Dec. 5, 2022 — The Securities and Exchange Commission today announced that AT&T agreed to pay a $6.25 million penalty and three company executives agreed to pay $25,000 apiece stemming from charges brought in March 2021 related to the company’s selective disclosure of material nonpublic information to research analysts in violation of […]
Tag: Securities Lawyer
SEC Charges Vika Ventures and its CEO in $6 Million Fraudulent Offering
Dec. 7, 2022 — The Securities and Exchange Commission today announced charges against venture capital firm Vika Ventures LLC and its CEO and co-founder, George Iakovou, with fraudulently offering and selling more than $6 million of securities to at least 46 individual investors in multiple states including California, Georgia, and […]
SEC Charges Goldman Sachs Asset Management for Failing to Follow its Policies and Procedures Involving ESG Investments
While it is still unclear how the SEC has the authority to regulate enviormental and social investments, it continues to enforce its policies and to fine firms. On November 22, 2022, the SEC charged Goldman Sachs Asset Management, L.P. (GSAM) for policies and procedures failures involving two mutual funds and […]
SEC Awards More Than $10 Million to Whistleblower
Oct. 31, 2022 — The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower who provided information and assistance that significantly contributed to a successful SEC enforcement action. The whistleblower provided important documents and met twice with Enforcement staff. The charges in the […]
SEC Charges Incarcerated Felon and Five Friends in Freeriding Scheme
October 31, 2022 – The Securities and Exchange Commission today charged six individuals, including a federal inmate, for conducting a freeriding scheme that defrauded multiple broker-dealers. Bogus Deposits to Brokerage Accounts The SEC’s complaint alleges that from May 2019 to early January 2021, Syed Arham Arbab, 25, and five others […]
Twitter to Pay $182 Million in Class Action Attorneys’ Fees
In addition to paying $810 million settlement to resolve a shareholder class action against Twitter Inc., it will have to pay an additional $182 million in attorneys fees, according to Reuters. The lawsuit, filed in 2016, well before Musk brough up the issue, accused the social media company of deceiving […]
December 7 Deadline to Comment on New Expungement Proposal
With only 4% of customer complaints being expunged, FINRA is bowing to pressure, presumably from the customer attorneys’ bar, to again make it more difficult to remove false claims from a broker’s public record. FINRA’s recent proposed amendment seeks to make expungement an even more extraordinary remedy by preventing anyone […]
$10 Million Award to Whistleblower
October 31, 2022 – The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower who provided information and assistance that significantly contributed to a successful SEC enforcement action. The whistleblower provided important documents and met twice with Enforcement staff. The charges in the […]
New Private Fund Reporting Rules Proposed
The Securities and Exchange Commission today voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments, which the Commodity Futures Trading Commission (CFTC) is concurrently considering to propose jointly with the SEC, are designed to enhance the Financial Stability […]
SEC Adopts Compensation Recovery Listing Standards and Disclosure Rules
Oct. 26, 2022 — The Securities and Exchange Commission today adopted rules to require securities exchanges to adopt listing standards that require issuers to develop and implement a policy providing for the recovery of erroneously awarded incentive-based compensation received by current or former executive officers. The final rules require a […]