Daily Archives: June 13, 2016, 8:57 am

SEC Enforcement Action Highlights Need for PE Fund Advisers to Address Potential Broker-Dealer Issue — Kramer Levin

On June 1, 2016, the Securities and Exchange Commission (the “SEC”) filed and settled an administrative proceeding against Blackstreet Capital Management, LLC (“Blackstreet”) and Murry N. Gunty, the principal owner and managing member of Blackstreet (“Gunty”).1   In order to settle the proceeding, Blackstreet and Gunty agreed to pay approximately $3.1 million. This settlement order highlights the SEC’s continued focus on…

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Silicon Valley in the Crosshairs: SEC and DOJ Target Fraud Involving Pre-IPO Companies | Perkins Coie – JDSupra

However, Chair White’s conciliatory “open dialogue” overture to Silicon Valley should be juxtaposed with the government’s enforcement focus, which became more pointed at the recent Securities Enforcement Forum West conference in San Francisco on May 12, 2016.  Erin E. Schneider, Associate Regional Director (Enforcement) in the SEC’s San Francisco office, told attendees that her office is seeing more allegations of…

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U.K. Watchdog Opens Inquiries into Major Accounting Firms | Bloomberg BNA

The U.K. Financial Reporting Council has launched investigations into two leading financial services companies in the U.K. FRC, which sets and enforces accounting, auditing and actuarial standards in the U.K. and Ireland, said June 8 that it would examine Deloitte LLP’s work in preparing, approving and auditing of the financial statements of companies within Serco Group plc for the financial…

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Hard to keep staff on what it pays – Serious Fraud Office | Stuff.co.nz

In its four year plan document submitted to Parliament’s Law and Order subcommittee, the SFO warns of a high likelihood its staff will be poached by other employers offering more money. “Despite high levels of engagement SFO employees are attractive to the private sector who pay significantly higher salaries and this generates a higher than usual turnover,” the report said.…

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