September 21, 2022 – The Securities and Exchange Commission today charged the CEO of Cheetah Mobile Inc. and the company’s former President with insider trading for selling Cheetah Mobile’s securities, pursuant to a purported 10b5-1 trading plan, while in possession of material nonpublic information. The SEC’s order finds that Sheng […]
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Office of the Investor Advocate Releases Research Study on Fund Performance Benchmarks
Researchers from the SEC’s Office of the Investor Advocate (OIAD) released an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making, and potential strategic behavior by firms in displaying… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
MSSB Computers with Personal Financial Information Sold on Internet
We would think in this day and age that our large financial institutions have a handle on how to protect our personal financial information. We are constantly reminded to protect that information. Our nation’s financial institutions receive such reminders and are required by law to protect their customer’s information. One […]
SEC Investor Advisory Committee to Discuss Human Capital Labor Valuation, Security-Based Swaps, Beneficial Ownership, and ESG Disclosure on Sept. 21
The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on September 21 at 10 a.m. ET. The meeting will be webcast on the SEC website. The committee will host four panels to discuss: Human… Read the Full Press Release Have a securities law question? Call New York […]
Sparkster to Pay $35 Million to Harmed Investor Fund for Unregistered Crypto Asset Offering
Sept. 19, 2022 — The Securities and Exchange Commission today issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya, for the unregistered offer and sale of crypto asset securities from April 2018 through July 2018 and charged crypto influencer Ian Balina for failing to disclose compensation he […]
SEC Proposes Rules to Improve Risk Management in Clearance and Settlement and to Facilitate Additional Central Clearing for the U.S. Treasury Market
The Securities and Exchange Commission today proposed rule changes that would enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions. The… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at 212-509-6544. […]
SEC Charges Loop Capital Markets in First Action against Broker-Dealer for Violating Municipal Advisor Registration Rule
The Securities and Exchange Commission today charged Chicago-based Loop Capital Markets, LLC for providing advice to a municipal entity without registering as a municipal advisor. The action marks the first time the SEC has charged a broker-dealer for… Read the Full Press Release Have a securities law question? Call New […]
SEC Charges Four Underwriters in First Actions Enforcing Municipal Bond Disclosure Law
The Securities and Exchange Commission today filed a litigated action against Oppenheimer & Co. Inc. and separately announced settlements with BNY Mellon Capital Markets LLC, TD Securities (USA) LLC, and Jefferies LLC, charging each of the four firms… Read the Full Press Release Have a securities law question? Call New […]
VMware Settles SEC Charges with $8 Million Penalty for Obscuring Financial Performance
Sept. 12, 2022 —The Securities and Exchange Commission today charged VMware Inc. for misleading investors about its order backlog management practices, which enabled the Palo Alto, California-based technology company to push revenue into future quarters by delaying product deliveries to customers, concealing the company’s slowing performance relative to its projections. […]
SEC Charges Hudson Advisors and Lone Star Global for Failing to Disclose that Fund Fees Included More Than $50 Million of Owner’s Income Tax Liability
Here is a new one. The SEC announced the settlement of charges it brought against registered investment advisers Hudson Advisors L.P. and Lone Star Global Acquisitions Ltd. for including Hudson’s owner’s anticipated income tax liability as a component of certain fees charged to 14 private equity funds they managed. Yes, they […]