Tag: Securities and Exchange Commission

sec whistleblower award
May 03, 2017 BY Valentina Kirilova

SEC announces whistleblower award of more than half-million dollars for company insider

The Securities and Exchange Commission (SEC) announced that a company insider has earned a whistleblower award of more than $500,000 for reporting information that prompted an SEC investigation into well-hidden misconduct that resulted in an SEC enforcement action. This company employee saw something wrong and did the right thing by reporting what turned out to…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
April 26, 2017 BY Valentina Kirilova

SEC charges broker with defrauding customers

The Securities and Exchange Commission (SEC) charged a former broker with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of those customers. The SEC’s complaint alleges that Demitrios Hallas repeatedly traded unsuitable investments in his customers’ accounts, exposing customers who were unsophisticated with…

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ASIC applauds the enactment of stronger whistleblowing laws
April 26, 2017 BY Valentina Kirilova

SEC awards nearly $4 million to whistleblower

The Securities and Exchange Commission (SEC) announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise. Not only did this whistleblower step forward and report suspicious conduct, but continued to…

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UN report says North Korea laundered $2 billion theft via Hong Kong firm
April 25, 2017 BY Valentina Kirilova

SEC charges portfolio manager with diverting nearly $2 million to personal account

The Securities and Exchange Commission (SEC) announced fraud charges against a Massachusetts-based portfolio manager accused of diverting at least $1.95 million to his personal brokerage account from a fund over which he had trading authority. The SEC’s complaint alleges that Kevin J. Amell carried out a fraudulent matched-trades scheme in which he prearranged the purchase…

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DFSA
April 24, 2017 BY Valentina Kirilova

SEC fines Telecom executives for FCPA violations

The Securities and Exchange Commission (SEC) announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they violated the Foreign Corrupt Practices Act (FCPA). Magyar Telekom paid a $95 million penalty in December 2011 to settle parallel…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
April 11, 2017 BY Valentina Kirilova

SEC: Payments for bullish articles on stocks must be disclosed to investors

The Securities and Exchange Commission (SEC) announced enforcement actions against 27 individuals and entities behind various alleged stock promotion schemes that left investors with the impression they were reading independent, unbiased analyses on investing websites while writers were being secretly compensated for touting company stocks. SEC investigations uncovered scenarios in which public companies hired promoters…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
April 05, 2017 BY Valentina Kirilova

Chief of FCPA Unit Kara Novaco Brockmeyer leaves SEC after 17 years of service

The Securities and Exchange Commission (SEC) announced that Kara Novaco Brockmeyer, Chief of the Enforcement Division’s Foreign Corrupt Practices Act (FCPA) Unit, is planning to leave the agency later this month. Since 2011, Ms. Brockmeyer has led a national unit of 38 attorneys, accountants, and other specialists focusing on violations of the anti-bribery and accounting…

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FINRA's 2018 volume tops 2017 activity by 87%
March 31, 2017 BY Valentina Kirilova

FINRA's rule proposal addressing financial exploitation of seniors approved by SEC

The Securities and Exchange Commission (SEC) has approved FINRA’s rule proposal addressing financial exploitation of seniors. FINRA today issued Regulatory Notice 17-11 announcing a February 5, 2018 effective date for the rule proposal. The changes approved by the SEC involve two key steps to protect investors: firms will be required to make reasonable efforts to…

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Securities and Exchange Commission proposes Transaction Fee Pilot for NMS Stocks
March 28, 2017 BY Valentina Kirilova

SEC freezes assets of investment adviser Financial Management Strategies

The Securities and Exchange Commission (SEC) announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars. The SEC alleges that Daniel H. Glick and his unregistered investment advisory firm Financial Management Strategies (FMS) provided clients with…

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