SEC staff issues investor bulletin on robo-advisers LeapRate

February 24, 2017 BY Valentina Kirilova

SEC staff issues investor bulletin on robo-advisers

The Securities and Exchange Commission (SEC) published information and guidance for investors and the financial services industry on the fast-growing use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online with often limited human interaction. Because of the unique issues raised by robo-advisers, the Commission’s Division of…

February 13, 2017 BY Valentina Kirilova

SEC charges Chinese citizens who reaped massive profits from insider trading

The Securities and Exchange Commission (SEC) announced that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in illegal profits from insider trading in advance of the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp. The SEC alleges that in the weeks leading up to the news…

February 08, 2017 BY Valentina Kirilova

Private equity adviser barred from industry for improper withdrawal from funds

The Securities and Exchange Commission (SEC) announced that a private equity adviser has been permanently barred from the securities industry and must pay a $1.25 million penalty to settle charges that he withdrew improper fees from two private equity funds he managed. The SEC’s order finds that Scott M. Landress formed the funds to invest…

February 03, 2017 BY Valentina Kirilova

SEC charges investment adviser with stealing investor funds

The Securities and Exchange Commission (SEC) charged a Connecticut-based investment advisory business and its owner with stealing money from investors to settle a private lawsuit among other misuses. The SEC alleges that Sentinel Growth Fund Management and its founder Mark J. Varacchi misrepresented to investors that money they deposited with the firm would be allocated…

Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks

January 31, 2017 BY Valentina Kirilova

OCIE Director Marc Wyatt leaves SEC next month

The Securities and Exchange Commission (SEC) announced another Director is leaving next month and that is Marc Wyatt, Director of the Office of Compliance Inspections and Examinations. Mr. Wyatt joined the SEC in December 2012 as a senior specialized examiner and co-founded the Private Fund Unit within OCIE. He was named Deputy Director in October…

January 31, 2017 BY Valentina Kirilova

Associate Director in the Division of Trading and Markets, Wenchi Hu, leaves SEC

The Securities and Exchange Commission announced that Wenchi Hu, an Associate Director in the Division of Trading and Markets, will leave the agency in early February. Ms. Hu has headed the division's Office of Clearance and Settlement Supervision since August 2015, after serving three months as its Acting Associate Director. The office oversees registered clearing…

UN report says North Korea laundered $2 billion theft via Hong Kong firm

January 26, 2017 BY Valentina Kirilova

SEC uncovers cherry-picking scheme, charges investment adviser behind it

The Securities and Exchange Commission (SEC) announced that a Massachusetts-based investment adviser agreed to be banned from the securities industry after the agency uncovered an illegal cherry-picking scheme through its data analysis used to detect suspicious trading patterns. The SEC filed fraud charges in federal district court against Michael J. Breton and his firm Strategic…

January 24, 2017 BY Valentina Kirilova

SEC announces fraud charges, asset freeze in alleged nursing home investment scheme

The Securities and Exchange Commission (SEC) announced fraud charges and an emergency asset freeze obtained against a businessman in South Carolina accused of siphoning funds he raised from investors for the purpose of purchasing or renovating senior housing facilities. The SEC alleges that Dwayne Edwards improperly commingled money from several different municipal bond offerings and…

January 24, 2017 BY Valentina Kirilova

SEC awards $7 million to whistleblowers

The Securities and Exchange Commission (SEC) announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme. One whistleblower provided information that was a primary impetus for the start of the SEC’s investigation. That whistleblower will receive more than $4 million. Two other whistleblowers jointly provided…

January 19, 2017 BY Valentina Kirilova

General Counsel Anne K. Small to leave SEC

The Securities and Exchange Commission (SEC) announced that General Counsel Anne K. Small will leave the agency later this month. Ms. Small has served as the SEC’s General Counsel since April 2013. As the agency’s chief legal officer, Ms. Small has provided counsel on virtually all of the legal and policy issues before the Commission.…

Tag: SEC