• Chairman Jay Clayton's Statement at the SEC Staff Roundtable on Short-Term / Long-Term Management of Public Compani… Link
    SEC_News Fri 19 Jul 2019 18:31

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  • SEC charges engine manufacturing company executives with accounting fraud Link
    SEC_News Fri 19 Jul 2019 17:01

    The Securities and Exchange Commission today charged the former chief executive officer of a Chicago-area engine manufacturing company and two former senior sales executives for their roles in an accounting fraud that allegedly overstated the publicly-traded company’s revenues by almost $25 million.

    According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. The SEC further alleges that the defendants misled and concealed key information from Power Solutions’ internal accounting personnel and external auditor. 

    “Investors depend on company executives to provide accurate, reliable...

  • ICYMI: Chairman Jay Clayton and Corp Fin Director Bill Hinman spoke with @USChamberCCMC about corporate governance… Link
    SEC_News Fri 19 Jul 2019 13:26

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  • SEC obtains asset freeze in microcap pump and dump scheme targeting elderly retail investors Link
    SEC_News Fri 19 Jul 2019 13:01

    The Securities and Exchange Commission today announced an emergency action charging two individuals with running a pump and dump scheme targeting retail investors. The SEC also obtained an emergency court order freezing the defendants' assets.

    According to the SEC's complaint, Florida resident Garrett M. O'Rourke and Maryland resident Michael J. Black worked together between 2016 and 2018 to fraudulently sell the stock of several microcap companies to investors, including elderly retail investors, using high pressure stock promotional campaigns. The SEC alleges that, as part of the scheme, O'Rourke aggressively touted the companies to prospective investors through unsolicited cold calls during which he repeatedly lied about his association with legitimate financial institutions and the prospects of the microcap companies. According to the complaint, O'Rourke also told prospective investors that he had their best...

  • The SEC heard from investors, issuers, and other market participants at today’s roundtable on the short- and long-t… Link
    SEC_News Thu 18 Jul 2019 20:45

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  • SEC Charges Portfolio Manager with Mispricing Fund Investments Link
    SEC_News Thu 18 Jul 2019 17:30

    The Securities and Exchange Commission today announced settled administrative proceedings against Swapnil Rege, a North Brunswick, New Jersey portfolio manager and trader, for mispricing private fund investments, resulting in a large personal bonus.

    According to the SEC's order, from June 2016 to April 2017, while employed by the fund's adviser, Rege manipulated the inputs he used to value interest rate swaps and swap options to create the false impression that his investments for the fund were profitable. Rege's conduct, the SEC's order finds, artificially inflated the fund's reported returns and caused the fund to pay too much in fees. Rege took steps to conceal his mispricing from the fund's adviser. Because of Rege's inflated valuations, he received a $600,000 bonus. The order states that the adviser ultimately fired Rege, closed the fund, and returned the excessive management fees to the fund.

    "Rege overvalued fund assets to benefit...

  • Chairman Clayton: “…The other is to look at our disclosure framework and other regulations as a package, not as ind… Link
    SEC_News Thu 18 Jul 2019 16:45

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  • Chairman Clayton: “… we need to consider these issues from 2 points of view…One is to look at the macro forces that… Link
    SEC_News Thu 18 Jul 2019 16:45

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  • Chairman Clayton: “Put simply [Main Street investors] are investing for the long term...But we do recognize that th… Link
    SEC_News Thu 18 Jul 2019 16:45

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  • Our roundtable on short-term / long-term management of public companies will begin soon. You can watch it live here: Link
    SEC_News Thu 18 Jul 2019 16:15
  • SEC Retail Strategy Task Force to host roundtable on combating elder investor fraud Link
    SEC_News Thu 18 Jul 2019 15:45

    The Securities and Exchange Commission today announced that its Retail Strategy Task Force will host a roundtable on October 3 on combating elder investor fraud. The roundtable will focus on the types of fraudulent and manipulative schemes currently targeting elder investors. The roundtable also will explore views from a broad range of regulators and industry experts on potential steps regulators, broker-dealers, investment advisers, and others can take to identify and combat elder investor fraud.

    The roundtable will be held at the SEC's headquarters at 100 F Street, N.E., Washington, D.C. and will begin at 9:30 a.m. ET. The roundtable will be open to the public and webcast live on the SEC’s website. Information on the agenda and participants will be issued shortly.

    Members of the public who wish to provide their views on the topic may submit comments electronically or on paper. Please submit comments using one method only. Information that is submitted will...

  • We’re hosting a roundtable today about the impact of short-termism on our capital markets and whether our reporting… Link
    SEC_News Thu 18 Jul 2019 13:40

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  • RT @LosAngeles_SEC: What are 10 red flags that an unregistered offering may be a scam? Click here to learn more. Link
    SEC_News Thu 18 Jul 2019 12:30

    The SEC’s Office of Investor Education and Advocacy is issuing this Investor Alert to help investors identify potentially fraudulent unregistered offerings.

    Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption to registration is available.  If the offering is not registered, it is often called a private placement or unregistered offering.  Generally speaking, unregistered offerings are not subject to some of the laws and regulations that are designed to protect investors, such as disclosure requirements that apply to registered offerings.  Many companies engage in legitimate unregistered offerings to raise funds from investors.  Fraudsters, however, may also use unregistered offerings to conduct investment scams.

    If you are presented with an opportunity to invest in an unregistered offering, in addition to thoroughly researching an investment—and the...

  • Congratulations to @SEC_DERA Director and Chief Economist S.P. Kothari on receiving his honorary doctorate last wee… Link
    SEC_News Wed 17 Jul 2019 15:34

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  • Former REIT manager and executives to settle SEC charges for more than $60 million Link
    SEC_News Tue 16 Jul 2019 18:23

    The Securities and Exchange Commission today charged AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian Block with wrongfully obtaining millions of dollars in connection with two separate mergers between real estate investment trusts (REITs) that were sponsored and externally managed by AR Capital. The defendants agreed to settle the matter by, among other things, cumulatively agreeing to over $60 million in disgorgement, prejudgment interest and civil penalties.

    According to the SEC's complaint, between late 2012 and early 2014, AR Capital arranged for American Realty Capital Properties Inc. (ARCP), a publicly-traded REIT, to merge with two publicly-held, non-traded REITs. The SEC alleges that AR Capital, Schorsch, and Block, acting in breach of the relevant proxy disclosures, inflated an incentive fee in both mergers. As alleged, this improper calculation allowed them to obtain approximately 2.92 million additional ARCP...

  • RT @SEC_DERA: On Thursday, the SEC will host a roundtable about the impact of short-termism on our capital markets & whether our reporting…
    SEC_News Tue 16 Jul 2019 14:03
  • Watch live now: Link
    SEC_News Tue 16 Jul 2019 13:18
  • STARTING SOON: Chairman Jay Clayton and Corp Fin Director Bill Hinman discuss corporate governance at… Link
    SEC_News Tue 16 Jul 2019 12:43

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  • Opportunity Zones provide a path for long-term investment in American communities. Read Chairman Clayton’s comments… Link
    SEC_News Mon 15 Jul 2019 21:57

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  • SEC and NASAA explain application of securities laws to opportunity zone investments Link
    SEC_News Mon 15 Jul 2019 20:07

    The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued a summary that explains the application of the federal and state securities laws to opportunity zone investments. The "opportunity zone" program was established by the Tax Cuts and Jobs Act in December 2017 to provide tax incentives for long-term investing in designated economically distressed communities.

    The summary is intended to help participants in the opportunity zone program understand the compliance implications for qualified opportunity funds under federal and state securities laws.

    "The opportunity zone program has the potential to encourage investment and economic development in many areas across the country that are in need of capital. The staff statement released today will help market participants understand securities laws implications when seeking to raise capital for opportunity zones," said SEC...

  • Chairman Jay Clayton's statement on Opportunity Zones Link
    SEC_News Mon 15 Jul 2019 20:07

    Today, together with our regulatory colleagues at the North American Securities Administrators Association (NASAA), our staff issued a statement explaining the potential application of state and federal securities laws to fundraising for Opportunity Zones. Separately, our staff also provided guidance regarding the ability of Main Street investors to participate in these offerings. Our staff, and our state colleagues, have my deep appreciation for their proactive and cooperative approach to this matter.

    The Opportunity Zone staff statement and guidance demonstrate that Main Street investors can invest in their communities in a manner that is compliant with our securities laws. Opportunity Zones provide a community-specific incentive for long-term investment. There are well established paths for institutional investors and high net worth individuals to invest in these projects. The path for Main Street investors and, in particular those who live in the Opportunity Zone...

  • RT @LosAngeles_SEC: Hello Twitter! The Los Angeles Regional Office of the SEC is now tweeting. Here is some information about our office…
    SEC_News Mon 15 Jul 2019 16:27
  • Hey, folks! Our LA office is on Twitter! Please give them a welcome and a follow. ???? LinkoBi
    SEC_News Mon 15 Jul 2019 16:22

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  • Congratulations, Chairman Tarbert! Looking forward to continuing our work together on behalf of America’s investors… Link
    SEC_News Mon 15 Jul 2019 16:07

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  • Nomura to pay misled bond customers $25 million to settle SEC charges Link
    SEC_News Mon 15 Jul 2019 14:57

    The Securities and Exchange Commission today instituted two related enforcement actions against Nomura Securities International Inc., which has agreed to repay approximately $25 million to customers for its failure to adequately supervise traders in mortgage-backed securities.   

    The SEC orders find that Nomura bond traders made false and misleading statements to customers while negotiating sales of commercial and residential mortgage-backed securities (CMBS and RMBS).  According to the SEC’s orders, several Nomura traders misled customers about the prices at which Nomura had bought securities, the amount of profit Nomura would receive on the customers’ potential trades, and who currently owned the securities, with traders often pretending that they were still negotiating with a third-party seller when Nomura had, in fact, already bought a security.  The SEC’s orders further find that Nomura lacked compliance and surveillance procedures that were...

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