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Elon Musk must still have his tweets approved by Tesla lawyer, federal appeals court rules






A federal appeals court says Elon Musk cannot back out of a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled Monday, just days after hearing arguments from lawyers in the case. Musk had challenged a lower court judge’s ruling last year requiring him to abide by the deal. The settlement with the Securities and Exchange Commission required that his tweets be first approved by a Tesla attorney. It also called for Musk and Tesla to pay civil fines over the tweets.

Source: Elon Musk must still have his tweets approved by Tesla lawyer, federal appeals court rules

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

SEC Awards More Than $12 Million to Two Whistleblowers






SEC Awards Over $12 Million to Two Whistleblowers for Their Assistance in Successful Enforcement Action

March 31, 2023 – The SEC announced that it had awarded more than $12 million to two whistleblowers who had provided valuable information and assistance in a successful SEC enforcement action. The awards were made out of a Congressionally-established investor protection fund financed entirely through monetary sanctions paid to the SEC by securities law violators.

The Role of Whistleblowers in Protecting Investors and Capital Markets

Whistleblowers play a crucial role in helping the SEC detect and prosecute wrongdoing and in protecting investors and the capital markets. The information and assistance provided by these two whistleblowers in identifying complex wrongdoing demonstrate the importance of the whistleblower program to the SEC’s enforcement efforts.

The first whistleblower was instrumental in prompting the opening of the investigation and provided information on violations that would have been difficult to detect otherwise. This whistleblower also identified key witnesses, helped staff understand complex fact patterns and issues, and made persistent efforts to remedy the issues. As a result, this whistleblower will receive an award of over $9 million.

The second whistleblower submitted critical new information during the course of the investigation and will receive an award of more than $3 million.

Whistleblower Awards and Eligibility Criteria

Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when monetary sanctions exceed $1 million.

The Dodd-Frank Act protects the confidentiality of whistleblowers, and the SEC does not disclose any information that could reveal a whistleblower’s identity. Whistleblowers who use an attorney gain additional privacy protections, since the SEC does not know the identity of the whistleblower until the investigation proceeds.

The SEC’s whistleblower program is a vital tool in protecting investors and the capital markets from fraud and other securities violations. The recent awards to these two whistleblowers demonstrate the SEC’s commitment to incentivizing individuals to come forward with valuable information to help the agency pursue successful enforcement actions.

If you have information about securities violations and are considering blowing the whistle, call the experienced whistleblower attorneys at Sallah Astarita & Cox, LLC to understand your rights and protections under the law.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

HSBC Securities and Scotia Capital Fined $15M and $7.5M Respectively by SEC for Recordkeeping Failures






On May 11, 2023, the SEC charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for their employees’ longstanding and widespread failures to preserve and maintain electronic communications. To settle the charges, HSBC and Scotia admitted that their conduct violated recordkeeping provisions of the federal securities laws and agreed to pay penalties of $15 million and $7.5 million, respectively.

Off-Channel Communications at HSBC Securities and Scotia Capital

The SEC’s investigation of HSBC Securities and Scotia Capital, both registered broker-dealers, found that both firms had a pervasive and long-standing practice of off-channel communications. The firms admitted that their employees communicated about securities business matters on their personal devices, using messaging platforms such as WhatsApp. Neither firm maintained or preserved the vast majority of these communications, in violation of the federal securities laws.

The SEC’s Orders

The failings of HSBC Securities and Scotia Capital involved employees at multiple levels of authority, including supervisors and senior executives. Both firms cooperated with the SEC’s investigation by self-reporting the recordkeeping failures after gathering communications from the personal devices of a sample of their personnel.

The SEC charged both firms with violating certain recordkeeping provisions of the Securities Exchange Act of 1934 and failing to reasonably supervise to prevent and detect those violations. Along with the financial penalties, each firm was censured and ordered to cease and desist from committing violations of the relevant recordkeeping provisions.

Compliance Consultants and Settlements

HSBC Securities and Scotia Capital also agreed to retain compliance consultants to conduct comprehensive reviews of their policies and procedures related to the retention of electronic communications found on personal devices and their respective frameworks for addressing non-compliance by their employees with those policies and procedures.

Separately, the Commodity Futures Trading Commission announced settlements with the firms for related conduct.

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

Dutch Medical Supplier Philips to Pay More Than $62 Million to Settle FCPA Charges






The Securities and Exchange Commission today announced that Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales…

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Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

Musk Wants to Stop his ‘Twitter Sitter’ Agreement






He tried once before and was denied, but Elon Musk has asked a federal appeals court in New York to throw out his 2018 agreement with US regulators requiring a Tesla Inc. lawyer to screen all his company-related Twitter posts, calling it an illegal limitation on his free-speech rights.

Musk, Tesla’s chief executive officer and now the owner of Twitter Inc., has claimed that the agreement with the US Securities and Exchange Commission violates the First Amendment to the Constitution and that the SEC is harassing him. 

The requirement “chills Mr. Musk’s speech,” limiting his ability to make statements about Tesla that don’t violate any securities laws, Ellyde R. Thompson, an attorney representing the Tesla CEO, told the panel.

Last year, US District Judge Lewis Liman refused to release Musk from the deal and end his “Twitter Sitter” requirement, saying the CEO was “simply bemoaning that he felt like he had to agree to it at the time” and now “wishes that he had not.” Liman also denied Musk’s effort to block an SEC subpoena seeking information on his tweets.

Full Article is at Fortune’s website.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

SEC Charges HSBC and Scotia Capital with Widespread Recordkeeping Failures






The Securities and Exchange Commission today charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for widespread and longstanding failures by both firms and their employees to maintain and preserve electronic communications. To settle the…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

SEC Charges Three Executives at U.S. Navy Shipbuilder Austal USA with Accounting Fraud






The Securities and Exchange Commission today charged three executives of Mobile, Alabama-based shipbuilder, Austal USA LLC, for orchestrating a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

Registration Opens for the SEC’s 42nd Annual Small Business Forum to Impact Capital Raising Policy














































The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation has opened registration for the SEC’s 42nd Annual Government-Business Forum on Small Business Capital Formation, which will take place April 24-27. The…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

Registration Opens for the SEC’s 42nd Annual Small Business Forum to Impact Capital Raising Policy




































The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation has opened registration for the SEC’s 42nd Annual Government-Business Forum on Small Business Capital Formation, which will take place April 24-27. The…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

Registration Opens for the SEC’s 42nd Annual Small Business Forum to Impact Capital Raising Policy


























The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation has opened registration for the SEC’s 42nd Annual Government-Business Forum on Small Business Capital Formation, which will take place April 24-27. The…

Read the Full Press Release


Have a securities law question? Call New York Securities Lawyers at 212-509-6544.

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.

* This article was originally published here

SECLaw.com is the online source of securities law new, tips and commentary. Online since 1995 it is the recognized leader in the area, so much so that other attorneys have been reduced to using “seclaw” in their website names in an effort to gain from the site’s popularity.