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Securities Act of 1933 › Enforcement Actions › Investors

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Foley & Lardner LLP

Don’t Buy The Buzzwords: “AI Washing” Gets Its Reckoning

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Since the release of ChatGPT 3.5 in November 2022, public interest in artificial intelligence (AI) has surged in a classic example of a hype cycle. As with past technological breakthroughs, companies may be tempted to...more

Davis Wright Tremaine LLP

SEC's Charges Against SolarWinds and Its CISO Highlight Emerging Risks for Public Companies, Security Professionals

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The U.S. Securities and Exchange Commission ("SEC") has charged SolarWinds Corp. (SolarWinds) and the company's chief information security officer ("CISO") with securities fraud and violations of internal controls...more

Seward & Kissel LLP

Herding a Bunch of Stoned Cats

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On Sept 13, 2023, for its second non-fungible token (NFT) related enforcement action, the SEC issued a settled Order against Stoner Cats 2, LLC (“SC2”) for SC2’s offer and sale of 10,320 NFTs linked to images of characters...more

Dechert LLP

SEC Brings First-Ever Enforcement Action Against Non-Fungible Cryptocurrency Tokens

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The Securities and Exchange Commission (“SEC”) issued a cease-and-desist order on August 28, 2023, charging Impact Theory, LLC (“Impact Theory”) with conducting an unregistered offering of crypto asset securities in violation...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - April 2023

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REGULATORY UPDATES - Recent SEC Leadership Changes - On January 10, 2023, the Securities and Exchange Commission (the “SEC”) announced the appointment of Cristina Martin Firvida as director of the Office of the Investor...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for December 2022

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In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important and interesting SEC enforcement developments from the past month, with links to primary...more

Tonkon Torp LLP

SEC Scores a Win in Securities Case Against LBRY

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If the ongoing fallout from the collapse of offshore cryptocurrency exchange, FTX, and now BlockFi wasn’t enough, crypto investors also lost a significant battle last month in the U.S. District Court of New Hampshire....more

Mintz - Securities Litigation Viewpoints

“We lost. Sorry everyone”: The Implications of a District Court Finding Digital Token, LBC, Is a Security

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Crypto litigation, fueled by a surge of investors and market volatility, has ballooned in recent years. For example, numerous securities class actions and government subpoenas followed the May 2022 collapse of the $60 billion...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - October 2022

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REGULATORY UPDATES - SEC Announces Leadership Changes - Anthony (“Tony”) C. Thompson was appointed to a second term as a board member of the Public Company Accounting Oversight Board (“PCAOB”), which will run until...more

McGuireWoods LLP

New Complaint – SEC v. Vladimir Okhotnikov, et al.

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Securities and Exchange Commission v. Okhotnikov was filed in the United States District Court for the Northern District of Illinois on August 1, 2022, claiming violations of several provisions of the Securities Act and...more

Vinson & Elkins LLP

The SEC Closes the Cookie Jar - Recent SEC Enforcement Activity Reaffirms Focus on Improper Earnings Management

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On April 18, 2021, the Securities and Exchange Commission (“SEC”) announced the fourth enforcement action arising from its EPS Initiative, charging Rollins Inc. (“Rollins”) and its former chief financial officer (“CFO”) with...more

Goodwin

District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action

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District Court Denies Payday Lender's Bid To Dismiss SEC Enforcement Action; Delaware Chancery Court Dismisses Camping World Insider Trading Derivative Suit; California Federal Judge Certifies Class Of Apple Common-Stock...more

Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

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IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

McGuireWoods LLP

SEC v. Fusion Hotel Mgmt. LLC, et al.

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SEC v. Fusion Hotel Mgmt. LLC, et al. was filed in the Southern District of California on December 14, 2021, claiming violations of the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934...more

Goodwin

Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims

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Ninth Circuit Holds that Purchasers of Unregistered Shares in Slack’s Direct Listing May Bring Securities Act Claims; Small Class of Crypto Purchasers Recommended for Certification; Tether to Pay $41 Million to Settle...more

Goodwin

Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential

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Delaware Court of Chancery Finds that Director’s Email on Outside Email System Remains Confidential; Delaware Supreme Court Overrules Longstanding Precedent Regarding Derivative Versus Direct Standing; SEC Files Crowdfunding...more

Miles & Stockbridge P.C.

Wealth Begets Wealth: The Limited Expansion of the Accredited Investor Definition

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With the increased focus on the lack of access to capital in certain communities, and the generational impacts of such deficit, the SEC’s expanded definition of accredited investor takes a step in the right direction, but...more

Winstead PC

Steven Seagal is not “Above the Law” in Crypto Scalping Case

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Hollywood martial arts sensei Steven Seagal was recently karate-chopped by the SEC for his alleged undisclosed payments for Twitter-touting a security that was being offered and sold in an initial coin offering. In a settled...more

Eversheds Sutherland (US) LLP

The SEC marches on - Cryptocurrency startup Block.one pays civil penalty of $24 million over unregistered initial coin offering

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In a somewhat surprising move, the Securities and Exchange Commission (SEC) entered into a $24 million settlement with Block.one on September 30, 2019, over its unregistered initial coin offering (ICO) that raised upwards of...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - July 2019

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REGULATORY UPDATES - Investors Continue to Press Regulators for Disclosure of Environmental, Social, and Governance (“ESG”) Risks...more

Fenwick & West LLP

SEC and DOJ Charge Former Executives of Private Company for Misrepresenting the Company’s Technology - A Reminder that Private...

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In a case reminiscent of last year’s blockbuster government actions against Theranos and its former executives, the U.S. Department of Justice and the U.S. Securities and Exchange Commission have separately charged two former...more

Bass, Berry & Sims PLC

Celebrities Beware: Your Newest #1 Fan May Be the SEC

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The personal problems of celebrities are often widely publicized. An overlooked beneficiary of such publicity can be the Securities and Exchange Commission (SEC). News of an SEC enforcement action involving a celebrity...more

Vedder Price

Investment Services Regulatory Update - December 2018

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New Rules, Proposed Rules, Guidance and Alerts – NEW RULES – SEC Adopts New Rules Permitting Covered Investment Fund Research Reports – On November 30, 2018, the SEC adopted Rule 139b under the Securities Act of...more

Goodwin

SEC Issues Guidance Regarding Application Of Securities Laws to Blockchain Technologies

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On November 16, 2018, the Divisions of Corporation Finance, Investment Management, and Trading and Markets of the U.S. Securities and Exchange Commission (“SEC”) issued a Statement on Digital Asset Securities Issuance and...more

Sheppard Mullin Richter & Hampton LLP

Airdrop of Crypto Tokens Hits Regulatory Flak

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On August 14, 2018, the U.S Securities and Exchange Commission (“SEC”) issued a cease and desist order (the “Tomahawk Order”) against Tomahawk Exploration LLC (“Tomahawk”) and David Thompson Laurance (“Laurance”) for their...more

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