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: Securities and Exchange Commission
Enforcement News: SEC Charges Numerous Companies With Violation of The Whistleblower Protection Rule
- Sep 11 2024
By: Jeffrey M. Haber “Ensuring that potential whistleblowers can communicate directly with the Commission is a critical part of the SEC’s oversight mandate”[1] On numerous occasions, we have written about …
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 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 Settles Accounting Fraud Charges with Chinese Company and Declines to Impose Civil Penalties Because of the Company’s Self-Reporting, Cooperation and Remediation
- Feb 8 2024
By: Jeffrey M. Haber Self-reporting violations of the federal securities laws is an important part of the Securities and Exchange Commission’s enforcement regimen. For decades, the SEC has credited cooperative …
Enforcement News: The Importance of Supervision, Documentation and Due Care
- Jan 22 2024
By: Jeffrey M. Haber The objective of an auditor is to supervise the audit engagement, including supervising the work of engagement team members so that the work is performed as …
Enforcement News: SEC Settles Action Against Dual-Registered Investment Adviser/Broker-Dealer for Violating Whistleblower Protection Rule
- Jan 17 2024
By: Jeffrey M. Haber The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), enacted on July 21, 2010, amended the Securities Exchange Act by adding Section 21F-17, “Whistleblower …
Enforcement News: Two Sets of Books, Concealment and Accounting Fraud
- Jan 2 2024
By: Jeffrey M. Haber Invoice fraud is a type of accounting fraud. Invoice fraud comes in many forms. For example, bill padding is a type of invoice fraud. In this type …
Enforcement News: Misappropriation of Client Funds and Stock Manipulation
- Dec 6 2023
By: Jeffrey M. Haber It should come as no surprise that one of the goals of an investment fraud is the theft of customer funds for the scammer’s personal benefit. …
Enforcement News: SEC Brings Enforcement Action in Connection EB-5 Immigrant Investor Program
- Nov 22 2023
By: Jeffrey M. Haber In July of this year, we wrote about a fraud action involving the EB-5 Immigrant Investor Program (“EB-5 Program” or “Program”) (here). Under the EB-5 Program, investors …
