The Securities and Exchange Commission today charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings. According to the civil complaint, filed in…
The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 82 soliciting entities, eight (8) impersonators of genuine firms, and…
The Securities and Exchange Commission today published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form…
Securities and Exchange Commission staff today released guidance for companies about how to properly recognize and disclose compensation cost for “spring-loaded awards” made to executives. Spring-loaded awards are share-based compensation arrangements…
Jurors in Boston federal court today returned a verdict in the Securities Exchange Commission’s favor against a hedge fund adviser and his investment advisory firm. Gregory Lemelson and Massachusetts-based Lemelson Capital Management LLC were…
The Securities and Exchange Commission today announced the appointment of Nicole Creola Kelly as Chief of the SEC’s Office of the Whistleblower. Ms. Kelly, who goes by Cree, is currently Senior Special Counsel in the Office of the General Counsel and…
The Securities and Exchange Commission today announced that Citigroup Global Markets has agreed to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts. The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into its computer systems in comparison to fee rates outlined in client contracts, billing histories.
If you are a Citigroup customer who was overcharged, or a Citigroup broker with clients who were overcharged by the firm, give us a call – 973-559-5566. We represent customers and brokers in securities related matters nationwide.
More problems surfacing for the SEC’s in-house legal system, where the SEC gets to be prosecutor, judge, jury and appellate court and industry participants get screwed.According to the Wall Street Journal, “[s]ince Mary Jo White became SEC chairman in April 2013, the median time for the agency to decide appeals of its in-house judges’ decisions has increased to 19 months.”
The SEC has settled insider trading cases with two traders in China and Hong Kong, who agreed to pay more than $920,000 to settle the charges against them.Cousins and business associates Zhichen Zhou and Yannan Liu, whose assets were frozen by an emergency court order when the SEC’s complaint was filed against them last month, must disgorge their entire ill-gotten profits of $306,929.59 plus pay penalties of $306,929.59 each.
A federal judge ruled that the Securities and Exchange Commission’s use of an in-house judge to preside over an insider-trading case was “likely unconstitutional,” a potential blow to the agency’s controversial use of its internal tribunal.The decision provides an excellent overview of the SEC’s administrative hearing process, with all of its warts and deficiencies.
More problems surfacing for the SEC’s in-house legal system, where the SEC gets to be prosecutor, judge, jury and appellate court and industry participants get screwed.According to the Wall Street Journal, “[s]ince Mary Jo White became SEC chairman in April 2013, the median time for the agency to decide appeals of its in-house judges’ decisions has increased to 19 months.”