Daily Archives: September 28, 2023, 4:22 pm

SEC Charges Clear Channel Outdoor with FCPA Violations Relating to China Subsidiary

The Securities and Exchange Commission today announced that Clear Channel Outdoor Holdings Inc. agreed to pay more than $26 million to resolve charges that it bribed Chinese government officials to obtain outdoor advertising contracts in violation of the Foreign Corrupt Practices Act (FCPA). The SEC’s order finds that Clear Channel, a U.S. based company in the out-of-home advertising industry, violated…

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SEC Charges Former Financial Industry Analyst and Three Others with Insider Trading

The Securities and Exchange Commission today announced charges against Anthony Viggiano, a former analyst at a major investment firm and later at an international investment bank, and Christopher Salamone, Stephen A. Forlano, and Nathan Bleckley, for insider trading in advance of numerous merger and acquisition transactions. According to the SEC’s complaint, in connection with his work at two financial institutions,…

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SEC Charges Former Pareteum Executives with Accounting and Disclosure Fraud

The Securities and Exchange Commission today announced charges against the former Chief Financial Officer, Edward O’Donnell, and the former Chief Commercial Officer, Victor Bozzo, of New York-based telecommunications company Pareteum Corp. for engaging in fraudulent revenue recognition practices. The SEC also announced settled charges against Pareteum’s former Controller, Stanley Stefanski, for his role in the scheme. Pareteum previously settled to…

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SEC chief says new California law could ‘change baseline’ for coming SEC climate rule | Reuters

A pending law in California that would require companies to make climate-related disclosures could affect how federal regulators consider the costs of their own forthcoming climate regulations, Wall Street’s top regulator told lawmakers on Wednesday. U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s testimony during a house oversight hearing highlighted the potential for the California law to support the…

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SEC Charges Corporate Insiders for Failing to Timely Report Transactions and Holdings

The Securities and Exchange Commission today announced charges against six officers, directors, and major shareholders of public companies for failing to timely report information about their holdings and transactions in company stock. Five publicly-traded companies were also charged for contributing to the filing failures by insiders or failing to report their insiders’ filing delinquencies. The charges stem from an SEC enforcement…

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SEC Charges Three Southern California Siblings with Insider Trading

The Securities and Exchange Commission today filed charges against siblings Marco A. Perez (aka Marc), Pedro Perez, Jr. (aka Peter), and Olivia P. Durbin for insider trading before the April 2021 announcement of an offer by storage company United Rentals Inc. to acquire General Finance Corp. The three defendants, all of whom reside in Southern California, realized a combined total…

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As government shutdown looms, companies should go public ‘before Friday,’ SEC chief says | Reuters

A looming government shutdown would reduce U.S. Securities and Exchange Commission (SEC) staffing to “skeletal” levels, stopping it from approving companies’ Wall Street debuts and hindering its ability to respond to any market turmoil, its chair told lawmakers on Wednesday. *** Gensler said the agency would lose more than 90% of its workforce to unpaid furloughs, leaving a “skeletal” staff…

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US SEC nearing settlement with Wall Street firms over WhatsApp probe -sources | Reuters

The U.S. Securities and Exchange Commission (SEC) is finalizing settlements with around two dozen Wall Street firms to resolve investigations into record-keeping lapses, said two people with knowledge of the matter. *** Under the deals being finalized with the SEC, the firms would pay fines, admit wrongdoing and commit to fixing the lapses, including by hiring independent consultants to overhaul…

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