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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges Cash Flow King Podcast Host with Perpetrating $11 Million Ponzi Scheme
he Securities and Exchange Commission today charged Matthew Motil, host of the podcast, “The Cash Flow King,” for fraudulently raising approximately $11 million from more than 50 investors in a Ponzi scheme involving notes that were purportedly backed by residential properties. According to the SEC’s complaint, Motil, of North Olmsted, Ohio, defrauded investors with promises […]
SEC Charges GTT Communications for Disclosure Failures
The Securities and Exchange Commission today charged GTT Communications, Inc. with failing to disclose material information about unsupported adjustments the company made in several Commission filings, which increased GTT’s reported operating income by at least 15 percent in three quarters from 2019 through 2020. The SEC’s order credits GTT with promptly self-reporting, undertaking affirmative remedial […]
Deutsche Bank Subsidiary DWS to Pay $25 Million for Anti-Money Laundering Violations and Misstatements Regarding ESG Investments
The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment […]
Goldman to Pay SEC $6 Million in Penalties for Providing Deficient Blue Sheet Data
The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC’s charges. According to the SEC’s order, over a period of […]
Top New York State Crypto Regulator to Depart – WSJ
The head of the virtual currency unit at the New York State Department of Financial Services is leaving the agency. Peter Marton, who joined the New York financial regulator in late 2021 as the deputy superintendent of virtual currency, will depart at the end of the month. Marton will move to the private sector to […]
Shutdown Threatens to Undercut SEC’s Momentum on ESG Oversight
Congress has about a week left to negotiate a deal to keep the SEC and other agencies working after Sept. 30. The last government shutdown from December 2018 to January 2019 hobbled the SEC. Only 122, or 3%, of the agency’s 4,418 employees at the time, worked full time during the shutdown, according to a […]
SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations
The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt. These records are routinely used by regulators in policing prohibited short […]
SEC Charges Private Equity Fund Adviser American Infrastructure Funds for Breaching Its Duties
The Securities and Exchange Commission today announced that American Infrastructure Funds LLC (AIM), a Foster City, California-based registered investment adviser to private funds, agreed to pay more than $1.6 million to settle charges resulting from its acceleration of portfolio company monitoring fees, for transferring a private fund asset from funds nearing the end of their […]
Litigation Team Returns to Greenberg Traurig Fueling Phoenix Office Growth | Greenberg Traurig LLP
Global law firm Greenberg Traurig, LLP continues expanding its Phoenix office with Litigation Practice Shareholders Laura Sixkiller and Kate L. Benveniste rejoining the firm. Sixkiller and Benveniste often collaborate as a trial team. They join the firm from DLA Piper, reuniting with Craig Waugh, who recently joined the Phoenix office as a shareholder. Sixkiller focuses […]