SEC Announces Enforcement Results for Fiscal Year 2024
Washington, D.C.--(Newsfile Corp. - November 22, 2024) - The Securities and Exchange Commission today announced that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history. The 583 enforcement actions represent a 26 percent decline in total enforcement actions compared to fiscal year 2023. Of those cases, the Commission filed 431 “stand-alone” actions, which was 14 percent less than in the...
2024-11-22 3:26 PM EST
SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports
Washington, D.C.--(Newsfile Corp. - November 22, 2024) - The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to pay $275,000 combined in civil penalties to settle the SEC’s charges....
2024-11-22 11:38 AM EST
UPS to Pay $45 Million Penalty for Improperly Valuing Business Unit
Washington, D.C.--(Newsfile Corp. - November 22, 2024) - The Securities and Exchange Commission today announced settled charges against United Parcel Service Inc. for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) in valuing one of its worst performing businesses. According to the SEC’s order, UPS determined in 2019 that UPS Freight, a business unit that transported less-than-truckload shipments, was likely to sell for no...
2024-11-22 9:16 AM EST
SEC Charges Advisory Firm La Mancha and its Owner David Kushner with Fraud
Washington, D.C.--(Newsfile Corp. - November 21, 2024) - The Securities and Exchange Commission today charged David Kushner, a resident of Boca Raton, Florida, and his company La Mancha Funding Corp. with defrauding nearly two dozen investors out of approximately $2.1 million in a series of private securities offerings. Kushner is La Mancha’s president and sole owner. As alleged in the SEC’s complaint, Kushner and La Mancha raised approximately $10.5 million from investors through a series of...
2024-11-21 2:43 PM EST
SEC Chair Gensler to Depart Agency on January 20
Washington, D.C.--(Newsfile Corp. - November 21, 2024) - The Securities and Exchange Commission today announced that its 33rd Chair, Gary Gensler, will step down from the Commission effective at 12:00 pm on January 20, 2025. Chair Gensler began his tenure on April 17, 2021, in the immediate aftermath of the GameStop market events. He led the agency through a robust rulemaking agenda to enhance efficiency, resiliency, and integrity in the U.S. capital markets. He also oversaw high-impact...
2024-11-21 1:14 PM EST
SEC Charges Three Senior Executives in Two Actions Alleging Massive Bribery Scheme Involving Indian Energy Companies Adani Green and Azure Power
Washington, D.C.--(Newsfile Corp. - November 20, 2024) - The Securities and Exchange Commission today charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd., and Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of a massive bribery scheme. According to the SEC’s allegations, the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar energy project that the companies had been...
2024-11-20 4:12 PM EST
SEC Charges BIT Mining with FCPA Violations in Connection with Bribery Scheme to Influence Members of Japanese Parliament
Washington, D.C.--(Newsfile Corp. - November 18, 2024) - The Securities and Exchange Commission today announced that BIT Mining Ltd., formerly known as 500.com Limited, agreed to pay a $4 million civil penalty to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) from 2017 to 2019 by engaging in a widespread bribery scheme to influence numerous foreign officials, including members of Japan’s parliament, in efforts to establish an integrated resort casino in Japan....
2024-11-18 4:12 PM EST
SEC Charges Invesco Advisers for Making Misleading Statements About Supposed Investment Considerations
Washington, D.C.--(Newsfile Corp. - November 8, 2024) - The Securities and Exchange Commission today charged Invesco Advisers, Inc. for making misleading statements about the percentage of company-wide assets under management that integrated environmental, social, and governance (ESG) factors in investment decisions. The Atlanta-based registered investment adviser agreed to pay a $17.5 million civil penalty to settle the SEC’s charges. According to the SEC’s order, from 2020 to 2022, Invesco...
2024-11-08 9:08 AM EST
JP Morgan Affiliates to Pay $151 Million to Resolve SEC Enforcement Actions
Washington D.C.--(Newsfile Corp. - October 31, 2024) - The Securities and Exchange Commission today charged J.P. Morgan Securities LLC (JPMS) and J.P. Morgan Investment Management Inc. (JPMIM) – both affiliates of JPMorgan Chase & Co. (JP Morgan) – in five separate enforcement actions for failures including misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers....
2024-10-31 5:15 PM EDT
SEC Announces New Members of Small Business Capital Formation Advisory Committee
Washington, D.C.--(Newsfile Corp. - October 30, 2024) - The Securities and Exchange Commission today announced four new members of the Small Business Capital Formation Advisory Committee. The new members were appointed to four-year terms and will join the 14 current Commission-appointed committee members. “I thank the new members for their willingness to serve on the Advisory Committee, which plays an important role in our work to facilitate capital formation for companies of every size,”...
2024-10-30 11:11 AM EDT
SEC Adopts Rule Amendments and New Rule to Improve Risk Management and Resilience of Covered Clearing Agencies
Washington D.C.--(Newsfile Corp. - October 25, 2024) - The Securities and Exchange Commission today adopted rule amendments and a new rule to improve the resilience and recovery and wind-down planning of covered clearing agencies. The rule amendments establish new requirements regarding a covered clearing agency’s collection of intraday margin as well as a covered clearing agency’s reliance on substantive inputs to its risk-based margin model. The new rule prescribes requirements for the...
2024-10-25 5:25 PM EDT
SEC Small Business Advisory Committee to Discuss Approaches to Venture Capital Fundraising and Challenges Facing Emerging Fund Managers
Washington, D.C.--(Newsfile Corp. - October 25, 2024) - The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Wednesday, Nov. 13, 2024. The meeting will include a discussion of how venture capital fund managers are raising capital, including the limits of arm’s length fundraising and challenges facing emerging fund managers. Members of the public can watch the live meeting via webcast on www.sec.gov. The...
2024-10-25 10:04 AM EDT
SEC Charges Four Companies With Misleading Cyber Disclosures
Washington, D.C.--(Newsfile Corp. - October 22, 2024) - The Securities and Exchange Commission today charged four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Technologies Ltd, and Mimecast Limited – with making materially misleading disclosures regarding cybersecurity risks and intrusions. The SEC also charged Unisys with disclosure controls and procedures violations. The companies agreed to pay the following civil penalties to settle the...
2024-10-22 9:25 AM EDT
SEC Charges Advisory Firm WisdomTree with Failing to Adhere to Its Own Investment Criteria For ESG-Marketed Funds
Washington, D.C.--(Newsfile Corp. - October 21, 2024) - The Securities and Exchange Commission today charged New York-based investment adviser WisdomTree Asset Management Inc. with making misstatements and for compliance failures relating to the execution of an investment strategy that was marketed as incorporating environmental, social, and governance (ESG) factors. According to the SEC’s order, from March 2020 until November 2022, WisdomTree represented in prospectuses for three...
2024-10-21 4:09 PM EDT
SEC Division of Examinations Announces 2025 Priorities
Washington, D.C.--(Newsfile Corp. - October 21, 2024) - The Securities and Exchange Commission’s Division of Examinations today released its 2025 examination priorities. The Division publishes its examination priorities annually to inform investors and registrants of potential risks in the U.S. capital markets and to make them aware of the examination topics that the Division plans to focus on in the new fiscal year. This year’s examinations will prioritize perennial and emerging risk areas,...
2024-10-21 10:38 AM EDT
SEC Charges Virginia-Based RTX Corp. with Violating Foreign Corrupt Practices Act in Connection with Efforts to Obtain Contracts with the Qatari Military
Washington, D.C.--(Newsfile Corp. - October 16, 2024) - The Securities and Exchange Commission today announced that RTX Corporation, a Virginia-based aerospace and defense company, agreed to pay more than $124 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with payments made to assist in obtaining contracts with the Qatari military. RTX, which was named Raytheon Technologies Corp. until 2023, was formed after the 2020 merger of Raytheon...
2024-10-16 3:27 PM EDT
SEC Charges U.S.-Based Moog Inc. with FCPA Violations for Subsidiary's Role in Indian Bribery Scheme
Washington, D.C.--(Newsfile Corp. - October 11, 2024) - The Securities and Exchange Commission today announced that Moog Inc., a New York-based global manufacturer of motion controls systems for aerospace, defense, industrial and medical markets, agreed to pay a civil penalty of $1.1 million to resolve the SEC’s charges that it violated the Foreign Corrupt Practices Act (FCPA) arising out of bribes paid by its wholly owned Indian subsidiary, Moog Motion Controls Private Limited (Moog Motion...
2024-10-11 9:22 AM EDT
SEC Charges Cumberland DRW for Operating as an Unregistered Dealer in the Crypto Asset Markets
Washington, D.C.--(Newsfile Corp. - October 10, 2024) - The Securities and Exchange Commission today charged Chicago-based Cumberland DRW LLC with operating as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities, in violation of the registration requirements of the federal securities laws that are designed to protect investors. According to the SEC’s complaint, since at least March 2018 through the present, Cumberland has acted as an unregistered...
2024-10-10 12:58 PM EDT
SEC Issues $12 Million Award to Joint Whistleblowers
Washington, D.C.--(Newsfile Corp. - October 10, 2024) - The Securities and Exchange Commission today announced a $12 million award to be split among three joint whistleblowers who provided critical information and assistance in an SEC enforcement action. The joint whistleblowers provided the SEC significant information and extensive cooperation, which helped expand the scope of the investigation and the charges brought in the enforcement action and also saved the agency substantial time and...
2024-10-10 12:45 PM EDT
SEC Charges Rimar Capital Entities and Owner Itai Liptz for Defrauding Investors by Making False and Misleading Statements About Use of Artificial Intelligence
Washington, D.C.--(Newsfile Corp. - October 10, 2024) - The Securities and Exchange Commission today announced charges against Rimar Capital USA, Inc. (Rimar USA), Rimar Capital, LLC (Rimar LLC), Itai Liptz, and Clifford Boro for making false and misleading statements about Rimar LLC’s purported use of artificial intelligence, or AI, to perform automated trading for client accounts and numerous other material misrepresentations. The parties agreed to settle the SEC’s charges and pay $310,000...
2024-10-10 11:06 AM EDT