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…

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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…

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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…

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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.

Schwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees

The Securities and Exchange Commission today charged three Charles Schwab investment adviser subsidiaries for not disclosing that they were allocating client funds in a manner that their own internal analyses showed would be less profitable for their…

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SEC Reopens Comment Period for Proposed Rule on Recovery of Erroneously Awarded Compensation

The Securities and Exchange Commission today reopened the comment period on proposed rules for listing standards for recovery of erroneously awarded compensation, and staff of the Commission released a memo that contains additional analyses and data that…

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SEC Investor Advisory Committee to Discuss Non-Traditional Accounting and Climate Disclosure on June 9

The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 9 at 10 a.m. ET. The meeting will be webcast on the SEC website. The committee will host two panels, the first involving a…

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SEC Charges Louisiana Town and Former Mayor with Fraud in Two Municipal Bond Deals

The Securities and Exchange Commission today charged the town of Sterlington, Louisiana and its former mayor, Vern A. Breland, as well as the town’s unregistered municipal advisor, Twin Spires Financial LLC, and its owner, Aaron B. Fletcher, with…

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SEC Charges Global Steel Pipe Manufacturer with Violating Foreign Corrupt Practices Act

The Securities and Exchange Commission today announced that Tenaris, a Luxembourg-based global manufacturer and supplier of steel pipe products, will pay more than $78 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA)…

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SEC Charges Company and Former CEO with Misleading Investors about Sale of Covid-19 Test Kits

The Securities and Exchange Commission today charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx’s plans to distribute COVID-19…

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