Monday, September 21, 2020

SEC Charges Index Manager and Friend With Insider Trading

The Securities and Exchange Commission today charged Yinghang “James” Yang, a senior index manager at a globally recognized index provider, and his friend Yuanbiao Chen, a manager at a sushi restaurant, with perpetrating an insider-trading scheme that…

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

SEC Charges Ponzi Scheme Targeting U.S. Military Service Members

The Securities and Exchange Commission today announced settled charges against a Colorado man for defrauding investors, including cadets at the U.S. Air Force Academy. The SEC’s complaint alleges that over a two-year period, Milton J. Dosal, Jr. raised…

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SEC Issues $2.4 Million Whistleblower Award

The Securities and Exchange Commission today announced an award of $2.4 million to a whistleblower whose timely submission of information prompted the agency to initiate an investigation and bring an enforcement action that stopped ongoing misconduct,…

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Thursday, September 17, 2020

SEC Awards Almost $250,000 to Joint Whistleblowers

The Securities and Exchange Commission today announced an award of nearly $250,000 to joint whistleblowers whose tip caused the opening of an investigation that resulted in a successful enforcement action. The whistleblowers raised concerns internally…

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SEC Charges Former CEO of Technology Company With Raising $123 Million in Fraudulent Offerings

The Securities and Exchange Commission today filed an emergency action against Adam Rogas, the former CEO of Las-Vegas-based NS8 Inc., which purports to provide fraud detection and prevention software to e-commerce merchants, seeking an asset freeze…

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

Wednesday, September 16, 2020

SEC Adopts Amendments to Enhance Retail Investor Protections and Modernize the Rule Governing Quotations for Over-the-Counter Securities

The Securities and Exchange Commission today adopted amendments to Exchange Act Rule 15c2-11, an important component of the over-the-counter (OTC) market regulatory structure.  The amendments are designed to modernize the rule, which was last…

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

Tuesday, September 15, 2020

Unregistered ICO Issuer Agrees to Disable Tokens and Pay Penalty for Distribution to Harmed Investors

The Securities and Exchange Commission today announced charges against Unikrn Inc., an operator of an online eSports gaming and gambling platform headquartered in Seattle, Washington, for conducting an unregistered initial coin offering (ICO)…

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

Monday, September 14, 2020

SEC Releases Report and Recommendations on the 39th Annual Small Business Forum

The Securities and Exchange Commission today delivered a report to Congress on the 39th Annual Small Business Forum. The Forum is a unique event where members of the public and private sectors gather to craft suggestions for policy impacting emerging…

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

SEC Awards More Than $10 Million to Whistleblower

The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action. "This award recognizes the persistent efforts…

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

SEC Charges Charter School Operator and its Former President With Fraudulent Municipal Bond Offering

The Securities and Exchange Commission today charged Park View School, Inc., a state-funded, nonprofit charter school operator based in Prescott Valley, Arizona, and its former President, Debra Kay Slagle, with misleading investors in an April 2016…

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Friday, September 11, 2020

SEC Charges Film Producer, Rapper, and Others for Participation in Two Fraudulent ICOs

The Securities and Exchange Commission today announced charges against five Atlanta-based individuals, including film producer Ryan Felton, rapper and actor Clifford Harris, Jr., known as T.I. or Tip, and three others who each promoted one of Felton’s…

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

SEC Issues Agenda for September 16 Meeting of the Asset Management Advisory Committee

The Securities and Exchange Commission today released the agenda for the September 16, 2020, meeting of the Asset Management Advisory Committee (AMAC).  AMAC was formed to provide the Commission with diverse perspectives on asset management and…

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

SEC Modernizes Disclosures for Banking Registrants

The Securities and Exchange Commission today announced that it has adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years.…

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SEC Announces Final Distribution in WG Trading Investment Fraud, Totaling Over $1 Billion Returned to Harmed Investors

The Securities and Exchange Commission today announced that the court-appointed receiver has begun the final distribution to investors in connection with the SEC's action against defendants Paul Greenwood, Steven Walsh, and their affiliated WG Trading…

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Thursday, September 3, 2020

SEC Charges Fund Manager for Fraud in Securities Offering in Neiman Marcus Bankruptcy

The Securities and Exchange Commission today charged Daniel Kamensky, co-chair of the unsecured creditors committee in the Neiman Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings, with abusing his position on the committee to attempt to benefit a…

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