Wednesday, November 20, 2019

SEC Announces Conference on Macroeconomic and Structural Trends and Dynamics Affecting the Capital Markets

The Securities and Exchange Commission today announced that it will host a conference on Dec. 4 entitled “The State of Our Securities Markets.” The conference will bring together current and former government officials and experts from different…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Tuesday, November 19, 2019

SEC Halts Ponzi scheme Targeting Seniors and Small Business Owners

The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against two individuals and two companies they control in connection with an alleged $6…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Friday, November 15, 2019

SEC Awards Over $260,000 to Whistleblowers for Their Help in Spotting Securities Fraud

The Securities and Exchange Commission today announced an award to three individuals who jointly submitted a tip alerting the agency to a well-concealed fraud targeting retail investors.  The information led to a successful enforcement action.…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Tuesday, November 12, 2019

SEC Wins Jury Trial in Layering, Manipulative Trading Case

Today, jurors in New York federal court returned a verdict in the Securities and Exchange Commission's favor against a trading firm headquartered in Kiev, Ukraine, and two individuals for their roles in an unlawful trading scheme that generated more than…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Friday, November 8, 2019

The End of Disgorgement?

The Supreme Court granted certiorari in a case that may well have a very significant impact on the remedies available in Commission enforcement actions: Liu v. Securities and Exchange Commission, No. 18-1501 (Cert. granted Nov. 1, 2019). 

The question the Court agreed to resolve is: “Whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as ‘equitable relief’ for a securities law violation even though this Court has determined that such disgorgement is a penalty.” The case will be heard later this term.



Wednesday, November 6, 2019

SEC Charges Adviser for Running Ponzi Scheme Targeting Haitian Community

The Securities and Exchange Commission today filed charges against a New York investment adviser for operating a multimillion-dollar investment club that was actually a fraudulent Ponzi scheme targeting members of the local Haitian community as well as…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2019

The Securities and Exchange Commission’s Division of Enforcement today issued its annual report for fiscal year 2019. The report details the division’s efforts and initiatives on behalf of investors, highlights several significant actions, and presents…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Tuesday, November 5, 2019

SEC Proposes Amendments to Modernize Shareholder Proposal Rule

The Securities and Exchange Commission today voted to propose amendments to modernize the rule that governs the process for shareholder proposals to be included in a company’s proxy statement. “Today’s proposed amendments follow from the staff…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Proposes Rule Amendments to Improve Accuracy and Transparency of Proxy Voting Advice

The Securities and Exchange Commission today voted to propose amendments to its rules governing proxy solicitations to enhance the quality of the disclosure about material conflicts of interest that proxy voting advice businesses provide their clients.…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.