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SEC

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Broker made millions off of elderly in Ponzi scheme says SEC and FINRA

By | November 20th, 2019|Categories: FINRA, Ponzi|Tags: , , |

A former broker accused of running a Ponzi scheme targeting elderly investors is banned from the securities industry by the U.S. Securities and Exchange Commission. James Booth of Norwalk, Connecticut was arrested on September 30, 2019 after the U.S. Department of Justice and the SEC said he raised approximately $4.9 million from nearly 40 investors. [...]

Reddit users who exploited finance app could be investigated by SEC, says expert

By | November 19th, 2019|Categories: Uncategorized|Tags: , , , |

Reddit users found what they call a “cheat code” to the trading app Robinhood. According to a thread on r/wallstreetbets, users figured out how to trade stocks with money they didn’t have but the app thought they did. Bloomberg describes the cheat code as “allowing users to trade stocks with excess borrowed funds, giving them [...]

SEC may update advertising rules

By | November 18th, 2019|Categories: FINRA|Tags: , , |

Professionals in the securities industry may get more freedom when it comes to advertising. In early November 2019, the U.S. Securities and Exchange Commission proposed updating the Investment Advisers Act of 1940 to allow investment advisers using endorsements and testimonials for advertisements on social media. Should the proposal be approved, the amendment would be the [...]

The SEC is investigating Under Armor

By | November 13th, 2019|Categories: Uncategorized|Tags: , , |

Under Armor is under investigation by federal authorities over the sportswear company’s accounting practices, reports the Wall Street Journal. The newspaper says source familiar with the investigation claims the U.S. Department of Justice and the Securities and Exchange Commission are conducting a joint criminal inquiry into the company. The agencies have not publicly confirmed they [...]

SEC collects $4.3 billion in fiscal year 2019

By | November 13th, 2019|Categories: FINRA|Tags: , , |

The U.S. Securities and Exchange Commission’s Division of Enforcement announced on November 6, 2019 that it ordered more than $4.3 billion in disgorgement and penalties for the 2019 fiscal year. The SEC also reports returning approximately $1.2 billion to harmed investors through enforcement actions. “Across a broad array of cases, the Enforcement staff has continued [...]

The responsibilities of the U.S. Securities and Exchange Commission

By | November 1st, 2019|Categories: Investors|Tags: , , , , , |

Click here to read our post about the history and mission of the SEC. The SEC breaks down its responsibilities into five major categories on its website: “Interpret and enforce federal securities laws;” “Issue new rules and amend existing rules;” “Oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies;” “Oversee the inspection [...]

The history and mission of the U.S. Securities and Exchange

By | November 1st, 2019|Categories: General Legal Information|Tags: , , , , |

Say “Wall Street” to anyone and you’ll probably hear the words “money,” “stocks,” “brokers,” and even “greed” as a response. To those who don’t interact with the stock market, investing and purchasing stock can seem like a lawless wild west. Thankfully, the U.S. Securities and Exchange Commission exists to protect Americans and give investors a [...]

Law office agrees to pay $65 million in allegations over Ponzi scheme

By | October 31st, 2019|Categories: FINRA, Ponzi|Tags: , , , |

Greenberg Traurig LLP has agreed to pay $65 million to settle accusations of its involvement in a $7 billion Ponzi scheme, according to a report. Law360.com reports Greenberg Traurig is linked to a Ponzi scheme ran by R. Allen Stanford, who was sentenced in June 2012 to 110 years in prison after being convicted of [...]

Facebook pays SEC $100 million following allegations

By | October 31st, 2019|Categories: Uncategorized|Tags: , , , |

If you’re not skeptical of Facebook and what they do with your data, you should be. On July 24, 2019 Facebook agreed to pay $100 million to the U.S. Securities and Exchange Commission for misleading users on the risk of misuse of Facebook user data. The charges stem from Cambridge Analytica, an analytics company that [...]