Tag: Securities and Exchange Commission (SEC)

Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
September 15, 2017 BY Valentina Kirilova

SEC charges SunTrust with improperly recommending higher-fee mutual funds

The Securities and Exchange Commission (SEC) announced that has charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1 million in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available. SunTrust Investment Services has agreed to pay…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
September 13, 2017 BY Valentina Kirilova

SEC releases statement on T+2 implementation

Last week, on September 5, 2017, the securities industry successfully implemented a shortened settlement cycle for most securities transactions, pursuant to amendments to Rule 15c6-1 that the Securities and Exchange Commission (SEC) adopted earlier this year. The move to a two business day standard settlement cycle – or T+2 – was the product of extensive preparation…

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DFSA
September 07, 2017 BY Valentina Kirilova

SEC charges adviser with stealing investor funds

The Securities and Exchange Commission (SEC) announced that has charged a New Jersey-based tax preparer and investment adviser with stealing more than $1 million from clients to support his gambling habit and other personal expenditures. The SEC alleges that Scott Newsholme of Farmingdale, New Jersey, fabricated account statements, doctored stock certificates, and forged promissory notes…

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Board of Directors
September 01, 2017 BY Valentina Kirilova

SEC Chairman Clayton names executive staff

The Securities and Exchange Commission (SEC) announced that John Cook, Jeffrey Dinwoodie, Raquel Fox, Kristina Littman, Alan Cohen, Christopher Carofine, and Shelby Begany Telle have been named to the executive staff of Chairman Jay Clayton. These executive staff members will advise Chairman Clayton alongside Chief of Staff Lucas Moskowitz, Deputy Chief of Staff Sean Memon,…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
September 01, 2017 BY Valentina Kirilova

SEC charges former pharma company accountant and three others with insider trading

The Securities and Exchange Commission (SEC) announced that has charged an accountant and three others with insider trading on market-moving news about the New Jersey-based pharmaceutical company where the accountant formerly worked. The SEC's complaint, filed in federal court in New Jersey, alleges that Evan R. Kita, a CPA and former accountant at Celator Pharmaceuticals…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
August 25, 2017 BY Valentina Kirilova

Muni bond issuer and underwriter charged with disclosure failures

The Securities and Exchange Commission (SEC) announced that a municipal financing authority in Beaumont, California, and its then-executive director have agreed to settle charges that they made false statements about prior compliance with continuing disclosure obligations in five bond offerings. Also settling charges are the underwriting firm behind those offerings and its co-founder for failing…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
August 23, 2017 BY Valentina Kirilova

SEC charges investment adviser with defrauding professional athlete and wife

The Securities and Exchange Commission (SEC) announced that has charged investment adviser Jeremy Drake with defrauding two clients, a high profile professional athlete and the athlete’s wife, by deceiving them about the investment advisory fees they were paying. The SEC alleges that Drake went to elaborate lengths to conceal his fraud, including creating and sending…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
August 22, 2017 BY Valentina Kirilova

Hedge fund adviser charged for inadequate controls to prevent insider trading

The Securities and Exchange Commission (SEC) announced that hedge fund advisory firm Deerfield Management Company L.P. has agreed to pay more than $4.6 million to settle charges that it failed to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of inside information, including information about confidential government decisions. The case…

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DFSA
August 21, 2017 BY Valentina Kirilova

Banca IMI Securities to pay $35 million for improper handling of ADRs

The Securities and Exchange Commission (SEC) announced that broker Banca IMI Securities Corp. (BISC), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it requested the issuance of and received American Depositary Receipts (ADRs) without…

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