Compliance Date for Final SEC Rule Requiring Companies to Disclose Relationship Between Executive Pay and Financial Performance is 1/1/17

The compliance date for the final SEC rule that requires publicly held companies to report on the relationship between executive pay and company financial performance is January 1, 2017 for companies whose fiscal years begin on January 1. The new rule implements Section 953(a) of the Dodd-Frank Act to provide greater transparency and better inform … Continued

Nigerian Man Arrested in Dallas for Elaborate Email Fraud Scheme

A Nigerian man has been arrested in Dallas, accused of defrauding 17 Texas companies out of more than $600,000 in an elaborate business compromise email (BCE) scheme, according to a news report. Amechi Colvis Amuegbunam, 28, is accused of creating false documents and fake Internet domains and using them to convince companies to wire money … Continued

Two Texans Convicted in Separate Health Care Fraud Cases

A San Angelo psychiatrist and a Denton nurse have been convicted of health care fraud in two separate cases. Dr. Robert Hadley Gross of San Angelo pleaded guilty to health care fraud and has been sentenced to six years in federal prison and ordered to repay more than $1.8 million in restitution.  He was indicted … Continued

Directors of American Standard Energy Sued for Fraud

Two former directors of American Standard Energy Corp. (ASEN) are being sued in the U.S. Bankruptcy Court for the Western District of Texas by the company for allegedly selling company property they didn’t own and putting a $20 million sale of the company’s assets in jeopardy. ASEN co-founder Randall Capps and former CEO Scott Feldhacker, … Continued

Texas Tycoon Tax Fraud Trial Underway in Dallas

The IRS has accused Texas tycoon Sam Wyly of a tax fraud scheme spanning many years that allegedly defrauded the government of taxes on more than $1.1 billion held in offshore trusts.  Wyly is currently on trial in a federal bankruptcy court in Dallas. The IRS is seeking $2.2 billion in back taxes, interest and … Continued

SEC to Proceed with Case Against SAC Capital Advisors Founder

In 2014, SAC Capital Advisors portfolio manager Mathew Martoma was convicted of insider trading and sentenced to nine years in prison.  Martoma was found guilty of seeking out confidential information about a clinical drug trial that enabled SAC Capital to realize profits of $275 million. Another SAC Capital manager, Michael Steinberg, was sentenced to 3 … Continued

A Beef with the IRS Over Prosecution of Nick’s Roast Beef

The owners of Nick’s Roast Beef, a highly popular deli located in the North Beverly suburb of Boston, are facing 17 federal criminal charges after the IRS indicted them for nonpayment of taxes. The two owners — Nicholas Koudanis and Nicholas Markos — are 65 and 70 years old respectively.  Nick’s has been a local … Continued

First Circuit Vacates SEC Sanctions Against Two Bank Execs

The U.S. Court of Appeals for the First Circuit has vacated a Securities and Exchange Commission (SEC) order that imposed sanctions against two State Street Bank and Trust Co. executives, saying that the SEC had abused its discretion in assessing liability to the two bankers. In Flannery v. SEC, the SEC brought charges against State … Continued

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