Fed Chair Powell Warns Of ‘Exuberant’ Spending And Price Spikes After Pandemic But Isn’t Worried About Long-Term Inflation

Fed Chair Powell Warns Of ‘Exuberant’ Spending And Price Spikes After Pandemic But Isn’t Worried About Long-Term Inflation “The economy is still horrible,” Powell said of the Fed’s hesitancy to lift its $120 billion-per-month support for the U.S. economy. https://www.forbes.com/sites/jonathanponciano/2021/01/14/fed-chair-powell-warns-of-exuberant-spending-and-price-spikes-after-pandemic-but-isnt-worried-about-long-term-inflation/

* This article was originally published here

Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges

The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth…

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Mark J. Astarita, Esq. represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.


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UBS Dinged in YES Options Case, Complaints Remain on Brokers’ Records – AdvisorHub

An arbitration panel in Boca Raton, FL, has awarded almost $90,000 to a UBS Wealth Management client who alleged that he suffered “out-of-pocket losses” of $402,182 in a failed options overlay strategy known as YES.

It also declined UBS’s request to expunge the investor’s complaint from the record of two advisors who recommended the strategy.

Scores of wealthy UBS customers who invested in the Yield Enhancement Strategy have brought arbitration complaints asserting that their brokers fraudulently presented

Source: UBS Dinged in YES Options Case, Complaints Remain on Brokers’ Records – AdvisorHub

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Robinhood Facing Multiple SEC Investigations Into Its Business Practices

According to Forbes, Robinhood is reportedly facing multiple investigations by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regarding its March service outage, and, separately, 2018 disclosures relating to its revenue practices.

Details on the investigations are scarce. Bloomberg reports that it has received information from a source involved in a joint SEC/FINRA investigation of how the company handled and responded to a major service disruption in March. Separately, the SEC is reportedly looking into public disclosures of the company’s practice of selling client order flow to third-party firms.

https://www.forbes.com/sites/advisor/2020/09/03/robinhood-investigation-sec-finra

SEC Charges Interactive Brokers With Repeatedly Failing to File Suspicious Activity Reports

The Securities and Exchange Commission today announced that Interactive Brokers LLC will pay an $11.5 million penalty to settle charges it repeatedly failed to file Suspicious Activity Reports (SARs) for U.S. microcap securities trades it executed on…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from SECLaw.com

SEC Charges Consumer Loan Company With FCPA Violations

The Securities and Exchange Commission today announced that World Acceptance Corporation, a South Carolina-based consumer loan company, has agreed to pay $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA). …

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from SECLaw.com

Lindsay McCord Named Chief Accountant in Division of Corporation Finance

The Securities and Exchange Commission today announced that Lindsay McCord has been named Chief Accountant in the Division of Corporation Finance. Ms. McCord has served as Acting Chief Accountant in the Division since March 2020, leading its work to…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from SECLaw.com

SEC Charges Affiliated Advisers for Misrepresentations About Payment for Order Flow Arrangements

The Securities and Exchange Commission today filed settled charges against affiliated registered investment advisers WBI Investments Inc. and Millington Securities Inc. for making material misrepresentations to clients about compensation Millington…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from SECLaw.com

Enforcement Co-Director Steven Peikin to Depart

The Securities and Exchange Commission today announced that Division of Enforcement Co-Director Steven Peikin will leave the agency on Aug. 14, 2020. During his more than three years serving alongside Co-Director Stephanie Avakian, Mr. Peikin…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from SECLaw.com