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….

Agencies Extend Comment Period for Proposed Rule Simplifying and Tailoring the “Volcker Rule”

Joint Release

Board of Governors of the Federal Reserve SystemCommodity Futures Trading CommissionFederal Deposit Insurance CorporationOffice of the Comptroller of the CurrencySecurities and Exchange Commission

Five federal financial regul…

SEC Charges Buffalo Advisory Firm and Principal With Fraud Relating to Association With Barred Adviser

The Securities and Exchange Commission today filed charges against a Buffalo, New York, investment advisory firm and its owner for misleading firm clients about its association with a barred investment adviser, who is also being charged for violating t…

SEC Charges Florida Cash Advance Company, Former CEO With Defrauding Retail Investors

The Securities and Exchange Commission today announced charges against 1 Global Capital LLC and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds. Th…

SEC Charges NFL Player and Former Investment Banker With Insider Trading

The Securities and Exchange Commission today charged a professional football player and a former investment banker with insider trading in advance of corporate acquisitions facilitated through coded text messages and FaceTime conversations.

The SEC al…

SEC Charges Moody’s With Internal Controls Failures and Ratings Symbols Deficiencies

The Securities and Exchange Commission today announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failu…

Legg Mason Charged With Violating the FCPA

The Securities and Exchange Commission today announced that Legg Mason Inc. will pay over $34 million to resolve an SEC charge that the company violated the Foreign Corrupt Practices Act (FCPA) in a scheme to bribe Libyan government officials.  

Accor…

Transamerica Entities to Pay $97 Million to Investors Relating to Errors in Quantitative Investment Models

The Securities and Exchange Commission today announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors.

According to the SEC’s order…

SEC Announces Agenda for Sept. 13 Investor Advisory Committee Meeting

The Securities and Exchange Commission today announced the agenda for the Sept. 13 meeting of its Investor Advisory Committee (IAC). The meeting will begin at 9:00 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, NE, Washington, D.C.,…