Poloniex was a web-based trading platform for digital assets, some of which the SEC claimed were investment contracts, and therefore securities. The SEC also claimed that the trading platform was an exchange under the securities laws. The SEC filed charges which Poloniex settled. The order confirming the settlement finds that […]
Month: August 2021
SEC Charges International Microcap Fraud Scheme Participants
The Securities and Exchange Commission today announced an emergency action charging nine individuals, including a public company chairman, for their participation in long-running fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales and caused significant harm to retail investors in the United States and around […]
Handling Clients Who Bring Their Own ‘Hot’ Investment Ideas
Michael Kitces and client communication expert Carl Richards discuss the reasons advisors are so often skeptical of new investment opportunities, how they can communicate with clients as their views evolve, and how advisors who may have previously been too dismissive of a client’s interest in a new investment can rebuild […]
Decentralized Finance Lender and Top Executives Consent to SEC Order for Raising $30 Million Through Fraudulent Offerings
The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called “decentralized finance” (DeFi) technology, and for misleading investors concerning the operations and profitability of their business DeFi Money Market. […]
SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings
The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called “decentralized finance” (DeFi) technology, and for… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
SEC Awards $3.5 Million to Whistleblowers in Two Enforcement Actions
The Securities and Exchange Commission today announced awards totaling more than $3.5 million to three individuals in two separate enforcement proceedings. In the first order, the SEC awarded approximately $2 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. The whistleblower alerted SEC staff […]
SEC Issues Whistleblower Awards Totaling More Than $4 Million
The Securities and Exchange Commission announced awards of more than $4 million to four whistleblowers who provided information and assistance in two separate enforcement proceedings. In the first order, the SEC awarded more than $2 million to a whistleblower who provided valuable information that resulted in SEC staff initiating an […]
SEC Charges Ernst & Young, Three Audit Partners, and Former Public Company CAO with Audit Independence Misconduct
The Securities and Exchange Commission today charged accounting firm Ernst & Young LLP (EY), one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in connection with EY’s… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]