Monday, April 20, 2015

SEC News - Rule Violations, Update Failures, Faulty Underwriting

Texas-Based Brokerage Firm Charged With Violating Supervisory and Customer Protection Rules
An Irving, Texas-based brokerage firm has been charged with violating key customer protection rules after failing to adequately supervise registered representatives who misappropriated customer funds.

Corporate Insiders Charged for Failing to Update Disclosures Involving “Going Private” Transactions
Eight officers, directors, or major shareholders are facing charges for failing to update their stock ownership disclosures to reflect material changes, including steps to take the companies private. Each of the respondents, without admitting or denying the SEC’s allegations, agreed to settle the proceedings by paying a financial penalty.

SEC Charges Nearly Two Dozen Unregistered Broker-Dealers
Nearly two dozen companies and individuals who regularly bought and sold securities on behalf of a suburban Chicago-based trading firm without registering with the SEC as a broker-dealer as required under the federal securities laws are now facing charges.

New York-Based Brokerage Firm Charged With Faulty Underwriting of Public Offering by China-Based Company
A New York-based brokerage firm is now facing charges after being found responsible for underwriting a public offering despite obtaining a due diligence report indicating that the China-based company’s offering materials contained false information.

The attorneys at Sallah Astarita & Cox, LLC include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including SEC and FINRA investigations, insider trading cases, securities arbitrations and class actions, nationwide. For more information call 212-509-6544 or send an email.

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