SEC Issues Substituted Compliance Determination for France

The Securities and Exchange Commission today announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in the French Republic (the French Order). This is the first determination that…

YJ Fischer to Join SEC as Director of the Office of International Affairs

The Securities and Exchange Commission today announced the appointment of YJ Fischer as Director of the Office of International Affairs (OIA), effective Aug. 2. Ms. Fischer previously served in various roles at the U.S. State Department during the Obama Administration, including as assistant…

SEC Halts Alleged Ongoing Offering Fraud Involving Cycling Companies

The Securities and Exchange Commission today announced an emergency action including a temporary restraining order and asset freeze to stop an alleged fraudulent offering of securities and misappropriation of investor assets by Outdoor Capital Partners LLC and its director Samuel J. Mancini…

SEC Charges California Resident in Microcap Fraud Scheme Targeting Retail Investors

The Securities and Exchange Commission today announced that it has filed an emergency action charging California resident Charlie Abujudeh with running microcap fraud schemes targeting retail investors. According to the SEC’s complaint filed today in U.S. District Court for the Eastern District…

SEC Charges Retailer and Former CEO for Accounting, Reporting, and Control Failures

The Securities and Exchange Commission today announced that Fort Worth, Texas, specialty retailer Tandy Leather Factory Inc. and its former chief executive officer Shannon Greene have agreed to settle charges for accounting, reporting, and control failures that led to a multi-year restatement…

SEC Files Charges in Multi-Million Dollar Fraud Involving Two Companies

The Securities and Exchange Commission today announced charges against Aron Govil of Jacksonville, Florida, for defrauding investors in two companies he controlled, Cemtrex Inc. and Telidyne Inc.    According to the SEC’s complaint, filed today in U.S. District Court for the Southern…

SEC Shuts Down Fraudulent Mother-Son Offering Involving Purported Supercomputer

The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze to halt an alleged ongoing offering fraud by Las Vegas-based Profit Connect Wealth Services Inc., Las Vegas resident Joy…

UBS Settles Charges Related to Investments in Complex Exchange-Traded Product

More Than $8 Million Returning to Harmed Investors as Part of Ongoing Risk-Based Initiative The Securities and Exchange Commission today filed a settled action against UBS Financial Services Inc. for compliance failures relating to sales of a volatility linked exchange-traded product (ETP). …

SEC Charges Executives of Network Infrastructure Company With Accounting Fraud

The Securities and Exchange Commission today charged the former CEO and CFO of FTE Networks Inc., a network infrastructure company formerly based in Naples, Florida, with conducting a multi-year accounting fraud. This alleged scheme involved inflating the company’s revenues for certain periods…

Daniel S. Kahl Appointed Acting Director of the Division of Examinations; Peter B. Driscoll to Depart Agency

The Securities and Exchange Commission today announced that Peter B. Driscoll, the Director of the Division of Examinations, will depart the agency effective Aug. 14. Daniel Kahl, the Division’s Deputy Director, will be named Acting Director upon Mr. Driscoll’s departure. “I thank Dan…

ICO “Listing” Website Charged With Unlawfully Touting Digital Asset Securities

The Securities and Exchange Commission today announced settled charges against the operator of Coinschedule.com, a once-popular website that profiled offerings of digital asset securities.  The SEC’s order finds that United Kingdom-based Blotics Ltd. violated the anti-touting provisions of the federal securities laws…

SEC Charges SPAC, Sponsor, Merger Target, and CEOs for Misleading Disclosures Ahead of Proposed Business Combination

Charges Relate to Planned Merger of Stable Road Acquisition Company and Space Transportation Company Momentus Inc. The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s…

SEC Announces $97 Million Enforcement Action Against TIAA Subsidiary for Violations in Retirement Rollover Recommendations

SEC and N.Y. Attorney General Secure Significant Relief for Investors and Reforms at TIAA The Securities and Exchange Commission today announced that TIAA-CREF Individual & Institutional Services LLC (TC Services), a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), will…

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