Tagged: enforcement

August 4, 2021 @ 5:01 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) this week charged accounting firm Ernst & Young LLP (EY) along with one current and two former partners with improper professional conduct for violating auditor independence rules in connection with EY’s pursuit to serve as the independent auditor for… Read More

July 21, 2021 @ 4:03 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against Rahulkumar M. Patel regarding an offer of securities that was conducted on an investment crowdfunding site. According to the SEC, Patel created a company DNA Lodging East Hartford LLC, to renovate and reopen a… Read More

July 19, 2021 @ 3:14 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced fraud charges against Aron Govil of Jacksonville, Florida, for defrauding investors in two companies he controlled, Cemtrex Inc. and Telidyne Inc. Allegedly, Govil, the controlling shareholder and executive director of Cemtrex, misappropriated over $7 million of investor… Read More

July 19, 2021 @ 10:45 am By JD Alois  |  

The Securities and Exchange Commission (SEC) says it has received a temporary restraining order and asset freeze to halt an alleged ongoing offering targeting retail investors. Reportedly, 277 individuals have committed $12 million to a firm called Profit Connect Wealth Services Inc, operated by a… Read More

July 14, 2021 @ 3:04 pm By JD Alois  |  

SEC Commissioners Elad Roisman and Hester Peirce have joined together in issuing a public statement on Blotics, a firm formerly operating as Coinschedule, and the enforcement action by the SEC that was revealed today. As was previously reported, the SEC has settled charges against the… Read More

July 13, 2021 @ 6:53 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) has charged a group of people and companies for misleading claims about a recent special purpose acquisition corporation (SPAC), assertions which stood to gain one CEO $200 million in shares. Facing charges are SPAC Stable Road Acquisition Company, its… Read More

July 11, 2021 @ 2:23 pm By JD Alois  |  

The Commodity Futures Trading Commission CFTC) has noted that the US District Court for the Southern District of Texas entered a default judgment against Laino Group Limited doing business as PaxForex (PaxForex) of St. Vincent and the Grenadines. According to the CFTC, PaxForex charged PaxForex… Read More

July 9, 2021 @ 2:07 pm By JD Alois  |  

Individuals affiliated with Long Blockchain, previously operating as Long Island Iced Tea Company, have been hit with allegations of insider trading by the Securities and Exchange Commission (SEC). Once a beverage firm, during the early days of the blockchain boom the company decided to pivot… Read More

July 7, 2021 @ 5:16 pm By Tony Zerucha  |  

The Securities and Exchange Commission has charged a trader at a Canadian-based asset management firm in an extensive front-running scheme that netted family members close to $4 million. For more than six years Sean Wygovsky allegedly traded in his family members’ accounts at brokerage firms… Read More

July 7, 2021 @ 2:16 pm By Tony Zerucha  |  

The Securities and Exchange Commission has charged Parallax Health Sciences and two of its executives for misleading statements about its readiness to battle COVID-19. CEO Paul Arena and CTO Nathaniel Bradley were also charged. Trading in Parallax common stock was temporarily halted on April 10,… Read More

July 2, 2021 @ 9:47 am By JD Alois  |  

The Securities and Exchange Commission of Thailand is the next jurisdiction to target the world’s largest cryptocurrency exchange. According to a posting by the securities regulator, the Thai SEC has filed a criminal complaint against Binance for operating a digital asset business without a license…. Read More

June 30, 2021 @ 11:40 am By JD Alois  |  

FINRA has ordered Robinhood to pay a record-breaking $70 million penalty for “systemic supervisory failures and significant harm suffered by millions of customers.” In settling with FINRA, Robinhood neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. FINRA said in… Read More

June 29, 2021 @ 2:41 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today announced JPMorgan Chase & Co. (NYSE:JPM) subsidiary Neovest, Inc. has agreed to pay a $2.75 million fine for failing to register as a broker-dealer in violation of federal securities laws. This is the first time the agency has… Read More

June 22, 2021 @ 4:48 pm By Tony Zerucha  |  

The Securities and Exchange Commission has settled charges against a software provider and its CEO for misleading investors about an unregistered offer and sale of digital asset securities. Loci, Inc. and its CEO John Wise allegedly violated the antifraud provisions of Section 10(b) of the… Read More

June 16, 2021 @ 9:19 pm By Tony Zerucha  |  

A real estate settlement services company has run afoul of the Securities and Exchange Commission (SEC) for not properly acting on security vulnerabilities when first aware of them. On June 15 the SEC said they have settled charges against First American Corporation for disclosure controls… Read More

June 14, 2021 @ 8:27 am By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) issued a complaint alleging that Edgar M. Radjabli, of Boca Raton, Florida, and for engaging in securities frauds that involved the offering of a digital asset – Apis Tokens. According to the SEC complaint, Radjabli – who… Read More

April 20, 2021 @ 2:59 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has settled charges against Jozef Gherman of Florida and J Squared LLC for making misleading statements or omitting material facts in connection with soliciting more than $300,000 from more than 40 individuals to invest in digital assets. According to… Read More

March 30, 2021 @ 11:00 am By Ariel Glasner and Amit Roitman  |  

President Joe Biden’s young administration is poised to deliver heightened – and perhaps unprecedented – regulatory scrutiny of the exploding Fintech industry.  The groundwork for a more active regulatory regime has been set over the course of the past decade.  Prior administrations harnessed existing enforcement… Read More

March 11, 2021 @ 11:08 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order and asset freeze against Shawn C. Cutting. The SEC alleges that Cutting raised millions of dollars by falsely claiming to be a financial adviser with securities licenses, overstating… Read More

March 4, 2021 @ 11:11 am By JD Alois  |  

Ripple is preparing to file a motion to dismiss in its ongoing legal battle with the Securities and Exchange Commission (SEC). Last December, it was reported that the SEC had filed a complaint charging Ripple with the sale of an unregistered security. Included in the… Read More