Whitepapers
SEC Charges Asset Management Fund and Manager
The Securities and Exchange Commission today announced fraud charges and an asset freeze against Miami Beach-based asset management company Onix Capital LLC and owner Alberto Chang-Rajii, a Chilean national who fled the U.S. earlier this year.
The SEC alleges that Chang and Onix Capital defrauded investors in promissory notes that “guaranteed” annual returns of 12 percent to 19 percent and bilked others who were told their funds would be invested in promising start-ups. Chang and Onix Capital also are alleged to have falsely depicted Chang as an award-winning multi-millionaire “angel” investor with an M.B.A. from Stanford University.
“According to our complaint, Chang and Onix Capital guaranteed returns and touted Chang’s wealth and investment success to entice i... Read More
SEC Votes to Renew Equity Market Structure Advisory Committee
The Securities and Exchange Commission today announced that the Commission voted to renew the Equity Market Structure Advisory Committee’s charter until August 2017 with the current membership. The committee’s charter was originally scheduled to expire in February 2017.
The committee provides a formal mechanism through which the Commission can receive advice and recommendations specifically related to equity market structure issues. The committee has met seven times since it was established in February 2015.
“The Equity Market Structure Advisory Committee’s renewal enables the next Chair and the next Commission to benefit seamlessly from this vital resource for our ongoing assessment of equity market structure issues and potential enhancements,” said SEC Chair Mary ... Read More
SEC Announces Agenda for Nov. 29 Meeting of the Equity Market Structure Advisory Committee
The Securities and Exchange Commission today announced the agenda for its Equity Market Structure Advisory Committee meeting on Nov. 29, beginning at 9:30 a.m. ET. The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on equity market structure issues.
The meeting will focus on recommendations and updates from the four subcommittees. These documents are available on the SEC’s website.
The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. It also will be webcast live on the SEC’s website, w... Read More
SEC Names Wesley R. Bricker as Chief Accountant
The Securities and Exchange Commission today announced that Wesley R. Bricker will become the Chief Accountant and succeeds James Schnurr who plans to retire from the agency.
Mr. Bricker has served as Deputy Chief Accountant for the accounting group since 2015 and Interim Chief Accountant since July 2016. As Chief Accountant, Mr. Bricker will serve as the principal advisor to the Commission on accounting and auditing matters and lead the Commission’s Office of the Chief Accountant. He also will be responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.
“I am very pleased to appoint Wes as the Chief Accountant,” said SEC Chair Mary Jo White. “He has demonst... Read More
Chief Accountant James Schnurr to Leave SEC
The Securities and Exchange Commission today announced that Chief Accountant James Schnurr intends to retire from the agency. Mr. Schnurr began his tenure as the SEC’s chief accountant in October 2014.
During his tenure, Mr. Schnurr was committed to establishing and enforcing accounting and auditing policy as well as to improving the professional performance of public company auditors. Under his leadership, the Office of the Chief Accountant has worked to enhance the transparency and relevancy of financial reporting and has worked to ensure that financial statements are credible and presented fairly.
Among other accomplishments, Mr. Schnurr:
- Facilitated the development of the concept release on Audit Committee Disclosures, which can be used to evaluate ... Read More
Trading and Markets Director Stephen Luparello to Leave SEC
The Securities and Exchange Commission today announced that Stephen Luparello, Director of the Division of Trading and Markets, will leave the agency by the first of the year. He was named director of the office in February 2014.
Mr. Luparello played a key role in enhancing the transparency and strengthening the integrity of our nation’s markets, including the operation of trading platforms, clearing agencies, and broker-dealers that investors rely on every day.
“We set an ambitious agenda to enhance our market structure,” said SEC Chair Mary Jo White. “Steve was at the forefront of that effort, and his leadership and expertise have helped produce both important new protections for investors today and a strong foundation from which the Commission can continue to furt... Read More
Chief Litigation Counsel Matthew C. Solomon to Leave SEC
The Securities and Exchange Commission today announced that Matthew C. Solomon, the Chief Litigation Counsel for the SEC’s Enforcement Division, will leave the agency early next month.
Mr. Solomon has led the Enforcement Division’s litigation program since September 2013, managing cases pending both in federal courts and administrative proceedings at the Commission. The trial unit has 48 attorneys at the SEC’s Washington headquarters as well as more than 100 additional litigators throughout the agency’s 11 regional offices.
During Mr. Solomon’s tenure as Chief Litigation Counsel, the agency received favorable verdicts in 22 federal jury trials, including the SEC’s cases against two brothers... Read More
SEC Announces Agenda for December 8 Investor Advisory Committee Meeting
The Securities and Exchange Commission today announced the agenda for the December 8 meeting of its Investor Advisory Commitee. The meeting will commence at 9:30 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the Committee’s website for later viewing.
Among other items, the Committee will discuss investor protection priorities for the New Year. It also will hear an update on the Commission’s response to the rulemaking mandate of the Fixing America’s Surface Transportation Act concerning public company disclosure r... Read More
SEC Charges Renewable Energy Company, CEO, and Others With Defrauding Investors
The Securities and Exchange Commission today filed fraud charges against four individuals and others who allegedly profited by defrauding investors in a cash-strapped California-based renewable energy company.
Patrick Carter, the founder and CEO of 808 Renewable Energy Corp. was charged along with the company, chief operating officer Peter Kirkbride, sales representatives Martin Kinchloe and Thomas Flowers, and three other firms: 808 Investments LLC, West Coast Commodities LLC, and T.A. Flowers LLC. The complaint alleges that the fraud began in 2009 and lasted at least five years, raising more than $30 million from hundreds of investors.
According to the SEC’s complaint, filed in U.S. District Court for the Central District of California, the defendants misled invest... Read More
JPMorgan Chase Paying $264 Million to Settle FCPA Charges
The Securities and Exchange Commission today announced that JPMorgan Chase & Co. has agreed to pay more than $130 million to settle SEC charges that it won business from clients and corruptly influenced government officials in the Asia-Pacific region by giving jobs and internships to their relatives and friends in violation of the Foreign Corrupt Practices Act (FCPA).
JPMorgan also is expected to pay $72 million to the Justice Department and $61.9 million to the Federal Reserve Board of Governors for a total of more than $264 million in sanctions resulting from the firm’s referral hiring practices.
According to an SEC order issued today, investment bankers at JPMorgan’s subsidiary in Asia created a client referral hiring program that bypassed the firm’s normal hir... Read More
SEC Approves Plan to Create Consolidated Audit Trail
The Securities and Exchange Commission today voted to approve a national market system (NMS) plan to create a single, comprehensive database known as the consolidated audit trail (CAT) that will enable regulators to more efficiently and thoroughly track all trading activity in the U.S. equity and options markets.
“With the approval and ultimate implementation of CAT, the Commission’s regulatory capacity strongly embraces 21st century technology, enabling the Commission and the SROs to harness data and technology to more effectively oversee market participants,” said SEC Chair Mary Jo White. “Through the CAT, regulators will have more timely access to a comprehensive set of trading data, enabling us to more efficiently and effectively conduct research, reconstruct market eve... Read More
SEC Announces Agenda and Panelists for the 35th Annual Small Business Forum
The Securities and Exchange Commission today announced the agenda and panelists for the 35th Annual Government-Business Forum on Small Business Capital Formation.
The November 17 event will begin at 9 a.m. and include a morning panel discussion that will explore how capital formation options are working for small businesses after the implementation of the JOBS Act. Panelists will include representatives of issuers and intermediaries involved with registered and exempt offerings by smaller companies.
Following the morning panel discussion, participants will work in groups to formulate specific policy recommendations. These breakout groups will develop recommendations on a variety ... Read More