SEC lawsuit freezes 3 Heartland mutual funds

Article Abstract:

Heartland was sued in Mar 2001 by SEC in US District Court in Illinois after the company's auditors refused to vouch for the value of the municipal bonds held in the funds last year. Three mutual funds, namely Heartland's High-Yield Municipal Bond fund, the Short Duration Munifical Fund and the Taxable Short Duration Municipal fund, have been placed under the control of a court-appointed receiver. As a result, around 1,700 investors were not able to get their money out until the funds are liquidated.

Open-End Investment Funds, Investment Companies, Heartland Appliances Inc.

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Other shoe drops on Madden

Article Abstract:

Steve Madden, the owner of Steve Madden Ltd, is faced with the possibility of failure once his involvement with massive, nationwide securities fraud is proven. Madden is charged with entering secret arrangements with Stratton Oakmont, a brokerage firm, to resell and flip initial public offering (IPO) shares back to Stratton Oakmont at a preset price. The deals, involving at least 31 IPO shares, earned Madden illegal profits which totaled almost $7 million.

Women's Nonrubber Footwear, Women's Footwear (except Athletic) Manufacturing, Steve Madden Ltd.

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SEC, Justice Department crack down on options exchanges

Article Abstract:

The SEC and the Justice Dept have sued the biggest options exchanges, alleging that they conspired to block competition and failed to follow their own rules. The exchanges are the American Stock Exchange, the Chicago Board Options Exchange, the Pacific Exchange and the Philadelphia Stock Exchange. The exchanges will spend a total of $77 million in the next two years as a result of the SEC's order to increase their spending on surveillance and enforcement.

Securities and Commodity Exchanges, Chicago Board Options Exchange, American Stock Exchange, Pacific Stock Exchange, Philadelphia Stock Exchange, American Stock Exchange L.L.C., Chicago Board Options Exchange Inc., Pacific Stock Exchange Inc., Philadelphia Stock Exchange Inc.

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