Compliance

Brokers Compliance News

Review Your WSPs – Subpoenas are Coming

The authority to open SEC investigations, and therefore to issue subpoenas, was expanded under the Obama Administration to the director of Enforcement, rather than solely to the Commission itself. The Director of Enforcement then delegated that authority to various senior officials, including regional and associate directors and specialized unit chiefs. […]

securities law
Compliance Corp Finance News

SEC Charges $119 Million Securities Fraud Targeting Members of the South Asian American Community

The Securities and Exchange Commission today announced that it filed an emergency action against California-based real estate development company SiliconSage Builders LLC, aka Silicon Sage Builders, and its sole owner, Sanjeev Acharya, in connection with an alleged $119 million fraudulent offering. According to the SEC’s complaint, Silicon Sage Builders and […]

Compliance News

Firm Fined For Lax Text Message Storage

Broker-dealers are required to store and preserve all communications sent and received by their brokers for a period of three years pursuant to Section 17(a) and Rule 17a4 of the Exchange Act. That requirement includes text messages, as one firm recently learned the hard way. The SEC instituted administrative proceedings […]

securities whistleblower
Brokers Compliance Whistleblower

Whistleblowers Need Lawyers

There have been many developments in securities whistleblower rulings over the years, but none as compelling as Justice Ginsburg’s opinion in Digital Realty Trust, Inc., vs. Somers which held that an employee who merely reports potential securities law violations internally has not done enough to avail himself of the extensive Dodd-Frank anti-retaliation […]