FINRA fines Robinhood and orders it to pay its customers 12.6 million dollars
Compliance
Amec Foster Wheeler Fined $22 Million for FCPA Violations
As the Securities and Exchange Commission announced charges against Amec Foster Wheeler Limited (Foster Wheeler) for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme that took place in Brazil, the company has agreed to pay more than $43 million related to this scheme, including […]
SEC Chair Gensler Seeks to Amend 10b5-1
The new SEC chair believes that 10b5-1 plans “have led to real cracks in our insider trading regime” and has asked the SEC Staff to make recommendations for the Commission’s consideration on how they might “freshen up” Rule 10b5-1. In his comments to the CFO Network Summit, he made a […]
FINRA Reverses Hearing Panel Decision and Dismisses Complaint against Sallah Astarita & Cox client.
In an unusual reversal and dismissal, Mark Astarita of Sallah Astarita & Cox, LLC obtained a full reversal of a Hearing Panel decision in an enforcement proceeding that barred his client for life and ordered him to pay $250,000 in restitution, plus 6 years of interest. The case, which was […]
What is an Exempt Transaction
As it relates to the United States securities law, an exempt transaction is simply a transaction for which registration is not required. To put this in context, virtually any time someone invests money, a securities transaction is involved, and all securities transactions require registration with the government, unless exempt. There […]
What is Blue Sky Law?
The term Blue Sky Law refers to the laws and regulations of the individual states regarding the registration of securities, brokerage firms and investment advisers. While the most well known securities laws are the federal laws, each state has its own rules and regulations. The blue sky laws of each […]
SEC Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index
The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
SEC Charges Healthcare Company and Its Founder with Multimillion Dollar Fraud
The Securities and Exchange Commission has charged a New Jersey-based healthcare company and its founder with fraudulently raising nearly $4 million from over 130 investors nationwide through the sale of membership units in the company. According to the complaint, since July 2017, Premier Healthcare Solution LLC and its founder, Josiah […]
SEC Obtains Emergency Asset Freeze, Charges Colorado Resident with Fraud Involving Sham Bottling Company
The Securities and Exchange Commission today announced it filed charges and obtained an asset freeze and other emergency relief to stop an alleged offering fraud and misappropriation of investor assets orchestrated by Colorado Springs resident Tra Jay Scarlett using two entities under Scarlett’s control, Chatfield PCS Ltd. (Chatfield) and GO […]
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. […]
