We make roughly 500 changes to our search algorithm in a typical year. Our goal is to make search run so smoothly, you don't even notice the changes. That said, we like giving you insights into what we're doing behind the search results you see each day. Today on Inside Search, we've posted a recap of some of the algorithmic changes we’ve made over just the past couple weeks. These changes improve everything from translation, to snippets to autocomplete. For the complete list including descriptions of the changes, check out the post on the Inside Search blog.
SEC Charges China-Based Longtop Financial Technologies for Deficient Filings
Jumat, 11 November 2011 0 komentar
The SEC's Division of Enforcement charged China-based Longtop Financial Technologies Limited with failing to file current and accurate financial reports with the SEC. The Division of Enforcement alleges that Longtop failed to comply with its reporting obligations after failing to file an annual report for its fiscal year that ended March 31, 2011. Furthermore, Longtop’s independent auditor stated in May 2011 that its prior audit reports on Longtop’s financial statements contained in annual reports for 2008, 2009 and 2010 should no longer be relied upon.
Antonia Chion, Associate Director of the SEC’s Division of Enforcement said, “We are taking this action to protect investors because it appears there is no current and reliable information available to the investing public about Longtop."
If the administrative law judge revokes the registration of Longtop’s securities, no broker-dealer may execute any trades in those securities. This would also abolish Longtop as a public shell company so that it could not be sold and used as a vehicle for future fraud.
SEC Charges China-Based Longtop Financial Technologies for Deficient Filings
SEC Charges UBS With Faulty Recordkeeping Related to Short Sales
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The SEC charged UBS Securities, LLC for inaccurate recording practices when providing and recording “locates” to customers seeking to execute short sales. UBS settled the enforcement action by agreeing to pay an $8 million penalty and retain an independent consultant. A“locate” represents an approval by a broker-dealer that it has borrowed, arranged to borrow, or reasonably believes it could borrow the security to settle the short sale. It is common practice for a customer to ask a broker-dealer to locate stock for short selling. Broker-dealers are required under Regulation SHO to accurately record the basis for locates given out.
SEC Charges UBS With Faulty Recordkeeping Related to Short Sales
According to an SEC press release, "UBS employees routinely recorded the name of a lender’s employee even when no one at UBS had actually contacted the employee to confirm availability. The SEC’s investigation found that UBS employees sourced thousands of locates to lender employees who were out of the office and could not have provided any information to UBS on those days."
Broker-dealer employees often use electronic availability feeds sent by lenders to judge the availability of locates. At times it is necessary to directly speak with lenders to confirm the availability. According to the SEC's order, UBS's "locate log" inaccurately portrayed which locates had been based on electronic feeds or direct confirmation.
According to the SEC’s order, in judging the availability of shares for locates, broker-dealer employees often utilize electronic availability feeds that are sent by lenders to many different broker-dealers. At times, reliance on those feeds might not be reasonable, and it may be necessary to contact lenders directly to confirm actual availability of the security. UBS’s locate log purported to show which locates were granted based on direct confirmation of availability with a lender and which locates were based on electronic feeds. This practice made it difficult to discern whether UBS had reasonable basis for granting locates. The SEC’s order does not find that UBS executed short sales without reasonable basis for believing that it could borrow the stock to fulfill its settlement obligations.
SEC Charges UBS With Faulty Recordkeeping Related to Short Sales
SEC Charges San Diego-Based Investment Adviser and Its President with Fraud
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The SEC charged a San Diego-based investment advisory firm and its president with fraud for failing to disclose a conflict of interest to clients and materially misrepresenting the liquidity of a hedge fund.
SEC Charges San Diego-Based Investment Adviser and Its President with Fraud
The SEC’s Division of Enforcement alleges that when Western Pacific Capital Management LLC and its president pushed clients to invest in a security, they did not disclose that Western Pacific would receive a 10 percent commission. Western Pacific and its president also failed to register as a broker, failed to provide required written disclosures to clients, improperly redeemed one hedge fund investor’s interest ahead of another’s, and made material misstatements and omissions to clients regarding the fund’s liquidity.
“Investment advisers have a fiduciary duty to act in the best interests of their clients and be forthcoming with them,” said Marshall S. Sprung, Assistant Director in the SEC Enforcement Division’s Asset Management Unit. “[they] breached that duty by failing to disclose the commissions they would receive for the recommended investments and lying to clients about the liquidity of the fund they managed.”
SEC Charges San Diego-Based Investment Adviser and Its President with Fraud
Three Former Directors at Military Body Armor Supplier Settle SEC Charges
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The SEC announced that three former directors of Pompano Beach, Fla.-based DHB Industries have agreed to more than $1.6 million in monetary sanctions to settle charges that they were involved in an accounting fraud. The settlements impose permanent officer-and-director bars in addition to the monetary sanctions. The settlements are subject to court approval.
Eric I. Bustillo, Director of the SEC's Miami Regional Office said, “These directors failed to comply with their responsibilities by ignoring the repeated red flags of the massive accounting fraud that senior management orchestrated at DHB. While we won’t second guess the good-faith efforts of most company directors, we will hold accountable those who completely abdicate the duties they owe to the companies and shareholders they represent.” DHB Industries is currently known as Point Blank Solutions.
Three Former Directors at Military Body Armor Supplier Settle SEC Charges
Eric I. Bustillo, Director of the SEC's Miami Regional Office said, “These directors failed to comply with their responsibilities by ignoring the repeated red flags of the massive accounting fraud that senior management orchestrated at DHB. While we won’t second guess the good-faith efforts of most company directors, we will hold accountable those who completely abdicate the duties they owe to the companies and shareholders they represent.” DHB Industries is currently known as Point Blank Solutions.
Three Former Directors at Military Body Armor Supplier Settle SEC Charges
SEC Charges Feeders to Ponzi Scheme
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The SEC charged two Minnesota-based hedge fund managers and their firm for facilitating a multi-billion dollar Ponzi scheme operated by a Minnesota businessman.
The SEC alleges that three parties (two individuals and a business) invested more than $600 million in hedge fund assets with the Minnesota businessman while collecting more than $42 million in fees. The Commission alleges that the three falsely assured investors and potential investors that the flow of their money would be safeguarded by the operation of collateral accounts when in reality the process did not exist as explained. When the Minnesota businessman was unable to make payments on investments held by the funds they managed, the three parties helped to conceal this by entering into secret note extensions with the Minnesota businessman.
This is the fourth enforcement action that the SEC has brought against hedge fund managers that collectively fed billions of dollars into the Ponzi Scheme.
SEC Charges Feeders to Ponzi Scheme
The SEC alleges that three parties (two individuals and a business) invested more than $600 million in hedge fund assets with the Minnesota businessman while collecting more than $42 million in fees. The Commission alleges that the three falsely assured investors and potential investors that the flow of their money would be safeguarded by the operation of collateral accounts when in reality the process did not exist as explained. When the Minnesota businessman was unable to make payments on investments held by the funds they managed, the three parties helped to conceal this by entering into secret note extensions with the Minnesota businessman.
This is the fourth enforcement action that the SEC has brought against hedge fund managers that collectively fed billions of dollars into the Ponzi Scheme.
SEC Charges Feeders to Ponzi Scheme
Bringing the very best of what we do to the veteran community
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We believe that technology can be a force for good; one that builds and binds community. As a Googler, my proudest moments are when we take that technology and put it in the hands of people who can use it to communicate, collaborate, build and explore.
Today, on Veterans Day, I am proud to share a few Google tools and platforms for the military veteran community. They can be accessed on our website, Google for Veterans and Families, which was created by veterans and their family and friends, who work at Google. This single interface brings together Google products and platforms for servicemembers and their families. We believe it will be useful to all veterans, whether still in the service, transitioning out, or on a new path in their civilian lives. Here are some examples of what you’ll find on the site:
In October, 100 Googlers visited the Soldier and Family Assistance Center at West Point to conduct resume writing workshops for members of the Warrior Transition Unit. And, just two weeks ago, we traveled to Walter Reed National Military Medical Center to teach wounded, ill and injured servicemembers how to use Google tools to stay in touch with their loved ones while in recovery.
Finally, this week, we introduced the Veterans Job Bank in partnership with the Department of Veterans Affairs. The Veterans Job Bank is a customized job search engine in the National Resource Directory (NRD), which is powered by Google Custom Search technology and crawls the web for JobPosting markup from Schema.org to identify veteran-committed job openings.
Even playing a small part to serve those who have served has been an honor.
Today, on Veterans Day, I am proud to share a few Google tools and platforms for the military veteran community. They can be accessed on our website, Google for Veterans and Families, which was created by veterans and their family and friends, who work at Google. This single interface brings together Google products and platforms for servicemembers and their families. We believe it will be useful to all veterans, whether still in the service, transitioning out, or on a new path in their civilian lives. Here are some examples of what you’ll find on the site:
- VetConnect - This tool helps servicemembers connect, communicate and share their experiences with others who have served using the Google+ platform.
- Google Veterans Channel - A YouTube channel for discussion about military service for veterans, their families and the public. Veterans can share their experiences with each other as well as with civilians to help shed light on the importance and complexity of service. If you have not served, this is a great place to offer your thanks by uploading a tribute video.
- Resume Builder powered by Google Docs - We found that Docs can be a particularly helpful tool to transitioning servicemembers seeking employment. Resume Builder generates an auto-formatted resume that can be easily edited, saved and downloaded to share with potential employers.
- Tour Builder powered by Google Earth (coming soon). A new way to tell your military story. Today, you can view some sample “tours”— 3D maps of veterans’ service histories, complete with photos and videos. Stay tuned for more details and updates on the Google Lat Long Blog.
In October, 100 Googlers visited the Soldier and Family Assistance Center at West Point to conduct resume writing workshops for members of the Warrior Transition Unit. And, just two weeks ago, we traveled to Walter Reed National Military Medical Center to teach wounded, ill and injured servicemembers how to use Google tools to stay in touch with their loved ones while in recovery.
Finally, this week, we introduced the Veterans Job Bank in partnership with the Department of Veterans Affairs. The Veterans Job Bank is a customized job search engine in the National Resource Directory (NRD), which is powered by Google Custom Search technology and crawls the web for JobPosting markup from Schema.org to identify veteran-committed job openings.
Even playing a small part to serve those who have served has been an honor.
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