All Securities and Exchange Commission articles – Page 3
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News BriefEV 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 BriefSEC 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 BriefTD 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 BriefCassava 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 BriefAAR 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 BriefSEC 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 BriefRegs 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 BriefSEC 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.
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News BriefPrager Metis agrees to pay $2M over failed audits, including FTX
Waves of fallout from the collapse of cryptocurrency trading platform FTX continue to ripple, as accounting firm Prager Metis has learned.
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News BriefSEC fines First Horizon $325K for RegBI violations caused by merger
First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
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News BriefSEC charges Kubient 'gatekeepers' with failing to stop CEO's AI fraud
Gatekeepers including chief financial officers and the chair of the audit committee have a responsibility to shareholders to report fraud wherever they find it–especially when that fraud involves an artificial intelligence tool meant to combat fraud.
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News BriefSEC nets $1.3M in off-channel comms sweep against municipal advisory firms
Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.
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News BriefSEC charges three Medly execs with fraud for investment scheme
Former executives of Medly, an online pharmacy that is now shuttered, have been charged by the Securities and Exchange Commission with defrauding investors.
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News BriefJohn Deere to pay $10M to settle FCPA violations by subsidiary in Thailand
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
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News BriefSEC fines nine investment advisers combined $1.2M in ‘ongoing’ marketing rule sweep
Nine investment advisers will pay a total of $1.24 million to settle allegations that they violated the Securities and Exchange Commission’s marketing rule by disseminating advertisements with untrue or misleading information.
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News BriefSEC fines Esmark, CEO combined $600K over false offer to U.S. Steel Corp.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
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News BriefSEC penalizes seven firms $3M total for impeding whistleblower protections
Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
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News BriefCircor avoids fine after self-reporting accounting control violations to SEC
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
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News BriefSEC fines Nationwide Planning, affiliates combined $240K over impeding whistleblowers
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.