Michael Maloney, Enforcement’s Chief Accountant, to Leave SEC

The Securities and Exchange Commission today announced that Michael F. Maloney, Chief Accountant of the SEC’s Division of Enforcement, is planning to leave the agency next month.

Since February 2014, Mr. Maloney has led the Division’s Office of Chief Accountant, providing advice, consultation, and support on all of the Division’s accounting, auditing, and financial reporting enforcement matters.  He has provided leadership and support to the Division’s approximately 100 accountants through advice, guidance, and involvement on individual enforcement matters as well as facilitating communication, knowledge sharing, and training on emerging issues.  In addition, Mr. Maloney has worked on significant policy issues within the Division and with other Commission staff including the SEC’s Office of the Chief Accountant and the Division of Corporation Finance, and he has played a leadership role in the Division’s coordination with the Public Company Accounting Oversight Board’s enforcement program. 

“Mike has been a trusted advisor to the Division in accounting, auditing, and reporting matters,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.  “As the Division’s Chief Accountant, Mike has brought significant expertise and insight to the SEC’s financial fraud investigations.  His leadership and integrity have been tremendous assets in our fight against financial fraud, and we will miss his sage advice in these matters.”

Mr. Maloney said, “It has been the honor of my career to work with the incredibly talented and dedicated enforcement accountants and attorneys who work every day to protect investors on the Division’s complex and challenging financial reporting matters.  I am very proud of the results that the Division has achieved on financial reporting matters over the past four years.”

During Mr. Maloney’s tenure as the Division’s Chief Accountant, the SEC has brought financial reporting enforcement actions addressing a wide range of misconduct, including:

• Weatherford International and two senior executives for fraudulently inflating earnings reported to investors by using deceptive income tax accounting
• Penn West Petroleum Ltd. and three top finance executives for defrauding investors through an allegedly extensive, multi-year accounting fraud that moved hundreds of millions of dollars in expenses from operating expenses to capital accounts
• Monsanto Company and three executives for failing to recognize millions of dollars of expenses associated with rebates for a flagship product in the period in which they occurred, resulting in materially misstated earnings over three years
• ITT Educational Services and two senior executives for allegedly fraudulently concealing from investors the poor performance and looming financial impact of two student loan programs that ITT financially guaranteed
• Proceedings against BDO USA and five of its partners, Grant Thornton LLP and two of its partners, Ernst & Young LLP and two of its partners, and KPMG LLP and one of its partners for professional failures in audits of clients that faced SEC actions
• Ernst &Young LLP and three of its partners for auditor independence violations due to close personal relationships between auditors and client personnel

Mr. Maloney joined the SEC from Navigant Consulting Inc., where he was a managing director and led the firm’s forensic accounting practice.  He was previously a partner at Arthur Andersen LLP.  His experience includes performing complex forensic investigations of accounting, auditing, financial reporting, and other fraud matters, providing expert witness support and services, and performing and supervising financial statement audits at public and private entities in a variety of industries.  Mr. Maloney earned his B.S. in Accountancy with high honors from the University of Illinois.

SEC Press Release

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SEC Halts Alleged Initial Coin Offering Scam

The Securities and Exchange Commission obtained a court order halting an allegedly fraudulent initial coin offering (ICO) that targeted retail investors to fund what it claimed to be the world’s first “decentralized bank.”

According to the SEC’s complaint, filed in federal district court in Dallas on Jan. 25 and unsealed late yesterday, Dallas-based AriseBank used social media, a celebrity endorsement, and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months.

AriseBank and its co-founders Jared Rice Sr. and Stanley Ford allegedly offered and sold unregistered investments in their purported “AriseCoin” cryptocurrency by depicting AriseBank as a first-of-its-kind decentralized bank offering a variety of consumer-facing banking products and services using more than 700 different virtual currencies.  AriseBank’s sales pitch claimed that it developed an algorithmic trading application that automatically trades in various cryptocurrencies.

The SEC alleges that AriseBank falsely stated that it purchased an FDIC-insured bank which enabled it to offer customers FDIC-insured accounts and that it also offered customers the ability to obtain an AriseBank-branded VISA card to spend any of the 700-plus cryptocurrencies.  AriseBank also allegedly omitted to disclose the criminal background of key executives.

“We allege that AriseBank and its principals sought to raise hundreds of millions from investors by misrepresenting the company as a first-of-its-kind decentralized bank offering its own cryptocurrency to be used for a broad range of customer products and services.  We sought emergency relief to prevent investors from being victimized by what we allege to be an outright scam,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“This is the first time the Commission has sought the appointment of a receiver in connection with an ICO fraud.  We will use all of our tools and remedies to protect investors from those who engage in fraudulent conduct in the emerging digital securities marketplace,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division.

Shamoil T. Shipchandler, Director of the SEC’s Fort Worth Regional Office, said, “Attempting to conceal what we allege to be fraudulent securities offerings under the veneer of technological terms like ‘ICO’ or ‘cryptocurrency’ will not escape the Commission’s oversight or its efforts to protect investors.”

The court approved an emergency asset freeze over AriseBank, Rice, and Ford and appointed a receiver over AriseBank, including over its digital assets.  The SEC intervened to protect the digital assets before they could be dissipated, enabling the receiver to immediately secure various cryptocurrencies held by AriseBank including Bitcoin, Litecoin, Bitshares, Dogecoin, and BitUSD.  AriseCoin’s public sale began around Dec. 26, 2017, and was originally scheduled to conclude on Jan. 27, 2018, with distribution to investors on Feb. 10, 2018.  The SEC seeks preliminary and permanent injunctions, disgorgement of ill-gotten gains plus interest and penalties, and bars against Rice and Ford to prohibit them from serving as officers or directors of a public company or offering digital securities again in the future.

The SEC’s investigation was conducted by David Hirsch and supervised by Jessica Magee and Eric Werner in the Fort Worth Regional Office in coordination with the Enforcement Division’s Cyber Unit.  The litigation is being conducted by Timothy Evans, Christopher Davis, and Mr. Hirsch, and supervised by B. David Fraser.  The SEC appreciates the assistance of the Federal Bureau of Investigation, U.S. Attorney’s Office for the Northern District of Texas, Federal Deposit Insurance Corporation, U.S. Patent and Trademark Office, and Texas Department of Banking.

Investors in the AriseBank ICO who believe they may be a victim are asked to report it to the SEC as a tip or complaint.

The SEC’s Office of Investor Education and Advocacy issued an Investor Alert in August 2017 warning investors about scams of companies claiming to be engaging in initial coin offerings.

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

Davos: Bitcoin is not a currency - Jan. 26, 2018

"Davos is clear on bitcoin: It's an interesting investment, but please don't call it a currency."



Plus, the exchanges are under attack and being hacked.



More at CNN Money - Davos: Bitcoin is not a currency - Jan. 26, 2018

SEC Invites Regulated Entities to Voluntarily Submit Self-Assessments of Diversity Policies and Practices

The Securities and Exchange Commission (SEC) Office of Minority and Women Inclusion (OMWI) today introduced its Diversity Assessment Report for Entities Regulated by the SEC.

OMWI created the Diversity Assessment Report to complement the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies (Joint Standards) issued by the SEC and five other federal financial regulatory agencies on June 10, 2015.

The Diversity Assessment Report is designed to help regulated entities conduct self-assessments of their diversity policies and practices, as envisioned by the Joint Standards, and provides these entities with a template for submitting information about their self-assessments to OMWI. The Joint Standards also encourage regulated entities to publish information related to their self-assessments on their websites.

"This is an important step in our efforts to understand the diversity and inclusion efforts of our regulated entities, as well as promote transparency and awareness in this area," said Pamela Gibbs, Director of OMWI.

Use of the Joint Standards by regulated entities is voluntary. Likewise, conducting self-assessments and providing diversity assessment information to OMWI are also voluntary. The SEC may use the information from entities' self-assessments to identify which policies and practices reflected in the Joint Standards have been adopted by SEC-regulated entities and to highlight diversity policies and practices that have been successful.

SEC-regulated entities will receive an email from OMWI inviting them to complete the Diversity Assessment Report online using a secure web portal. Additionally, OMWI has published a set of Frequently Asked Questions on its webpage to provide more information about the Joint Standards and the Diversity Assessment Report. 

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

Six Accountants Charged with Using Leaked Confidential PCAOB Data in Quest to Improve Inspection Results for KPMG

The Securities and Exchange Commission today announced charges against six certified public accountants – including former staffers at the Public Company Accounting Oversight Board (PCAOB) and former senior officials at KPMG LLP – arising from their participation in a scheme to misappropriate and use confidential information relating to the PCAOB's planned inspections of KPMG.

The SEC's Division of Enforcement and Office of the Chief Accountant allege that the former PCAOB officials made unauthorized disclosures of PCAOB plans for inspections of KPMG audits, enabling the former KPMG partners to analyze and revise audit workpapers in an effort to avoid negative findings by the PCAOB. Two of the former PCAOB officials had left the PCAOB to work at KPMG. The SEC's Enforcement Division and Office of the Chief Accountant allege the third official leaked PCAOB data at the time he was seeking employment with KPMG. The three former KPMG partners were all in the firm's national office. According to the SEC's order, the misconduct began in 2015 and persisted until February 2017. Soon after the conduct was discovered, the six respondents were terminated, resigned or placed on leave before separating from KPMG and the PCAOB, respectively.

"As alleged, these accountants engaged in shocking misconduct – literally stealing the exam – in an effort to interfere with the PCAOB's ability to detect audit deficiencies at KPMG," said Steven Peikin, Co-Director of the SEC's Enforcement Division. "The PCAOB inspections program is meant to assess whether firms are cutting corners, compromising their independence, or otherwise falling short in their responsibilities. The SEC cannot tolerate any scheme to subvert that important process."

In a parallel action, the U.S. Attorney's Office for the Southern District of New York today announced criminal charges against the six accountants.

The Chairman of the SEC, Jay Clayton, has issued a statement concerning these charges. The SEC stands ready to work with issuers to ensure that collateral effects, if any, to issuers and, in particular, their shareholders are minimized.

The SEC's Enforcement Division and Office of the Chief Accountant allege that while preparing to leave his supervisory position at the PCAOB for a job at KPMG, Brian Sweet downloaded confidential and sensitive inspection-related materials that he believed might help him at KPMG. KPMG had recruited him to join the firm at a time when it had a high rate of audit deficiencies. Indeed, nearly half of the KPMG audits that the PCAOB inspected in 2013 were found deficient.

After leaving the PCAOB, Sweet allegedly continued to gain access to confidential PCAOB materials through Cynthia Holder, a PCAOB inspector. After Holder joined Sweet at KPMG, a third PCAOB employee, Jeffrey Wada, allegedly leaked confidential information about planned PCAOB inspections of KPMG to Holder. According to the SEC's order, Wada leaked this information while he was seeking employment at KPMG.

The SEC's Enforcement Division and Office of the Chief Accountant allege that upon his arrival at KPMG, Sweet told his supervisors in KPMG's national office that he had taken confidential materials from the PCAOB and revealed, for example, the KPMG audit clients that the PCAOB intended to inspect that year. Allegedly encouraging Sweet to divulge the stolen information to them and others at the firm were his supervisors – David Middendorf, KPMG's then-national managing partner for audit quality and professional practice and Thomas Whittle, KPMG's then-national partner-in-charge for inspections and another high-level partner at the firm, David Britt, KPMG's banking and capital markets group co-leader. The SEC's Enforcement Division and Office of the Chief Accountant allege that Middendorf, Whittle, Sweet, Holder, and Britt worked together to review the audit workpapers for at least seven banks they were told the PCAOB would inspect in an effort to minimize the risk that the PCAOB would find deficiencies in those audits. Middendorf and Whittle allegedly instructed that no one disclose that they had confidential PCAOB information.

Sweet has agreed to settle to a Commission Order requiring that he cease-and-desist from violating PCAOB ethics rules and barring him from appearing or practicing before the Commission as an accountant based on findings that he, among other things, violated PCAOB ethics rules regarding confidentiality and lacks integrity.

The case will be scheduled for a public hearing before an administrative law judge, who will prepare an initial decision stating what, if any, remedial actions are appropriate.

The SEC's investigation, which is continuing, has been conducted by Ian Rupell and supervised by Rami Sibay. Along with Mr. Rupell, the litigation will be conducted by Melissa Armstrong, and supervised by Fred Block. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York as well as the U.S. Postal Inspection Service.

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

Robert Jackson and Hester Peirce Sworn In as SEC Commissioners

Robert J. Jackson Jr. and Hester M. Peirce were sworn into office as SEC Commissioners this morning by SEC Chairman Jay Clayton.

Mr. Jackson and Ms. Peirce were nominated to the SEC by President Donald Trump, and their nominations were confirmed by the U.S. Senate on Dec. 21.  Both new commissioners participated in today’s inaugural meeting of the SEC’s Fixed Income Market Structure Advisory Committee.

“I look forward to working with Rob and Hester as we continue our focus on our vital mission and ensuring that our markets are working for the benefit of Main Street investors," Chairman Clayton said. “It is clear to me they will bring energy, commitment, and dedication to our work and have our mission at the front of their minds.”

“I’m honored to join Chairman Clayton and Commissioners Stein, Piwowar and Peirce in the SEC’s critical mission of ensuring that investors are protected, that our markets provide a level playing field for all Americans, and that entrepreneurs have access to the capital they need to create jobs," said Commissioner Jackson.  “The SEC boasts a talented and dedicated staff, and I’ll do all I can to support their efforts to make sure our securities laws keep pace with our ever-changing markets.”

“It is such an honor to return to the SEC to work with my colleagues on the Commission and the staff for the benefit of investors and the American economy,” said Commissioner Peirce. 

Commissioner Jackson comes to the SEC from NYU School of Law, where he was a professor of law.  He previously was professor of law and director of the Program on Corporate Law and Policy at Columbia Law School.  He also has served as an adviser at the Treasury Department and in the Office of the Special Master for TARP Executive Compensation.  Commissioner Jackson earned his BA from the University of Pennsylvania, a BS and MBA in Finance from Wharton, an MPP from Harvard University’s Kennedy School of Government, and his JD from Harvard Law School.

Commissioner Peirce comes to the SEC from the Mercatus Center at George Mason University where she served as a Senior Research Fellow and Director of the Financial Markets Working Group.  She previously worked for U.S. Senator Richard Shelby on the Senate Committee on Banking, Housing, and Urban Affairs, and, prior to that, as counsel to then-SEC Commissioner Paul S. Atkins and as a Staff Attorney in the Division of Investment Management.   Commissioner Peirce earned her BA in economics from Case Western Reserve University and her JD from Yale Law School.

Commissioner Jackson fills a term that expires on June 5, 2019, and Commissioner Peirce fills a term that expires on June 5, 2020.

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

Dr. Timothy Timura Named Deputy Chief Economist

The Securities and Exchange Commission has named Dr. Timothy Timura, CFA, as Deputy Director and Deputy Chief Economist in the agency’s Division of Economic and Risk Analysis (DERA).

Dr. Timura joins DERA from the faculty of the Kogod School of Business at American University, where he has been an Executive in Residence.  Dr. Timura has more than 30 years of experience serving individual and institutional investors as a professional money manager, and he has held senior management positions with private financial institutions and the State Teachers Retirement System of Ohio.  Dr. Timura also taught finance and economics at Ohio State University, Lehigh University, and Albright College.

Dr. Timura will assist the Chief Economist on a wide range of agency activities focusing initially on economic policy in agency rulemaking.

“Tim brings a wealth of academic knowledge and industry expertise in finance that will significantly help the Commission’s efforts in financial economics and risk analysis,” said Dr. Jeffrey Harris, DERA Director and Chief Economist.  “I’m looking forward to working with him and truly appreciate Tim’s willingness to help DERA serve investors.”

Dr. Timura said, “It is a great honor to serve the public here at the SEC and I’m excited to have this opportunity to share my experience with the dedicated staff in DERA as we work on behalf of the long-term interests of Main Street investors.” 

Dr. Timura is a graduate of Dickinson College and has an M.S. from the University of Pennsylvania, an M.B.A. from the University of Wisconsin-Madison, an Ed.D. from the University of Pennsylvania, and a D.M. from Case Western Reserve University.  Dr. Timura’s doctoral research focused on the challenges faced by average investors when seeking to secure their own financial futures specifically exploring interactions between investors and investment professionals and how their relationships may be enhanced.

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

SEC and NYU to Host Jan. 19 Forum on Relationship Between Companies and Shareholders

The U.S. Securities and Exchange Commission’s Division of Economic and Risk Analysis is partnering with New York University’s Salomon Center for the Study of Financial Institutions to bring together regulators, practitioners, and academics for a half-day symposium January 19 at NYU. Panelists will discuss the evolution of shareholder engagement over time and its impact on corporate governance, focusing in particular on the shifting roles and influence of institutional and activist investors.

“Shareholder engagement serves as one of the cornerstones of good corporate governance, and the continually-changing landscape for retail participation in our markets means that we must continually examine the role and responsibilities of institutional investors and other intermediaries,” said Dr. Jeffrey Harris, Director of DERA and the SEC’s Chief Economist. “I appreciate our ongoing collaboration with NYU to foster academic dialogue around issues of importance for retail investors.”

Attendees can expect discussions focusing on the causes and consequences of current governance practices, the current state of shareholder engagement and its effects on management and shareholders, methods of engagement, and the evolution of key stakeholders’ roles in the corporate governance arena.

The event is free and is open to the public, and will kick off with welcoming remarks by SEC Chairman Jay Clayton at 9:15 am at NYU’s Salomon Center located at 44 West 4th Street, New York, NY. Information about the event agenda and webcast will be available at DERA Events. The public is welcome to attend, and are asked to register in advance. 

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

SEC Names Richard Best As Regional Director of Atlanta Office

The Securities and Exchange Commission today named Richard R. Best as Regional Director of its Atlanta office.

Mr. Best will succeed Walter Jospin, who is leaving the agency at the end of this month. 

For the past two-and-a-half years, Mr. Best has served as Director of the SEC’s Salt Lake office, where he supervises the agency’s enforcement program in Utah.  He joined the SEC from the Financial Industry Regulatory Authority (FINRA) in New York, where he was a senior director and chief counsel in its Department of Enforcement.  Mr. Best previously held other supervisory and investigative positions within FINRA’s Enforcement function.  He also spent approximately 10 years as a prosecutor in the Office of the Bronx County District Attorney, where he handled and supervised high-profile public integrity and organized crime prosecutions, among other matters.

Under Mr. Best’s stewardship, the Salt Lake office has investigated, brought and litigated a number of impactful enforcement cases, including the agency’s actions against:

• Two Las Vegas-based individuals and their company for operating a prime bank investment scheme that promised investors sky-high returns
   
• A Cache County, Utah, man who solicited investors, including members from his church congregation, in a bogus scheme involving investments in “top secret” Iraqi currency and oil contracts
   
• Marquis Properties LLC and its CEO Chad R. Deucher for orchestrating a $28 million Ponzi scheme that defrauded more than 250 investors throughout the United States
   
• Las Vegas-based Hemp Inc., its CEO, and others with engaging in a long-running fraudulent scheme to evade the registration provisions of the federal securities laws

• The operator of a Utah-based international Ponzi scheme that raised more than $207 million from investors worldwide, primarily in the U.S., India and Russia

As Director of the SEC’s Atlanta office, Mr. Best will lead a staff of more than 160 enforcement attorneys, accountants, investigators, and compliance examiners involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the Atlanta region, which covers Georgia, North Carolina, South Carolina, Tennessee, and Alabama.

“I am excited that Richard is taking over as head of our Atlanta Regional Office, and I thank Walter for his exemplary service,” said SEC Chairman Jay Clayton.  “Richard has made a lasting impression in the Salt Lake Regional Office and I am confident that he will continue to protect the long-term interests of American investors through his leadership in Atlanta.”

“Richard’s investigative experience, strong knowledge of industry practices and excellent trial skills position him well to lead the SEC’s Atlanta office,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.  “He is an experienced and inspirational manager who is held in high regard by our team in Salt Lake.”

“As leader of the SEC’s Salt Lake Regional Office, Richard has distinguished himself not only by bringing high-impact cases, but also through his creative efforts to connect with investors,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division.  “We are thrilled he will bring his impressive qualities to the SEC’s Atlanta office.”

Peter B. Driscoll, Director of the SEC’s Office of Compliance Inspections and Examinations, said, “Richard has been a very strong leader of the Salt Lake Regional Office for several years, and we are delighted to have him lead our dedicated examination staff in Atlanta.”

Mr. Best added, “I am excited and honored to serve with such a talented group of professionals in the Atlanta Regional Office.  Their dedication and skill is evidenced by the office’s many significant accomplishments.  I look forward to working with them to protect investors and maintain fair and orderly markets.”

Mr. Best graduated from the State University of New York, College at Old Westbury and earned his law degree from the Howard University School of Law.

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.

SEC Issues Agenda for Inaugural Meeting of the Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission today released the agenda for the inaugural meeting of the Fixed Income Market Structure Advisory Committee, which will be held on January 11, 2018 beginning at 9:30 a.m. ET.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues.

The January 11 meeting will focus on bond market liquidity issues, and will also cover certain administrative items.  The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public.  The meeting will be webcast live on the SEC’s website, www.sec.gov, and will be archived on the website for later viewing.

Members of the public who wish to provide their views on the matters to be considered by the Fixed Income Market Structure Advisory Committee may submit comments either electronically or on paper, as described below.  Please submit comments using one method only.  Information that is submitted will become part of the public record of the meeting.

Electronic submissions:

Send an e-mail to rule-comments@sec.gov

Paper submissions:

Send paper submissions in triplicate to Brent Fields, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.

All submissions should refer to File Number 265-30, and the file number should be included on the subject line if e-mail is used.

*   *   *

Agenda

9:30 a.m. - Remarks by Chairman Clayton, Commissioner Stein, Commissioner Piwowar, Director, Division of Trading and Markets, Brett Redfearn, and Committee Chairman, Michael Heaney  

10:00 a.m.       Review and Consideration of Proposed Bylaws

10:10 a.m.       Bond Market Liquidity Conditions Research

• Michael Heaney, Committee Chairman (Moderator)
• Kevin McPartland, Head of Market Structure and Technology Research, Greenwich Associates
• Jeff Meli, Co-Head of Research, Barclays
• Sonali Theisen, Global Head of Market Structure and Data Strategy, Global Credit & Securitized Markets, Citigroup

10:55 a.m.       Break  

11:10 a.m.       Market Participant Perspectives on Bond Market Liquidity

• Brett Redfearn, Director, Division of Trading and Markets (Moderator)
• Paul Jakubowski, Global Head of Credit, Vanguard
• Drew Mogavero, Head of US Flow Credit Trading, Barclays
• Richie Prager, Head of Trading, Liquidity and Investments Platform, BlackRock
• Jim Switzer, Global Head of Credit Trading, Alliance Bernstein

12:15 p.m.       Lunch Break/Administrative Session

1:45 p.m.         FIMSAC Members and Panelists Discussion of Bond Market Liquidity   

3:00 p.m.         Break

3:15 p.m.         FIMSAC Members Discussion of Bond Market Liquidity

4:00 p.m.         Discussion of Committee Next Steps, Future Meeting Topics and Subcommittees

4:30 p.m.         Adjournment 

SEC Press Release

--- If you believe need help with a securities litigation, arbitration or litigation issue, email Mark Astarita or call 212-509-6544 to speak to a securities lawyer.