‘Enforcement 40’ for 2020
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By Securities Docket on November 18, 2019, 10:32 am
He was hired as general counsel in March 2017 to guide the bank through several scandals—a major one involved fake bank accounts. While the bank’s stock prices plunged, Parker worked to settle massive litigation and to calm its turbulent relationships with regulators, who placed a cap on the bank’s growth until they are satisfied with […]
By Securities Docket on November 18, 2019, 9:34 am
Marc Celello, a former state securities enforcement attorney and General Counsel for a Georgia investment company, has pleaded guilty to conspiring to defraud investors out of over $40 million. “Marc Celello used his skills as an attorney to help his employer cheat investors out of millions of dollars,” said U.S. Attorney Byung J. “BJay” Pak. […]
By Securities Docket on November 18, 2019, 9:33 am
Facing a 35-day government shutdown and new restrictions on the ability to recover disgorgement, it would be perfectly understandable if the SEC’s Division of Enforcement suffered a lackluster year. Nevertheless, according to their recently released Annual Report, the Division of Enforcement defied the odds and turned in an impressive year by most metrics. The full […]
By Securities Docket on November 18, 2019, 9:32 am
Although judicial lawmaking may contribute to uncertainty in the financial markets, Fisch argues that uncertainty in the context of insider trading may still be beneficial. A hardline rule, Fisch maintains, could potentially open the path to fraud by allowing backdoor loopholes to develop. Instead, judicial lawmaking deters that type of opportunistic behavior and is able […]
By Securities Docket on November 18, 2019, 9:30 am
WeWork is drawing scrutiny from the Securities and Exchange Commission over whether the co-working company violated financial rules in the run-up to its failed initial public offering, according to two people with knowledge of the matter. via WeWork is facing SEC inquiry into possible rule violations – San Antonio Express-News.
By Securities Docket on November 15, 2019, 4:28 pm
The Securities and Exchange Commission today announced an award to three individuals who jointly submitted a tip alerting the agency to a well-concealed fraud targeting retail investors. The information led to a successful enforcement action. The whistleblowers, who were themselves harmed investors, will collectively receive a payment of over $260,000 based on current collections. via […]
By Securities Docket on November 14, 2019, 6:40 pm
CONGRESS HAS ORDERED A review of the implications of adopting European Union-style policies in U.S. capital markets – and rightfully so. Many U.S. firms shadow European rules as they try to operate on either side of the Atlantic, and pressure is growing on the Securities and Exchange Commission to adopt many of the rules formulated […]
By Securities Docket on November 14, 2019, 10:59 am
Please join Bill McLucas, Doug Davison and Marty Wilczynski for this free webcast.
By Securities Docket on November 14, 2019, 10:33 am
The firms collectively raised about $40 million through illegal sales of digital tokens during the height of the cryptocurrency boom in 2017, when over $5.4 billion was raised. In exchange for paying lower fines, the companies were supposed to meet the Securities and Exchange Commission’s fundraising rules. The agency touted the pacts as a template […]
By Securities Docket on November 13, 2019, 11:57 am
Guest columnist Jordan Thomas breaks down the recently-released 2019 Annual Report of the SEC’s Division of Enforcement.