Enforcement News: Don’t Get Spoofed Again
- Oct 9 2024
By: Jeffrey M. Haber “Spoofing is a type of scam in which criminals attempt to obtain someone’s personal information by pretending to be a legitimate business, a neighbor, or some …
Category: Regulatory Defense and Investigations
Enforcement News: SEC Settles Charges Against Advisory Firm for Overvaluing Assets and Engaging in Unlawful Cross Trades
- Sep 23 2024
By: Jeffrey M. Haber As a general matter, “[a] cross trade is a practice where buy and sell orders for the same asset are offset without recording the trade on …
Enforcement News: SEC Charges Multi-level Marketing Company and its Principals and Promoters with $650 Million Crypto Fraud
- Aug 14 2024
By: Jeffrey Haber A multi-level marketing program is a relative of pyramid scheme. “[A] pyramid scheme is an illegal investment scam based on a hierarchical setup.”[1] In the classic pyramid scheme, “participants attempt …
Enforcement News: SEC Charges Bank With Misleading Investors About The Strength Of Its BSA/AML Compliance Program And Its Monitoring of Crypto Customers
- Jul 8 2024
By: Jeffrey M. Haber The Currency and Foreign Transactions Reporting Act, also known as the “BSA,” enacted in 1970, established requirements for record-keeping and reporting by banks and other financial institutions.1 …
Enforcement News: SEC Charges Founder of Joonko with Perpetrating An “Old School Fraud Using New School Buzzwords”
- Jun 12 2024
By: Jeffrey M. Haber On June 11, 2024, the Securities and Exchange Commission (“SEC”) announced (here) that it charged the Chief Executive Officer and founder of the now-shuttered artificial intelligence …
Enforcement News: More Than 1,500 SEC Filings Affected By Alleged Fraud Perpetrated By Accounting Firm and Its Owner
- May 8 2024
By: Jeffrey M. Haber On May 3, 2024, the Securities and Exchange Commission (“SEC” or “Commission”) announced (here) that it charged audit firm BF Borgers CPA PC and its owner, …
Enforcement News: SEC Enforces Violations of Amended Marketing Rule Against Five Investment Advisors
- May 1 2024
By: Jeffrey M. Haber On December 22, 2020, the Securities and Exchange Commission (the “SEC” or the “Commission”) adopted significant amendments to Rule 206(4)-1 promulgated under the Investment Advisers Act …
Enforcement News: SEC Underscores Importance of Compliance With Recordkeeping Rules
- Apr 10 2024
By: Jeffrey M. Haber The federal securities laws impose recordkeeping requirements on registered investment advisers to ensure that they responsibly discharge their roles in the nation’s markets. The Securities and …
Enforcement News: SEC Files Complaint in Connection with a $300 Million Ponzi Scheme and Affinity Fraud
- Mar 25 2024
By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange …
Enforcement News: SEC Settles Charges Against Registered Broker-Dealer for Violating Reg BI
- Feb 21 2024
By: Jeffrey M. Haber It’s been some time since this Blog has written about Regulation Best Interest (“BI”).1 See here.2 As a general matter, Reg BI requires a broker, dealer, …
