Coinbase, the cryptocurrency platform, has received a Wells Notice from the SEC regarding its lending program. At first blush it does not appear that the program, which allows customers to lend their currency is a security, but we have not seen the SEC’s files, so anything is possible. Coinbase has […]
Other News
SEC Charges The Kraft Heinz Company and Two Former Executives for Engaging in Years-Long Accounting Scheme
The Securities and Exchange Commission today charged The Kraft Heinz Company with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting. The SEC also charged Kraft’s former Chief… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]
SEC Charges Global Crypto Lending Platform and Top Executives in $2 Billion Fraud
The Securities and Exchange Commission announced today that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded… Read the Full Press Release Have a securities law question? Call Sallah Astarita […]
The Importance of Cybersecurity Policies
It seems like every day we see reports of hacking of corporate computers, resulting in the disclosure of personal customer information. Unfortunately, the brokerage industry is not immune from such attacks. Just yesterday the SEC sanctioned eight firms in three different actions for failures in their cybersecurity policies and procedures […]
SEC Obtains Emergency Relief, Charges Couple Who Operated $18 Million Ponzi scheme
The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme perpetrated by Shakopee, Minnesota residents Jason Dodd Bullard and… Read the Full Press Release Have a securities law question? Call Sallah […]
SEC Monitoring Impact of Hurricane Ida on Capital Markets
SEC Chair Gary Gensler has directed the staff to carefully monitor developments as a result of Hurricane Ida making landfall on Aug. 29, 2021. The safety of local residents is our highest priority. We invite inquiries from any person with obligations… Read the Full Press Release Have a securities law […]
SEC Announces Three Actions Charging Deficient Cybersecurity Procedures
The Securities and Exchange Commission today sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox […]
SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology
The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts,… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox […]
SEC Issues Whistleblower Awards Totaling $2.6 Million
The Securities and Exchange Commission today announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings. In the first order, the SEC awarded approximately $1.2 million to a whistleblower who provided valuable independent analysis based upon a complex algorithm the whistleblower […]
SEC Obtains Emergency Relief, Charges Investment Adviser and Its Principal with Operating $110 Million Ponzi Scheme
On Aug. 20, 2021, the Securities and Exchange Commission filed an emergency action to stop a fraudulent Ponzi scheme allegedly perpetrated by Marietta, Georgia resident John Woods and two entities he controls: registered investment adviser Livingston… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
