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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

SEC Provides Transparency to the Process of Nominating Candidates to the Investor Advisory Committee

The Securities and Exchange Commission today published procedures setting forth a staff-led process to nominate candidates for appointment to the Investor Advisory Committee. Candidates for vacancies on the Committee will be identified by a nominating…

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

from SECLaw.com

SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures

The Securities and Exchange Commission today proposed comprehensive modifications to the mutual fund and exchange-traded fund disclosure framework to better serve the needs of retail investors. The proposed disclosure framework would feature concise and…

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

from SECLaw.com

SEC Announces New Small Business Capital Formation Advisory Committee Members

At today’s meeting of the Small Business Capital Formation Advisory Committee, the Securities and Exchange Commission announced the appointment of two new members to the Committee: Kesha Cash, Founder and General Partner, Impact America Fund Sue…

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

from SECLaw.com

Scott A. Thompson Named Associate Regional Director in Philadelphia Office

The Securities and Exchange Commission today announced that Scott A. Thompson has been named Associate Regional Director for enforcement in the Philadelphia Regional Office.  Mr. Thompson succeeds Kelly L. Gibson, who became Regional Director of the…

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

from SECLaw.com