- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-14T20:11:00
The Securities and Exchange Commission (SEC) for the first time punished a broker-dealer for providing advice to a municipal entity without registering with the agency as a municipal adviser.
Loop Capital Markets, based in Chicago, advised a Midwestern city from 2017-19 on the purchase of fixed income securities but was not registered as a municipal adviser as required under federal securities law. In addition, Loop Capital “did not maintain a system reasonably designed to supervise its municipal securities activities and had inadequate procedures, including insufficient methods to identify potential violations of the municipal adviser registration rules,” the SEC said Wednesday in a press release.
Without admitting or denying the allegations, Loop Capital agreed to be fined $100,000, pay disgorgement and prejudgment interest of approximately $5,500, and be censured.
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The Securities and Exchange Commission charged four underwriters with failing to satisfy exemption requirements related to limited offerings of municipal bonds—the first time the agency has taken such an action.
Two large data brokers, Mobilewalla and Gravy Analytics, collected billions of records containing sensitive geolocation and personal data of millions of people, and then sold it without their consent, the Federal Trade Commission said.
Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission that the firm misled investors about its AML/CFT policies and allowed a sanctioned Russian oligarch to invest.
Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.
Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
