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 […]
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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 […]
SEC Charges Two Advisory Firms for Custody Rule Violations, One for Form ADV Violations, and Six for Both
Sept. 9, 2022 — The Securities and Exchange Commission today announced charges against a number of investment advisers that failed to comply with requirements relating to safekeeping client assets and/or to timely update their SEC disclosures to reflect the status of audits of financial statements for the private funds they […]
August 2022 Ponzi Scheme Roundup
From Kathy Bazoian Phelps’ Ponzi Scheme Blog – a summary of activity reported for August 2022 in the Ponzi scheme space. The reported stories reflect at least 4 new Ponzi schemes worldwide, 1 guilty plea, more than 71 years of prison sentences, and an average age of approximately 51 for the […]
SEC Charges Advisory Firm with an Elaborate Scheme to Defraud Clients out of More Than $75 Million
Aug. 30, 2022 — The Securities and Exchange Commission today charged two North Carolina-based executives, Gregory E. Lindberg and Christopher Herwig, and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies. According […]
SEC Publishes Draft FY22-26 Strategic Plan for Public Comment
The Securities and Exchange Commission today released for public comment a draft strategic plan for fiscal years 2022 to 2026. “We can’t take our leadership in capital markets for granted,” said SEC Chair Gary Gensler. “Technology and business models… Read the Full Press Release Have a securities law question? Call […]
SEC Adopts Pay Versus Performance Disclosure Rules
Aug. 25, 2022 — The Securities and Exchange Commission today adopted amendments to its rules to require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant’s financial performance. The rules implement a requirement mandated by the Dodd-Frank Act. The Commission proposed […]
SEC Charges Infrastructure Company Granite Construction and Former Executive with Financial Reporting Fraud
The Securities and Exchange Commission today charged Granite Construction, Incorporated and its former Senior Vice President, Dale Swanberg, with fraud for inflating the financial performance of the major subdivision Swanberg managed. In 2021, Granite… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
SEC Amends Whistleblower Rules to Incentivize Whistleblower Tips
Aug. 26, 2022 —The Securities and Exchange Commission today adopted two amendments to the rules governing its whistleblower program. The first rule change allows the Commission to pay whistleblowers for their information and assistance in connection with non-SEC actions in additional circumstances. The second rule affirms the Commission’s authority to […]
