Latest sec

KPMG Agrees to $50 million penalty for SEC Charges

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 Board...

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Latest sec

SEC Approves Four-Part Rules Package

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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SEC Charges Two Brokers with Defrauding Customers

November 15, 2018

In separate complaints, the Securities and Exchange Commission has charged two brokers, Emil Botvinnik of Florida and Jovannie Aquino of New York, with recommending excessive levels of short-term trades that appear to have generated lucrative commissions for the brokers, but were almost certain...

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Fraud and Failure of Oversight: Elon Musk and Tesla Motors Settle SEC Charges

November 14, 2018

Fraudulent messaging that affects retail investment decisions comes in many forms, but the applicable regulatory statutes apply across all circumstances.

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Cybersecurity Risks: OCIE and SEC Enforcement Division Focus Continues

October 09, 2018

Cybersecurity is becoming a greater priority each year for investment firms. Not only is the risk of attack increasing from a growing number sources, but the level of potential damage to individual firms and the overall market also increases with each passing year.

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