The SEC has charged Israeli-based Spot Tech House Ltd., formerly known as Spot Option Ltd., and two of its former top executives, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with deceiving U.S. investors out of more than $100 million through fraudulent and unregistered online sales of […]
Author: Mark J. Astarita
SEC Awards More Than $3 Million to Whistleblowers in Two Enforcement Actions
The SEC has announced awards totaling more than $3 million to two whistleblowers in separate enforcement proceedings. In the first order, the SEC awarded approximately $3.2 million to a whistleblower who alerted SEC staff to violations, identified key issues for staff to focus on, and provided subject matter expertise to […]
SEC Fast Answer – Removing Restrictive Legends
“Restricted” securities are securities acquired in an unregistered, private sale from the issuing company or from an affiliate of the issuer. They typically bear a “restrictive” legend clearly stating that you may not resell them in the public marketplace unless the sale is exempt from the SEC’s registration requirements. Rule 144 under […]
Robinhood’s CEO is not Licensed?
CNN is reporting that the CEO of Robinhood is not licensed with FINRA and implies that he is required to be licensed and that it is a “big deal” that he is not licensed. CNN is correct that absent an exemption, FINRA requires senior executives of a broker-dealer, including the […]
SEC Obtains Emergency Relief, Charges Florida Company and CEO with Misappropriating Investor Money and Operating a Ponzi Scheme
The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Melbourne, Florida resident Jonathan P. Maroney through several entities he controls. According to the […]
SEC Investigation Not a Covered Claim for Hertz
Make sure your insurance policies explicitly cover a governmental investigation. Hertz was covered for the class action but not the SEC investigation arising from the same events.
SEC Charges California-Based Fraudster With Selling “Insider Tips”
The SEC has charged James Roland Jones of Redondo Beach, California, with perpetrating a fraudulent scheme to sell what he called “insider tips” on the dark web. The dark web allows users to access the internet anonymously and, as such, has often been used to host websites and marketplaces that […]
Are Advisors Too Expensive?
According to a survey conducted by the personal finance website MagnifyMoney, nearly half of U.S. adults think financial advisors are expensive and only for the wealthy, even though almost all who use advisors consider them worth it, according to a new survey. The survey of 1,500 adults found that 30% […]
Three Fallacies Of Wealth Creation, And Three Antidotes
Three Fallacies Of Wealth Creation, And Three Antidotes If you can see through these misperceptions about assets, you can be a better investor. #seclaw #securitiesattorney #securitieslawyer https://www.forbes.com/sites/baldwin/2021/03/20/three-fallacies-of-wealth-creation-and-three-antidotes/ —– Coast-to-coast representation of investors and financial professionals – Securities Lawyer
End Mandatory Arbitration?
Elizabeth Warren has once again taken up the charge to end pre-dispute arbitration agreements, which she calls “forced arbitration.” I have addressed the topic on numerous occasions and while I am a fan of arbitration, pre-dispute arbitration agreements can be an issue, particularly in consumer cases, such as car rental […]