Washington D.C., Aug. 21, 2019 — The Securities and Exchange Commission yesterday charged New York-based broker-dealer AOC Securities LLC, and its former chief executive officer, Ronaldo Gonzalez, with failing to supervise an AOC broker who provided inflated price quotes for certain securities to a significant customer of AOC. According to the SEC’s orders, Frank Dinucci […]
SEC News
SEC Clarifies Investment Advisers’ Proxy Voting Responsibilities and Application of Proxy Rules to Voting Advice
Washington D.C., Aug. 21, 2019 — The Securities and Exchange Commission today provided guidance to assist investment advisers in fulfilling their proxy voting responsibilities. The guidance discusses, among other matters, the ability of investment advisers to establish a variety of different voting arrangements with their clients and matters they should consider when they use the […]
SEC Charges ICO Research and Rating Provider With Failing to Disclose It Was Paid to Tout Digital Assets
Washington D.C., Aug. 20, 2019 — The Securities and Exchange Commission announced today that Russian entity ICO Rating has agreed to pay $268,998 to settle charges that it failed to disclose payments received from issuers for publicizing their digital asset securities offerings. The SEC’s order found that between December 2017 and July 2018, ICO Rating […]
SEC Charges TherapeuticsMD With Regulation FD Violations
Washington D.C., Aug. 20, 2019 — The Securities and Exchange Commission today charged TherapeuticsMD Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation FD based on its sharing of material, nonpublic information with sell-side research analysts without also disclosing the same information to the public. The SEC’s order finds that on […]
Cantor Fitzgerald and BMO Capital Charged for Improper Handling of ADRs
Washington D.C., Aug. 16, 2019 — The Securities and Exchange Commission today announced that broker Cantor Fitzgerald & Co. will pay more than $647,000 and broker BMO Capital Markets Corporation will pay over $3.9 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). With today’s actions, the SEC has charged 13 financial institutions in its […]
SEC Charges Former CFO of Cash Advance Company With Defrauding Thousands of Retail Investors
Washington D.C., Aug. 15, 2019 — The Securities and Exchange Commission today charged 1 Global Capital LLC’s former chief financial officer, Alan G. Heide, with defrauding retail investors. The now bankrupt Florida-based cash advance company allegedly fraudulently raised more than $322 million from 3,600 investors between 2014 and last year. The SEC previously charged 1 Global and former CEO […]
SEC Charges Former CFO of Cash Advance Company With Defrauding Retail Investors
Washington D.C., Aug. 15, 2019 — The Securities and Exchange Commission today charged 1 Global Capital LLC’s former chief financial officer, Alan G. Heide, with defrauding retail investors. The now bankrupt Florida-based cash advance company allegedly fraudulently raised more than $322 million from 3,600 investors between 2014 and last year. The SEC previously charged 1 Global and former CEO […]
SEC Releases Videos for Investors on Choosing and Working with a Financial Professional
Washington D.C., Aug. 15, 2019 — The Securities and Exchange Commission today released a series of short educational videos designed to provide ordinary investors with basic information about choosing and working with a financial professional. The videos are now available at SEC.gov and Investor.gov/CRS. “Through my discussions with Main Street investors across the country, it became apparent […]
SEC Wins Jury Trial Against Broker Charged with Insider Trading
Washington D.C., Aug. 14, 2019 — Today, jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions. The SEC’s evidence at trial showed that Pirrello received highly confidential nonpublic information about the impending acquisitions of Radiant Systems Inc., Midas Incorporated Inc., […]
SEC Charges Broker-Dealer with Violations of Gatekeeping Provisions Aimed at Protecting Investors
Washington D.C., Aug. 14, 2019 — The Securities and Exchange Commission today charged Canaccord Genuity LLC, a broker-dealer headquartered in New York City, with enabling trading in dozens of thinly-traded securities without conducting the review required by the federal securities laws. According to the SEC’s order, Canaccord published quotes and made markets in dozens of over-the-counter (OTC) […]