Thursday, March 26, 2020

SEC Provides Additional Temporary Regulatory Relief and Assistance to Market Participants Affected by COVID-19

Today, the Securities and Exchange Commission announced that it is providing additional temporary regulatory relief to market participants in response to the effects of the Coronavirus Disease 2019 (COVID-19). The actions announced today involve (1)…

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

FINRA Office of Hearing Officers Postpones All Hearings, Except Expedited

The Office of Hearing Officers (OHO) has postponed hearings of Disciplinary Proceedings scheduled through April with the exception of pending Expedited Proceedings, as they are not conducted in person.

While working remotely, OHO will serve and accept service of notices, pleadings, and other documents by email. Parties with questions about these or any other aspects of pending cases should contact the appropriate Case Administrator.

If you need help with an arbitration, or simply have a question, call Mark Astarita at 212-509-6544. With 30 years of  dealing with FINRA, he probably knows the answer.

FINRA Expands Arbitration Hearing Postponements

FINRA has decided to administratively postpone all in-person arbitration and mediation proceedings scheduled through May 31, 2020. If you have an in-person hearing or mediation session that is postponed as a result of this decision, you will be contacted by FINRA staff to reschedule or discuss remote scheduling options.

Please note that this decision does not affect other case deadlines. All case deadlines will continue to apply and must be timely met unless the parties jointly agree otherwise.

If you need help with an arbitration, or simply have a question, call Mark Astarita at 212-509-6544. With 30 years of FINRA arbitration experience in over 600 arbitrations, he probably knows the answer.


Wednesday, March 25, 2020

SEC Extends Conditional Exemptions From Reporting and Proxy Delivery Requirements for Public Companies, Funds, and Investment Advisers Affected By Coronavirus Disease 2019 (COVID-19)

Today, the Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is…

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

Tuesday, March 24, 2020

SEC Charges Unregistered Penny Stock Dealer

The Securities and Exchange Commission today announced charges against Justin W. Keener d/b/a JMJ Financial for failing to register as a securities dealer with the SEC. Keener allegedly bought and sold billions of newly issued shares of penny stock,…

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

SEC Awards Over $570,000 to Two Whistleblowers

The Securities and Exchange Commission today announced awards totaling over $570,000 to two whistleblowers who provided significant information and assistance that helped the Commission bring multiple successful enforcement actions.  The first…

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

Monday, March 23, 2020

SEC Provides Temporary Additional Flexibility to Registered Investment Companies Affected by Coronavirus

The Securities and Exchange Commission today announced temporary flexibility for registered funds affected by recent market events to borrow funds from certain affiliates and to enter into certain other lending arrangements. Today’s relief is designed to…

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

SEC Awards Over $1.6 Million to Whistleblower

The Securities and Exchange Commission today announced an award of more than $1.6 million to a whistleblower whose information tipped the agency to securities law violations and helped form part of the basis for charges brought in a successful enforcement action. In addition to the tip, the whistleblower provided helpful assistance early in the investigation, preserving Commission time and resources.


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As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity. For more information about the whistleblower program and for assistance from experienced SEC and whistleblower attorneys, call Sallah Astarita & Cox at 212-509-6544.

Sunday, March 22, 2020

SEC Provides Conditional Regulatory Relief for Registered Transfer Agents and Certain Other Persons Affected by the Coronavirus Disease 2019 (COVID-19)

The Securities and Exchange Commission today announced that it is providing conditional regulatory relief for registered transfer agents and certain other persons with regulatory obligations under the federal securities laws.    …

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

Saturday, March 21, 2020

SEC Enables Immediate Effectiveness of Proposed Rule Change to Facilitate NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor

The U.S. Securities and Exchange Commission noticed for immediate effectiveness a proposed rule filing submitted by New York Stock Exchange LLC (NYSE) to facilitate electronic auctions in light of its decision to temporarily close its New York trading…

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

Chronos Group Investigation

On March 2, Chronos Group, a Cronos Group, global cannabinoid company with international production and distribution announced that it was unable to complete its financial report and statements for fiscal 2019 because its audit committee, outside counsel and forensic accountants are reviewing several bulk resin purchases and sales of products through its wholesale channel and the appropriateness of the recognition of revenue from those transactions.

On Friday March 20, the company sent an email to its staff asking them to keep specific records due to a “confidential and non-public inquiry by the Securities and Exchange Commission,” according to MarketWatch. That "inquiry" is undoubtedly an SEC subpoena or voluntary request for production of documents.

A shareholder class action has been filed against Cronos for investors who bought the stock between May 9, 2019 and March 2, 2020. Being part of a class action is not always the best remedy for individual investors. If you bought Cronos stock during this period contact Sallah Astarita & Cox, to learn about your rights and ways you might recover your losses. 

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Sallah Astarita & Cox, LLC is a national securities law firm whose partners are former SEC Staff Attorneys and Broker-Dealer attorneys, representing investors and financial professionals nationwide. Call 212-509-6544 to speak to an experienced securities attorney.



Friday, March 20, 2020

SEC Emergency Action Stops Digital Asset Scam

The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief to halt an ongoing securities fraud perpetrated by a former state senator and two others who bilked investors in and outside the U.S.…

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