FINRA, the Financial Industry Regulatory Association, is the successor to the National Association of Securities Dealers and is authorized by Congress to regulate and oversee the broker-dealer industry, insuring that it operates fairly and honestly. It oversees over 4,000 brokerage firms and more than 600,000 brokers across the country—and analyzes […]
Investors
IRS Delays Rule For Reporting Venmo, Etsy, Airbnb Payments
New York CNN — Anyone getting paid for their goods and services through apps like Venmo, PayPal or CashApp, or platforms like Etsy and Airbnb, just got a reprieve from the IRS. Following concerns expressed by the tax community, the electronic transactions industry and some lawmakers, the IRS said Friday […]
SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter
The Securities and Exchange Commission today announced charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks. According to the SEC, since at least January 2020, seven of the defendants promoted themselves as successful […]
SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
On December 14, 2022 the SEC adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements for plans adopted pursuant to the rule to enhance investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider […]
SEC Proposes Rule to Enhance Competition for Individual Investor Order Execution
Dec. 14, 2022 — The Securities and Exchange Commission today proposed a rule that would require certain orders of individual investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition. Individual investors use marketable […]
AT&T Settles SEC Charge of Selectively Disclosing Material Information to Wall St. Analysts
Dec. 5, 2022 — The Securities and Exchange Commission today announced that AT&T agreed to pay a $6.25 million penalty and three company executives agreed to pay $25,000 apiece stemming from charges brought in March 2021 related to the company’s selective disclosure of material nonpublic information to research analysts in violation of […]
SEC Charges Vika Ventures and its CEO in $6 Million Fraudulent Offering
Dec. 7, 2022 — The Securities and Exchange Commission today announced charges against venture capital firm Vika Ventures LLC and its CEO and co-founder, George Iakovou, with fraudulently offering and selling more than $6 million of securities to at least 46 individual investors in multiple states including California, Georgia, and […]
Twitter to Pay $182 Million in Class Action Attorneys’ Fees
In addition to paying $810 million settlement to resolve a shareholder class action against Twitter Inc., it will have to pay an additional $182 million in attorneys fees, according to Reuters. The lawsuit, filed in 2016, well before Musk brough up the issue, accused the social media company of deceiving […]
SEC Charges Unregistered Brokers that Facilitated more than $1.2 Billion in Primarily Penny Stock Trades
Nov. 17, 2022 — The Securities and Exchange Commission today charged Jeffrey K. Galvani, Stuart A. Jeffery, and two New York-based entities they controlled with operating as unregistered broker-dealers that facilitated more than $1.2 billion of securities trading, primarily in penny stocks. The SEC’s complaint alleges that Galvani and Jeffery […]
SEC Charges Pharmaceutical Co. Chief Information Officer in $8 Million Insider Trading Scheme
The Securities and Exchange Commission today announced insider trading charges against Ramkumar Rayapureddy, Chief Information Officer of pharmaceutical company Viatris Inc., which was formerly known as Mylan N.V. The SEC’s complaint, filed in the… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]