Company to pay penalty for stock picking game that was an unregistered swap LeapRate

October 14, 2016 BY Valentina Kirilova

Company to pay penalty for stock picking game that was an unregistered swap

The Securities and Exchange Commission (SEC) has announced that a New York-based company has agreed to pay a $50,000 penalty for illegally offering complex derivatives products to retail investors through mobile phone games that were described as “fantasy sports for stocks.” An SEC investigation has found that Forcerank LLC failed to file a registration statement for…

October 07, 2016 BY Valentina Kirilova

SEC names David Saltiel Head Office of Analytics and Research

The Securities and Exchange Commission (SEC) has announced that it has named David H. Saltiel to head the Office of Analytics and Research in the Division of Trading and Markets. He joined the SEC in September. Stephen Luparello, Director of the Division of Trading and Markets, said: We are very fortunate to have David’s expertise at…

October 06, 2016 BY Valentina Kirilova

Credit Suisse paying $90 million penalty for misrepresenting performance metric

The Securities and Exchange Commission (SEC) has announced that Credit Suisse AG has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business. A former executive agreed to settle charges that he was a cause of Credit Suisse’s…

October 05, 2016 BY LeapRate Staff

Credit Suisse hit with $90 million SEC fine for misrepresenting new client assets

The U.S. Securities and Exchange Commission today announced that Credit Suisse Group AG (ADR) (NYSE:CS) has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business. Former Credit Suisse executive Rolf Bogli, who served as chief operating…

October 05, 2016 BY Valentina Kirilova

Investment adviser charged with cherry-picking and misleading clients

The Securities and Exchange Commission (SEC) has announced fraud charges against an investment adviser accused of “cherry-picking” profitable trades for his own account rather than a client’s accounts, and misleading seniors and other clients about the fees he charged and the risks in investments he recommended. The SEC Enforcement Division alleges that Laurence I. Balter and…

October 03, 2016 BY Valentina Kirilova

Aaron W. Lipson named as Associate Regional Director for Enforcement in the SEC’s Atlanta Regional Office

The Securities and Exchange Commission (SEC) has announced that Aaron W. Lipson has been named the Associate Regional Director for enforcement in the Atlanta office. Mr. Lipson began working in the Division of Enforcement in the Atlanta office in 2004 as a staff attorney, before becoming an Assistant Regional Director in 2010. In 2010, he also…

September 29, 2016 BY Valentina Kirilova

SEC proposes rule amendment to expedite process for settling securities transactions

The Securities and Exchange Commission (SEC) has voted to propose a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date to two business days after the trade date. The proposed amendment is designed to reduce the risks that arise from the value and number…

September 29, 2016 BY Valentina Kirilova

Jane Norberg named Chief of SEC Whistleblower office

The Securities and Exchange Commission (SEC) has announced that Jane Norberg has been promoted to chief of the SEC’s Office of the Whistleblower. Ms. Norberg joined the SEC in 2012 as the first deputy chief of the Office of the Whistleblower and helped establish the office, which intakes and reviews whistleblower tips received by the agency,…

September 27, 2016 BY Valentina Kirilova

Merrill Lynch charged with trading controls failures that led to mini-flash crashes

The Securities and Exchange Commission (SEC) has announced that banking company Merrill Lynch has agreed to pay a $12.5 million penalty for maintaining ineffective trading controls that failed to prevent erroneous orders from being sent to the markets and causing mini-flash crashes. An SEC investigation found that Merrill Lynch caused market disruptions on at least 15 occasions…

September 27, 2016 BY Valentina Kirilova

SEC charges CEO and boiler room operator with fraud

The Securities and Exchange Commission (SEC) has charged a former microcap company CEO and a boiler room operator with defrauding seniors and others who were pressured to invest in a pair of penny stock companies and promised lucrative profits. The SEC alleges that Craig V. Sizer founded Sanomedics Inc. and Fun Cool Free Inc., which were…

Tag: SEC