The Securities and Exchange Commission today charged Robinhood Financial LLC for repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to… Read the Full Press Release Have a securities law question? Call […]
Tag: News
SEC Adopts Clearing Agency Rule to Limit Potential for Overlapping or Duplicative Regulation
The Securities and Exchange Commission today announced that it has adopted a rule to limit the potential for overlapping or duplicative regulation within its security-based swap regulatory regime. Specifically, the rule exempts certain activities of… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox […]
Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges
The Securities and Exchange Commission today charged China-based company Luckin Coffee Inc. with defrauding investors by materially misstating the company’s revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
SEC Adopts Final Rules for the Disclosure of Payments by Resource Extraction Issuers
The Securities and Exchange Commission today voted to adopt final rules that will require resource extraction issuers that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 to disclose payments made to the U.S… Read the Full Press Release Have a securities […]
SEC Awards More Than $300,000 to Whistleblower with Audit Responsibilities
The SEC announced an award of more than $300,000 to a whistleblower whose high-quality information and continuing assistance significantly contributed to a successful enforcement action. According to the press release, the whistleblower became aware of the potential securities law violations in connection with audit-related responsibilities. Although individuals with audit or […]
UBS Smacked For Unnecessary Defamation of Terminated Employee – $11 Million
Punitive damage awards in arbitration are rare. I was able to obtain one against a major brokerage firm years ago for a disabled investor, but they don’t happen often. However, last year a FINRA arbitration panel ordered UBS to pay $7.5 million in punitive damages to a compliance officer who […]
SEC Charges Sequential Brands Group Inc. with Deceiving Investors by Failing to Timely Impair Goodwill
The Securities and Exchange Commission today charged New York-based brand-management company Sequential Brands Group Inc. with failing to impair its goodwill as required by accounting principles and the federal securities laws. The SEC‘s complaint… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.
SEC Staff Supplements Quarterly Private Funds Statistics
The Securities and Exchange Commission staff today published an expanded suite of data and analyses of private fund statistics and trends. The Private Funds Statistics, released quarterly since October 2015 by the Division of Investment Management’s… Read the Full Press Release Have a securities law question? Call Sallah Astarita & […]
General Electric Agrees to Pay $200 Million Penalty for Disclosure Violations
General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses. In 2017 and 2018, GE’s stock price fell by almost 75% as challenges in its power and insurance businesses were disclosed to the public. According to […]
SEC Adopts Rules to Modernize Key Market Infrastructure Responsible for Collecting, Consolidating, and Disseminating Equity Market Data
The Securities and Exchange Commission today adopted rules to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks (“NMS market data”). This… Read the Full Press Release Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.
