News & Analysis as of September 22, 2024

Disgorgement

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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SEC Charges Adviser and its Principal in Illegal Short Selling Scheme

Seward & Kissel LLP on 6/19/2023

Who may be interested: Investment advisers, broker-dealers. Quick Take: The SEC recently filed a lawsuit charging an investment adviser and its managing partner (collectively, the Adviser) with allegedly engaging in a...more

SEC Charges Case Featuring Alleged Wash Sales Involving Options of “Meme Stocks”

Winstead PC on 10/7/2021

The United States Securities and Exchange Commission recently charged two individuals— Florida residents, Suyun Gu, and his friend, Yong Lee—for their involvement in allegedly fraudulent wash sales involving out-of-the-money...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

Cozen O'Connor on 6/22/2016

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

"SEC Charges Private Equity Fund Adviser as an Unregistered Broker"

Skadden, Arps, Slate, Meagher & Flom LLP on 6/17/2016

On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more

SEC Charges Private Equity Adviser for Unregistered Brokerage Activity

Dechert LLP on 6/15/2016

The U.S. Securities and Exchange Commission (SEC) on June 1, 2016 announced a settled enforcement action against a private equity fund manager (Adviser) for acting as a broker-dealer without registering. The case is...more

This Week In Securities Litigation

Dorsey & Whitney LLP on 10/16/2015

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

SEC Brings Lawsuit Against Unregistered Broker Dealer

Katten Muchin Rosenman LLP on 5/29/2014

On May 15, the Securities and Exchange Commission filed a complaint against Behrooz Sarafraz in California federal court, alleging Sarafraz violated federal securities laws by acting as an unregistered broker dealer. ...more

SEC, DOJ Charge Brokers With Defrauding Clients

Dorsey & Whitney LLP on 12/18/2013

The Commission brought charges against three subsidiaries of ConvergEx Group, LLC, and two employees of subsidiaries, based on a scheme to defraud brokerage customers by charging excessive fees. In the Matter of G-Trade...more

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Securities Exchange Act › Broker-Dealer › Disgorgement

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