The Securities and Exchange Commission today announced that Eric R. Werner has been named the Associate Regional Director for Enforcement in the SEC’s Fort Worth Regional Office. He succeeds Jessica B. Magee, who left the agency in February. Mr. Werner joined the SEC in 1995 as an Investigative Staff Attorney in the Enforcement Division in […]
SEC News
Altaba, Formerly Known as Yahoo!, Charged With Failing to Disclose Massive Cybersecurity Breach; Agrees To Pay $35 Million
The Securities and Exchange Commission today announced that the entity formerly known as Yahoo! Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts. According […]
SEC Charges Additional Defendant in Fraudulent ICO Scheme
The Securities and Exchange Commission today announced additional fraud charges stemming from an investigation of Centra Tech Inc.’s $32 million initial coin offering. In an amended complaint filed today, the SEC charged one of Centra’s co-founders, Raymond Trapani, in a fraudulent scheme related to Centra’s 2017 ICO, in which the company issued “CTR Tokens” to […]
Douglas Scheidt, Associate Director and Chief Counsel in the Division of Investment Management, to Leave Agency After 32 Years of Public Service
The Securities and Exchange Commission announced today that Douglas Scheidt, an Associate Director and the Chief Counsel in the Division of Investment Management, will retire from the SEC at the end of September. Mr. Scheidt has led the Division’s Chief Counsel’s Office for over 21 years. During his tenure, Mr. Scheidt has provided legal and […]
SEC Proposes to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Investment Professionals
The Securities and Exchange Commission today voted to propose a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products. Under proposed Regulation Best Interest, a broker-dealer would be required to […]
Fee Rate Advisory #3 for Fiscal Year 2018
The Securities and Exchange Commission today announced that starting on May 22, 2018, the fee rates applicable to most securities transactions will be set at $13.00 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $23.10 per million for covered sales occurring on charge dates through May 21, […]
SEC Unveils Public Service Announcement to Promote Background Checks on Investor.gov
The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on Investor.gov before investing. Investor.gov, the SEC’s website dedicated to individual investors, provides investors with tools and resources to help them invest wisely and avoid fraud. […]
SEC Staff to Host Roundtable on Market Structure for Thinly-Traded Securities
The Securities and Exchange Commission today announced its staff will host a roundtable on April 23 that will address the market structure for thinly-traded exchange-listed securities, both equities and exchange-traded products. The roundtable, which will be held at the SEC’s headquarters at 100 F Street, NE, Washington, D.C., will discuss the challenges faced by participants in the […]
SEC Awards Whistleblower More Than $2.1 Million
The Securities and Exchange Commission today announced a whistleblower award of more than $2.1 million to a former company insider whose information led to multiple successful enforcement actions. The whistleblower’s information strongly supported the findings in the underlying actions and the whistleblower provided ongoing assistance to the staff during the investigation. “The SEC has issued […]
SEC Charges Texas Company, Principals in Multimillion Dollar Ponzi Scheme Targeting Seniors
On April 6, 2018, the Securities and Exchange Commission charged two Texas companies and their principals in a $2.4 million Ponzi scheme and in a related, $1.4 million offering fraud targeting retirees. The SEC’s complaint alleges that, from 2010 to 2017, Clifton E. Stanley ran a Ponzi scheme through his retirement planning and real estate […]