Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation

The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Adopts Rules to Require Electronic Filing for Investment Advisers and Institutional Investment Managers

The Securities and Exchange Commission today adopted amendments to require certain documents filed by investment advisers, institutional investment managers, and certain other entities to be filed or submitted electronically. The amendments also make…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Announces Spring 2022 Regulatory Agenda

The Office of Information and Regulatory Affairs today released the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions. The report, which includes contributions related to the Securities and Exchange Commission, lists short- and long-term…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Charges Egan-Jones Ratings Co. and CEO with Conflict of Interest Violations

The Securities and Exchange Commission today charged Haverford, PA-based Egan-Jones Ratings Company, a nationally recognized statistical rating organization (NRSRO) registered with the Commission in certain ratings classes, with violating conflict of…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Charges Former Employee of Online Gambling Company with Insider Trading

The Securities and Exchange Commission today announced insider trading charges against David Roda, a former software engineer at Penn National Gaming’s subsidiary Penn Interactive Ventures, in connection with the parent company’s $2 billion acquisition…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Charges Private Equity Adviser for Failing to Disclose Disproportionate Expense Allocations to Fund

The Securities and Exchange Commission today charged New Jersey-based investment adviser Energy Capital Partners Management LP (ECP) with allocating undisclosed, disproportionate expenses to a private equity fund it advises. ECP agreed to pay a $1…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services

The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the activities of certain “information providers,” including whether, under particular facts and circumstances, information…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

IRS Warns Using Offer in Compromise (OIC) Mills

The Internal Revenue Service has cautioned taxpayers with pending tax bills to contact the IRS directly and not go to unscrupulous tax companies that use local advertising and falsely claiming they can resolve unpaid taxes for pennies on the dollar.

“No one can get a better deal for taxpayers, than they can usually get for themselves by working directly with the IRS to resolve their tax issues,” said IRS Commissioner Chuck Rettig. “Taxpayers can check online for their best deal, as well as calling a specialized collection line where they can get fast service by using voice and chat bots or opting to speak with a live phone assistor.”

Offer in Compromise (OIC) “mills” make outlandish claims usually in local advertising regarding how they can settle a person’s tax debt for pennies on the dollar. The reality usually is that taxpayers pay the OIC mill a fee to get the same deal they could have gotten on their own by working directly with the IRS.

Read the full release – IRS urges anyone having trouble paying their taxes to avoid anyone claiming they can settle tax debt for pennies on the dollar, known as OIC mills.

SEC Charges Firm and Five Brokers with Violations of Reg BI

The Securities and Exchange Commission today charged registered broker-dealer Western International Securities, Inc. and five of its registered representatives, or brokers – Nancy Cole, Patrick Egan, Andy Gitipityapon, Steven Graham, and Thomas Swan –…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SEC Charges Rochester, NY, and City’s Former Executives and Municipal Advisor with Misleading Investors

The Securities and Exchange Commission today charged the City of Rochester, New York, its former finance director Rosiland Brooks-Harris, and former Rochester City School District CFO Everton Sewell with misleading investors in a $119 million bond…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.