March 3, 2022 — The Securities and Exchange Commission today announced that registered investment adviser City National Rochdale, LLC (CNR) has agreed to pay more than $30 million to settle charges that its undisclosed conflicts of interest defrauded current and prospective clients. The money CNR pays will be placed into […]
Other News
SEC Proposes Short Sale Disclosure Rule, Order Marking Requirement, and CAT Amendments
The Securities and Exchange Commission today announced that it has voted to propose changes that would provide greater transparency to investors and regulators by increasing the public availability of short sale related data. New Exchange Act Rule 13f-2… Read the Full Press Release Have a securities law question? Call New […]
SEC Charges Health Care Co. and Two Former Employees for Accounting Improprieties
The Securities and Exchange Commission today announced settled charges and an $18 million penalty against Baxter International Inc. for engaging in improper intra-company foreign exchange transactions that resulted in the misstatement of the company’s… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
January 2022 Ponzi Schemes
From Kathy Bazoian Phelps’ Ponzi Scheme Blo. The reported stories reflect at least 5 new Ponzi schemes worldwide, 3 guilty pleas, more than 48 years of prison sentences, and an average age of approximately 47 for the alleged Ponzi schemers. https://www.linkedin.com/feed/update/urn:li:activity:6895247004092514304
Investment Advisers Act of 1940 Proposed Amendments
Introduction to the Investment Advisers Act of 1940 The Investment Advisers Act of 1940 (the “Act”) regulates investment advisers – firms and individuals who are compensated for advising others about securities investments. The Act requires such advisers to register with the SEC and conform to regulations designed to protect investors. […]
The SEC Is Tightening Its Grip on Private Markets — But It May Be Disappointed
The Commission’s proposal to squeeze more information from private equity firms and hedge funds may not yield the “early warning signals” that it’s after. Commentary from Institutional Investor. https://www.institutionalinvestor.com/article/b1wmgg3fjjp33l/The-SEC-Is-Tightening-Its-Grip-on-Private-Markets-But-It-May-Be-Disappointed
Largest South Korean Telecommunications Co. Agrees to Pay the SEC to Settle FCPA Charges
The Securities and Exchange Commission announced that Seoul-based KT Corporation (KT Corp.) will pay $6.3 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing improper payments for the benefit of government… Read the Full Press Release Have a securities law question? Call New York […]
Infinity Q Founder Charged With Massive Valuation Fraud
Infinity Q charged by the SEC with overvaluing assets by more than $1 billion while pocketing tens of millions of dollars in fees. The SEC’s complaint alleges that, from at least 2017 through February 2021, Velissaris engaged in a fraudulent scheme to overvalue assets held by the Infinity Q Diversified […]
SEC Charges 12 Additional Financial Firms for Failure to Meet Form CRS Obligations
Form CRS Failures can have serious implications. For example, in January 2022 the SEC filed, and settled charges with six investment advisers and six broker-dealers for failing to file and deliver client or customer relationship summaries – known as Form CRS – to their retail investors by the required deadline […]
BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending Product
Introduction BlockFi is a cryptocurrency lending startup that offers crypto loans. Since its launch, the company has been criticized for its lending practices. In particular, it has faced questions about whether it can comply with regulations requiring it to register as a money transmitter and obtain a license. SEC Charges […]
