The SEC is attempting to gain regulatory oversight of cryptocurrency products and platforms that may be engaging in the sale and offering of securities. Securities are strictly regulated and require detailed disclosures to inform investors of potential risks. Since the first cryptocurrency (Bitcoin) launched in 2009, the question of how […]
News
SEC: Takeover Bid of Fortune 500 Company was a Sham
The Securities and Exchange Commission today charged Melville ten Cate, a U.S. citizen residing abroad, with fraud stemming from his allegedly phony offer to purchase Textron – a large U.S.-listed aircraft, defense, and industrial company. The SEC… Read the Full Press Release Have a securities law question? Call New York […]
Experts Examiner Newsletter
The Securities Experts Roundtable is a group of securities expert witnesses that provides continuing professional education and promotes ethics and integrity among its members. It publishes a quarterly newsletter which provides commentary on securities arbitration issues, with a slighly different viewpoint from our securities litigator perspective. I have used, worked with and […]
Watch “Former SEC Chair on the Activision Blizzard investigation: Their actions were ‘just foolish'” on YouTube
Chairman Pitt makes a good point. These CEOs know better. Even if it was a social meeting and nothing was disclosed, making a significant trade after what meeting just invites an SEC investigation. Or maybe they are convinced that “email traffic” will somehow prove that there was no confidential information […]
Broker Didn’t Know His Client Died
A Wells Fargo broker who traded a client’s account after he died was fired and sanctioned by FINRA. According to FINRA, the broker was terminated from Wells Fargo “after internal review revealed that advisor entered stop loss orders in account of deceased customer, per prior discussion, not knowing client was […]
Morgan Stanley Brokers Opt Out of Deferred Comp Class Action
As the proposed class action complaint against Morgan Stanley for its deferred compensation program winds its way through the Courts, former Morgan Stanley brokers are asking if they are better served by filing their own claims in arbitration. In many cases, the answer is yes. Delays in Court Cases The […]
Faraday Future Delays Form 10-K Because of SEC Investigation
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) filed a Form 12b-25 notifying the Securities Exchange Commission that the Company is unable to file its Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”) within the prescribed time period, and does not expect to file […]
Potential Liability of Chief Compliance Officers
Chief Compliance Officer Chief Compliance Officers (CCOs) at member firms play a vital role. For example, CCOs and their compliance teams help design and implement compliance programs, help educate and train firm personnel, and work in tandem with senior business management and legal departments to foster compliance with regulatory requirements. […]
SEC Proposes New Rules for SPACs, Shell Companies, and Projections
The Securities and Exchange Commission today proposed new rules and amendments to enhance disclosure and investor protection in initial public offerings by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies, such as SPACs, and private operating companies. “Nearly 90 years ago, Congress addressed certain policy […]
SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”
The Securities and Exchange Commission today proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the… Read the Full Press Release Have a securities law question? Call New York […]
