SEC Issues Awards Totaling More Than $4 Million to Two Whistleblowers

The Securities and Exchange Commission today announced two awards totaling more than $4 million to whistleblowers who provided information and assistance in two separate covered actions. In the first order, the SEC issued an award of approximately $2.6…

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SEC Awards Over $13 Million To Whistleblower

The Securities and Exchange Commission today announced an award of more than $13 million to a whistleblower whose information and assistance prompted the opening of an investigation and significantly contributed to the success of an SEC enforcement…

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SEC Charges ICO Issuer and Founder with Defrauding Investors

The Securities and Exchange Commission today announced charges against Australian citizen Craig Sproule and two companies he founded, Crowd Machine, Inc. and Metavine, Inc., for making materially false and misleading statements in connection with an…

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Chair Gensler Announces Additions to Executive Staff

The Securities and Exchange Commission today announced the appointments of Corey Frayer, Phil Havenstein, Jennifer Songer, and Jorge Tenreiro to Chair Gary Gensler’s executive staff. “Corey, Phil, Jenny, and Jorge have exceptional experience,” said…

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SEC Proposes Amendments to Money Market Fund Rules

The Securities and Exchange Commission today voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. In March 2020, growing economic concerns about the impact of the COVID-19 pandemic led…

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SEC Charges Clinical Drug Trial Investigator with Insider Trading

The Securities and Exchange Commission today announced charges against Daniel V.T. Catenacci for insider trading in the securities of biotechnology company Five Prime Therapeutics, Inc. in advance of the company’s November 10, 2020 announcement that it…

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William Birdthistle Named Director of Division of Investment Management

The Securities and Exchange Commission today announced the appointment of William A. Birdthistle, currently a professor at Chicago-Kent College of Law, as Director of the Division of Investment Management. The Division oversees regulatory policy for…

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SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions

The Securities and Exchange Commission today voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers…

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SEC Approves 2022 PCAOB Budget and Accounting Support Fee

The Securities and Exchange Commission today voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. “Finance is about trust, and the PCAOB has a critical role to play in…

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RIA Ongoing Duties to Its Customers

Great post by Alan Wolper on the duties of an RIA to monitor its customer’s accounts, even when there is no trading, and no activity in those accounts.

Not true for the traditional broker, and an important distinction for investment advisors to remember.

SEC Settlement Proves That It’s Easy Enough For An IA To Get In Trouble Just For Doing Nothing


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