April 3, 2023 — The SEC charged New Jersey-based Chatham Asset Management LLC and its founder, Anthony Melchiorre, with improper trading of certain fixed-income securities. Chatham and Melchiorre agreed to pay more than $19.3 million in combined disgorgement, prejudgment interest, and civil penalties to settle the charges. SEC Findings The […]
Enforcement
Merrill Lynch Pays Over $9.5 Million to Settle SEC Charges for Undisclosed Foreign Exchange Fees
Merrill Lynch, Pierce, Fenner & Smith Incorporated has settled with the Securities and Exchange Commission (SEC) for charging more than $4 million in undisclosed foreign exchange fees to its advisory clients for transfers to or from their accounts. The company has agreed to pay disgorgement, prejudgment interest, and a civil […]
Brazilian Mining Company Agrees to Pay $55.9 Million to Settle SEC Charges on Misleading Disclosures
Vale S.A., one of the world’s largest iron ore producers and a publicly traded Brazilian mining company, has agreed to pay $55.9 million to settle charges brought by the Securities and Exchange Commission (SEC) regarding allegedly false and misleading disclosures about the safety of its dams. The charges stem from […]
SEC Obtains Emergency Relief Against Long Island Investment Adviser and Firm Charged with Fraud
The Securities and Exchange Commission has charged former broker Surage Kamal Roshan Perera and his company, Janues Capital Incorporated, with engaging in fraudulent activities. The charges relate to allegations that they defrauded at least one investor out of millions of dollars. The SEC alleges that Perera and his firm deceived […]
Former Financial Advisor Charged by SEC with Misappropriating over $1 Million from NBA Players; Criminal Charges also Pending.
The SEC has charged Darryl Matthew Cohen, a former investment advisor at “a large financial institution”, with misappropriating more than $1 million from three current and former NBA players over a period of two and a half years. The SEC’s press release, for an unexplained reason, did not identify the […]
SEC Charges Three Sales Agents at StraightPath Venture Partners With Fraud and Unregistered Broker Activity
March 23, 2023 —The Securities and Exchange Commission has charged three individuals for selling interests in pre-IPO companies without registering as broker-dealers and misleading investors about associated fees. Scott Hollender, Gabriel Migliano, Jr., and Frank Vecchio were accused of actively soliciting investments for funds set up as series limited liability […]
Blackbaud Agrees to Pay $3 Million to Settle Charges Over Misleading Disclosures of Ransomware Attack
Blackbaud Inc., a South Carolina-based public company that provides donor data management software to non-profit organizations, has agreed to pay a $3 million civil penalty to settle charges over misleading disclosures about a 2020 ransomware attack that impacted more than 13,000 customers. The SEC announced the settlement on March 9, […]
Rio Tinto Pays $15 Million Penalty for Foreign Corrupt Practices Violation in Guinea
Rio Tinto, a global mining and metals company, has agreed to pay a $15 million civil penalty to the Securities and Exchange Commission (SEC) for violating the Foreign Corrupt Practices Act (FCPA). The violation is related to a bribery scheme involving a consultant in Guinea. The Hiring of a Consultant […]
SEC Charges Silver Edge Financial LLC and Equity Acquisition Company Ltd. with Unregistered Broker-Dealer Activity
On March 3, 2023, the Securities and Exchange Commission (SEC) charged Silver Edge Financial LLC, Equity Acquisition Company Ltd. (EAC), their owners, and sales staff with unregistered broker-dealer activity related to their sales of interests in shares of various pre-IPO companies. In this article, we will discuss the details of […]
The Greenbrier Companies Settle with SEC for Failing to Disclose Perks to Executives
The SEC announced on March 2, 2023, that The Greenbrier Companies Inc. and its founder and former CEO and Chairman, William A. Furman, settled charges for failing to disclose perks provided to Furman and other Greenbrier executives, as well as compensation Furman received from Greenbrier’s charters of his private plane […]