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SEC Compliance Examiner Arrested For Non-Compliance, Misreporting Stock Holdings
Perhaps this should have been a "Humor" post but in possibly the most ironic news story of the day, New York-based SEC employee Steven Gilchrist was charged with three counts of making false statements regarding the nature of his personal financial holdings. As WSJ reports, the 48-year-old compliance examiner at the agency, allegedly certified that his stock holdings were in compliance with the agency's ethics rules, when in reality he had held shares of six companies that agency staffers are barred from holding. The SEC is "very disappointed that an employee allegedly made false statements to conceal prohibited holdings after being told by our ethics office to divest." Gilchrist, unlike Cohen, faces a maximum 15 year sentence!
Mr. Gilchrist was arrested Tuesday morning and released on his own recognizance after a court appearance, according to the Manhattan U.S. Attorney's Office.
The arrest is tied to a recent probe of the personal financial holdings of some SEC employees in New York by U.S. prosecutors and the SEC's internal watchdog, which The Wall Street Journal reported on last week.
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"As an SEC examiner, Steven Gilchrist had a duty to avoid conflicts of interest that might compromise or even appear to compromise his integrity," Manhattan U.S. Attorney Preet Bharara said in a news release. "Instead, as alleged, he violated the SEC's internal rules about stock ownership and repeatedly lied to the SEC about his holdings."
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Mr. Gilchrist allegedly told the agency that he no longer held the stocks and also certified using the agency's computer compliance system that his holdings were in keeping with the rules when neither was true, the complaint said. Mr. Gilchrist also allegedly bought 100 shares of J.P. Morgan Chase & Co. stock online through the joint account without getting the required approval for purchase with the SEC.
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The release said Mr. Gilchrist faces a maximum sentence of 15 years in prison.
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rather than face dealing with --
JPm and its dealings in stock
GS execs front running
JPM mashing the metals markets & naked shorting metals stocks
HSBC playing games in mutual funds
they turn on each other.
Great. this is how freekin' brave our government "regulators" are today.
Great.
"Gilchrist, unlike Cohen, Pelosi, Feinstein, etc, etc, etc faces a maximum 15 year sentence."
...is more like it.
.Gov Elites: Laws for thee, not for me.
And don't forget everybodies favorite...........Corzine.
Worst for Mr. Gilchrist, the only porn he'll be getting in prison will be the sounds of his cellmate masturbating.
Just what one would expect from the most corrupt nation in the world!
There is no honor amongst thieves?
That moron did not know the right people, kiss the right asses, and supported the wrong people. The Obama Administration has zero credibility, so you know it wasn't about him only cheating the system. No one answers for their crimes nowadays, only the little people.
Perhaps he tried too hard to investigate Dimon and Corzine???
Well, that's fifteen years more than Jon Corzine is going to get; that's what he gets for being a lowly emplyee, instead of a pal of the rich and powerful.
Poor goober either
"Over-regulated" someone he shouldn't have (mebbe part of JPM' current miseries?!)
Or "under-regulated" someone he was supposed to have been more vigorous with
Anything else just isn't worth the bandwidth
What. A joke
He must have pissed somebody off.
Quick, change the name! Tell them it's a typo, and it should be Kilchrist. Steven bar* Kilchrist. /s
Or tell them you were "just following orders". That too worked before.
* Son of
Does it matter?
They always talk about saving money. I think they should just shut down the CFTC and the SEC - it's not as if they "could find anything wrong" with the behaviour of the big banks DESPITE multi-billion dollar settlements. In other words, they are blatantly completely useless.
Shutting them down should be able to fund the government for, I don't know, at least two minutes. But all things start small.
I see a long Senate career in this mans future.
And where the fuck are these people on Corzine?????
Judge: "Mr. Gilchrist, you're non-compliant."
Gilchrist [shouts]: "Your Honor, you're non-compliant! This whole courtroom is non-compliant!"
Judge (shouts): "compliance; you want compliance; you can't handle compliance".
...shocking...
He clearly lacked the "systemic importance" aka connections needed to get away with it.
Nevertheless he will beat the jail sentence, for he will spill the beans on his colleagues doing the same thing, and will get to keep his job.
We could use another Snowden. I'm getting bored.
Up is down. Regulators are corrupt. Police now view the public as the enemy.
1984 just 30 years later.
Ding ! And everything we don't need to think about goes in the memory hole in about five minutes.
Wait, I'm thinking of rebellion and throwing them all into a hole...I like that idea better!
who watches the watchers? who repudiates the repudiators?
WEEEEE DOOOOOOO
WEEEEE DOOOOOOO
I wonder if they were watching youporn, hustlers or one of those virus ridden sites.
Econ snuf films while latexed up ....
Old German black and white film, Zimbabwean video tape ,Venezuelan high def.
Gay porn was cover up for insider trading.
shocking.
ummmm, pizza and Big Macs. NFL game on tonight too. Sweet to live in Uhmerika!
The idiot clearly missed the (Corzine clause) in his employment contract, stating you have to fuck the system out of at least $1billion for a "stay out of jail card".
And give Obama his cut.
All govt regulatory and watchdog agencies, up to and including the DoJ are run, operated and headed by thieves, liars and crooks. Its gotta be that they subscribe to the theory that it takes a crook to catch a crook. Well they sure debunked that theory as they haven't caught any fucking crooks yet.
100 shares, what a piker, what a maroon!
Breaking News: Fox guarding hen house busted for dereliction of duty.
The little guy always gets fucked by the big guy.
Question is... who did he piss off? You know these guys are bought and rotten to the core...sound like he didnt obey one of his masters...so hes getting burned.
Maybe he has something to say.
15 years for shares in 6 companies he was told to divest in a joint account????
He should be fired for stupidity and then asked to pay a 200% fine. Then get on the real job of putting WS criminals in prison.
GET TO WORK YOU ARE FAILING and wasting your time with this guppy is insulting. This guy makes Martha look like a drug kingpin.
Maybe I don't give a shit. Maybe I don't remember the last time I blew my nose either. Who the fuck are you, I should remember you? What, you think you like me? You ain't like me motherfucker. You a punk. I've been with made people, connected people. Who you been with? Chain-snatching, jive-ass, maricon motherfuckers. Why don't you get lost? Go a head, snatch a purse. Come on, take a fuckin' walk. [/james "Carlito" dimon]
And where are these people on Cohen. Should not a firing squad be set up. Any volunteers? All SAC's employees are being led to jail but him. I guess he was on drugs while things were going on.....please tell.
He has pissed somebody off. Probably the lot of them have secret holding, but he pissed somebody off.
The rule of the corrupt regulator elite
Big cocks have smaller cocks on their backs to fuck them, smaller cocks have even smaller cocks and so ad infinitum
BURN IT ALL DOWN!!! EVERYTHING!
HOPEFULLY HE LL GET THE SAME TREATMENT AS JPM (WHOSE STOCK HE PURCHASED)..
PRISON --OR-- FINE TO THE TUNE OF 10% OF THE MONEY HE MADE BREAKING THE LAW...
ASSUMING HE MADE 1000$ ON THOSE POO-POOR 1000 SHARES, THE EQUIVALENT "STANDARD BIG GUYS" FINE WOULD BE IN THE TUNE OF 100$ !!!... (--OR-- MAX 15 YEARS IN JAIL...)
LOL
HAPPY THOSE WHO MAKE THE SYSTEM...
Ethics, lol
City of Bell CA administrator Angela Spaccia is being prosecuted for setting her own pay (she was essentially an employee secretary)....... meanwhile giant City of Los Angeles ignores Mayor Villaraigosa putting his own wife in charge of a $209,000,000.00 per year totally unaccountable slush fund (First 5).