SEC News

Deutsche Bank to Pay Nearly $75 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). The case stems from a continuing SEC investigation into abuses involving pre-released ADRs.  In proceedings against Deutsche Bank Trust Co. Americas (DBTCA), a […]

SEC News

SEC Charges Investment Adviser and CEO With Misleading Retail Investors

The Securities and Exchange Commission today charged a Connecticut-based investment advisory firm and its chief executive officer with putting $19 million of investor money, including elderly investors’ retirement savings and pension plans, in risky investments and secretly pocketing hefty commissions from those investments.  The SEC’s complaint alleges that Temenos Advisory Inc. and George L. Taylor […]

SEC News

SEC Adopts Rules to Enhance Transparency and Oversight of Alternative Trading Systems

The Securities and Exchange Commission today announced it has voted to adopt amendments to Regulation ATS to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities exchange. “I applaud the staff’s retrospective review of our regulation of ATSs.  I agree that promoting greater transparency in […]

SEC News

SEC Charges BGC Financial for Failure to Preserve Documents and Maintain Accurate Books and Records

The Securities and Exchange Commission today announced that New York-based broker-dealer BGC Financial has agreed to pay a $1.25 million penalty to settle charges that it failed to preserve audio files sought by the SEC and inaccurately recorded travel, entertainment, and other expenses. The SEC’s order finds that after receiving document requests in 2014 from […]

SEC News

SEC Files Charges in Busted Microcap Schemes

The Securities and Exchange Commission has charged a stock promoter and four others involved in an alleged series of microcap fraud schemes that were foiled by FBI undercover work and an SEC trading suspension. According to the SEC’s complaint filed in federal court in southern California on July 6, stock promoter Gannon Giguiere took control […]

SEC News

SEC Issues Agenda for July 16 Meeting of the Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission today released the agenda for the July 16 meeting of the Fixed Income Market Structure Advisory Committee.  The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues. The meeting will be held at the […]

SEC News

Former CEO and CFO of ITT Barred and Ordered to Pay Penalties

The Securities and Exchange Commission today announced settlements with two former senior executives of ITT Educational Services Inc., which the SEC charged hid its true financial condition from investors.  This resolution successfully concludes the SEC’s case, which was scheduled to begin trial on July 9. Former CEO Kevin Modany and former CFO Daniel Fitzpatrick are […]