The Importance of ADV Disclosures and Following Internal Controls
On October 29, 2012, the Securities and Exchange Commission (“SEC”) accepted an Offer of Settlement with Tilden Loucks & Woodnorth, LLC (“Tilden”) for the firm’s alleged violations of the Investment Advisers Act of 1940 for not seeking best execution for … Read More
Will You Need to Register as a “CTA” in the New Year?
On February 9, 2012, the Commodity Futures Trading Commission (“CFTC”) issued “Final Rules” rescinding or amending certain exclusions and exemptions to registration as a commodity trading advisor (“CTA”); as well as expanding the definition of who is a CTA. Some … Read More
Upcoming U.S. Supreme Court Hearing on Statute of Limitations to Have Broad Ramifications
The U.S. Supreme Court recently decided to take up the case of SEC vs. Marc Gabelli and Bruce Alpert. At issue, in this case, is whether the SEC’s five-year statute of limitations to bring civil enforcement actions (cases where the … Read More
“Cloud-Based” File Sharing Gaining Momentum
According to a poll released this month by “DataMotion,” whereby more than 200 IT and business decision-makers across the U.S. and Canada were questioned about their corporate email and file transfer habits as they relate to the personal information of … Read More
FINRA Continues to Scrutinize Nontraded REITs
Over the past couple of years, examiners with the Financial Industry Regulatory Authority, Inc. (“FINRA”) have focused on how broker-dealers sell nontraded real estate investment trusts (“REITs”). Specifically, Susan Axelrod who is the Executive Vice President of Member Regulation Sales … Read More
Accomplice in Insider Trading Comes Clean and Receives Lenient Penalty
In an SEC investigation, Kenneth F. Wrangell was contacted by SEC Investigators regarding his suspicious trading activities regarding Mercer Insurance Group, to which Wrangell offered his full and expedient cooperation. His cooperation resulted in the SEC obtaining details of his … Read More