Tag: SEC

SEC fraud
June 30, 2022 BY Steffy Bogdanova

UBS agrees to pay $25 million penalty to settle fraud charges with SEC

Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present. As fiduciaries, advisers also must make suitable recommendations to…

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BNY Mellon Investment Adviser charged with omissions in ESG by SEC
June 29, 2022 BY Steffy Bogdanova

SEC slaps Ernst & Young with a $100 million fine

Further, EY admits that during the Enforcement Division’s investigation into the firm, it stated that the firm had no current issues with cheating when, in fact, it had been informed of possible cheating on a CPA ethics exam. Moreover, EY did not correct its stance after it conducted an internal investigation and confirmed that cheating…

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BNY Mellon Investment Adviser charged with omissions in ESG by SEC
May 24, 2022 BY Steffy Bogdanova

SEC slaps BNY Mellon Investment Adviser with $1.5 million penalty

Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement and head of its Climate and ESG Task Force, said: Registered investment advisers and funds are increasingly offering and evaluating investments that employ ESG strategies or incorporate certain ESG criteria, in part to meet investor demand for such strategies and investments. Here, we allege that…

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SEC Chairman states plans to tackle ‘gamification’
May 03, 2022 BY Steffy Bogdanova

SEC doubles the size of its crypto enforcement unit

The unit was created in 2017 and since then it has brought over 80 enforcement actions in cases related to fraudulent and unregistered crypto asset offerings and platforms, and has brought monetary relief of over $2 billion. The expanded Crypto Assets and Cyber Unit will use SEC’s expertise to protect investors in the crypto market.…

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April 14, 2022 BY Steffy Bogdanova

SEC and CFTC make charges in a $15.7 million fraud case

The scheme According to the CFTC, Yang and her companies ran the trading scheme between April 2017 and March 2020. The defendants solicited investors and raised funds for the purported purpose of forex trading. The regulator alleges that the defendants made several false representations to the existing and potential pool participants of the scheme. They…

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SEC fraud
March 16, 2022 BY Steffy Bogdanova

SEC files fraud charges in a $58 million penny stock scheme

Furthermore, the Commission alleged that defendants were paid $10 million for promoting thinly traded stocks, which they misled investors to believe had high prospects for success. Paul Levenson, Director of the SEC’s Boston Regional Office, said: These scam artists went to great lengths – using bogus companies, aliases, and spoofing their phone numbers – to…

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SEC fraud
January 26, 2022 BY Steffy Bogdanova

SEC charges former UBS financial adviser with stealing $5.8 million

Eric I. Bustillo, Director of the SEC's Miami Regional Office, commented: As a financial advisor, Nino was entrusted with millions of dollars belonging to his client. As alleged in our complaint, Nino took advantage of that trust by abusing his access to his client’s accounts for personal gain. The financial markets regulator explained that Nino…

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Whistleblower
January 24, 2022 BY Steffy Bogdanova

Four whistleblowers receive over $40 million from SEC

The third award SEC issued was $1.5 million to a whistleblower whose information shaped staff’s investigative strategy and significantly contributed to the success of the covered action. The individual provided substantial and ongoing assistance to the SEC by helping them identify issues. Creola Kelly, Chief of the SEC’s Office of the Whistleblower, said: Credible tips…

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