Gatekeepers are a critical focus for SEC enforcement. Lawyers, accountants and other professional are often at the scene and, in many instances, can be either key to halting, or in some instances implementing a wrongful...more
By progressively shortening the Rule 144 holding period for resales of restricted securities, the Securities and Exchange Commission has enhanced such securities’ liquidity and reduced the overall cost of raising capital. The...more
The Ninth Circuit Court of Appeals has previously suggested that scienter is not required under Section 5. SEC v. Phan, 500 F.3d 895, 905-06 (9th Cir. 2007). Yesterday, the Court addressed the issue directly. SEC v. CMKM...more
Yesterday, the Securities and Exchange Commission announced that it had filed a civil complaint against a California lawyer for “churning out baseless legal opinion letters for penny stocks through his website without...more