SEC Charges Arete Wealth Broker-Dealer and Advisory Firms, Their Chief Compliance Officer, and Several Representatives in Connection With Illegal Securities Offering

The Securities and Exchange Commission today announced charges against Joey Miller, Jeff Larson, and Randy Larson, formerly dually registered personnel with Arete Wealth Management LLC, a broker-dealer, and Arete Wealth Advisors LLC, an affiliated…

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SEC Charges Digital Currency Group and Soichiro “Michael” Moro, Former CEO of Genesis Global Capital, for Misleading Investors about Genesis’s Financial Condition

The Securities and Exchange Commission today announced that Digital Currency Group Inc. (DCG), and Soichoro “Michael” Moro, the former CEO of DCG’s now-defunct subsidiary, Genesis Global Capital LLC, will pay a combined $38.5 million in civil penalties…

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SEC Charges Pennsylvania Investment Adviser Scott Mason With Misappropriating More Than $20 Million from Advisory Clients

The Securities and Exchange Commission today charged former Pennsylvania-based investment adviser Scott J. Mason, and his companies Rubicon Wealth Management LLC and Orchard Park Real Estate Holdings LLC, with misappropriating more than $20 million from…

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SEC Charges GrubMarket with Overstating Revenue to Investors by More Than $500 Million

The Securities and Exchange Commission today announced settled charges against GrubMarket Inc., a private, California-based e-commerce food distributor, for providing investors with financial information that the company should have known was unreliable…

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SEC Charges LPL Financial with Anti-Money Laundering Violations

The Securities and Exchange Commission today announced charges against broker-dealer and investment adviser LPL Financial LLC for multiple failures related to its anti-money laundering (AML) program. To resolve the SEC’s charges, LPL agreed to pay a…

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SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs

The Securities and Exchange Commission today announced settled charges against registered investment advisers Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively Wells Fargo Advisors) and against Merrill Lynch,…

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SEC Charges Two Sigma for Failing to Address Known Vulnerabilities in its Investment Models

The Securities and Exchange Commission today announced settled charges against New York-based investment advisers Two Sigma Investments LP and Two Sigma Advisers LP (collectively, Two Sigma) for breaching their fiduciary duties by failing to reasonably…

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SEC Announces Departure of Director of International Affairs YJ Fischer

The Securities and Exchange Commission today announced that YJ Fischer, the Director of the Office of International Affairs (OIA) since August 2021, will leave her role on Jan. 20, 2025. “I want to thank YJ for her leadership of the Office of…

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SEC Announces Departure of General Counsel Megan Barbero

The Securities and Exchange Commission today announced that Megan Barbero, who has served as General Counsel since February 2023, will leave the agency on Jan. 20, 2025. Ms. Barbero joined the SEC in July 2021 as Principal Deputy General Counsel. “I…

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SEC Charges Four Individuals for Long-Running Scheme to Unlawfully Trade in Advance of Numerous Follow-On Offerings

The Securities and Exchange Commission today filed fraud charges against John Lowe, Randy Grewal, Richard Ringel, and David Cooper arising from their longstanding fraudulent scheme to trade in advance of the public announcement of the timing or price, or…

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