Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation

The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct…

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SEC Charges Egan-Jones Ratings Co. and CEO with Conflict of Interest Violations

The Securities and Exchange Commission today charged Haverford, PA-based Egan-Jones Ratings Company, a nationally recognized statistical rating organization (NRSRO) registered with the Commission in certain ratings classes, with violating conflict of…

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SEC Requests Information and Comment on Advisers Act Regulatory Status of Index Providers, Model Portfolio Providers, and Pricing Services

The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the activities of certain “information providers,” including whether, under particular facts and circumstances, information…

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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.

SEC Charges Firm and Five Brokers with Violations of Reg BI

The Securities and Exchange Commission today charged registered broker-dealer Western International Securities, Inc. and five of its registered representatives, or brokers – Nancy Cole, Patrick Egan, Andy Gitipityapon, Steven Graham, and Thomas Swan –…

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SEC Charges Weiss Asset Management with Short Selling Violations

The Securities and Exchange Commission today announced that investment advisory firm Weiss Asset Management LP has agreed to pay approximately $6.9 million to settle charges that it violated the federal securities laws when it unlawfully purchased stock…

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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 CHARGES NEW JERSEY SOFTWARE COMPANY AND SENIOR EMPLOYEES WITH ACCOUNTING-RELATED MISCONDUCT

The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related to long-running accounting improprieties that ran from…

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SEC Launches Game Show-Themed Public Service Campaign

The Securities and Exchange Commission’s Office of Investor Education and Advocacy today unveiled a game show-themed public service campaign to help investors make informed investment decisions and avoid fraud. Recognizing that sometimes…

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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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