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U.S. Securities and Exchange Commission News

DOL officially puts Obama administration’s fiduciary rule on hold for 18 months

The U.S. Department of Labor announced Monday it finalized plans to extend the transition period for full implementation from Jan. 1, 2018 to July 1, 2019.

SEC secures disgorgement, penalties from insider trader who worked for Apache Corp.

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Nov. 1 that petroleum engineer Christopher J. Lollar, who worked at the Apache Corporation energy company, will settle allegations of insider trading.

SEC: Investment advisory firm to pay $630,000 in disgorgement, penalties

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Oct. 31 that Millennium Management LLC will pay more than $630,000 after allegations of a U.S. stock short-selling scheme.

SEC alleges snack product company owners defrauded investors

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Oct. 11 it has charged three individuals who owned Starship Snack Corp. for allegations of defrauding investors.

SEC charges former Alliance Fiber Optic CEO with insider trading

The Securities and Exchange Commission (SEC) announced Sept. 20 that it has charged Peter C. Cheng, the former CEO of Alliance Fiber Optic Products, with allegations of insider trading in company stock.

SEC secures $965 million from telecommunications company charged with bribing Uzbek official

The Securities and Exchange Commission (SEC) announced Sept. 21 that Telia Company AB, a telecommunications company with operations in the United States and headquarters in Sweden, will pay $965 million after settling allegations of violating the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan.

Aegerion resolves SEC allegations of misleading investors with $4.1 million penalty

The Securities and Exchange Commission (SEC) announced Sept. 22 that Aegerion Pharmaceuticals, now a subsidiary of Novelion Therapeutics, will pay a $4.1 million penalty after allegations of misleading investors in 2013.

SEC alleges SunTrust subsidiary made improper recommendations to clients

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Sept. 14 that it has charged the investment services subsidiary of SunTrust Banks with improperly collecting more than $1.1 million in avoidable fees from clients.

SEC secures $35 million settlement from State Street after alleged fraud

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission announced Sept. 7 that State Street will pay more than $35 million to settle allegations of fraudulently charging secret markups for transition management services.

DOL proposes 18-month delay of fiduciary rule’s full implementation

In June, the U.S. Department of Labor published a Request for Information, or RFI, related to the rule and whether to delay its full implementation. The rule, released in April 2016, mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Stock owner alleges WebMD statement submitted to SEC is false and misleading

NEW YORK (Legal Newsline) – A stock owner of WebMD is seeking to enjoin a proposed transaction.

SEC alleges seven defendants racked up millions with insider trading ring

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Aug. 16 that it has charged seven individuals with allegations of insider trading and the generation of millions in profits by trading on confidential information regarding mergers and acquisitions.

SEC secures $800 million settlement with alleged overseas stock manipulator

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Aug. 2 that Joe Yiu Cheung, an alleged overseas stock manipulator, will pay close to $800,000 and be barred from the penny stock industry.

SEC's market abuse unit accuses scientist of insider trading

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission announced July 12 that it has charged Fei Yan, a research scientist, with insider trading.

SEC charges 13 individuals in alleged cold-calling scam

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission announced July 12 that it has charged 13 individuals involved in two alleged cold calling scams that bilked more than a hundred victims out of more than $10 million.

SEC charges clandestine founder of Bitcoin platform with fraud

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced June 30 that it has filed charges against Renwick Haddow, a British citizen living in New York, for allegations of bilking investors in two different companies.

SEC charges Canadian energy company with accounting fraud

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced June 28 that Penn West Petroleum Ltd. and three former top finance executives have been charged with accounting fraud.

SEC adds charges in case involving a leading Wall Street securities firm

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced June 22 that it is adding additional charges in a case involving improper handling of American Depositary Receipts (ADRs) by a Wall Street firm’s securities lending desk.

Despite delay, fiduciary rule 'already causing great harm'

Last month, the U.S. Department of Labor released a measure officially delaying the implementation of the rule and its related exemptions by 60 days. The applicability date is now June 9. Some argue a longer delay is necessary, while others contend the U.S. Securities and Exchange Commission should step in and craft a better rule.

Jay Clayton sworn in as 32nd SEC chairman

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced May 4 that Jay Clayton has been sworn into office as the 32nd chairman of the SEC by U.S. Supreme Court Justice Anthony M. Kennedy.