SEC Charges Intelligence Communications Company and Top Executives With Defrauding Merger Investors

The SEC has charged Ability Inc., an Israel-based intelligence communications company, its wholly-owned subsidiary, and two of its top executives with defrauding shareholders of a Florida-based special purpose acquisition company (SPAC), a company form…

Walmart Charged With FCPA Violations

The Securities and Exchange Commission today charged Walmart with violating the Foreign Corrupt Practices Act (FCPA) by failing to operate a sufficient anti-corruption compliance program for more than a decade as the retailer experienced rapid internat…

SEC Freezes Assets in International Manipulative Trading Scheme

The Securities and Exchange Commission today announced charges against five foreign traders for executing illegal matched trades in the stock of Medico International, Inc. (MDDT).  The SEC also obtained an emergency court order freezing assets held in …

SEC Chairman Clayton Announces Events for Main Street Investors in Boston

Securities and Exchange Commission Chairman Jay Clayton announced today two events for Main Street investors to be held in Boston on Monday, July 8.

First, Chairman Clayton will host a roundtable with Main Street investors as part of the SEC’s ongoing…

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of “pre-released” American Depositary Receipts (ADRs). This is the SEC’s 11th action against a b…

SEC Adopts Amendments to Improve the Application of the Auditor Independence Rules to Loan Provision

The Securities and Exchange Commission adopted amendments to the auditor independence rules relating to the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain sharehol…

SEC Adopts Amendments to Improve the Application of the Auditor Independence Rules to Loan Provision

The Securities and Exchange Commission adopted amendments to the auditor independence rules relating to the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain sharehol…

SEC Seeks Public Comment on Ways to Harmonize Private Securities Offering Exemptions

The Securities and Exchange Commission today requested public comment on ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor protections and to promote capital…

SEC Seeks Public Comment on Ways to Harmonize Private Securities Offering Exemptions

The Securities and Exchange Commission today requested public comment on ways to simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while maintaining appropriate investor protections and to promote capital…

SEC Announces Adam Glazer as Senior Advisor to the Director of the Division of Investment Management

The Securities and Exchange Commission today announced that Adam B. Glazer has been named Senior Advisor to the Director of the Division of Investment Management.

Mr. Glazer started his new position on June 12. He will advise the Director of Investmen…

KPMG Paying $50 Million Penalty for Illicit Use of PCAOB Data and Cheating on Training Exams

The Securities and Exchange Commission today charged KPMG LLP with altering past audit work after receiving stolen information about inspections of the firm that would be conducted by the Public Company Accounting Oversight Board (PCAOB).  The SEC’s or…

Industrial and Commercial Bank of China Affiliate to Pay More Than $42 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited, will pay more than $42 million to settle …