All Securities and Exchange Commission articles – Page 2
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News Brief
SEC levies no fine against Kiromic BioPharma after material omissions self-disclosure
Kiromic BioPharma will pay no fine to the Securities and Exchange Commission after self-reporting that it failed to disclose material information about two cancer drugs to investors.
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News Brief
Adani Group CEO, seven business executives charged in huge $250M bribery scheme
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
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News Brief
SEC Chair Gary Gensler to step down Jan. 20 after busy, controversial tenure
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
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News Brief
BIT Mining changes business model, pays $10M fine to resolve FCPA violations
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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News Brief
SEC orders Invesco to pay $17.5M over misleading investors about ESG assets
Invesco Advisors agreed to pay $17.5 million to the Securities and Exchange Commission to settle allegations that the company misled investors about the extent of its assets that included environmental, social, and governance factors.
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News Brief
JPMorgan Chase to pay $151M in penalties, restitution to settle disclosure lapses
Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
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News Brief
Unisys, three other firms fined a combined $7M for underplaying damage from SolarWinds hack
Four current or former public companies will pay a total of nearly $7 million in fines to settle charges by the Securities and Exchange Commission that they underplayed or failed to disclose material information about how the SolarWinds Orion hack affected them.
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News Brief
WisdomTree pays $4M SEC fine for including fossil fuel, tobacco securities in ESG funds
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
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Premium
Raytheon parent RTX settles false claims, defective pricing, Qatar FCPA violations for $950M
The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 billion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.
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News Brief
Poor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
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News Brief
SEC penalizes Rimar CEO, holding company board member $524K total for ‘AI washing’
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
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News Brief
EV maker Fisker under investigation by SEC amid bankruptcy, ICFR weaknesses
Electric vehicle maker Fisker is under investigation by the Securities and Exchange Commission over potential violations of federal securities laws related to the preservation of records and documents involving its Chapter 11 bankruptcy filing.
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News Brief
SEC enforcement head Grewal to step down
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, will step down from his post Oct. 11. Grewal, who had served as the division’s director since 2021, will be replaced by Sanjay Wadhwa, currently the division’s deputy director, the SEC said.
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News Brief
TD Bank unit to pay $28M in penalties for failing to properly supervise rogue trader
Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.
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News Brief
Cassava Sciences settles with SEC for $40M over skewed Alzheimer’s drug data
A former Alzheimer’s researcher manipulated the results of a Cassava Sciences drug, with the pharmaceutical company and its former chief executive reaching a $40 million settlement with the Securities and Exchange Commission over allegedly misleading the public.
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News Brief
AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations
Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.
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News Brief
SEC to host Nov. 7 virtual compliance seminar for investment advisers
The Securities and Exchange Commission will host a virtual national seminar on Nov. 7 targeted toward chief compliance officers at investment companies and investment advisers.
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News Brief
Regs levy $120M in fines over off-channel comms with two firms avoiding penalties
Regulators continue to hammer firms with fines for violating rules regarding the use of unapproved communication methods by employees, issuing $120 million in fines this week. And for the first time, two firms were not fined because they self-reported their violations.
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News Brief
SEC penalizes Macquarie Asset Management $80M for overvaluing assets, fraud
Historically, the SEC has fiercely protected the rights of retail investors, and is constantly churning out enforcement actions against investment advisers it alleges have defrauded and manipulated its customers. So, it was somewhat unusual the agency issued an enforcement action this week that involved protecting the rights of institutional investors.
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News Brief
‘Biblically responsible’ investment adviser ordered to pay $300K over misleading investors
A “biblically responsible” investment adviser agreed to pay $300,000 and hire an independent compliance consultant to settle charges with the Securities and Exchange Commission that it misled investors, along with other compliance failures.