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Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 11-20 out of 104 results for "Private Placements".

Enforcement Actions: Week in Review - June 26th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Unregistered Brokers in EB-5 Immigrant Investor Program
June 23, 2015 (Litigation Release No. 127)
Ireeco LLC and its successor Ireeco Limited were charged with being unregistered brokers after the firms handled more than $79 million of investments. Ireeco brokered investments for more than 150 foreign investors through the governments EB-5 program. The EB-5 program allows foreigners who invest directly in a U.S. business or private "regional centers"...

Securities-Based Lending

(Jun 2015)

In this blog post I summarize my recently published working paper, "Securities-Based Lending".

Introduction

The securities industry has long targeted the liability side of the customer's balance sheet as an opportunity to cross-sell banking products, increase wallet share, and diversify revenue streams away from cyclical trading commissions. In the current euphoric market environment, with portfolio values soaring and borrowing rates historically low, lending to customers has become "Wall...

Enforcement Actions: Week in Review - June 5th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

Merrill Lynch Admits Using Inaccurate Data for Short Sale Orders, Agrees to $11 Million Settlement
June 1, 2015 (Litigation Release No. 105)
An SEC investigation found some of Merrill Lynch's programs to execute short sale trades were using inaccurate and old data. Merrill Lynch and other broker-dealers are required to maintain an up to date easy-to-borrow (ETB) list composed of stocks that are readily accessible to borrow for short sale orders. Merrill Lynch...

Enforcement Actions: Week in Review - May 15th, 2015

(May 2015)

SEC ENFORCEMENT ACTIONS

SEC Sues Retirement Planners for Making False Claims to Investors
May 11, 2015 (Litigation Release No. 85)
Novers Financial and its principals, Christopher A. Novinger and Brady J. Speers, were charged with falsely informing customers that interests in life settlements they sold were guaranteed and federally insured. Interests in life settlements are investments that are based on life insurance policies purchased by others. These interests are not risk-free or...

Enforcement Actions: Week in Review - April 10th, 2015

(Apr 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Firms and Individuals for Defrauding Investors in Cellular Licensing Scheme
April 6, 2015 (Litigation Release No. 57)
Twelve companies and six individuals have been charged with defrauding investors in a scheme involving falsely advertised securities based on licenses for cellular spectrum bands. The alleged orchestrators of the scheme are David Alcorn and Kent Maerki, cofounders of Janus Spectrum LLC. The SEC alleges that third-party fundraisers sold...

Enforcement Actions: Week in Review - March 20th, 2015

(Mar 2015)

SEC ENFORCEMENT ACTIONS

Corporate Insiders Charged for Failing to Update Disclosures Involving "Going Private" Transactions
March 13, 2015 (Litigation Release No. 47)
Major shareholders of three different companies have been charged by the SEC for failing to disclose their intentions to privatize. "Beneficial owners" that acquire over 5% voting power are required to file a Schedule 13D with the SEC. This form contains information about the beneficial owners including the intentions behind...

Enforcement Actions: Week in Review - March 2nd, 2015

(Mar 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Goodyear with FCPA Violations
February 24, 2015(Litigation Release No. 38)
The SEC found Goodyear Tire & Rubber Company to be in violation with the Foreign Corrupt Practices Act (FCPA) due to bribes paid by subsidiaries in Kenya and Angola to land tire sales. According to the SEC, Goodyear failed to prevent or detect over $3.2 million in bribes over a four-year period. Bribes were paid to employees of private companies and government-owned entities and...

Enforcement Actions: Week in Review - February 6th, 2015

(Feb 2015)

SEC ENFORCEMENT ACTIONS

SEC Alerts Investors, Industry on Cybersecurity
February 3, 2015(Litigation Release No. 20)
The SEC released a couple of publications regarding cybersecurity threats at brokerage and advisory firms. One publication focused on how firms should identify risks, establish policies, procedures, and oversight processes, protect networks and information, identify risks associated with remote access to client information and transfer requests, and detect unauthorized...

Enforcement Actions: Week in Review - January 16th, 2015

(Jan 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Direct Edge Exchanges With Failing to Properly Describe Order Types
January 12, 2015 (Litigation Release No. 2)
In the first case focused on stock exchange order types, the SEC has settled with the EDGA and EDGX exchanges for $14 million over charges that they did not accurately describe their order types. These exchanges, formerly owned by Direct Edge Holdings before being acquired by BATS Global Markets, were found to have offered multiple "price...

Enforcement Actions: Week in Review - December 5th, 2014

(Dec 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges California Resident With Fraudulent Sales of Stock
December 2, 2014 (Litigation Release No. 268)
The SEC has charged Vinay Kumar Nevatia for fraudulently selling $900,000 of private shares of CSS Corp. The SEC contends that Kumar, living in Palo Alto under several aliases, sold shares in 2011 and 2012 that he had already sold in 2008. Kumar has never been registered with the SEC.

SEC Announces Fraud Charges Against Two Executives in Scheme Involving...

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