The Securities and Exchange Commission (SEC) has announced that it has named David H. Saltiel to head the Office of Analytics and Research in the Division of Trading and Markets. He joined the SEC in September. Stephen Luparello, Director of the Division of Trading and Markets, said: We are very fortunate to have David’s expertise at…
Read moreThe Securities and Exchange Commission (SEC) has announced that Credit Suisse AG has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business. A former executive agreed to settle charges that he was a cause of Credit Suisse’s…
Read moreThe U.S. Securities and Exchange Commission today announced that Credit Suisse Group AG (ADR) (NYSE:CS) has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business. Former Credit Suisse executive Rolf Bogli, who served as chief operating…
Read moreThe Securities and Exchange Commission (SEC) has announced fraud charges against an investment adviser accused of “cherry-picking” profitable trades for his own account rather than a client’s accounts, and misleading seniors and other clients about the fees he charged and the risks in investments he recommended. The SEC Enforcement Division alleges that Laurence I. Balter and…
Read moreThe Securities and Exchange Commission (SEC) has announced that Aaron W. Lipson has been named the Associate Regional Director for enforcement in the Atlanta office. Mr. Lipson began working in the Division of Enforcement in the Atlanta office in 2004 as a staff attorney, before becoming an Assistant Regional Director in 2010. In 2010, he also…
Read moreThe Securities and Exchange Commission (SEC) has voted to propose a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date to two business days after the trade date. The proposed amendment is designed to reduce the risks that arise from the value and number…
Read moreThe Securities and Exchange Commission (SEC) has announced that Jane Norberg has been promoted to chief of the SEC’s Office of the Whistleblower. Ms. Norberg joined the SEC in 2012 as the first deputy chief of the Office of the Whistleblower and helped establish the office, which intakes and reviews whistleblower tips received by the agency,…
Read moreThe Securities and Exchange Commission (SEC) has announced that banking company Merrill Lynch has agreed to pay a $12.5 million penalty for maintaining ineffective trading controls that failed to prevent erroneous orders from being sent to the markets and causing mini-flash crashes. An SEC investigation found that Merrill Lynch caused market disruptions on at least 15 occasions…
Read moreThe Securities and Exchange Commission (SEC) has charged a former microcap company CEO and a boiler room operator with defrauding seniors and others who were pressured to invest in a pair of penny stock companies and promised lucrative profits. The SEC alleges that Craig V. Sizer founded Sanomedics Inc. and Fun Cool Free Inc., which were…
Read moreThe Securities and Exchange Commission today announced an award of more than $4 million to a whistleblower whose original information alerted the agency to a fraud. The SEC’s whistleblower program has awarded more than $111 million to 34 whistleblowers since its inception in 2011. By law, the SEC protects the confidentiality of whistleblowers and does…
Read more