Latest sec

SEC Proposes Amendments to OTC Securities Quotations

Over the past several years, The Securities and Exchange Commission (“SEC”) has brought hundreds of enforcement actions over violations of federal securities involving over-the-counter (OTC) securities, resulting in tens of millions in harm to retail investors. In an effort to increase retail...

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Latest sec

SEC Charges Investment Advisers for Failing to Disclose Conflicts of Interest

Strategic Planning Group (“SPG”) agreed to settle charges with The Securities and Exchange Commission (“SEC”) for failing to disclose a conflict of interest by consenting to a cease-and-desist order, censure, and civil penalties of $200,000. Its principals, David A. Rourke and Jarrod A. Sherman...

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Hefren Tillotson, Inc. Settles Charges of Undisclosed Compensation

November 05, 2019

Registered investment adviser and broker-dealer Hefren-Tillotson, Inc. agreed to settle charges from the Securities and Exchange Commission (“SEC”) for undisclosed compensation it received from its unaffiliated clearing broker. The firm will pay disgorgement of $254,060, prejudgment interest of...

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KPMG Agrees to $50 million penalty for SEC Charges

August 07, 2019

KPMG agreed to pay a $50 million penalty and review its ethics and integrity controls as a settlement with the Securities and Exchange Commission (SEC) for charges that the firm altered past audit work papers after illegally obtaining information from the Public Company Accounting Oversight...

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SEC Approves Four-Part Rules Package

July 23, 2019

On June 5, 2019, the Securities and Exchange Commission (SEC) approved a four-part investment advice reform package containing new rules that govern conduct, forms, and interpretations for investment advisers and broker-dealers.

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Improper Billing Practices Draw SEC Fraud Charges

July 19, 2019

 “An adviser that fails to adhere to the terms of these agreements and disclosures, or otherwise engages in inappropriate fee billing and expense practices, may violate the Investment Advisers Act of 1940, and the rules promulgated thereunder, including the antifraud provisions.”

This stern...

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The Town of Oyster Bay Settles SEC Fraud Charges

July 17, 2019

In early June, the town of Oyster Bay New York settled 2017 charges issued by the Securities and Exchange Commission (SEC) that it committed fraud related to Municipal Bond Securities it sold investors while failing to disclose the nature and potential impact of side deals with a local food...

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OCIE Identifies Compliance Shortcomings Regarding Privacy Notices and Safeguard Policies (Regulation S-P)

June 18, 2019

Through their examination process, the Office of Compliance Inspections and Examinations (OCIE) has uncovered a number of compliance concerns pertaining to Regulation S-P, the Securities and Exchange Commission (SEC) regulation that defines requirements for privacy notices and safeguard policies...

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Trouble With Tokens Continues: ICO Issuers Settle SEC Registration Charges

January 17, 2019

Despite the Securities and Exchange Commission (SEC) toughening its regulation of virtual currencies and initial coin offerings, enforcement actions continue to be filed with increasing frequency. 

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SEC Publishes Risk-Based Examination Priorities for Registered Investment Companies

January 15, 2019

In an early November announcement, the Securities Exchange Commission (SEC) has publicized new exam initiatives that were announced in a recent risk alert by the Office of Compliance Inspections and Examinations (OCIE) concerning mutual funds and exchange-traded funds.

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