The Securities and Exchange Commission today announced charges against Fernando Passos, the former executive vice president of finance and investor relations of Brazilian reinsurance company IRB Brasil Resseguros S.A., for allegedly planting a false… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
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SEC Asset Freeze In Case of $450 Million Ponzi Scheme
April 15, 2022 – The Securities and Exchange Commission today announced charges and an asset freeze against several Las Vegas-area individuals and companies allegedly behind a nearly half-billion dollar Ponzi scheme involving purported personal injury settlements. The SEC charged certain defendants with violations of the antifraud provisions of the federal […]
Fee Rate Advisory #1 for Fiscal Year 2022
The Securities and Exchange Commission today announced that starting on May 14, 2022, the fee rates applicable to most securities transactions will be set at $22.90 per $1 million. Consequently, each SRO will continue to pay the Commission a rate… Read the Full Press Release Have a securities law question? […]
SEC Proposes Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
April 6, 2022 —The Securities and Exchange Commission today proposed new Regulation SE under the Securities Exchange Act of 1934 (the Exchange Act). The Regulation will create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was one of the major reforms […]
SEC Examing Crypto as Securities
The SEC is attempting to gain regulatory oversight of cryptocurrency products and platforms that may be engaging in the sale and offering of securities. Securities are strictly regulated and require detailed disclosures to inform investors of potential risks. Since the first cryptocurrency (Bitcoin) launched in 2009, the question of how […]
SEC: Takeover Bid of Fortune 500 Company was a Sham
The Securities and Exchange Commission today charged Melville ten Cate, a U.S. citizen residing abroad, with fraud stemming from his allegedly phony offer to purchase Textron – a large U.S.-listed aircraft, defense, and industrial company. The SEC… Read the Full Press Release Have a securities law question? Call New York […]
Experts Examiner Newsletter
The Securities Experts Roundtable is a group of securities expert witnesses that provides continuing professional education and promotes ethics and integrity among its members. It publishes a quarterly newsletter which provides commentary on securities arbitration issues, with a slighly different viewpoint from our securities litigator perspective. I have used, worked with and […]
Watch “Former SEC Chair on the Activision Blizzard investigation: Their actions were ‘just foolish'” on YouTube
Chairman Pitt makes a good point. These CEOs know better. Even if it was a social meeting and nothing was disclosed, making a significant trade after what meeting just invites an SEC investigation. Or maybe they are convinced that “email traffic” will somehow prove that there was no confidential information […]
Broker Didn’t Know His Client Died
A Wells Fargo broker who traded a client’s account after he died was fired and sanctioned by FINRA. According to FINRA, the broker was terminated from Wells Fargo “after internal review revealed that advisor entered stop loss orders in account of deceased customer, per prior discussion, not knowing client was […]
Morgan Stanley Brokers Opt Out of Deferred Comp Class Action
As the proposed class action complaint against Morgan Stanley for its deferred compensation program winds its way through the Courts, former Morgan Stanley brokers are asking if they are better served by filing their own claims in arbitration. In many cases, the answer is yes. Delays in Court Cases The […]