The Securities and Exchange Commission today adopted rule amendments that narrow the exemption from Section 15(b)(8) of the Securities Exchange Act of 1934, which requires any broker or dealer registered with the Commission to become a member of a… Read the Full Press Release Have a securities law question? Call […]
Other News
SEC lawyers learned ‘nothing’ from Ripple case
From Finbold.com: https://finbold.com/legal-expert-blasts-arrogant-sec-lawyers-for-learning-nothing-from-ripple-case/ While the cryptocurrency industry is waiting for the final outcome of the protracted court battle between Ripple and the United States Securities and Exchange Commission (SEC), legal expert and amicus curiae for the blockchain company John E. Deaton has criticized the regulator’s legal team. Indeed, Deaton accused […]
Misleading Advertising and Compliance Failures: SEC Charges Titan Global Capital Management
The SEC has taken action against Titan Global Capital Management USA LLC, a FinTech investment adviser based in New York. The charges revolve around the company’s use of misleading hypothetical performance metrics in its advertisements. Additionally, Titan has been accused of multiple compliance failures that led to distorted disclosures concerning […]
The Akazoo Scandal: SEC Charges Crowe U.K. LLP and Key Executives for Deficient Audit Practices
Introduction The SEC has filed claims against Crowe U.K. LLP, a prominent London-based audit firm, its CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass. The charges stem from the firm’s alleged inadequate audit of Akazoo Limited, a notable music-streaming company. This exposé sheds light on the critical details surrounding the […]
Inside the SEC Whistleblower Office
An insightful look into the workings of the SEC Whistleblower Program. The Wall Street Journal presents an article that includes excerpts from an interview with Nicole Creola Kelly, who is the SEC’s head of its whistleblower program. She addresses the criticism in recent years in both circuit courts and […]
Settlement:Bittrex Settles Charges of Operating Unregistered Securities Exchange
Introduction: The SEC has announced a settlement involving Bittrex Inc., a prominent crypto asset trading platform, and its co-founder, William Shihara. The agreement pertains to charges of operating an unregistered national securities exchange, broker, and clearing agency. Bittrex Inc.’s foreign affiliate, Bittrex Global GmbH, is also included in the settlement, […]
Grupo Aval Fined $40 Million for Violating Foreign Corrupt Practices Act
Introduction: The SEC has taken legal action against Colombian conglomerate Grupo Aval Acciones y Valores S.A., commonly known as Grupo Aval S.A., along with its subsidiary, Corporación Financiera Colombiana S.A. (Corficolombiana), for their alleged violation of the Foreign Corrupt Practices Act (FCPA). This case sheds light on illicit activities within […]
SEC Charges 11 Firms for Failing Electronic Communications Compliance
The SEC announced charges against 10 broker-dealer firms and one dually registered broker-dealer and investment adviser for a series of failures related to the maintenance and preservation of electronic communications. These failures have been widespread and longstanding, leading to severe consequences for the firms involved. Admission of Violations and Penalties […]
Theorem Fund Services Settles Charges for Ignoring Red Flags in a Fraud Scheme
Aug. 7, 2023 — The SEC announced settled charges against Theorem Fund Services LLC (TFS), a prominent fund administrator based in Boca Raton, Florida. The charges were brought against TFS for their failure to respond adequately to red flags related to a fraud perpetrated against a private fund and its […]
SEC Awards More Than $104 Million to Seven Whistleblowers
The Securities and Exchange Commission today announced awards of more than $104 million to seven individuals whose information and assistance led to a successful SEC enforcement action and related actions brought by another agency. Today’s combined award… Read the Full Press Release Have a securities law question? Call New York […]
