Oct. 26, 2022 —The Securities and Exchange Commission voted today to adopt rule and form amendments to require mutual funds and exchange-traded funds to transmit concise and visually engaging shareholder reports and to promote transparent and balanced presentations of fees and expenses in investment company advertisements. “Shareholder reports are amongst […]
Tag: Securities Lawyer
SEC Proposes New Oversight Requirements for Certain Services Outsourced by Investment Advisers
Oct. 26, 2022 — The SEC proposed a new rule and rule amendments under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers. “Registered investment advisers — more than 15,000 of them […]
Cannabis Company and Former Senior Executive Settle Accounting Fraud Charges
Oct. 24, 2022 — The Securities and Exchange Commission today charged Cronos Group Inc., a Nasdaq-listed cannabis company based in Toronto, for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods. The SEC also charged Cronos’s former Chief Commercial Officer, William Hilson, […]
Mattel Settles SEC Charges, Case Against its Former PwC Audit Partner Pending
Oct. 21, 2022 — The Securities and Exchange Commission today announced that California-based Mattel Inc. has agreed to pay $3.5 million to settle charges relating to misstatements in its third and fourth quarter 2017 financial statements. Separately, the SEC is initiating litigation against Joshua Abrahams, a former audit partner at […]
Credit Suisse Agrees to $495 Million Settlement with New Jersey Attorney General
New Jersey’s Largest Civil Monetary Recovery…Ever. October 17, 2022 – The Office of the Attorney General announced today that the New Jersey Bureau of Securities has reached a $495 million agreement in principle with Credit Suisse Securities (USA) LLC, Credit Suisse First Boston Mortgage Securities Corp., and DLJ Mortgage Capital, […]
SEC Rule Amendments Related to Preserving Electronic Records
The SEC’s broker-dealer electronic recordkeeping rule currently requires firms to preserve electronic records exclusively in a non-rewriteable, non-erasable format, known as the write once, read many format. The amendments add an audit-trail alternative under which electronic records can be preserved in a manner that permits the recreation of an original […]
New Jersey Real Estate Development Firm and Four Executives Charged With $600 Million Ponzi-like Fraud
Oct. 13, 2022 — The Securities and Exchange Commission today charged New Jersey-based National Realty Investment Advisors LLC (NRIA) and four of its former executives with running a Ponzi-like scheme that raised approximately $600 million from about 2,000 investors. The Complaint’s Allegations The SEC’s complaint alleges that beginning in 2018, […]
Small Business Advisory Committee to Host Meeting to Discuss Entrepreneurship Hubs and the IPO Market
The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Thursday, Oct. 13, which will address entrepreneurship hubs and recent trends in taking a company public. Members of the public can watch the live meeting via webcast on www.sec.gov. The Committee, […]
Kim Kardashian Settles SEC Charges for Unlawfully Touting Crypto Security
October 3, 2022 – The Securities and Exchange Commission today announced charges against and settlement with, Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Section 17(b) of the Securities Act makes it unlawful […]
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 […]