SEC Charges Ratings Agency With Disclosure And Internal Controls Failures Relating To Undisclosed Model Adjustments

The Securities and Exchange Commission today filed a civil action alleging that former credit ratings agency Morningstar Credit Ratings LLC  violated disclosure and internal controls provisions of the federal securities laws in rating commercial…

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

* This article was originally published here

Allison Herren Lee Named Acting Chair of the SEC

The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency. “It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee…

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

* This article was originally published here

Small Business Capital Formation Advisory Committee Jan. 29 Meeting to Focus on Smaller Public Company Markets

The Securities and Exchange Commission today released the agenda for the Friday, Jan. 29 meeting of its Small Business Capital Formation Advisory Committee, which will focus on the experiences of smaller public companies and the Commission’s recent…

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

* This article was originally published here

Gamestop Frenzy Investigations

Financial press sources are reporting that the Justice Department’s fraud section and the U.S. attorney’s office are seeking information about the activity from brokers and social-media companies that were hubs for the trading frenzy.

Last week we posted that the SEC and prosecutors would open investigations into the trading in Gamestop and AMC, and now they have. Prosecutors have subpoenaed information from brokers such as Robinhood Markets Inc.

The WSJ is also reporting that the Commodity Futures Trading Commission “has opened a preliminary investigation into whether misconduct occurred as some Reddit traders targeted silver futures and the largest exchange-traded fund tied to silver, the iShares Silver Trust.”

* This article was originally published here

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SEC Suspends Trading in Inactive Issuer Touted on Social Media

The Securities and Exchange Commission today suspended trading in an inactive company amid questions surrounding online promotion of the company’s securities and recent trading activity. The SEC’s trading suspension order states that since late January…

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

* This article was originally published here

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John Coates Named Acting Director of the Division of Corporation Finance

The Securities and Exchange Commission announced today that John Coates will serve as Acting Director of the agency’s Division of Corporation Finance.  Mr. Coates has been the John F. Cogan Professor of Law and Economics at Harvard University,…

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

* This article was originally published here

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Acting Chair Allison Herren Lee Announces Executive Staff

The Securities and Exchange Commission today released a roster of the executive staff for Acting Chair Allison Herren Lee. The executive staff is responsible for advising the Chair on matters before the Commission, working closely with agency staff, and…

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

* This article was originally published here

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SEC Charges Investment Adviser and Others With Defrauding Over 17,000 Retail Investors

The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment…

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

* This article was originally published here

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Analysis of Robinhood, Gamestop and Reddit Issues

 The New York State Bar Association has just featured an analysis of the issues surrounding the Gamestop saga titled “What Is the SEC Going To Do About GameStop?” authored by Joshua Bautz, Esq. from the SEC law firm of Sallah Astarita & Cox, LLC.

Josh discusses the potential federal securities law violations by Wallstreetbets, potential market manipulation liability, potential disclosure violations, the potential violations by Robinhood, and the impact of the entire saga on the securities markets.

The article, What is the SEC Going to Do About Gamestop is at the Association’s website.

* This article was originally published here

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