Trader guilty of fraud
A federal jury in New York has found Fabrice Tourre liable for fraud for misleading investors in a complex financial product tied to mortgages. Tourre is one of the few individuals from Wall Street to stand trial in the aftermath of the financial crisis. The Securities and Exchange Commission said Tourre misled investors in 2007 by selling them an investment product tied to mortgage-backed securities that he knew were likely to fall in value.
Review of World Bank Sanctions System
The World Bank is currently undertaking an evaluation and review of its Sanctions System through a series of consultations with external stakeholders focusing on the performance and implementation of the Sanctions System, as well as the findings and recommendations made by the internal team leading the review process. The review team has produced a diagnostic report evaluating the legal adequacy of the system and its performance and making specific recommendations for reforms. This report has not been made public.
DOJ/ SEC continue investigation into Microsoft
The Department of Justice (DOJ) and Securities Exchange Commission (SEC) have expanded their ongoing probe into possible Foreign Corrupt Practices Act (FCPA) violations by Microsoft. The DOJ and SEC launched an investigation into some of the software giant's foreign deals, suspecting Microsoft may have bribed foreign officials in China, Romania and Italy in exchange for contracts. The probe is now extending to Pakistan and Russia.