The Securities and Exchange Commission today announced settled fraud charges against Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), for making material misrepresentations in forms filed with the SEC as part of… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers […]
Month: July 2023
SEC Charges Twice-Convicted Fraudster Eliyahu Weinstein and Five Others with $38 Million Ponzi-Like Scheme to Defraud Investors
The Securities and Exchange Commission today charged six individuals with a multi-million dollar Ponzi-like fraud scheme orchestrated by criminal recidivist Eliyahu Weinstein of Lakewood, New Jersey. Along with Weinstein, the SEC charged Aryeh L.… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
Judge Rules In Favor of Ripple, Declares XRP Not a Security…Sometimes
July 13, 2023 – In a landmark ruling, Judge Analisa Torres ruled that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, however she also found that selling XRP directly to investors did violate the law. In a significant development, the Securities and […]
JPMorgan Chase announces layoffs
July 12, 2023 – JPMorgan Chase revealed plans to terminate a number of positions in its Jersey City, New Jersey, branch. The planned layoffs are scheduled to occur in September, according to the notice. As the biggest U.S. lender, JPMorgan’s workforce totaled 296,877 at the close of the first quarter, […]
SEC Charges Celsius Network Limited and Founder Alex Mashinsky with Fraud and Unregistered Offer and Sale of Securities
On July 13, 2023, the Securities and Exchange Commission (SEC) charged Celsius Network Limited (Celsius) and its founder and former CEO, Alex Mashinsky, with violating registration and anti-fraud provisions of the federal securities laws. The SEC alleged that Celsius failed to register the offers and sales of its crypto lending […]
SEC Charges Merrill Lynch and Parent Company for Failing to File Suspicious Activity Reports
The Securities and Exchange Commission today announced charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated and its parent company BAC North America Holding Co. (BACNAH) for failing to file hundreds of Suspicious Activity Reports (SARs) from 2009 to late 2019. Merrill Lynch agreed to pay a $6 million penalty […]
SEC Adopts Money Market Fund Reforms and Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers
July 12, 2023 – The SEC today adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940. The amendments are designed to enhance the resilience and transparency of money market funds, particularly during periods of market stress. Significant Changes One of the key […]
SEC Proposes Rule Amendments to the Broker-Dealer Customer Protection Rule
July 12, 2023 —The SEC has proposed amendments to Rule 15c3-3 (the Customer Protection Rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. Net cash […]
SEC Awards Whistleblower More Than $9 Million
The Securities and Exchange Commission today announced an award of more than $9 million to a whistleblower whose significant and detailed information and assistance led to a successful SEC enforcement action. After repeatedly internally reporting the… Read the Full Press Release Have a securities law question? Call New York Securities […]
SEC Charges RSE Markets Inc. for Operating an Unregistered Securities Exchange
The Securities and Exchange Commission today announced settled charges against RSE Markets Inc. for operating as an unregistered exchange by maintaining and providing a marketplace and facilities that brought together purchasers and sellers of securities… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers […]