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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC task force targets retail investor fraud at the adviser level
Stephanie Avakian, co-director of the SEC Division of Enforcement, said that the agency’s retail strategy task force will use data analytics to find widespread problems involving inadequate fee disclosure and unsuitable product recommendations. It will parse data about products, types of fees and investors, advisory office locations and sales practices. In addition to market data, […]
SEC’s Whistleblower Chief Says Companies Heed Call Not to Silence Tipsters | National Law Journal
Speaking at the annual Securities Enforcement Forum in Washington, D.C., Norberg said she has seen “great carve-outs in agreements” that make clear that any nondisclosure terms do not prevent communication with a government agency. But she still advised lawyers to review severance agreements for any language that could potentially prevent someone from contacting the SEC, […]
New SEC Task Force to Use Data to Root Out Advisor Fraud
The Securities and Exchange Commission’s new Retail Strategy Task Force will use data analytics to root out misconduct “occurring at the intersection of investment professionals and retail investors,” namely mutual fund share class and wrap-fee account abuse, Stephanie Avakian, co-director of the agency’s enforcement division, said Thursday. Avakian, speaking at the Securities Enforcement Forum in […]
U.S. SEC wrongly collected $14.9 billion from defendants: lawsuit — Reuters
The U.S. Securities and Exchange Commission has been hit with a class action lawsuit seeking to recover $14.9 billion that lawyers for an investment firm’s liquidating trustee say should not have been collected given a recent U.S. Supreme Court ruling. The lawsuit was filed in federal court in Boston on Thursday by the liquidating trustee […]
SEC Signals Pullback From Prosecutorial Approach to Enforcement
Now, under the direction of Mr. Clayton, and with its budget essentially frozen, the SEC is cueing that “broken windows” won’t continue. “It may be the case that we have to be selective and bring a few cases to send a broader message rather than sweep the entire field,” Mr. Peikin told a securities conference […]
SEC Should Clarify Path to Cooperation Perks in Cases: Official | Bloomberg BNA
The framework for determining cooperation the SEC laid out in its 2001 report of investigation into Seaboard Corp., including self-reporting and remediation, is still in effect, Peikin said. The co-director, a former Sullivan & Cromwell LLP partner, appeared to sympathize with people who are still unsure about the exact benefits of cooperation, however. “I think […]
SEC Names Peter B. Driscoll as Director of the Office of Compliance Inspections and Examinations
The Securities and Exchange Commission today announced that Peter B. Driscoll has been named Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). Mr. Driscoll has served as OCIE’s Acting Director since January 2017. via SEC Names Peter B. Driscoll as Director of the Office of Compliance Inspections and Examinations
Securities Docket Announces ‘Enforcement 40’ for 2017
Securities Docket announces its “Enforcement 40”— our list of the 40 best and brightest securities enforcement defense lawyers.
Former Apollo Partner Ali Rashid Busted for Fraud—Again | Observer
Mohammad Ali Rashid, a former senior partner at private equity firm Apollo Management L.P., is charged with using his clients’ fund to pay for personal expenditures, the Securities and Exchange Commission (SEC) said today. The SEC said in a press release that Rashid secretly billed his clients for approximately $290,000 for family vacations, hair salon […]
Regulators Can’t Keep Up With Wall Street’s Robot Invasion – Bloomberg
“What you really need are computer geniuses who failed as algorithmic traders and are willing to switch sides,” said Brad Bennett, who was head of enforcement at the Financial Industry Regulatory Authority until earlier this year. “You have to be able to deconstruct the code.” via Regulators Can’t Keep Up With Wall Street’s Robot Invasion […]