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
SEC Charges Three So-Called Market Makers and Nine Individuals in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities
Washington, D.C.--(Newsfile Corp. - October 9, 2024) - The Securities and Exchange Commission today announced fraud charges against three companies purporting to be market makers and nine individuals for engaging in schemes to manipulate the markets for various crypto assets being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for...
2024-10-09 4:15 PM EDT
SEC Charges "Magic Mushroom" Company and Two Individuals with Multimillion Dollar Pump-and-Dump Scheme
Washington, D.C.--(Newsfile Corp. - October 9, 2024) - The Securities and Exchange Commission today charged Minerco Inc. (former over-the-counter ticker: MINE), Bobby Shumake Japhia, and Julius Makiri Jenge, for their roles in an alleged pump-and-dump scheme that defrauded investors out of approximately $8 million while generating millions of dollars in ill-gotten proceeds from sales of Minerco stock. According to the SEC’s complaint, in the fall of 2019, Shumake, who was formerly known as...
2024-10-09 3:29 PM EDT
SEC Monitoring Impact of Hurricane Milton on Capital Markets
Washington, D.C.--(Newsfile Corp. - October 9, 2024) - The Securities and Exchange Commission is closely monitoring the impact of Hurricane Milton on investors and capital markets. The SEC also continues to monitor the prior impact of Hurricane Helene. The SEC divisions and offices that oversee companies, accountants, investment advisers, mutual funds, brokerage firms, transfer agents, and other regulated entities and investment professionals will continue to closely track developments. They...
2024-10-09 10:06 AM EDT
SEC Encourages Investors to Choose Their Information Sources Wisely During World Investor Week
Washington, D.C.--(Newsfile Corp. - October 7, 2024) - The Securities and Exchange Commission today announced it will encourage investors to choose their information sources wisely during World Investor Week (WIW) 2024, which takes place Oct. 7-13. Whether investors are researching an investment professional or deciding which investments help them meet their financial goals, it’s important for them to get their information from unbiased and trusted sources. This marks the eighth year of WIW,...
2024-10-07 10:20 AM EDT
SEC Announces Departure of Enforcement Director Gurbir S. Grewal
Washington, D.C.--(Newsfile Corp. - October 2, 2024) - The Securities and Exchange Commission today announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. Upon Mr. Grewal’s departure, Sanjay Wadhwa, the Division’s Deputy Director, will serve as Acting Director, and Sam Waldon, the Division’s Chief Counsel, will serve as Acting Deputy Director. “We have been incredibly fortunate that such an accomplished public servant, Gurbir...
2024-10-02 2:48 PM EDT
SEC Charges Independent Director and Ex-CEO of Church & Dwight With Concealing Close Friendship with Company Executive
Washington, D.C.--(Newsfile Corp. - September 30, 2024) - The Securities and Exchange Commission today announced settled charges against James R. Craigie, a former CEO, Chairman, and board member of Church & Dwight Co. Inc., for violating proxy disclosure rules by standing for election as an independent director without informing the board of his close personal friendship with a high-ranking Church & Dwight executive thereby causing Church & Dwight’s proxy statements to contain materially...
2024-09-30 5:47 PM EDT
TD Securities Charged in Spoofing Scheme
Washington, D.C.--(Newsfile Corp. - September 30, 2024) - The Securities and Exchange Commission today announced charges against registered broker-dealer TD Securities (USA) LLC for manipulating the U.S. Treasury cash securities market through an illicit trading strategy known as spoofing. The bank was also charged for failing to supervise the then-head of its U.S. Treasuries trading desk, who allegedly made hundreds of illegal trades over a 13-month period. According to the SEC's order,...
2024-09-30 4:19 PM EDT