UBS to Pay $10 Million for Violating Rules Which Give Priority To Retail Investors in Municipal Offerings

The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay more than $10 million to resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings. …

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from The Securities Law Home Page – SECLaw.com

SEC Charges Financial Advisor with Fraud for Stealing Millions from Investors

The Securities and Exchange Commission today charged former registered representative and investment adviser Michael Barry Carter with fraud for stealing from brokerage customers and an elderly advisory client. The SEC’s complaint alleges that Carter, a…

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from The Securities Law Home Page – SECLaw.com

SEC Files Fraud Charges Against Co-Founder of IIG

The Securities and Exchange Commission today charged David Hu, the co-founder and chief investment officer of International Investment Group LLC (IIG), a former registered investment adviser, with fraud for his role in a $60 million Ponzi-like…

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from The Securities Law Home Page – SECLaw.com

SEC, MSRB, FINRA to Hold Compliance Outreach Program for Municipal Advisors

The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for a virtual Compliance Outreach Program for Municipal Advisors.  …

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from The Securities Law Home Page – SECLaw.com

SEC Issues $3.8 Million Whistleblower Award

The Securities and Exchange Commission today announced a $3.8 million award to a whistleblower who provided significant information that helped the SEC disrupt an ongoing fraudulent scheme.  The resulting enforcement action returned millions of…

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from The Securities Law Home Page – SECLaw.com

SEC Charges Wind Turbine Company and Individuals With Defrauding Investors

The Securities and Exchange Commission today announced charges against Thunderbird Power Corp., an Arizona-based company claiming to be developing a wind turbine technology, and three individuals for defrauding investors out of more than $1.9 million in…

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from The Securities Law Home Page – SECLaw.com

SEC Charges App Developer for Unregistered Security-Based Swap Transactions

The Securities and Exchange Commission today charged California-based Abra and a related firm in the Philippines for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a…

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from The Securities Law Home Page – SECLaw.com

SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s Equities Markets

The Securities and Exchange Commission today announced that it has proposed to amend Form 13F to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the…

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from The Securities Law Home Page – SECLaw.com

SEC Issues Agenda for July 16 Special Meeting of the Asset Management Advisory Committee

The Securities and Exchange Commission today released the agenda for the virtual July 16 special meeting of the Asset Management Advisory Committee (AMAC). AMAC was formed to provide the Commission with a range of perspectives on asset management and…

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from The Securities Law Home Page – SECLaw.com

SEC Adopts Amendments to Exemptive Applications Procedures

The Securities and Exchange Commission today announced that it has voted to adopt rule amendments to establish an expedited review procedure for exemptive and other applications under the Investment Company Act that are substantially identical to recent…

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

from The Securities Law Home Page – SECLaw.com