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This Week In Securities Litigation

The Commission proposed a package of rules and interpretations focused on retail investors. At the center of the package is proposed Regulation Best Choice focused on the relation between brokers and their clients....more

SEC Charges Broker With Theft From Pension Plan

The Commission frequently brings actions in which the defendant is charged with misappropriating investor funds. Typically those cases center on an offering fraud in which the defendant sold investors securities using false...more

USAOs Bring Two More Cryptocurrency Related Fraud Actions

All things cryptocurrency related continue to be significant draws for investors. Unfortunately that attraction often leads to a loss of investor cash. The losses, however, are not typically from the cryptocurrency but from...more

Courts Give SEC Split Decisions on Same Day

March 29, 2018 was a significant day for the Commission. The agency obtained decisions in two different cases. In one, the Commission prevailed against two defendants in a bench trial held seven years ago arising from the...more

IA Arrested On Bail For Continuing Fraudulent Scheme

A focus of a typical bail hearing is flight risk – is the person charged likely to return for the pending court proceedings and face the charges. Recently, a long established investment adviser was arrested on fraud charges....more

SEC Settles Financial Fraud Action – With Admissions In The U.K.

The Commission has settled one action in which admissions were required since Jay Clayton became Chairman. In resolving its most recent financial fraud action the agency did not require the settling parties to make admissions...more

“Blockchain” Deal Spikes Share Price, SEC — Illegal Trades Yield $27M

The Commission and the senior staff, along with other regulators, has repeatedly expressed concern regarding the lack of investor protections coupled and the hype surrounding all things cryptocurrency related. In one speech,...more

This Week In Securities Litigation

The Commission issued an investor warning this week, cautioning against impersonators of Government employees who may seek sensitive information. The agency also filed actions which included one centered on an ICO, another...more

SEC Halts ICO Coin Offering Supposedly Tied to Visa, MasterCard

Cryptocurrencies have been a focus of SEC Enforcement in recent months. The Chairman and senior staff members have repeatedly cautioned investors regarding the risks of these instruments while extolling market professional...more

SEC Asset Valuation Claims Rejected on Summary Judgment

The Commission lost virtually all claims in an asset valuation case brought against a fund and two of its officials. The action was one of several brought as part of the Commission’s Aberrational Performance Inquiry which,...more

This Week In Securities Litigation

Cases brought by the Commission this week in include one requiring admissions of fact and that the firm violated the securities laws as a condition of settlement, a case naming as Defendants the Pastor of one of the largest...more

DC Circuit Dismisses PCAOB Proceeding For Constitutional Error

The PCAOB excluded from a witness interview an expert accountant assisting counsel for the witness. The Board cited a rule which authorizes it to limit those in attendance at an interview....more

SEC Charges of Failure to Supervise by BD Heading For Hearing

Typically broker-dealers and other regulated entities resolve Commission investigations prior to the institution of any proceedings. A west coast broker-dealer alleged to be a recidivist, however, chose not to resolve failure...more

SEC Settles Another FCPA Internal Controls Action

The Commission filed another settled FCPA internal controls actions. The case involved a Canadian mining firm that acquired subsidiaries in Mauritania and Ghana with little to no internal controls that received repeated...more

SEC Enjoins Firm Trading Binary Options That Guaranteed No Losses

The Enforcement Division’s focus on retail investors is illustrated by a recent offering fraud case brought by the Commission. The key elements of that action were: a fund run by a person that worked in the financial...more

This Week In Securities Litigation

The SEC prevailed on a summary judgment motion against Steven Metro, the key figure in the Grand Central insider trading case. The Court entered an injunction and imposed a $25,000 penalty, far less than the $2 million...more

SEC Charges UK Broker, Others With Manipulation

Since a priority for the Commission’s Enforcement Program is retail investors, a key area of focus is microcap fraud. Recently the agency filed two related microcap fraud actions centered on an FBI sting operation. SEC v....more

Supreme Court: Certain Securities Class Actions to Remain in State Court

The Supreme Court concluded that a securities class action based solely on claims arising under the Securities Act can proceed in state court and can not be removed to federal court. In reaching its conclusion the Court...more

Virtual Currencies, the Regulators and the Future

Virtual currencies have risen from a little known tech curiosity to what some see as the next great investment opportunity in contrast to others who see little but fraud. An alphabet soup of regulators are struggling to apply...more

SEC Obtains Summary Judgment In Grand Central Insider Trading Case

The SEC obtained summary judgment against Steven Metro, the key to the Grand Central insider trading ring that reputedly had $5.6 million in illicit trading profits. SEC v. Metro, Civil Action No. 3:14-cv-01742 (D.N.J.). The...more

The Race For Cyber Security: An Invitation to Join With the SEC

There is no doubt that technology presents any number of new opportunities for firms and individuals and that it is transforming the market place for goods and services at an increasingly rapid rate. Computer systems, the...more

This Week In Securities Litigation

Chairman Jay Clayton gave definition to his views on the manner in which the agency should allocate its limited resources. Specifically, the Chairman stated that the agency should focus on “pressing and significant issues for...more

SEC Disrupts the Disrupters – Theranos and Its Executives

Silicon Valley is reputed to be the home of the disrupter – the firm with the revolutionary new business that moves past all the existing models. To be a disrupter there has to be something new, innovative and beyond what...more

SEC Settles Four Auditing Cases With Major Accounting Firms

The Commission brought four auditing actions centered on members of international accounting firms working with a local affiliates in violation of the applicable professional standards and The Sarbanes-Oxley Act....more

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