The SEC recently announced its enforcement results for fiscal year 2016 (ending September 30), stating that it reached new highs in the number of actions filed and in the money that was forfeited through disgorgement and penalties.
The SEC announced today that Deutsche Bank Securities agreed to pay a $9.5 million penalty for failing to properly safeguard nonpublic information generated by its research analysts. Deutsche Bank also published an improper research report and failed to properly preserve and provide certain electronic records sought by the SEC during its investigation.
Records just released by the SEC pertaining to its votes to bring legal action against companies and individuals revealed that the Commission is less divided on such votes than was commonly thought.
The SEC announced today that Credit Suisse AG agreed to pay a $90 million penalty and admit wrongdoing to settle charges of misrepresenting how it determined a key performance metric in its wealth management business. In addition, a former executive of Credit Suisse agreed to settle charges that he was a cause of the violations.
Aegis Oil, LLC and its CEO and President were charged by the SEC with widespread securities fraud in offering $35 million in unregistered stock to 250 investors across the country.
Bank of America agreed to pay a $12.5 million penalty to the SEC for its Merrill Lynch unit’s asserted failure to maintain effective trading controls and prevent erroneous orders that caused mini crashes, as well as agreeing to pay $3 million in fines to several exchanges, including the NYSE and NASDAQ, for the same purported failures.
Last month, San Diego-based investment adviser Raymond Lucia suffered a rejection by a panel of the U.S. Court of Appeals for the District of Columbia Circuit of his request that the court consider his challenge to the constitutionality of the SEC’s use of in-house courts.
The guess here is that former New York Governor David A. Paterson regrets ever becoming involved with Moon River Studios, a microcap company whose executives have just been charged with defrauding investors in a supposed project to construct a movie studio in Georgia.
Lynn Tilton filed an unsuccessful suit to enjoin the SEC proceeding against her and her company, on the grounds that the appointment of the SEC administrative law judges was unconstitutional.
During eighteen months of legal wrangling over the constitutionality of the SEC’s in-house courts, individual respondents challenging such proceedings had found success in the district court in Georgia, where Judge Leigh May had found that the tribunals were constitutionally defective. This ruling went against the majority trend of rulings around the country on the issue.
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site design by digitalstoryteller.io