SEC Charges EtherDelta Founder With Operating an Unregistered Exchange

The Securities and Exchange Commission today announced settled charges against Zachary Coburn, the founder of EtherDelta, a digital “token” trading platform. This is the SEC’s first enforcement action based on findings that such a platform op…

Investor Testing of the Proposed Relationship Summary for Investment Advisers and Broker-Dealers

In connection with our ongoing efforts to help address investor confusion about the nature of their relationships with investment advisers and broker-dealers, the SEC’s Office of the Investor Advocate today made available a report on investor testing c…

SEC Charges ITG With Misleading Dark Pool Subscribers

The Securities and Exchange Commission today announced that ITG Inc. and its affiliate AlterNet Securities Inc. have agreed to pay $12 million to settle charges arising from ITG’s misstatements and omissions about the operation of the firm’s dark pool,…

Citibank to Pay More Than $38 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that Citibank N.A. has agreed to pay $38.7 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

ADRs – U.S. securities that represent foreign share…

Anthony S. Kelly, Co-Chief of Asset Management Unit, to Leave SEC After 18 Years of Service

The Securities and Exchange Commission today announced that Anthony S. Kelly, Co-Chief of the Enforcement Division’s Asset Management Unit, will be leaving the agency this month after more than 18 years of service.

The Asset Management Unit is the Div…

SEC Adopts Rules That Increase Information Brokers Must Provide to Investors on Order Handling

The Securities and Exchange Commission today announced that it has voted to adopt amendments that will require broker-dealers to disclose to investors new and enhanced information about the way they handle investors’ orders.  

“In the eighteen years s…

SEC Charges Investment Adviser With Running $3.9 Million Fraud

The Securities and Exchange Commission today charged a former registered representative and investment adviser in Altoona, Pennsylvania, with operating a long-running offering fraud.

The SEC’s complaint alleges that Douglas P. Simanski raised over $3….

SEC Charges Family Friend of Former Investment Banker With Insider Trading

The Securities and Exchange Commission today charged an IT professional in Texas who allegedly participated in an insider trading scheme perpetrated by a former Wall Street investment banking analyst.

The SEC’s complaint alleges that Hamed Ettu, a fam…

SEC Enforcement Division Issues Report on FY 2018 Results

The Securities and Exchange Commission’s Enforcement Division today issued the annual report of its ongoing efforts to protect investors and market integrity.  The report also highlights several significant actions and initiatives that took place in FY…

SEC Issues Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants

The Securities and Exchange Commission today announced that it has voted to issue a statement setting forth the Commission’s position, for a limited time period, that certain actions with respect to specific provisions of its Business Conduct Standards…

SEC Adopts Rules to Modernize Property Disclosures Required for Mining Registrants

The Securities and Exchange Commission today announced that it has voted to adopt amendments to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Ac…

SEC Updates List of Firms Using Inaccurate Information to Solicit Investors

The Securities and Exchange Commission today announced that it has updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 16 soliciting entities, four impersonators of genuine firms, an…