By
Adrianne Appel2022-09-07T22:23:00
Perceptive Advisors agreed to pay $1.5 million for allegedly steering clients toward special purpose acquisition companies (SPACs) its investment advisers had financial interests in and failing to disclose those conflicts in a timely fashion.
Perceptive agreed to be censured and cease and desist from future violations of investment and securities laws, the Securities and Exchange Commission (SEC) announced Tuesday. The firm neither admitted nor denied the agency’s findings.
In 2020, Perceptive created several SPACs incorporated in the Cayman Islands whose sponsor ownership and management linked back to certain Perceptive employees and a life sciences fund owned by the firm, the SEC detailed in its order. The company repeatedly invested the assets of the life sciences fund in transactions involving the SPACs.
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African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
2022-12-08T16:05:00Z By Maria L. Murphy
Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.
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California has delayed the release of draft greenhouse gas reporting rules for businesses until early 2026, the California Air Resources Board said.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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