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Displaying 21-30 out of 180 results

Enforcement Actions: Week in Review - May 12th, 2015

(May 2015)

SEC ENFORCEMENT ACTIONS

SEC Announces Outreach Programs to Help Firms Comply With Regulation Systems Compliance and Integrity
May 5, 2015 (Litigation Release No. 80)
Registration has opened for two outreach programs, created by the SEC to facilitate compliance with newly adopted technology regulations. Compliance with Regulation Systems Compliance and Integrity (Regulation SCI) will be held at the SEC's regional offices in New York and Chicago on July 16th and July 29th respectively....

Enforcement Actions: Week in Review - May 1st, 2015

(May 2015)

SEC ENFORCEMENT ACTIONS

SEC Announces Award to Whistleblower in First Retaliation Case
April 28, 2015 (Litigation Release No. 75)
The SEC has announced that the whistleblower connected with the SEC's first retaliation case will receive the maximum allowed award of 30% of amounts collected in relation to the case (~$600,000). Paradigm Capital Management was charged by the SEC for retaliating against said whistleblower once it was discovered they had reported potential conduct to the SEC....

Enforcement Actions: Week in Review - April 24th, 2015

(Apr 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges BlackRock Advisors With Failing to Disclose Conflict of Interest to Clients and Fun Boards
April 20, 2015 (Litigation Release No. 71)
BlackRock Advisors LLC has been charged by the SEC for failing to disclose a conflict of interest of one of their top portfolio managers. Daniel J. Rice III founded Rice Energy, a natural gas and oil company, while managing energy sector funds and separately managed accounts at Blackrock Advisors. Rice personally invested...

Enforcement Actions: Week in Review - April 17th, 2015

(Apr 2015)

SEC ENFORCEMENT ACTIONS

SEC Halts Investment Scheme Targeting Military Personnel
April 14, 2015 (Litigation Release No. 66)
The SEC has charged Leroy Brown Jr. and his firm, LB Stocks and Trades Advice LLC, with securities fraud and conducting an unregistered securities offering and ordered an asset freeze against Brown. Brown fabricated his stock broking experience to prospective clients telling them that he had many years of experience in securities and that he had all the necessary...

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 - April 3rd, 2015

(Apr 2015)

SEC ENFORCEMENT ACTIONS

SEC Announces Fraud Charges Against Investment Adviser Accused of Concealing Poor Performance of Fund Assets from Investors
March 30, 2015 (Litigation Release No. 52)
The SEC has announced charges against Lynn Tilton and her firms Patriarch Partners LLC, Patriarch Partners VIII LLC, Patriarch Partners XIV LLC, and Patriarch Partners XV LLC for misleading clients of the performance of their collateralized loan obligation (CLO) funds. According to the investigation,...

Enforcement Actions: Week in Review - March 27th, 2015

(Mar 2015)

SEC ENFORCEMENT ACTIONS

SEC Proposes Rule to Require Broker-Dealers Active in Off-Exchange Market to Become Members of National Securities Association
March 25, 2015 (Litigation Release No. 48)
The SEC has proposed a rule amendment to increase oversight of proprietary trading firms, some of which engage in high-frequency trading. The rule would require that broker-dealers not trading on exchanges must become members of a national securities association. Currently, membership is not...

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 6th, 2015

(Mar 2015)

SEC ENFORCEMENT ACTIONS

SEC Suspends Trading in 128 Dormant Shell Companies to Put Them Out of Reach of Microcap Fraudsters
March 2, 2015 (Litigation Release No. 44)
The SEC has announced the suspension of trading in 128 inactive penny stock companies in order to avoid pump-and-dump schemes from microcap fraudsters. The SEC uses Operation Shell-Expel, a microcap fraud-fighting initiative which began in 2012, to search the over-the-counter marketplace in order to prevent microcap fraudsters...

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...

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