"This resolution accomplishes one of the SEC's core missions to protect retail investors," said Stephanie Avakian, Co-Director of the SEC's Division of Enforcement. "Mr. Shapiro and other defendants will be held accountable and required to pay substantial penalties for their misconduct." "Our complaint charged that when Woodbridge's fictitious business model collapsed, the company stopped paying investors and filed for Chapter 11 bankruptcy protection," said Eric I. Bustillo, Director of the SEC's Miami Regional Office. "The settlement provides for the return of significant funds to investors."
Read More »SEC Press Release
SEC Charges Cognizant and Two Former Executives With FCPA Violations
“Bribery to further corporate goals is an illusory path to long-term success. While always the wrong choice, it is particularly egregious when senior executives chart that course for those they lead, as our complaint alleges here. We are committed to holding them accountable for their actions,” said Charles E. Cain, Chief of the SEC Enforcement Division’s FCPA Unit.
Read More »SEC Charges Four Public Companies With Longstanding ICFR Failures
According to the SEC’s orders, year after year, the four companies disclosed material weaknesses in ICFR involving certain high-risk areas of their financial statement presentation. As discussed in the SEC orders, each of the four companies took months, or years, to remediate their material weaknesses after being contacted by the SEC staff. One of the companies is still in the process of remediating its material weaknesses.
Read More »Two Advisory Firms, CEO Charged With Mutual Fund Share Class Disclosure Violations
"Advisers must be vigilant in disclosing all conflicts of interest arising from compensation received based on investment decisions made for clients," said C. Dabney O'Riordan, Chief of the SEC Enforcement Division's Asset Management Unit. "The documents these advisers provided to clients were incorrect and investors were harmed. We are continuing our efforts to stop these violations and return money to harmed investors as quickly as possible."
Read More »JPMorgan Chase Caught with Hands in Cookie Jar, Forced to Pay More Than $135 Million for Improper Handling of ADRs
The SEC’s order found that JPMorgan improperly provided ADRs to brokers in thousands of pre-release transactions when neither the broker nor its customers had the foreign shares needed to support those new ADRs. Such practices resulted in inflating the total number of a foreign issuer’s tradeable securities, which resulted in abusive practices like inappropriate short selling and dividend arbitrage that should not have been occurring.
Read More »SEC Settles Insider Trading Claims Against Former Chairman and CEO of Advanced Medical Optics
The SEC's complaint alleged that in October 2008 Mazzo executed a nondisclosure agreement with Abbott Laboratories, Inc., as Abbott explored a potential acquisition of AMO...
Read More »Investor Testing of the Proposed Relationship Summary for Investment Advisers and Broker-Dealers
Testing Investors on How Well They Know About Activities of Financial or Investment Advisors and Broker-Dealers
Read More »Citibank to Pay More Than $38 Million for Improper Handling of ADRs
Citybank to Pay millions in Charges for Improper Handling of ADRs
Read More »Two ICO Issuers Settle SEC Registration Charges, Agree to Register Tokens as Securities
SEC Imposed civil penalties on ICO security issuers who did not register their ICO offerings with the SEC...
Read More »SEC Adopts Rules That Increase Information Brokers Must Provide to Investors on Order Handling
SEC Adopts Amendments to Regulation for Broker-Dealer Handling of Customer Orders
Read More »