The SEC, in a move that has stunned some of even its harshest critics, has brought an action against Goldman Sachs based on securities fraud in connection with the sale of synthetic collateralized debt obligations.  A copy of the complaint may be found at www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf. While many cynics could not resist commenting on the timing…

All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and loans previously made to children.

A pooled trust helps families and caregivers establish trust accounts that provide supplemental funds for their loved ones with disabilities without jeopardizing their eligibility for Social Security Income and Medicaid. An individual or his parents/guardians establish a sub-account with the pooled trust program. The program then pools all of the funds and invests them in one account, but each person in the pool has his own sub-account.

          I recently attended a two day Regulation D conference sponsored by the American Bar Association.   The Panel consisted of current and former SEC, FINRA and blue sky regulators, sharing their thoughts on the latest trends in private placements and Regulation D offerings.   The following are various topics discussed during the seminar.           SEC Proposed…

Bernard A. Krooks Speaks at Westchester Arc Event March 22, 2010 – Estate Planning for a child with special needs “should be the first thing on your list,” declared Bernard A. Krooks during a panel discussion entitled “Planning for the Future: Estate Planning and Guardianship.” The presentation was hosted by Westchester Arc during the agency’s…

On February 28, the SEC expanded its rules regarding executive compensation and corporate governance. These changes could have profound implications for companies of all sizes. The amendments represent the SEC’s efforts to increase investor awareness of companies’ executive compensation practices and a desire to provide shareholders with a greater voice in their companies. The amendments…

Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child’s Special Needs Trust. However, some families choose to go with a professional special needs trustee, as they have extensive experience in handling all issues associated with a Special Needs Trust. Before making this decision, families should consider the extensive responsibilities that go along with being a special needs trustee.

All parents of children with disabilities worry about the day when they will no longer be able to care for them. While many parents have figured out ways to make life more comfortable for a child with disabilities while they are around, thinking about a time when they can no longer be personally responsible for their child’s well-being can be stressful.

In September 2009, the Financial Industry Regulatory Authority, Inc. (“FINRA”) organized a Social Networking Task Force to discuss how social media sites can be used for legitimate business purposes by firms and their registered representatives in a manner that ensures investor protection. In January 2010, FINRA issued Regulatory Notice 10-06 to guide firms on applying…

Simply put, convertible debt is debt you can covert to equity.  Convertible debt financing is much like a traditional loan in that a company borrows money from angel investors, friends, and family or even venture capitalists, and promises to repay it with interest by the end of the term of the loan. Convertible debt financing…