The SEC has announced that Nikola Corporation, a publicly traded company created through a special purpose acquisition company transaction, has agreed to pay $125 million to settle charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects. The settlement follows the SEC’s litigated action […]
Enforcement
SEC Charges Five Russians in $80 Million Hacking and Trading Scheme
The Securities and Exchange Commission today announced fraud charges against five Russian nationals for engaging in a multi-year scheme to profit from stolen corporate earnings announcements obtained by hacking into the systems of two U.S.-based filing… Read the Full Press Release Have a securities law question? Call New York Securities […]
SEC Charges Private Equity Fund Adviser with Fee and Expense Disclosure Failures
The Securities and Exchange Commission today charged registered investment adviser Global Infrastructure Management, LLC for failing to properly offset management fees and for making misleading statements about the fees and expenses it charged. Global… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
James E. Grimes Named Chief ALJ at SEC
We are certain that Judge Grimes will be an excellent Chief ALJ, but we found it interesting, given the fact that the SEC ALJs rule in favor of the SEC in almost all of their cases that the SEC thought that including the word “impartial” in the title “SEC impartial Office […]
JPMorgan Admits to Widespread Record-Keeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges
The SEC announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct […]
Wedbush Securities Charged with Unregistered Sales of Microcap Securities and Failing to Report Suspicious Transactions
The Securities and Exchange Commission announced today that Wedbush Securities Inc., a California-based broker-dealer, has agreed to pay more than $1.2 million to settle charges arising from the unlawful unregistered distribution of nearly 100 million shares of more than 50 different low-priced microcap companies, and from Wedbush’s failure to file […]
Wells Fargo Gets Fined…Again
What happened to Wells Fargo? Fine after fine. Our colleagues from Wachovia who are still there must be shaking their heads. This fine is for the same violation that Wells Fargo was fined for in 2016. FINRA Fines Wells Fargo $2.25M Over Handling of Client Data
SEC Charges Latvian Citizen With Digital Asset Fraud
The Securities and Exchange Commission today charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings. According to the civil complaint, filed in U.S. District Court for the Eastern District of New York, Ivars Auzins defrauded […]
Tipping Inside Information Leads to Civil and Criminal Charges
When you are in possession of insider information, not only can you not trade on it, you cannot tell others about the information. If you do, and they trade on it, you can be liable for their trades. The CFO of Immunomedics is learning that lesson the hard way. According […]
SEC Charges Oilfield Services Company and Former CEO With Failing to Disclose Executive Perks and Stock Pledges
The Securities and Exchange Commission today announced that Texas-based oilfield services company ProPetro Holding Corp. and its founder and former CEO Dale Redman have agreed to settle charges that they failed to properly disclose some of Redman’s… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]