sec

SEC News: Two Alleged Market Manipulators, David Aubel and Robert Raffa, Sentenced in Parallel Criminal Case

Securities and Exchange Commission v. David Aubel and Robert Raffa, No. 16-CV-10670 (D. Mass. filed Apr. 7, 2016) United States v. David Aubel and Robert Raffa, No. 16-cr-10125 (D. Mass. filed Apr. 6, 2016) WASHINGTON – Jan. 31, 2019 – Two alleged market manipulators in an SEC enforcement action filed in 2016 have now been … Continue reading SEC News: Two Alleged Market Manipulators, David Aubel and Robert Raffa, Sentenced in Parallel Criminal Case

Massachusetts News: Idaho Man, Samuel Brown Sentenced for Engaging in Penny Stock Fraud and Making False Statements to the SEC

BOSTON, Ms. – An Idaho man was sentenced yesterday in federal court in Boston for participating in a market manipulation scheme involving the stock of Endeavor Power Corp., and then making false statements to the U.S. Securities and Exchange Commission (SEC) in connection with its investigation of the fraud scheme. Samuel Brown, 38, of Bonners … Continue reading Massachusetts News: Idaho Man, Samuel Brown Sentenced for Engaging in Penny Stock Fraud and Making False Statements to the SEC

SEC News: SEC Charges Four Public Companies With Longstanding ICFR Failures

Washington DC – Jan. 29, 2019 — The Securities and Exchange Commission today announced settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for seven to 10 consecutive annual reporting periods.  Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for … Continue reading SEC News: SEC Charges Four Public Companies With Longstanding ICFR Failures

SEC News: JPMorgan to Pay More Than $135 Million for Improper Handling of ADRs

Washington D.C. – The Securities and Exchange Commission (SEC) today announced that JPMorgan Chase Bank N.A. will pay more than $135 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number of foreign shares to be … Continue reading SEC News: JPMorgan to Pay More Than $135 Million for Improper Handling of ADRs

SEC News: SEC Obtains Judgment Against, John T. Place, Former CEO in Transition Management Fraud Case

U.S. Securities and Exchange Commission v. John T. Place, et al., No. 16-cv-04291 (E.D. Pa. filed Aug. 8, 2016) WASHINGTON – On November 9, 2018, the Securities and Exchange Commission (SEC) obtained a judgment against the former CEO of a brokerage consulting business who was charged by the SEC in August for his role in a … Continue reading SEC News: SEC Obtains Judgment Against, John T. Place, Former CEO in Transition Management Fraud Case

Business News: Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule

Washington DC – Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or sponsoring hedge … Continue reading Business News: Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule

SEC News: SEC Charges an Additional 13 Unregistered Brokers Who Sold Woodbridge Securities to Retail Investors

Securities and Exchange Commission v. Robert S. “Lute” Davis, Jr., et al., No. 2:18-cv-10481 (C.D. Cal. filed December 18, 2018) Securities and Exchange Commission v. Jordan E. Goodman, No. 1:18-cv-25303 (S.D. Fla. filed December 18, 2018) Securities and Exchange Commission v. Alan H. New, et al., No. 1:18-cv-03975 (S.D. Ind. filed December 18, 2018) WASHINGTON … Continue reading SEC News: SEC Charges an Additional 13 Unregistered Brokers Who Sold Woodbridge Securities to Retail Investors

SEC News: SEC Adopts Final Rules to Allow Exchange Act Reporting Companies to Use Regulation A

Washington D.C. – The Securities and Exchange Commission (SEC) adopted final rules to allow reporting companies to rely on the Regulation A exemption from registration for their securities offerings. “Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million in a 12-month period,” said Chairman Jay Clayton.  “The … Continue reading SEC News: SEC Adopts Final Rules to Allow Exchange Act Reporting Companies to Use Regulation A