Securities and Exchange Commission v. Thomas Nicholas Salzano, 2:21-cv-12189 (D.N.J. filed June 7, 2021) The Securities and Exchange Commission charged Thomas Nicholas Salzano, of Secaucus, New Jersey, with using a sham loan document containing a forged signature in a fraudulent attempt to entice a $150,000 investment in a real estate […]
Month: July 2021
SEC Obtains $7 Million Judgment and Bar for CEO and Board Chairman
Securities and Exchange Commission v. Suneet Singal, First Capital Real Estate Investments, LLC, First Capital Real Estate Advisors LP, and First Capital Real Estate Trust Inc., No. 19-cv-11452 (S.D.N.Y. filed December 13, 2019) On July 13, 2021, the United States District Court for the Southern District of New York entered […]
UBS Settles Charges Related to Investments in Complex Exchange-Traded Product
The Securities and Exchange Commission today filed a settled action against UBS Financial Services Inc. for compliance failures relating to sales of a volatility linked exchange-traded product (ETP). This is the sixth matter arising from the Enforcement Division’s ETP Initiative. As described in the SEC’s order, the ETP at issue […]
Amazon Ends Mandatory Arbitration – Consumer Benefit?
By now every Amazon customer is aware that Amazon has changed its terms of service to remove the pre-dispute arbitration agreement. Many consumer advocates are praising the move, but have they really analyzed the change? I have represented parties in over 600 securities arbitrations, and a handful of commercial arbitrations. […]
Computer Guru Gets SEC Asset Freeze
The SEC has very strong enforcement power over those who it believes violated, or are violating, the federal securities laws. Brent Kovar, who has had prior run-ins with the securities law, and his mom, were the subject of an emergency action, a temporary restraining order and asset freeze to halt […]
SEC Files Charges in Multi-Million Dollar Fraud Involving Two Companies
The Securities and Exchange Commission today announced charges against Aron Govil of Jacksonville, Florida, for defrauding investors in two companies he controlled, Cemtrex Inc. and Telidyne Inc. According to the SEC’s complaint, filed… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at […]
Chair Gensler Announces Composition of Policy Team
The Securities and Exchange Commission today announced the appointments of Corey Klemmer, Adam Large, Mika Morse, Sirimal Mukerjee, and Sai Rao to Chair Gary Gensler’s policy staff, led by the Policy Director Heather Slavkin Corzo. “I am pleased that… Read the Full Press Release Have a securities law question? Call […]
SEC Charges Executives of Network Infrastructure Company With Accounting Fraud
The Securities and Exchange Commission today charged the former CEO and CFO of FTE Networks Inc., a network infrastructure company formerly based in Naples, Florida, with conducting a multi-year accounting fraud. This alleged scheme involved inflating… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency
The Securities and Exchange Commission today announced that Peter B. Driscoll, the Director of the Division of Examinations, will depart the agency effective Aug. 14. Daniel Kahl, the Division’s Deputy Director, will be named Acting Director upon Mr… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]
ICO “Listing” Website Charged With Unlawfully Touting Digital Asset Securities
The Securities and Exchange Commission today announced settled charges against the operator of Coinschedule.com, a once-popular website that profiled offerings of digital asset securities. The SEC’s order finds that United Kingdom-based Blotics Ltd… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544. […]