From our friends at New Edge Wealth – “A Required Minimum Distribution (RMD) mandates that individuals who reach a certain age are obligated to start taking minimum distributions from their tax-advantaged retirement accounts. The RMD provision was put into place to ensure funds within retirement accounts are used for their […]
Month: February 2024
SEC Charges Former Alfi CEO Paul A. Pereira For Social Media Statements
The SEC has taken legal action against Paul A. Pereira, the former CEO and co-founder of Alfi, Inc., for allegedly disseminating false and misleading information via social media platforms to artificially inflate the company’s stock price. Alleged Misrepresentation of Financial Performance Under the pseudonym “Uptix12,” Pereira purportedly made statements shortly […]
SEC Charges Husband of Energy Company Manager with Insider Trading
Spouse purchased stock using non-public information about planned merger Feb. 22, 2024 — The Securities and Exchange Commission today charged Tyler Loudon of Houston, Texas, with insider trading ahead of a February 2023 announcement that London-based oil and gas company BP p.l.c. agreed to acquire TravelCenters of America Inc., a […]
SEC Expands Trading Bans for Staff
The SEC has recently announced a significant overhaul of its ethics rules. These changes, designed to fortify and update the SEC’s ethics compliance framework, expands the prohibited securities transactions for the Staff and their families Strengthening the SEC’s Ethical Framework At the heart of this initiative is the collaborative effort […]
Van Eck Fined for Secretly Paying Bar Stool’s David Portnoy.
The Securities and Exchange Commission announced that registered investment adviser Van Eck Associates Corporation has agreed to pay a $1.75 million civil penalty to settle charges that it failed to disclose a social media influencer’s role in the social media influencer’s role in the launch of its new exchange-traded fund […]
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
The Securities and Exchange Commission’s Office of Credit Ratings published its annual Staff Report to Congress today on Nationally Recognized Statistical Rating Organizations (NRSROs), commonly known as credit rating agencies, to provide findings… SEC Press Release
SEC Charges TIAA Subsidiary for Failing to Act in the Best Interest of Retail Customers
The Securities and Exchange Commission today announced that registered broker-dealer TIAA-CREF Individual & Institutional Services LLC (TC Services), a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), will pay more than $2.… SEC Press Release
SEC Small Business Advisory Committee to Discuss the Accredited Investor Definition and the State of the IPO Market
The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, Feb. 27, which will include a discussion of the accredited investor definition and initial public offerings… SEC Press Release
SEC Proposes Rule to Update Definition of Qualifying Venture Capital Funds
The Securities and Exchange Commission today proposed a rule that would update the dollar threshold for a fund to qualify as a “qualifying venture capital fund” for purposes of the Investment Company Act of 1940 (Act). The rule would update the dollar… SEC Press Release
Sixteen Firms Agree to $81 Million to Settle Charges for Recordkeeping Failures
By Mark J. Astarita For months we have been advising financial firms to pay attention to the use of messaging services by their employees and to avoid penalties for recordkeeping failures. Firms are required to maintain archival records of all business-related communications. The SEC’s crackdown started in the middle of […]