Recently, the Securities and Exchange Commission (“SEC”) charged Focus Media Holding Limited (“Focus”) and its CEO, Jason Jiang, with surrounding the partial sale of a subsidiary. According to the press release, the China-based company and Jiang” violated an antifraud provision … Read More
Over the last year, cybersecurity has been a top focus for the Securities and Exchange Commission (“SEC”) prompting them to issue various guidance to financial firms in the way of risk alerts and guidance statements, and to investors via investor … Read More
Recently the Securities and Exchange Commission (“SEC”) charged a St. Louis Investment adviser that had experienced a breach of client non-public information with failing to create and implement cybersecurity policies and procedures. According to the SEC’s press release, for over … Read More
Last week, the Securities and Exchange Commission (“SEC”) charged a Washington-based hedge fund firm and its Chief Executive Officer & Chief Investment Officer, Chris Yoo with fraudulent inflammation of its private fund assets in order to receive unearned management fees. … Read More
On August 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of Treasury (“Treasury”), proposed a rule that would “prescribe minimum standards for anti-money laundering programs (“AML”) to be established by investment advisers.” This rule would … Read More
On August 19, 2015, The Securities and Exchange Commission “SEC” announced that Citigroup Global Markets (“Citigroup”) has agreed to settle charges that it failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse … Read More
Recently, the Securities and Exchange Commission (“SEC”) issued a “cease-and-desist” order against Dion Money Management, LLC (“Dion”) for “failure to disclose to clients the terms of certain compensation arrangements whereby the adviser received payments from third parties that were calculated … Read More
Last week, the Securities and Exchange Commission (“SEC”) charged a “purported adviser in San Diego with stealing money from clients for personal use” and running a Ponzi scheme. The Southern California firm, Coast Capital Management (“Coast Capital”), owned by Paul … Read More
Over the past year, there has been an increased focus on Broker-Dealer Anti-Money Laundering (“AML”) programs. Last month, Kevin Goodman, National Associate Director of the Broker-Dealer Examination Program in the Office of Compliance Inspections and Examinations (“OCIE”), spoke at the … Read More