Tagged: sec

SEC Charges Parallax Health Sciences, Pair of Execs for Pandemic Falsehoods

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

SEC Hits Real Estate Developer With Fraud, Misappropriation Charges

The Securities and Exchange Commission today charged Californian Matthew J. Skinner and five of his companies for conducting four unregistered and fraudulent real estate offerings between 2015 and 2020. The companies involved are Empire West Equity Inc., Bayside Equity LP, Longacre Estates LP, Freedom Equity… Read More

FINRA: Robinhood Hit with $70 Million Penalty for Systemic Supervisory Failures

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

SEC Hits JPM Subsidiary With $2.75M Fine

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

Securities Expert Concerned that SEC Agenda Could Hobble Capital Formation for Early Stage Firms

Earlier this month, the Securities and Exchange Commission (SEC) shared its regulatory agenda for the next couple of years. The list is quite long and includes many areas of the securities industry. At the top of the list, was the exempt offering ecosystem with the… Read More

SEC Hits LOCI, CEO, With ICO Punishment

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

SEC Charges Investment Advisers With Cherry Picking, Gets Asset Freeze

The Securities and Exchange Commission (SEC) has obtained an asset freeze and other emergency relief, and filed fraud charges, against Ramiro Jose Sugranes, UCB Financial Advisers Inc., and UCB Financial Services Limited for their involvement in an alleged “cherry-picking” scheme. According to the SEC, Sugranes,… Read More

SEC v. Ripple: Implications of Ripple’s Fair Notice Defense

In December 2020, the Securities and Exchange Commission (SEC) filed a complaint in a New York federal court against Ripple Labs, Inc. and two of its executives alleging that Ripple had sold $1.3 billion in XRP cryptocurrency tokens in a series of unregistered securities offerings…. Read More

SEC Fines Real Estate Firm for Lax Disclosure Practices

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

Doug Ellenoff: Investment Crowdfunding Will Challenge Traditional Venture Capital

The US investment crowdfunding industry received a boost this year as the Securities and Exchange Commission (SEC) adjusted the securities exemptions that platforms and issuers utilize to raise growth capital online. Along with other improvements, key changes include the adjustment of Reg CF (Regulation Crowdfunding)… Read More

SEC: Gensler Selects Renee Jones as Director of CorpFin, John Coates as General Counsel

SEC Chairman Gary Gensler has selected Renee Jones as the Director of Corporate Finance and John Coates as General Counsel. Jones is a Professor of Law and Associate Dean for Academic Affairs at Boston College Law School. Previously, she represented private and public companies on… Read More

SEC Commissioners Peirce and Roisman Criticize Chair Gensler’s Regulatory Agenda While Pointing to Missing Digital Asset Rules

Following the revelation of the regulatory agenda for the Securities and Exchange Commission (SEC) under the leadership of Chair Gary Gensler, two Commissioners have issued a statement criticizing the list of rules and regulations the Commission is expected to tackle in the coming months. Additionally,… Read More

Florida Dentist Caught Up in SEC Enforcement Action Including Tokenized Securities

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

SEC Outlines Regulatory Agenda, Exempt Securities Top the List Including Reg D, Accredited Investor Definition

The Securities and Exchange Commission (SEC) has outlined its regulatory agenda for the coming months and at the top of the list are exempt securities that include Reg D and perhaps other exemptions such as Reg CF and Reg A+. Of note, is that the… Read More

Crypto Lending Promoters Slammed as SEC Alleges Sale of Unregistered Digital Securities Offerings of $2 Billion

Digital asset exchange BitConnect is the most recent crypto marketplace to gain the scrutiny of the Securities and Exchange Commission, Division of Enforcement. In a public statement, the SEC announced an enforcement action against five individuals alleging the promotion of a global unregistered digital asset… Read More

SEC Chair Gensler Testifies in Front of House Subcommittee, Talks Crypto and SPACs

Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), testified today in front of the House Subcommittee on Financial Services and General Government, part of the Appropriations Committee, where he presented the litany of challenges his agency faces including emerging Fintech issues. The… Read More

US Regulators Warn that Bitcoin, Other Cryptocurrencies Pose Significant Financial Stability Risk

US Federal Reserve Chief Jerome Powell recently noted that cryptocurrencies pose significant risks to financial stability. Powell stated on Thursday (May 20, 2021) that greater regulation of crypto assets may be necessary. As reported by Reuters, the US Treasury Department cited concerns about wealthy people… Read More

Mike Cagney from Figure Technologies Says their Blockchain Enabled Provenance Platform can Open Up Universe of Security Tokens

Figure Securities, a division of the digital lending service provider Figure Technologies, has reportedly acquired approval from the US Securities and Exchange Commission (SEC) to serve as a broker-dealer and also operate as an SEC-registered Alternative Trading System for digital securities that are custodied on… Read More

Eighth Annual Conference On Financial Market Regulation – Virtual

The SEC’s Division of Economic and Risk Analysis (DERA), Lehigh University’s Center for Financial Services, the University of Maryland’s Center for Financial Policy and CFA Institute will jointly host the Eighth Annual Conference on Financial Market Regulation. The goal of the conference is to bring together… Read More

SEC Cautions Investors in Funds that Bet on Bitcoin Futures

The Securities and Exchange Commission, Division of Investment Management (IM) has issued a staff statement cautioning investors who purchase shares in mutual funds that have exposure to Bitcoin futures. According to the Staff statement, investors should understand that Bitcoin is a highly speculative investment and… Read More

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