Washington D.C., Sept. 27, 2021 — The Securities and Exchange Commission today announced that Erik Gerding has been named Deputy Director, Legal and Regulatory Policy, for the Division of Corporation Finance, effective Oct. 4, 2021. Erik comes to the SEC from the University of Colorado Law School, where he has been a Professor of Law […]
SEC Charges Florida Payday Lender and CEO with Affinity Fraud Targeting the Venezuelan-American Community
Washington D.C., Sept. 27, 2021 — The Securities and Exchange Commission today announced charges against Sky Group USA LLC, a payday loan company based in Miami, and its CEO, Efrain Betancourt, Jr., for fraudulently raising at least $66 million through the sale of promissory notes to more than 500 retail investors, including members of the South […]
SEC Charges Two Individuals for Wash Trading Scheme Involving Options of “Meme Stocks”
Washington D.C., Sept. 27, 2021 — The Securities and Exchange Commission today charged a Florida resident and his friend for engaging in a fraudulent scheme designed to collect liquidity rebates from exchanges by wash trading put options of certain “meme stocks” in early 2021. According to the SEC’s complaint, filed in the United States District […]
SEC Delivers Report to Congress with Recommendations from the 40th Annual Small Business Forum
Washington D.C., Sept. 27, 2021 — Today the Office of the Advocate for Small Business Capital Formation delivered a report to Congress on the Securities and Exchange Commission’s 40th Annual Small Business Forum. The 2021 Forum took place virtually on May 24–27, 2021, with each session featuring panelists with in-depth knowledge of the issues facing […]
Productive finance working group publishes recommendations addressing the barriers to investment in less liquid assets
The final report, ‘A Roadmap for Increasing Productive Finance Investment’. Further details on the Productive Finance Working Group, including Minutes from their meetings. FCA CP21/12: A new authorised fund regime for investing in long term assets Opens in a new window. the work of the group has been welcomed by a number of industry participants: […]
SEC Charges Two Companies and Their Principals with Misleading Investors in More Than a Dozen Oil and Gas Securities Offerings
Washington D.C., Sept. 24, 2021 — The Securities and Exchange Commission today charged Thomas Powell and Stefan Toth, and their entities, Resolute Capital Partners LTD LLC and Homebound Resources LLC, with making material misrepresentations and omissions in connection with more than a dozen unregistered oil and gas securities offerings. Powell and Toth were also charged […]
SEC Awards Approximately $36 Million to Whistleblower
Washington D.C., Sept. 24, 2021 — The Securities and Exchange Commission today announced an award of approximately $36 million to a whistleblower whose information and assistance significantly contributed to the success of an SEC enforcement action as well as actions by another federal agency. The whistleblower provided crucial information on an illegal scheme to the […]
FCA prohibits IFA and mortgage adviser for fitness and propriety failings
The FCA has prohibited financial advisor Anthony George from performing any regulated activity in the financial services industry on the grounds that he is not a fit and proper person as his conduct demonstrates a lack of honesty and integrity. Mr George is the director, owner and sole approved person of 4Life Financial Planning Limited […]
Stephen Allen sentenced to 28 months imprisonment for forging a trust deed
Mr Allen pleaded guilty to the offence of forgery on 13 July 2021. The charge relates to events that followed proceedings brought by the FCA against Mr Renwick Haddow for operating several unauthorised collective investment schemes, which culminated in a successful judgement against Mr Haddow and others in 2018. At the conclusion of these […]
SEC Charges World’s Largest Advertising Group with FCPA Violations
Washington D.C., Sept. 24, 2021 — The Securities and Exchange Commission today announced that London-based WPP plc, the world’s largest advertising group, has agreed to pay more than $19 million to resolve charges that it violated the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to […]