The term Blue Sky Law refers to the laws and regulations of the individual states regarding the registration of securities, brokerage firms and investment advisers. While the most well known securities laws are the federal laws, each state has its own rules and regulations. The blue sky laws of each […]
Compliance
SEC Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index
The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
SEC Charges Healthcare Company and Its Founder with Multimillion Dollar Fraud
The Securities and Exchange Commission has charged a New Jersey-based healthcare company and its founder with fraudulently raising nearly $4 million from over 130 investors nationwide through the sale of membership units in the company. According to the complaint, since July 2017, Premier Healthcare Solution LLC and its founder, Josiah […]
SEC Obtains Emergency Asset Freeze, Charges Colorado Resident with Fraud Involving Sham Bottling Company
The Securities and Exchange Commission today announced it filed charges and obtained an asset freeze and other emergency relief to stop an alleged offering fraud and misappropriation of investor assets orchestrated by Colorado Springs resident Tra Jay Scarlett using two entities under Scarlett’s control, Chatfield PCS Ltd. (Chatfield) and GO […]
Review Your WSPs – Subpoenas are Coming
The authority to open SEC investigations, and therefore to issue subpoenas, was expanded under the Obama Administration to the director of Enforcement, rather than solely to the Commission itself. The Director of Enforcement then delegated that authority to various senior officials, including regional and associate directors and specialized unit chiefs. […]
New York Now Requires Investment Advisor Registration
New York State is now requiring Investment Advisor Representatives who work in New York, or who have clients in New York, to register with the New York Investor Protection Bureau and meet certain exam requirements. The new regulation goes into effect February 1, 2021. https://www.jdsupra.com/legalnews/february-1-2021-deadline-mandatory-2498783/
$119 Million Securities Fraud Targeting South Asian American Community
The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering. According to the SEC’s complaint, Silicon Sage Builders and […]
SEC Charges Disbarred New York Attorney and Florida Attorney with Scheme to Create False Opinion Letters
The Securities and Exchange Commission today charged disbarred attorney, Richard J. Rubin, and licensed attorney, Thomas J. Craft, with fraud for their roles in a legal opinion letter scheme to fraudulently facilitate the sale of millions of shares of… Read the Full Press Release Have a securities law question? Call […]
Firm Fined For Lax Text Message Storage
Broker-dealers are required to store and preserve all communications sent and received by their brokers for a period of three years pursuant to Section 17(a) and Rule 17a4 of the Exchange Act. That requirement includes text messages, as one firm recently learned the hard way. The SEC instituted administrative proceedings […]
Undisclosed Paid Promotions Result in SEC Charges
Promoting a security without disclosing that you are being paid to do so is unlawful “touting” and violates the federal securities laws. The SEC has charged a Tennessee business mand for promoting investments in initial coin offerings (ICOs) to his Twitter followers without disclosing that he was paid to do […]
