CFO Rat Out Steve Jobs?
Forbes has a cover story on how Steve Jobs got himself in hot water with the SEC over stock options. The magazine is part-owned by former Apple CFO Fred Anderson. Do the math. More »
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By Owen ThomasComment by stanhalen: Alway good for a laugh. Rich guys reverting to the little school yard bitches that they are and always have... 2 Responses | Other threads
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steve jobs
Now the SEC Wants to Know How Steve Jobs Is Feeling
"Why don’t you guys leave me alone?" Apple CEO Steve Jobs testily asked a Bloomberg reporter probing him about his health. Good luck with that: The Securities and Exchange Commission is asking, too. More »
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By Owen ThomasComment by Aaron Altman: Oh, man - if he gets on that earnings call, that'd be something. Any idea who might liveblog it? 3 Responses | Other threads
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wall street
A Bloodthirsty Public Finds the Villains We Want
The national mood demands businessmen in handcuffs. And here's one already: Federal agents have arrested Bernie Madoff, the 70-year-old founder of a Wall Street brokerage, accusing him of bilking $50 billion from investors.
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By Owen ThomasComment by Private Hangnail: For a long time I'd hear about Ponzi shemes and think: Why are these con jobs named after a character... 5 Responses | Other threads
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crime
VC bust proves sports teams a better bet than startups
The Securities and Exchange Commission has caught up with William "Boots" Del Biaggio, a venture capitalist once dubbed a "young financial god," on charges of defrauding clients and banks out of $65 million — in part so he could buy a sports team.
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By Owen ThomasComment by SFJoe: Sports teams will always be worth something? Maybe, but the Yorks and their 49ers are trying their best to prove... 1 Responses | Other threads
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insider trading
Mark Cuban fights back
Dallas Mavericks owner and dotcom jillionaire Mark Cuban has posted an SEC P2 filing to his personal blog. Cuban can run a team, but he's a bit sloppy trying to put the paperwork in context. In short: The SEC has accused Cuban of ordering the sale of his shares in Mamma.com in 2004, based on inside info, to avoid a $750,000 loss. Here's what Cuban is trying to say with his post: More »
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By Paul BoutinComment by D14BLO: Paul, you called Cuban sloppy, then made two errors relaying rather vital information one sentence later: "The SEC has... 2 Responses | Other threads
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mark cuban
Blog maverick charged with insider trading
The SEC has filed charges against Dallas Mavericks owner and dot-com billionaire Mark Cuban. The Wall Street Journal, which disgraced Cuban with a stipple portrait this morning, sums up the paperwork thusly: More »
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By Paul BoutinComment by nobuggin: When you have over a billion, why risk an insider trading charge over $750k? He should have just sucked... 2 Responses | Other threads
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mysteries
What's wrong with SGI?
Computer maker SGI has yet to file its annual report with the SEC. Its excuse: The company is "continuing to work with its independent auditors, KPMG, to help them complete their audit procedures." That's a bit like telling your 3rd-grade teacher that your homework is late because you're still working on it. The company recently laid off 7 percent of its workforce, and SGI CEO Bo Ewald also got a $150,000 bonus that, under the terms of the company's bonus plan, was undeserved.
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By Owen ThomasComment by Spy from the Land of Rainpeople: I'm no longer up to speed on SGI. The last time I spoke with my friends at SGI they told... 2 Responses | Other threads
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Nancy Heinern
Apple's former top lawyer settles options-backdating case for $2.2 million
Nancy Heinen, former general counsel for Apple, has reached a settlement with the Securities and Exchange Commission. She neither admits nor denies wrongdoing over charges that she forged board documents to backdate executive stock options — instead, she gets to avoid a trial. Heinen also agrees to pay $2.2 million and is barred from serving as an officer of a public company or practicing law before the SEC for five years. Who will sculpt a bust wreathed with laurels in the honor of a woman who so courageously fell on her sword for tyrant CEO Steve Jobs? [WSJ] -
blogging for dollars
SEC, Sun CEO make sure blogging will never be fun again
Blame Jonathan Schwartz. Sun Microsystems' ponytailed Mission-hipster foodie CEO complained in 2006 that he couldn't post corporate news on his blog. SEC chairman Chris Cox stepped to, initiating a two-year study that has just concluded that yes, posting "non-public material information" on a website might suffice as a means of disclosure. What this will really accomplish: More »
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By Owen ThomasComment by Uncle-Sam's Littlle Helper: I tryed to contact Mr. Schwartz as I read an article in HBR. But this guy did not even reply.... more » | Other threads
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bad ideas
Why LinkedIn's getting into the insider-trading business
You'd think LinkedIn management, which has made no secret of its plans to take its automated schmoozefest public, would be trying to avoid trouble with the Securities and Exchange Commission. Not so. They're aggressively marketing the company's latest moneymaking scheme, LinkedIn Research, to hedge fund managers. The premise: Traders can use LinkedIn to find "experts" with "unique input" on public companies in their portfolio. What LinkedIn marketers delicately phrase as "input," SEC investigators might well call "inside information." And the only thing actionable about the whole affair might be the insider-trading charges that result. More »
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By Owen ThomasComment by steve94301: I think the author misses a major point. Talking to people at a public company is perfectly okay--as long as... more » | Other threads
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crime
Broadcom gives "backdating" a whole new meaning
After the SEC accused Henry Nicholas and Henry Samueli, founders of chipmaker Broadcom, of illegally backdating stock options for five years, Samueli stepped down as board chairman and CTO. Nicholas had stepped down from his post as CEO in 2003 amidst allegations of having a drug habit and flying friends and prostitutes from around the country to an underground party lair he'd built in his home. More »
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By Jackson WestComment by pete: Who wouldn't have a drug habit and an underground party lair if you had that kind of money? I think it... more » | Other threads
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lawsuits
Google discloses ex-Pixar CFO's legal trouble — but Disney doesn't
The stock-options backdating scandal, which bored Silicon Valley the day the SEC first announced its investigations, continues. The latest to disclose a brush with the law: Google. Google has not been accused of misleading investors by moving up the grant date of stock options, making them more profitable for the executives who received them. But Google board member Ann Mather, the former CFO of animation studio Pixar, has, and the SEC is now initiating legal proceedings against her. More » -
venture capital
New transparency on Sand Hill Road
Beginning March 17, 2009, the SEC will require companies raising funds from venture capitalists and others to file Regulation D forms electronically. That will make the disclosures instantly available to anyone with a computer, PEHub reports. Until then, startups will continue to submit Reg Ds on paper to the SEC, which then makes two copies, eventually sending one to Thomson Financial. The process usually takes long enough that reporters don't find out about new investments until VC and funded companies announce them. (Photo by gholzer) -
deals
ChaCha scandal leaves SEC searching for the truth
Indiana University's decision to partner with "human-powered" search engine ChaCha shouldn't have been controversial. ChaCha's based in Indiana and was founded by two IU alumni. Universities often have ties to local startups. Did anyone question Stanford's use of Google, or a professor's investment in the company? No, the controversy comes because no one actually believes that ChaCha is a better search engine than Google, and, more importantly, the partnership conscripts the university's library and IT staff into working for the search engine for free. And it's always the coverup, never the cime. In attempting to downplay university president Michael McRobbie's ties to ChaCha, university officials made the situation much, much worse. Someone's lying. It's just a question of to whom, and when. More »
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By Tim FaulknerComment by lizadittoe: Hi, I wanted to clear up some errors. Michael McRobbie's name on the Form D was an inadvertent error. ChaCha... more » | Other threads
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