SEC Regulation Of Vote-Buying Scheme

Law360, New York (August 7, 2009, 12:03 PM EDT) -- On July 21, the U.S. Securities and Exchange Commission charged Perry Corp., a New York investment adviser, with securities law violations for failing to report substantial stock purchases in order to vote the shares in favor of a merger.

Without admitting or denying the SEC’s findings, Perry consented to an entry of an administrative cease-and-desist order and agreed to pay a fine of $150,000.

This action by the SEC underscores its determination to clamp down on vote-buying schemes in which investors enter into a series of...
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