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Source: sec.gov SEC Investor Advisory Committee to Discuss Non-Traditional Accounting and Climate Disclosure on June 9 2 minutes The Securities and Exchange Commission’s  Investor Advisory Committee will hold a virtual public meeting on June 9 at 10 a.m. ET. The meeting will be webcast on the SEC website. The committee will host two panels, the first involving a discussion about the accounting of non-traditional financial information and the second involving a discussion about climate disclosure. The committee also will discuss potential recommendations on protecting older investors and the funding of investor advocacy clinics. The full agenda is available  here . The Investor Advisory Committee was established to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interes

  Source: sec.gov SEC Obtains Emergency Relief to Halt Pre-IPO Stock Fraud Scheme by Unregistered Broker-Dealer 4-5 minutes Defendants, including persons barred from the brokerage industry, allegedly sold shares they didn’t own, and pocketed more than $75 million The Securities and Exchange Commission today announced that it obtained asset freezes and other emergency relief against StraightPath Venture Partners LLC, StraightPath Management LLC, Brian K. Martinsen, Michael A. Castillero, Francine A. Lanaia, and Eric D. Lachow (collectively, the defendants) to halt ongoing securities violations, including allegedly selling pre-initial public offering (IPO) shares they did not own, pocketing undisclosed fees, and commingling investor funds, resulting in Ponzi scheme-like payments. The relief arose from fraud and registration charges filed by the SEC. The SEC alleges that the defendants, running an unregistere

  Source: sec.gov SEC: Takeover Bid of Fortune 500 Company was a Sham 3-4 minutes The Securities and Exchange Commission today charged Melville ten Cate, a U.S. citizen residing abroad, with fraud stemming from his allegedly phony offer to purchase Textron – a large U.S.-listed aircraft, defense, and industrial company.  The SEC’s complaint, filed in federal district court in Manhattan, alleges that on November 9, 2020, ten Cate and Xcalibur Aerospace, Ltd., a now-defunct private company ten Cate controlled, placed an advertisement in The New York Times announcing a proposed purchase of all existing stock of Textron for $60.50 a share, a 56 percent premium over the stock’s previous closing price. As alleged, the advertisement led to a spike in Textron trading and a subsequent trading halt. The SEC has charged ten Cate with violating the antifraud provisions of the federal securities laws. According t

 Source: sec.gov SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors 5-6 minutes The Securities and Exchange Commission today proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. The required information about climate-related risks also would include disclosure of a registrant’s greenhouse gas emissions, which have become a commonly used metric to assess a registrant’s exposure to such risks. "I am pleased to support today’s proposal because, if adopted, it would provide investors with consistent

 Source: sec.gov SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price 3-4 minutes Washington D.C., Dec. 29, 2021 — The Securities and Exchange Commission today charged Medallion Financial Corp., a Delaware company headquartered in New York, NY, and its President and Chief Operating Officer, Andrew Murstein of New York, NY, with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price. According to the SEC’s complaint, Medallion’s core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion’s stock price. Murstein and Medallion allegedly directed two separate schemes to inflate the company’s stock price, in part with the hel

 Source: sec.gov 3 minutes The proposal would establish new Form SR for reporting issuer share repurchases and enhance existing periodic disclosure Washington D.C., Dec. 15, 2021 — The Securities and Exchange Commission today proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks. "Share buybacks have become a significant component of how public issuers return capital to shareholders," said SEC Chair Gary Gensler. "I think we can lessen the information asymmetries between issuers and investors through enhanced timeliness and granularity of disclosures that today’s proposal would provide." The proposed rules would require an issuer to provide a new Form SR before the end of the first business day following the day the issuer executes a share repurchase. Form SR would require d

 Source: sec.gov 3-4 minutes Washington, D.C., Dec. 10, 2021 — The Securities and Exchange Commission today announced it charged three Canadian citizens with carrying out a fraudulent scheme involving penny stocks which generated tens of millions of dollars in proceeds but left investors with nearly worthless shares of various public companies. According to the SEC’s complaint, between at least 2011 and 2016, Jay Scott Kirk Lee, Geoffrey Allen Wall, and Benjamin Thompson Kirk allegedly were able to utilize a network of offshore front companies to conceal their control of shares in penny stocks, unload those shares on unsuspecting retail investors, and disburse the proceeds of their fraud to various bank accounts throughout the world. The SEC also alleges that Lee, Wall and Kirk hid their control from brokers and transfer agents who serve as “gatekeepers” to assure that shares

 Source:  sec.gov 3-4 minutes Washington D.C., Sept. 24, 2021 — The Securities and Exchange Commission today charged Thomas Powell and Stefan Toth, and their entities, Resolute Capital Partners LTD LLC and Homebound Resources LLC, with making material misrepresentations and omissions in connection with more than a dozen unregistered oil and gas securities offerings. Powell and Toth were also charged with acting as unregistered brokers. All respondents have agreed to settle the SEC action. According to the SEC's order, between 2016 and 2019, the respondents and salespeople acting on their behalf sold debt and equity securities to retail investors in unregistered offerings based on working interests in oil and gas wells. The order finds that the respondents made material misstatements and omitted material facts in both debt and equity offerings. In particular, the respondents provided insufficiently supported p

 Source:   sec.gov 6-8 minutes The Securities and Exchange Commission today announced that 21 investment advisers and 6 broker-dealers have agreed to settle charges that they failed to timely file and deliver their client or customer relationship summaries – known as Form CRS – to their retail investors. On June 5, 2019, the SEC adopted Form CRS and required SEC-registered investment advisers and SEC-registered broker-dealers to file their respective Forms CRS with the SEC, begin delivering them to prospective and new retail investors by June 30, 2020, and deliver them to existing retail investor clients or customers by July 30, 2020.  The SEC also required firms to prominently post their current Form CRS on their website, if they had one.  According to the SEC’s orders, each of the firms charged today missed those regulatory deadlines.  The orders find that none of the firms filed or delivered its Form CRS, or posted it to its website, unt

Source: sec.gob 1-2 minutes The Securities and Exchange Commission's  Investor Advisory Committee  will hold a public meeting on June 10 by remote means. The meeting will begin at 10 a.m. ET, is open to the public via live webcast, and will be archived on the committee's website for later viewing. The committee will hold three panel discussions: a discussion regarding best execution and its role in post-Regulation NMS market structure; a discussion regarding best execution issues unique to wholesale brokers; and a discussion regarding 10b5-1 plans.The full agenda is available  here . For a full list of committee members, see the committee's member biographies  webpage . The Investor Advisory Committee was established to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor

  sec.gov Shamoon Omer Rafiq, a/k/a Shamoon Rafiq, Omer Rafiq, and Omar Rafiq (Release No. LR-25049; Mar. 12, 2021) 3-4 minutes SEC Charges Recidivist Securities Fraudster with Defrauding Investors Litigation Release No. 25049 / March 12, 2021 Securities and Exchange Commission v. Shamoon Omer Rafiq, a/k/a Shamoon Rafiq, Omer Rafiq, and Omar Rafiq , No. 21-civ-2168 (S.D.N.Y.) filed March 12, 2021 On March 12, 2021, the Securities and Exchange Commission charged Shamoon Omer Rafiq, a Dutch citizen residing in Singapore, with defrauding investors by offering to sell them approximately $9 million in fictitious securities. According to the SEC's complaint, since July 2020, Rafiq sought to bilk several investors out of millions of dollars by offering to sell them securities purporting to represent Rafiq's ownership in a special purpose vehi

sec.gov APEG Energy, GP, Paul W. Haarman and Patrick E. Duke (Release No. LR-25051; Mar. 12, 2021) 3-4 minutes SEC Charges Texas Investment Adviser and Two Executives in Connection with $17 Million Energy Fund Fraud Litigation Release No. 25051 / March 12, 2021 Securities and Exchange Commission v. Paul W. Haarman, Patrick E. Duke, and APEG Energy GP, LLC , No. 1:21-cv-235-LY (W.D. Tex. filed March 11, 2021) On March 11, 2021, the Securities and Exchange Commission charged Texas-based investment adviser APEG Energy, GP (APEG) and its owners, Patrick E. Duke and Paul W. Haarman, with fraudulently raising more than $17 million for an oil-and-gas investment fund they managed, and Duke and Haarman with misappropriating over $2.6 million from the fund. According to the SEC's complaint, from approximately December 2015 to October 2

sec.gov 5-6 minutes Washington D.C., Jan. 15, 2019 — The Securities and Exchange Commission today announced charges against nine defendants for participating in a previously disclosed scheme to hack into the SEC’s EDGAR system and extract nonpublic information to use for illegal trading. The SEC charged a Ukrainian hacker, six individual traders in California, Ukraine, and Russia, and two entities. The hacker and some of the traders were also involved in a similar scheme to hack into newswire services and trade on information that had not yet been released to the public. The SEC charged the hacker and other traders for that conduct in 2015 (see here , here and here ). The SEC’s complaint alleges that after hacking the newswire services, Ukrainian hacker Oleksandr Ieremenko turned his attention to EDGAR and, using deceptive hacking techniques, gained access in 2016. Ieremenko extracted EDGAR files containing nonpublic earnings results. The

sec.gov Washington D.C., Oct. 3, 2018 — The Securities and Exchange Commission has filed an emergency action and obtained an asset freeze against two individuals and their companies in a scheme that generated more than $165 million of illegal sales of stock in at least 50 microcap companies.  SEC investigators unraveled the multi-year scheme with the assistance of more than a dozen international regulators and sophisticated analysis of nearly 400 bank and brokerage accounts. According to the SEC’s complaint unsealed today, U.K. citizen Roger Knox and his Swiss-based company Wintercap SA helped microcap securities holders evade federal securities laws that restrict sales by large shareholders.  The complaint charges that Knox and Wintercap, formerly Silverton SA, helped sellers conceal their stock ownership and provided anonymous access to brokerage accounts to sell the shares in the U.S. market. 

sec.gov Joint Investor Bulletin Issued on Understanding Digital Assets and Online Investing FOR IMMEDIATE RELEASE 2018-227 Washington D.C., Oct. 1, 2018 — The Securities and Exchange Commission today announced that empowering Main Street investors will be the SEC’s focus during World Investor Week, which takes place Oct. 1-7, 2018.  SEC staff will emphasize both the basics of investing and savings as well as important emerging issues like the rise of initial coin offerings and digital assets, distributed ledger techn

sec.gov Washington D.C., Sept. 28, 2018 — The Securities and Exchange Commission today charged Salix Pharmaceuticals Ltd. and its former CFO with repeatedly misleading analysts and investors about the company’s future prospects.  The former CFO, Adam Derbyshire, will pay more than $1 million to settle the charges. According to the SEC’s complaint, Salix and Derbyshire lied to analysts and investors during quarterly earnings calls by significantly understating the amount of Salix drugs that wholesaler customers held in inventory.  Salix had engaged in a long-standing practice of flooding the distribution channel by using incentives to induce customers to purchase more products, creating a short-term revenue bump but excess supply that imperiled future sales.  The complaint alleges that Salix and Derbyshire also failed to disclose in SEC reports that the practice had impacted earnings and presented

sec.gov Washington D.C., Sept. 26, 2018 — The Securities and Exchange Commission today announced that a Des Moines-based broker-dealer and investment adviser has agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion that compromised personal information of thousands of customers. The SEC charged Voya Financial Advisors Inc. (VFA) with violating the Safeguards Rule and the Identity Theft Red Flags Rule, which are designed to protect confidential customer information and protect customers from the risk of identity theft.  This is the first SEC enforcement action charging violations of the Identity Theft Red Flags Rule. According to the SEC’s order, cyber intruders impersonated VFA contractors over a six-day period in 2016 by calling VFA’s support line and requesting that the contractors’ passwords be reset. The intr

sec.gov Washington D.C., Sept. 25, 2018 — The Securities and Exchange Commission today announced that SG Americas Securities LLC will pay more than $800,000 to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs), predominantly by its predecessor entity. In its order against SG Americas, a registered broker-dealer and subsidiary of Paris-based Société Générale S.A., the SEC found that the misconduct of predecessor entity Newedge USA LLC allowed pre-released ADRs to be issued that were not backed by the appropriate number of ordinary shares.  This is the fifth action against a depository bank or broker for abusive pre-release practices resulting from the SEC’s ongoing investigation into abuses involving pre-released ADRs.  Such practices have the potential to artificially inflate the total number of a foreign issuer’s tradeable securities, diluting existing shar

sec.gov Washington D.C., Sept. 24, 2018 — The Securities and Exchange Commission today announced that it has awarded nearly $4 million to an overseas whistleblower whose tip led it to open an investigation and whose extensive assistance helped it bring a successful enforcement action. “Whistleblowers, whether they are located in the U.S. or abroad, provide a valuable service to investors and help us stop wrongdoing,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This award recognizes the continued, important assistance provided by the whistleblower throughout the course of the investigation.” The SEC has now awarded over $326 million to 59 individuals since issuing its first award in 2012.  In that time, more than $1.7 billion in monetary sanctions have been ordered against wrongdoers based on actionable information received by whistleblowers. Whistleblowers may be eligible for an awa

sec.gov Washington D.C., Sept. 20, 2018 — The Securities and Exchange Commission today charged the former chief financial officer of Barrett Business Services Inc. for his role in an accounting fraud involving BBSI’s workers’ compensation expenses. The SEC also charged BBSI in the accounting fraud and charged the company’s former controller for his role in improperly approving certain of the CFO’s accounting entries. Both BBSI and the former controller agreed to settle the Commission’s charges against them. The SEC’s complaint against BBSI’s former CFO James D. Miller, filed in federal district court in the Western District of Washington, alleges that Miller manipulated BBSI’s accounting records to hide the fact that its workers’ compensation expense was increasing relative to its revenue. According to the complaint, Miller took steps to conceal from BBSI’s independent auditor a third-party actuarial report concluding that BBSI needed to