SEC Appoints George Botic to the Public Company Accounting Oversight Board
Washington, D.C.--(Newsfile Corp. - September 27, 2023) - The Securities and Exchange Commission today announced the appointment of George Botic, CPA to a term as a Board Member of the Public Company Accounting Oversight Board (PCAOB). “I am pleased that George will serve on the PCAOB Board,” said SEC Chair Gary Gensler. “George will advance the PCAOB’s mission to build trust in the financial information that public companies disclose to investors. I also would like to thank Duane for his...
2023-09-27 5:12 PM EDT
SEC Charges Corporate Insiders for Failing to Timely Report Transactions and Holdings
Washington, D.C.--(Newsfile Corp. - September 27, 2023) - The Securities and Exchange Commission today announced charges against six officers, directors, and major shareholders of public companies for failing to timely report information about their holdings and transactions in company stock. Five publicly-traded companies were also charged for contributing to the filing failures by insiders or failing to report their insiders’ filing delinquencies. The charges stem from an SEC enforcement...
2023-09-27 9:05 AM EDT
SEC Charges Hydrogen Vehicle Co. Hyzon Motors and Two Former Executives for Misleading Investors
Washington, D.C.--(Newsfile Corp. - September 26, 2023) - The Securities and Exchange Commission today announced settled fraud charges against Hyzon Motors Inc., an upstate New York-based company that builds hydrogen fuel cell electric vehicles (FCEVs), for misleading investors about its business relationships and vehicle sales before and after a July 2021 merger with a publicly-traded special purpose acquisition company, or SPAC. The SEC also charged Craig M. Knight, Hyzon’s former CEO, and...
2023-09-26 5:06 PM EDT
SEC Charges California Advisory Firm AssetMark for Failing to Disclose Multiple Financial Conflicts
Washington, D.C.--(Newsfile Corp. - September 26, 2023) - The Securities and Exchange Commission today announced that Concord, California-based registered investment adviser AssetMark Inc. has agreed to pay more than $18 million to settle charges related to undisclosed conflicts of interest involving a cash sweep program operated by its affiliated custodian and its receipt of millions of dollars in revenue sharing payments from third-party custodians. According to the SEC’s order, from at...
2023-09-26 4:14 PM EDT
New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising
Washington, D.C.--(Newsfile Corp. - September 26, 2023) - The Securities and Exchange Commission today released a report to Congress summarizing policy recommendations made during the 42nd Annual Government-Business Forum on Small Business Capital Formation. The report provides a summary of the forum proceedings, including the recommendations developed by participants for changes to the capital raising framework and the Commission’s responses to those recommendations. The forum, which took...
2023-09-26 11:58 AM EDT
SEC Charges Advisory Firm Bruderman Asset Management and its Principal for Failing to Disclose Misuse of Investment Funds
Washington, D.C.--(Newsfile Corp. - September 26, 2023) - The Securities and Exchange Commission today announced that New York-based Bruderman Asset Management LLC (BAM) and its principal, Matthew J. Bruderman, agreed to settle charges related to their failure to disclose the misuse of proceeds raised from investment advisory clients and to the firm’s failure to implement reasonably designed written policies and procedures concerning the disclosure of conflicts of interest. According to the...
2023-09-26 10:04 AM EDT
SEC Charges Cash Flow King Podcast Host with Perpetrating $11 Million Ponzi Scheme
Washington, D.C.--(Newsfile Corp. - September 25, 2023) - The Securities and Exchange Commission today charged Matthew Motil, host of the podcast, “The Cash Flow King,” for fraudulently raising approximately $11 million from more than 50 investors in a Ponzi scheme involving notes that were purportedly backed by residential properties. According to the SEC’s complaint, Motil, of North Olmsted, Ohio, defrauded investors with promises of low-risk, high-return promissory notes purportedly...
2023-09-25 12:36 PM EDT
SEC Charges GTT Communications for Disclosure Failures
Washington, D.C.--(Newsfile Corp. - September 25, 2023) - The Securities and Exchange Commission today charged GTT Communications, Inc. with failing to disclose material information about unsupported adjustments the company made in several Commission filings, which increased GTT’s reported operating income by at least 15 percent in three quarters from 2019 through 2020. The SEC’s order credits GTT with promptly self-reporting, undertaking affirmative remedial measures, and providing...
2023-09-25 10:17 AM EDT
Deutsche Bank Subsidiary DWS to Pay $25 Million for Anti-Money Laundering Violations and Misstatements Regarding ESG Investments
Washington, D.C.--(Newsfile Corp. - September 25, 2023) - The Securities and Exchange Commission today charged registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment process. To settle the charges,...
2023-09-25 9:10 AM EDT
SEC Charges Private Equity Fund Adviser American Infrastructure Funds for Breaching Its Duties
Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced that American Infrastructure Funds LLC (AIM), a Foster City, California-based registered investment adviser to private funds, agreed to pay more than $1.6 million to settle charges resulting from its acceleration of portfolio company monitoring fees, for transferring a private fund asset from funds nearing the end of their term to a new fund, and for loaning money from one private...
2023-09-22 11:08 AM EDT
SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations
Washington, D.C.--(Newsfile Corp. - September 22, 2023) - The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt. These records are routinely used by regulators in policing prohibited short selling activity. To settle the SEC’s...
2023-09-22 10:08 AM EDT
SEC Approves Revised Privacy Act Rule
Washington D.C.--(Newsfile Corp. - September 20, 2023) - The Securities and Exchange Commission today approved a rule to revise the Commission’s regulations under the Privacy Act, which is the principal law governing the handling of personal information in the federal government. The final rule clarifies, updates, and streamlines the Commission’s Privacy Act regulations. In addition, the final rule revises procedural and fee provisions and eliminates unnecessary provisions. The final rule...
2023-09-20 5:21 PM EDT
SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names
Washington, D.C.--(Newsfile Corp. - September 20, 2023) - The Securities and Exchange Commission today adopted amendments to the Investment Company Act “Names Rule,” which addresses fund names that are likely to mislead investors about a fund’s investments and risks. The amendments modernize and enhance the Names Rule and other names-related regulatory requirements to further the Commission’s investor protection goals and to address developments in the fund industry in the approximately 20...
2023-09-20 1:28 PM EDT
SEC Charges California Resident with Multimillion Dollar Ponzi Scheme Targeting Tongan American Community
Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States. According to the SEC’s complaint, from approximately January 2021 through October 2021, Sumchai convinced retail investors to acquire shares of...
2023-09-19 2:33 PM EDT
SEC Charges New York Firm Concord Management and Owner with Acting as Unregistered Investment Advisers to Billionaire Former Russian Official
Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission today announced charges against Concord Management LLC of Tarrytown, New York, and its owner and principal, Michael Matlin, for operating as unregistered investment advisers to their only client—a wealthy former Russian official widely regarded as having political connections to the Russian Federation. According to the SEC’s complaint, Matlin founded Concord in 1999 to provide investment advice...
2023-09-19 11:53 AM EDT
SEC Investor Advisory Committee to Discuss Exempt Offerings and Accredited Investors at September 21 Meeting
Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public, in-person, meeting on September 21 at 10 a.m. ET at the SEC Headquarters in Washington, D.C. The meeting will also be webcast on the SEC website. The committee will host two panels to discuss: Exempt Offerings under Regulation D Rule 506 Accredited Investors The committee will also discuss potential recommendations on Human Capital Management...
2023-09-19 10:05 AM EDT
SEC Charges CBRE, Inc. with Violating Whistleblower Protection Rule
Washington, D.C.--(Newsfile Corp. - September 19, 2023) - The Securities and Exchange Commission today announced settled charges against CBRE, Inc. (CBRE), a Dallas-based commercial real estate services and investment firm and subsidiary of publicly traded CBRE Group, Inc., for using an employee release that violated the SEC’s whistleblower protection rule. According to the SEC’s order, between 2011 and 2022, as a condition of receiving separation pay, CBRE required its employees to sign a...
2023-09-19 9:09 AM EDT
SEC Issues New Strategic Plan for Diversity, Equity, Inclusion, and Accessibility
Washington, D.C.--(Newsfile Corp. - September 18, 2023) - The Securities and Exchange Commission today announced that it has posted to sec.gov the agency’s Diversity, Equity, Inclusion, and Accessibility (DEIA) Strategic Plan for fiscal years 2023-2026 that builds on and advances the SEC’s DEIA commitment and previous successes. “At the SEC, we work every day to protect investors and facilitate capital formation across the spectrum of communities that make America strong, including...
2023-09-18 3:05 PM EDT
SEC Charges Lyft with Failure to Disclose Board Member's Financial Interest in Private Shareholder's Pre-IPO Stock Transaction
Washington, D.C.--(Newsfile Corp. - September 18, 2023) - The Securities and Exchange Commission today charged Lyft Inc. for failing to disclose a company board director’s role in a shareholder’s sale of approximately $424 million worth of private shares of Lyft’s stock prior to the company’s initial public offering (IPO). According to the SEC’s order, prior to Lyft’s IPO in March 2019, a Lyft board director arranged for a shareholder to sell its shares to a special purpose vehicle (“SPV”)...
2023-09-18 9:18 AM EDT
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
Washington, D.C.--(Newsfile Corp. - September 15, 2023) - The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 29 soliciting entities, three impersonators of genuine firms, and one bogus regulator. The SEC’s list of soliciting entities that have been the subject of investor complaints, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list,...
2023-09-15 11:33 AM EDT