SEC to Hold Annual Government-Business Forum on Small Business Capital Formation on November 19
The Securities and Exchange Commission today announced that it will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington D.C. headquarters on Nov. 19, 2015. The morning session of the forum will feature panel discussions on exempt and registered offerings occurring after the passage of the JOBS Act. During the afternoon session, participants will work in groups to formulate specific policy recommendations. Information on the panel participants and the full agenda for the forum will be announced in November and available on the forum webpage. The forum, which begins at 9 a.m., is open to the…
Read MoreWenchi Hu, Christian Sabella Named Associate Directors in the Division of Trading and Markets
The Securities and Exchange Commission today announced that it has named Wenchi Hu and Christian Sabella as Associate Directors in the Division of Trading and Markets’ Office of Clearance and Settlement. “Wenchi and Christian bring an excellent blend of experience and expertise into their new positions,” said Stephen Luparello, Director of the Division of Trading and Markets. “Their skills and abilities complement each other in a way that will well serve investors and the agency.” As Associate Director, Risk and Supervision, Ms. Hu will oversee supervision of registered clearing agencies, which has expanded to include firms that clear securities-based swaps. Ms. Hu, formerly an…
Read MoreFormer Head of Coastal Investment Advisors Settles Charges, Admits He Stole Money From Investors
The Securities and Exchange Commission today announced that Michael Donnelly, the former president of Wilmington, Del.-based Coastal Investment Advisors Inc. and its affiliated broker-dealer, has agreed to settle charges that he stole nearly $2 million from his advisory clients and brokerage customers. According to the SEC’s complaint filed in federal district court in Philadelphia, Donnelly took funds from elderly and unsophisticated investors and instead of investing it as promised, used it to pay for his own expenses, including rent, car payments, golf club membership dues, and his children’s private school tuition. Donnelly concealed his scheme by providing investors with false…
Read MoreTwo UBS Advisory Firms Settle Charges Arising From Failure to Disclose Change in Investment Strategy
The Securities and Exchange Commission today announced that two UBS advisory firms have agreed to settle charges arising from their roles in failing to disclose a change in investment strategy by UBS Willow Fund LLC, a closed-end fund they advised. UBS Willow Management LLC and UBS Fund Advisor LLC agreed to pay a total of approximately $17.5 million, more than $13 million of which will be returned to harmed investors. According to an SEC order instituting a settled administrative proceeding: UBS Willow Management, a joint venture between UBS Fund Advisor and an external portfolio manager, marketed the UBS Willow Fund…
Read MoreSEC Staff Publishes Private Funds Statistics Report
The Securities and Exchange Commission staff today published a report that provides private fund industry statistics and trends, reflecting aggregated data reported by private fund advisers on Form ADV and Form PF. Most of the data in the more than 50 separate tables and figures is being made public for the first time. “We believe that investors evaluating investments in private funds will benefit from access to this additional information about the private funds and their advisers,” said SEC Chair Mary Jo White. “These statistics also should facilitate constructive feedback and additional analysis that could be used by the Commission…
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