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Month: April 2021
SEC Charges Eight Companies for Failure to Disclose Complete Information on Form NT
The SEC charged eight companies for failing to disclose in SEC Form 12b-25 filings that their request for seeking a delayed quarterly or annual reporting filing was caused by an anticipated restatement or correction of prior financial reporting. The violations were uncovered by an initiative focused on Form 12b-25 filings […]
SEC Charges Binary Options Trading Platform and Two Top Executives with Fraud
The SEC has charged Israeli-based Spot Tech House Ltd., formerly known as Spot Option Ltd., and two of its former top executives, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with deceiving U.S. investors out of more than $100 million through fraudulent and unregistered online sales of […]
SEC Awards More Than $3 Million to Whistleblowers in Two Enforcement Actions
The SEC has announced awards totaling more than $3 million to two whistleblowers in separate enforcement proceedings. In the first order, the SEC awarded approximately $3.2 million to a whistleblower who alerted SEC staff to violations, identified key issues for staff to focus on, and provided subject matter expertise to […]
SEC Fast Answer – Removing Restrictive Legends
“Restricted” securities are securities acquired in an unregistered, private sale from the issuing company or from an affiliate of the issuer. They typically bear a “restrictive” legend clearly stating that you may not resell them in the public marketplace unless the sale is exempt from the SEC’s registration requirements. Rule 144 under […]
Robinhood’s CEO is not Licensed?
CNN is reporting that the CEO of Robinhood is not licensed with FINRA and implies that he is required to be licensed and that it is a “big deal” that he is not licensed. CNN is correct that absent an exemption, FINRA requires senior executives of a broker-dealer, including the […]
SEC Obtains Emergency Relief, Charges Florida Company and CEO with Misappropriating Investor Money and Operating a Ponzi Scheme
The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Melbourne, Florida resident Jonathan P. Maroney through several entities he controls. According to the […]
SEC Investigation Not a Covered Claim for Hertz
Make sure your insurance policies explicitly cover a governmental investigation. Hertz was covered for the class action but not the SEC investigation arising from the same events.
