SEC Office of the Investor Advocate Delivers Report to Congress on Objectives for Fiscal Year 2025
Washington, D.C.--(Newsfile Corp. - June 27, 2024) - The Securities and Exchange Commission’s Office of the Investor Advocate today delivered its Report to Congress on the Office’s objectives for fiscal year 2025. As detailed in the Report, the Investor Advocate’s priorities for fiscal year 2025 include: Assisting investors victimized by fraud and monitoring the measurable surge in investment fraud schemes; Enhancing Ombuds services to resolve questions, complaints, and concerns about the SEC...
2024-06-27 11:32 AM EDT
SEC Charges Meta Materials and Former CEOs with Market Manipulation, Fraud and Other Violations
Washington, D.C.--(Newsfile Corp. - June 25, 2024) - The Securities and Exchange Commission today filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC’s charges in an administrative proceeding, while the SEC’s litigation against Brda and Palikaras will proceed in federal district court. The SEC’s complaint against Brda and Palikaras alleges that, as a result of a concerted market manipulation scheme, Meta...
2024-06-25 9:20 AM EDT
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
Washington, D.C.--(Newsfile Corp. - June 24, 2024) - 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 24 soliciting entities, six impersonators of genuine firms, and four bogus regulators. 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, enables...
2024-06-24 3:10 PM EDT
SEC Charges R.R. Donnelley & Sons Co. with Cybersecurity-Related Controls Violations
Washington D.C., June 18, 2024 — The Securities and Exchange Commission today announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, agreed to pay over $2.1 million to settle disclosure and internal control failure charges relating to cybersecurity incidents and alerts in late 2021. “The Commission instituted this enforcement action because RRD’s controls for elevating cybersecurity incidents to its management and protecting...
2024-06-18 4:54 PM EDT
SEC's New Public Service Campaign Emphasizes Investor Protection
Washington, D.C.--(Newsfile Corp. - June 17, 2024) - The Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) today unveiled its new public service campaign, which highlights investor protection and encourages investors to explore the free tools and resources on Investor.gov. The campaign, “Is This Right?” takes a multi-generational knowledge-sharing approach to educating investors. It features two TV spots and resources pages in both English and Spanish...
2024-06-17 11:49 AM EDT
Terraform and Kwon to Pay $4.5 Billion Following Fraud Verdict
Washington, D.C.--(Newsfile Corp. - June 13, 2024) - The Securities and Exchange Commission today announced that Terraform Labs PTE, Ltd. and Do Kwon agreed to pay more than $4.5 billion following a unanimous jury verdict holding them liable for orchestrating a years-long fraud involving crypto asset securities that led to massive investor losses when the scheme unraveled. A nine-day jury trial in April exposed the extent of the defendants’ lies to victims about the false use of the Terraform...
2024-06-13 6:10 PM EDT
SEC Charges JAG Capital Advisors and its Founder Joshua Goltry with Defrauding Investors
Washington, D.C.--(Newsfile Corp. - June 12, 2024) - The Securities and Exchange Commission today charged Joshua Goltry and his investment management firm, JAG Capital Advisors LLC (JAG Advisors), in connection with a three-year scheme to defraud investors of at least $3 million. According to the SEC’s complaint, from 2020 to 2023, Goltry, the founder and Chief Investment Officer of a purported equity fund called JAG Cap, LLC, and JAG Advisors, the purported equity fund’s investment manager,...
2024-06-12 5:19 PM EDT
SEC Appoints Erica Y. Williams to a Second Term as PCAOB Chairperson
Washington, D.C.--(Newsfile Corp. - June 11, 2024) - The Securities and Exchange Commission today announced the appointment of Erica Y. Williams to a second term as Chairperson of the Public Company Accounting Oversight Board (PCAOB) beginning on Oct. 25, 2024, and running through Oct. 24, 2029. “I thank Erica for her leadership and am pleased that she will continue to serve as Chairperson of the PCAOB,” said SEC Chair Gary Gensler. “I also thank the PCAOB staff and the Board for their...
2024-06-11 2:28 PM EDT
SEC Charges Founder of AI Hiring Startup Joonko with Fraud
Washington, D.C.--(Newsfile Corp. - June 11, 2024) - The Securities and Exchange Commission today charged Ilit Raz, CEO and founder of the now-shuttered artificial intelligence recruitment startup Joonko, with defrauding investors of at least $21 million by making false and misleading statements about the quantity and quality of Joonko’s customers, the number of candidates on its platform, and the company’s revenue. According to the SEC’s complaint, Joonko claimed to use artificial...
2024-06-11 11:58 AM EDT
SEC Charges Three New Yorkers for Raising More Than $184 Million Through Pre-IPO Fraud Schemes
Washington, D.C.--(Newsfile Corp. - June 7, 2024) - The Securities and Exchange Commission today charged three individuals with fraud for selling unregistered membership interests in LLCs that purported to invest in shares of pre-IPO companies, first on behalf of StraightPath Venture Partners LLC, the subject of the Commission’s emergency action in May 2022, and, later, on behalf of Legend Venture Partners LLC, the subject of the Commission’s emergency action in June 2023. Both StraightPath...
2024-06-07 12:41 PM EDT
SEC Invites Regulated Entities to Submit Self-Assessments of Diversity Policies and Practices
Washington, D.C.--(Newsfile Corp. - June 5, 2024) - The Securities and Exchange Commission has commenced its biennial collection of Diversity Self-Assessment Submissions from Regulated Entities. Engaging in a self-assessment provides an opportunity for organizations to closely review their diversity and inclusion policies and practices for any strengths, opportunities, risks, and vulnerabilities. The SEC uses the important data from the submissions to assess and report on progress and trends...
2024-06-05 12:37 PM EDT
SEC to Close Salt Lake Regional Office
Washington, D.C.--(Newsfile Corp. - June 4, 2024) - The Securities and Exchange Commission today announced that it will close its Salt Lake Regional Office (SLRO) later this year, reducing its regional footprint from 11 regional offices to 10. The SLRO has long been the SEC’s smallest regional office and recently has experienced significant attrition. The agency considered its budget and organizational efficiency in deciding to close the office, and it has no plans to close any other regional...
2024-06-04 3:02 PM EDT
SEC Charges Robert Scott Murray and Trillium Capital with Fraudulent Scheme to Manipulate Getty Images Stock
Washington, D.C.--(Newsfile Corp. - May 31, 2024) - The Securities and Exchange Commission today charged Robert Scott Murray and Trillium Capital LLC, a private company controlled by Murray, with a fraudulent scheme to manipulate the stock price of Getty Images Holdings Inc. by announcing a phony offer by Trillium to purchase Getty Images. Murray, of Mashpee, Mass., is a former CEO and CFO of several publicly traded companies. The SEC’s complaint, filed in U.S. District Court for the District...
2024-05-31 2:26 PM EDT
SEC Investor Advisory Committee to Examine the New Frontier for Investment Advice and Discuss AI Regulation at June 6 Meeting
Washington, D.C.--(Newsfile Corp. - May 31, 2024) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on June 6, 2024, at 10 a.m. ET. The meeting will be webcast on the SEC website. The committee will host two panels: Examining the New Frontier for Investment Advice; and AI Regulation: Embracing the Future The committee will also discuss potential recommendations regarding the Protection of Self-Directed Investors when Trading Complex...
2024-05-31 9:40 AM EDT
SEC Charges Advisory Firm Mass Ave Global and Co-Founder and CEO Winston Feng with False Statements and Undisclosed Conflicts
Washington, D.C.--(Newsfile Corp. - May 29, 2024) - The Securities and Exchange Commission today instituted settled proceedings against formerly registered investment adviser Mass Ave Global Inc. (MassAve) and its co-founder and CEO Winston M. Feng for making false and misleading statements to investors in MassAve’s flagship opportunity fund. To settle the SEC’s charges, MassAve agreed to pay a civil penalty of $350,000, and Feng agreed to pay a civil penalty of $250,000. In addition, Feng,...
2024-05-29 11:00 AM EDT
SEC Charges Intercontinental Exchange and Nine Affiliates Including the New York Stock Exchange with Failing to Inform the Commission of a Cyber Intrusion
Washington, D.C.--(Newsfile Corp. - May 22, 2024) - The Securities and Exchange Commission today announced that The Intercontinental Exchange, Inc. (ICE) agreed to pay a $10 million penalty to settle charges that it caused the failure of nine wholly-owned subsidiaries, including the New York Stock Exchange, to timely inform the SEC of a cyber intrusion as required by Regulation Systems Compliance and Integrity (Regulation SCI). According to the SEC’s order, in April 2021, a third party...
2024-05-22 9:03 AM EDT
SEC Chair Gensler Statement on Upcoming Implementation of T+1 Settlement Cycle
Washington, D.C.--(Newsfile Corp. - May 21, 2024) - Securities and Exchange Commission Chair Gary Gensler today issued the following statement on the conversion of the U.S. securities market to a T+1 standard settlement cycle, which will take place on May 28, 2024: “For everyday investors who sell their stock on a Monday, shortening the settlement cycle will allow them to get their money on Tuesday. Shortening the settlement cycle also will help the markets because time is money and time is...
2024-05-21 3:43 PM EDT
SEC Issues Exemptive Order Providing Additional Time for Certain Registrants to File Quarterly Reports in Light of BF Borgers Permanent Suspension
Washington, D.C.--(Newsfile Corp. - May 20, 2024) - The Securities and Exchange Commission today provided exemptive relief to certain registrants affected by the permanent suspension of BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), from appearing and practicing before the Commission as an accountant. It is expected that registrants that previously retained BF Borgers will need to engage a new, qualified, independent, PCAOB-registered public accountant to audit...
2024-05-20 7:04 PM EDT
SEC Announces Departure of Policy Director Heather Slavkin Corzo and Appointment of Corey Klemmer to the Role
Washington, D.C.--(Newsfile Corp. - May 17, 2024) - The Securities and Exchange Commission today announced that Policy Director Heather Slavkin Corzo will leave the agency. Corey Klemmer, most recently the Corporation Finance Counsel to Chair Gary Gensler, has been appointed Policy Director. “Heather has been one of my most trusted advisers over the last three years,” said Chair Gensler. “She has provided sound counsel and managed a policy agenda that, together, have bolstered protections for...
2024-05-17 10:54 AM EDT
Tina Diamantopoulos Named Regional Director of Chicago Office
Washington, D.C.--(Newsfile Corp. - May 16, 2024) - The Securities and Exchange Commission today announced that Tina Diamantopoulos has been named Director of the Chicago Regional Office, the Commission’s second-largest regional office. Ms. Diamantopoulos is a 30-year veteran of the SEC and has held leadership roles in both the Division of Enforcement and the Division of Examinations. Since April 2022, she has served as the Associate Director for the regional broker-dealer examination program...
2024-05-16 10:41 AM EDT