SEC Announces Fraud Charges Against Purported Hedge Fund Manager
The Securities and Exchange Commission today charged a purported hedge fund manager in New York City with stealing money from his investors. The SEC alleges that Moazzam “Mark” Malik falsely claimed to be operating a hedge fund with approximately $100 million in assets under management, and he solicited investors with promises of consistently high returns. Although he raised $840,774 from investors, his fund never made real investments and never held more than $90,177 in assets as Malik continually withdrew the cash and spent it as his own. Despite repeated demands from investors for the return of their money, Malik has…
Read MorePamela C. Dyson Named SEC Chief Information Officer
The Securities and Exchange Commission today announced that Pamela C. Dyson has been appointed as the SEC’s Chief Information Officer (CIO) in charge of overseeing the agency’s information technology functions. “Pam has been instrumental in our ongoing efforts to enhance the Commission’s information technology capabilities,” said SEC Chair Mary Jo White. “I am confident she will provide the expertise, leadership, and vision necessary to further advance the Commission’s technology operations. Ms. Dyson has served as Acting CIO since October 2014. She has held key positions in the Office of Information Technology (OIT) since she came to the Commission in 2010,…
Read MoreSEC Announces Agenda, Panelists for Proxy Voting Roundtable
The Securities and Exchange Commission today announced the agenda and panelists for its February 19 roundtable on ways to improve the proxy voting process. The roundtable, announced in January, will begin at 9:30 a.m. and will be divided into two panels. Participants on the first panel will focus on the state of contested director elections and whether changes should be made to the federal proxy rules to facilitate the use of universal proxy ballots by management and proxy contestants. Participants also will discuss the state law, logistical, and disclosure issues presented by a possible universal proxy ballot process. Participants on…
Read MoreSEC Charges Mutual Fund Adviser in Connection With Improper Handling of Fund Assets
The Securities and Exchange Commission today charged an investment adviser to several alternative mutual funds for maintaining millions of dollars of the funds’ cash collateral at broker-dealer counterparties instead of the funds’ custodial bank. The violations were uncovered during an SEC examination of the firm and the funds it manages. Water Island Capital LLC agreed to pay a $50,000 penalty to settle the SEC’s charges. According to the SEC’s order instituting a settled administrative proceeding, an investment company that maintains its securities and similar investments in the custody of a qualified bank must likewise keep in the bank’s custody other…
Read MoreHeather Seidel Named Chief Counsel in SEC’s Division of Trading and Markets
The Securities and Exchange Commission today announced that Heather Seidel has been named Chief Counsel for the SEC’s Division of Trading and Markets. Ms. Seidel, an Associate Director in the division’s Office of Market Supervision, will begin her new role immediately. The division’s Office of Chief Counsel provides legal and policy advice to the Commission on matters affecting broker-dealers and securities markets. It also issues interpretations on matters arising under the Securities Exchange Act of 1934 and manages the division’s enforcement liaison functions. “Heather brings a great deal of experience into her new position. Her participation in regulatory initiatives within Trading…
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