the securities and exchange commission surveillance commission plans to investigate the company's cover-up of its losses. >>> and that's our broadcast for this hour on "newsline," we'll be back with more news in half an hour. i'm michio kijima in tokyo. thank you for watching. bye-bye.

the securities and exchange commission charged garfield m. lor and his company gibraltar asset management with running a ponezy school. >> we came -- ponezy scheme. >> he came across as someone who was very professional, astute and competent. caring, presenting that he had a mission to help charities, a mission to help children and families. >> reporter: the board took a lot of precautions before hiring taylor and associates to manage the money. after a trial period, they handed over $8 million, half of the hillcrest endowment. according to the sec, it was not the conservative investment strategy that taylor promised. >> he would tell people that there their principle wouldn't be touched and promised them 20% on their money. >> reporter: instead, hillcrest lost nearly $8 million. we knocked on the door of the million-dollar home in mont groomery county, no word for him. hillcrest would love to hear from him. their plans to renovate a new facility are on hole. they're still providing some support to low-income families. >> all of the plans and

. >> reporter: but a recent review by the securities and exchange commission found the costs of complying with the law is fairly small and has come down in the last four years. in addition, the s.e.c. says the rules does not chase companies offshore as the critics argue. supporters of sarbanes oxley say rather than relaxing corporate rules, they should be tighter, calling it all too easy to mislead investors with faulty financial reports. >> it's been very slow, though, and it's been very disappointing. in terms of how little has been accomplished, how little we seemed to have learned from enron and m.c.i., worldcom and the global financial crisis of 2008. >> reporter: regulators say exempting more companies from sarbanes-oxley will not save enough money to justify the increased risk for investors, but many members of congress believe the money spent complying with sarbanes-oxley would be better invested in the economy. darren gersh, "nightly business report," washington, d.c. >> susie: our next guest headed the securities and exchange commission when those new regulatory rules were writt

the securities and exchange commission has charged garfield m. ylor and his company gibraltar asset management on wisconsin avenue northwest with running a ponzi scheme. >> we came a -- he came across as someone that was very professional, very astute, very competent, caring. he had a mission to help charities. he had a mission to help children and families. >> reporter: the hillcrest board took a lot of precautions before hiring taylor and his associates to manage its money. after a trial period they handed over $8 million, about half of the hillcrest endowment, but according to the sec it was not the conservative investment strategy taylor had promised. >> he would tell people that the principal would never be touched and that they would only make profits. he promised them 20% returns on her money. >> reporter: instead hillcrest lost nearly $8 million. we knocked on the door of taylor's million dollar home in montgomery county, no word from him. hillcrest would love to hear from him. their plans to renovate a new facility are on hold, though the

the company that controls the property now filed with the securities and exchange commission yesterday. no word on what that would cost you. >>> the campaign for next year's general election has just started for many candidates, find out when abc2 news at 6:00 starts right now. >>> now abc2 news at 6:00. >> looking at this as a series because all of the cases involve churches or preschools. >> a burglar charged with stealing from unlikely targets. >>> and from the county to the city back into the county again, another wild night of the streets. >>> you packed your fourth grader's lunch today, the boxed apple juice, why you may pack differently tomorrow morning when you hear this story. already this holiday season, criminals have targeted thrift stores and girl scouts. police in howard county say they have a suspect in custody that preyed on such places. >> reporter: he eluded police for weeks, a burglar that stole children's instrument and broke an academy smashing the tuition box and making off with cash, checks and credit cards. they caught up with 46-year-old craig webster when he t

harsh language, a judge struck down a $285 million settlement between citigroup and the securities and exchange commission over toxic mortgage securities. he sent a july trial date, calling the settlement neither fair nor reasonable nor adequate. finally, a seattle sears manager says an elderly man came in and repaid, with interest, cash he said he stole from a register back in the '40s. the store will use the money to help needy families during the holidays. >>> coming up, the buckeyes find their man. a top ranked overtime thriller in college hoops. and two old foes go at it once again. plus, the new orleans saints make the new york giants look like munchkins on monday night football. your early morning sports headlines are straight ahead. >>> since we talked about the rain and snow for today, what about tomorrow? we'll get you set for the middle of your week. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports, last night on monday night football, while the new orleans saints strength. ed their status as a team on the road to the nfl playoffs, for

line of work, but fox 5 news learned he's also a former lawyer and had worked for the securities and exchange commission. >> he was a former securities and exchange commission guy. i'm thinking how does that work? reporter: according to this profile moore created a business in his name last year and may now be providing home healthcare for seniors. the profile claims moore was bringing in at least $96,000 a year, money the city will be going after in the legal action they're pursuing. >> we are moving quickly to protect the district's interests. reporter: now city officials say they may foreclose on moore and take his home which won't make a dent in his bill. latest records say his house is only worth about $778,000. he owes almost 18 million. shawn. >> that is mind blowing, audrey. so who else is on this delinquent taxpayer list and how much do they owe? reporter: altogether the 18 most delinquent taxpayers owe $25 million. morowitz is no. 1 with almost $18 million inback taxes. william webster owes $856,000 coming in at no. 2. >> quite a difference there. thank you. >>> a guilty verdict for the illega

he visited the securities and exchange commission and the tokyo police department. he reportedly explained his understanding of what occurred until he was forced to step down. >> i have now a high degree of confidence that the japanese authorities will make sure this story comes out in all its detail. olympus is accused of continuing to conceal significant losses as a result of investments made during the 1990s. they added up to more than 100 billion yen. company executives allegedly hid the losses for many years using inflated price tags for corporate acquisitions. woodford became the president of olympus in april. soon after, he pointed out the accounting irregularities. he was fired in mid-october. woodford was told his management style was arbitrary. in an exclusive interview with nhk, he explained he decided to cooperate with japanese investigators to shed light on the truth. >> who worked with olympus? these are sophisticated financial structures. olympus couldn't have done it on their own. who was given money from olympus? >> woodford remains director of olym

district judge criticized the securities and exchange commission after striking down a settlement with would have paid $285 million to the agency for allegedly defrauding customers. it would not have to admit get. the judge said he couldn't tell whether that deal was fair. he accused the sec of hiding the details of fraudulent investment. >>> cyberweekend wrapping up. retailers seeing a surge in sales. >> the early numbers may have stores optimistic. why consumers are spending at a record pace. >> reporter: the black friday weekend is the starting gun for the holiday shopping center and it went off with a bang. sales on black friday alone were up 6.6% to $11 billion making it the biggest shopping day ever. bit discounts. >> i come for the deals and earlier opening hours paid off. >> it's crazy all over the place, too much, i figured why not. >> foot traffic was up more than 5% from last year, almost a quarter of the shoppers were in stores by midnight thursday according to the national retail federation which estimated spending jumped 9%. >> why do you think sales are so strong. the co

according to the securities and exchange commission taylor took money from new investors to pay old investors but convincing them to refinance their home and turn over their life savings and retirement accounts. several of his family and friends were charged with having a role in the scheme. those investors that were defrauded include a d.c. children's charity. >>> new pictures show the two men suspected in an armed robbery on maryland's sacramento pus outside a darm last night. a student was approached by two men wearing masks. the student was not hurt. it's first armed robbery on campus this year. >>> a bizarre murder case is getting stranger. today a judge allowed a man accused of murdering a 91-year-old georgetown socialite to represent himself. he also asked to wear his military uniform in court. he claims to been an iraqi general. he denies killing viola drath, his wife of 22 years. he claims it was a hit by iranian agents who were targeting him. >>> seeing a different side of the man accused of firing at the white house no. he shot a video just before coming to washington and he appeal

internal discussions underway to determine the timing of the company's filing with the securities and exchange commissione paper sources caution that facebook ceo mark zuckerberg has not made a final decision for an ipo. >>> the woman identified as ginger white said she had a 13 year extramarital affair with cane. cane described the woman as a friend. his lawyer released a statement saying it was conception wall. >>> barney frank is retiring. frank, a well known liberal and one of the most openly gay members, coauthor of the dodd frank bill in the wake of the 2008 financial crisis. the 71-year-old congressman made the decision in part because the make-up of his constituency. >>> predictions of violence on this historic day unfounded as egypt found an end of more than 3 decades of dictatorship. accommodated the long lines of people. preliminary election results tomorrow. >>> a breakthrough in the crab strike. health and science from san francisco where the longest crab season delay in decades is now over. >> reporter: only 50 crab boat crews loaded up and steamed out of the san francisco today after negot

securities and exchange commission, which is frequently expressing a concern about the quality of municipal disclosure. you should know that the fcc views board members as critical as gatekeepers. our aim is to keep you informed about your legal obligations as board members and quite frankly to keep the city ahead of the curve in our disclosures practices. with that, i will turn it over to john. i would encourage you to answer any questions you may have and we are available after the presentation and it anytime during which an offering document is approved by this board for advice and counsel. thank you. >> we have the sec speeches, there has been literally hundreds of actions against governmental issuers. we have been asked to take all of that and present a comprehensive and authoritative and entertaining analysis all within 30 minutes. as far as the entertaining, i don't think that will be highlighting the federal securities laws. i would like to think that we can address that. to make sure that the critical investment is not lost, let me give you the two minute version of this 30 minute

the security and exchange commission says between 2005 and 2010 the accused lured investors into low risk investments urging them to refinance their homes, promising returns as high as 20% a year. the sic naming garfield taylor of -- the sec naming garfield taylor of bethesda as one of the accused. >>> albrecht muth who is 407 years old is accuse -- 47 years old is accused of beating and strangling to death his 91-year- old wife viola drath. she was a socialite and journalist. the two lived in georgetown. he toll the judge today he thinks his -- told the judge today i thinks his wife's death was a hit -- he thinks his wife's death was a hit by iranian agents. >>> there will be electricity cut tonight to a large area of the national mall and memorial park. that will several hours. many traffic signals will be affected if you're driving through the area. >>> rescued from kidnappers one week ago tonight. now wilson ramos is back in d.c. with a message for his fans. >>> plus we're uncovering the scam that's draining certain bank accounts. >> cold out there tonight, but we'll have a nice

struck down a deal reached between the bank and america's financial regulators, the securities and exchange commission. the judge says he was not sure the deal was fair and he criticized the regulators for shielding the public from the details of what the firm did wrong. he said that when it comes to issues of financial transparency, it was in the interest of the public to know the truth. citigroup issued a statement saying that the settlement was fair and reasonable. if the case went to trial, it would present substantial, factual, and legal defenses for the charges. the settlement relates to a claim by the sec that citigroup misled investors and then went on to bet against investors. investors went on to lose $700 million. citigroup made a profit. >> reports that facebook is preparing to sell shares on the stock market next year and could raise $10 billion. that would value the company at $100 billion, twice as high as it was in january. "the wall street journal" cents has the company's founder not made a decision and his plans could change. in asia, european markets -- optimism that european leader

neighbors including mark says that he is a stockbroker and former attorney for the securities and exchange commission. >> i pay my taxes and i tell you what everybody's hurting right now. >>> >> the city says it discovered he hasn't paid his taxes in at least five years and owes more than $17.8 million. >> $17.8 million is a lot of money. and when you put it in perspective you could hire a hundred police officers. >> reporter: the city is not allowed to tell us how he manage totd tally up the bill. news4 did make multiple attempts to get his side of the story. but as he told the police he doesn't want to talk. the pressure is on in d.c. to collect because there is a statute of limitations. if they can evade the tax collector for ten years the slate is wiped clean. it's different in maryland where the statute of limitations never expired. maryland and virginia have plenty of people who haven't paid up. we have the info on our website, www.nbcwashington.com keyword taxes. >> have to wonder how people get away that long and pile up that much money. >> we think a lot is coming from the irs. the irs will

and operational information, that an investor will rely upon to make an informed investment decision. let me give you a little context. although municipal securities are not directly regulated by the united states securities and exchange commission, the sec does regulate the municipal market indirectly through its regulation of underwriters, broker-dealers, and other participants. it also does this by way of its enforcement action and through public pronouncements. recently, the chair of the sec and certain of its commissioners have made an improvement to the securities disclosures packet for the court objected. in a july 15, 2009 s speech, the chairman, mary schapiro, stated more needed to be done to put disclosure of securities on par with the disclosure of corporate. i plan to work to request enhanced sec authority with respect to municipal securities disclosures so that investors in munis have the full complement of information they deserve about their investments. her comments were immediately followed by a more pointed speech on october 29 by commissioner walter entitled "regulation of municipal securities markets, investors are not second-class citizens," where she states investors deserve the same level of high quality d

we talk with the former securities and exchange commission chairman about the implosion and regulatorychanges since. plus, the federal reserve releases its beige book survey of regional economies, and teen retailers aeropostale, american eagle outfitters, and express report quarterly results. >> susie: facebook has agreed to settle an investigation by the federal trade commission that looked into deceptive privacy practices. the social media giant will subject itself to an independent audit on consumer privacy for the next 20 years. facebook founder and c.e.o. mark zuckerberg wrote a blog saying he is committed to making facebook "the leader in transparency and control around privacy." he also announced the addition of two new corporate privacy officers. >> tom: u.s. home prices are falling again in most big cities after posting small gains in the summer and spring. prices dropped in september from august in 17 of 20 cities tracked by the s&p case-shiller home price index. that is the first decline after five straight monthly gains. in phoenix, home prices almost are back to their janu

the ruling by a new york judge, rejecting a huge settlement between citigroup and the securities and exchange commission in a mortgage-backed securities fraud case. >> ifill: jeffrey brown interviews european commission president jose manuel barroso about europe's debt woes and its troubled currency. >> woodruff: and margaret warner gets a preview of the global climate talks, beginning today in south africa. >> ifill: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> intelligent computing technology is making its way into everything from cars to retail signs to hospitals; creating new enriching experiences. through intel's philosophy of investing for the future, we're helping to bring these new capabilities to market. we're investing billions of dollars in r&d around the globe to help create the technologies that we hope will be the heart of tomorrow's innovations. i believe that by investing today in technological advances here at intel, we can make a better tomorrow. >> and by bnsf railway. >> the william and flora hewlett foundation, working to solve

the security and exchange commission is investigating taylor who affected 200 to 205. >> he outright e our endowment fund for his own use. it's been devastating. and it has had a devastating impact on our organization. >> officials say they lost as much as $8 million in this alleged scheme. we tried to talk with taylor earlier today. no one answered the door at his home. the investigation is about to take about a year. >> smoking is being blamed for an early morning fire that raced through a building. the fire broke out around 5:30. cell phone video shows the flames engulfing the top floors. two people suffered minor injurieses. the fire caused about $2 million in damage. >> meanwhile there was some star gazing going on because mclane was turned into a hollywood movie set. the story is about a c.i.a. mission carried out during the 1979 iran hostage crisis. the film features big name stars. and george clooney is the film's producer and he was spotted at today's raven's-bengel's game in baltimore. >> i'm assuming that is a raven that he was standing next to. >> the star of the show -- >

. >>> on to business and tech news now, the securities and exchange commission reportedly investigatinghether or not san francisco 49ers star ronnie lodge ran a -- >> harris barton ran an investment firm in woodside. bloomberg news says it suspected the pair may have misled investors about how much money was left in that fund after the economic collapse of 2008-2009. a hall of fame player, managed money for other sports stars, including barry bonds. bloomberg says the government wants to know if his company moved money around to help the fund. do keep in mind reports of a government agency looking into what may have happened doesn't mean anyone is guilty of anything at this point. >>> american airlines parent amr holding this press conference in texas a short time ago. it says it it will continue to fly, will honor all frequent flyer miles despite filing for bankruptcy. america's problems not new. they're actually quite old. the airline has held on for years through 9/11 and the recession as other airlines went through their own bankruptcies. high-pension and high-fuel costs mean amr co

how many warnings in writing were sent to the securities and exchange commission about bernie madoff fore he was finally adjudicated? how many warnings went out relative to the banking and mortgage industry before that collapse came? the reality is long before organizations become too big to fail, they become too big to derail. >> the story is there was an employee of penn state university who had a sexual relation on campus with a minor. that is the story. what we are talking about, though, is joe paterno and should he coach and shouldn't he coach. and we're having students riot as to whether or not they should remove him and how they removed him, and the story is about everything but the activity, and action that took place. what does that tell us about ourselves? >> as nfar as the young people are concerned, their relationship is with the university, their classes, and their coach. these are kids we're talking about. >> the media, too. >> young adilts, and the media reports what is exciting, what's out there that is action. that's visible, that they can put a face on. so you get 25