SEC Charges ICO Superstore and Owners With Operating As Unregistered Broker-Dealers

The Securities and Exchange Commission today announced that TokenLot LLC, a self-described “ICO Superstore,” and its owners will settle charges that they acted as unregistered broker-dealers.  This is the SEC’s first case charging unregistered broker-d…

SEC Obtains Relief to Fully Reimburse Retail Investors Sold Unsuitable Product

The Securities and Exchange Commission today announced it has obtained monetary relief that will fully reimburse retail investors for losses on a leveraged oil-linked exchange-traded note (ETN) that registered representatives of Syracuse, New York-base…

SEC Charges Two Brokers With Defrauding Customers

The Securities and Exchange Commission charged two brokers for recommending excessive levels of trading that were costly for retail customers but lucrative for the brokers.  

In separate complaints filed in federal court in Manhattan on Friday, the SE…

SEC Charges Microcap Fraudsters for Roles in Lucrative Market Manipulation Schemes

The Securities and Exchange Commission today charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm t…

SEC Charges Real Estate Broker With FCPA Violations

The Securities and Exchange Commission today announced settled FCPA charges against a New Jersey real estate broker arising out of his attempt to bribe a foreign official while acting as a broker for Colliers International Group, Inc.

According to the…

SEC Names Anita Bandy and Carolyn Welshhans as Associate Directors in Enforcement Division

The Securities and Exchange Commission today announced that Anita B. Bandy and Carolyn M. Welshhans have been named Associate Directors in the SEC’s Division of Enforcement.  In their new roles, Ms. Bandy and Ms. Welshhans will each supervise approxima…

SEC Awards More Than $54 Million to Two Whistleblowers

The Securities and Exchange Commission is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action.  The $39 million award is the se…

SEC Charges Two Men With Fraud in Fake Trading Accounts Scheme

The Securities and Exchange Commission today charged two Michigan men with fraud for their roles in a fake accounts scheme perpetrated by a phony day-trading firm, Nonko Trading.

The SEC alleges that Jeffrey Goldman of West Bloomfield, Michigan, and C…

SEC Charges Cannabis Investment Fund and Founder in Fraudulent Scheme

The Securities and Exchange Commission today charged a Texas-based investment fund and its founder with defrauding investors with false promises of massive returns in cannabis-related businesses.  The SEC also issued an alert to warn retail investors a…

SEC Names Rebecca J. Olsen as Director of the Office of Municipal Securities

The Securities and Exchange Commission today announced that Rebecca J. Olsen has been named Director of the agency’s Office of Municipal Securities (OMS). Ms. Olsen has served as OMS’s Acting Director since September 2017.

The Office of Municipal Secu…

SEC Charges Telecommunications Expense Management Company With Accounting Fraud

The Securities and Exchange Commission today charged a telecommunications expense management company for its use of fraudulent accounting practices that artificially boosted company revenues between 2013 and 2015.  Four former members of the company’s …

Sanofi Charged With FCPA Violations

The Securities and Exchange Commission today announced that Paris-based pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve charges that its Kazakhstan and the Middle East subsidiaries made corrupt payments to win business….