Top News

SEC charges former Alliance Fiber Optic CEO with insider trading

Mark Iandolo Oct. 2, 2017, 3:18pm

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

Mark Iandolo Oct. 2, 2017, 2:29pm

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

Mark Iandolo Oct. 2, 2017, 12:32pm

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

Mark Iandolo Sep. 19, 2017, 9:15am

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

Mark Iandolo Sep. 11, 2017, 3:39pm

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

Jessica Karmasek Sep. 1, 2017, 1:59pm

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

Wadi Reformado Aug. 23, 2017, 11:59am

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

Mark Iandolo Aug. 23, 2017, 9:16am

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

Mark Iandolo Aug. 9, 2017, 7:25am

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

Mark Iandolo Jul. 19, 2017, 9:35am

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

Mark Iandolo Jul. 19, 2017, 9:29am

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

Mark Iandolo Jul. 11, 2017, 10:09am

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

Mark Iandolo Jul. 5, 2017, 12:25pm

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

Mark Iandolo Jun. 29, 2017, 9:57am

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'

Jessica Karmasek May 12, 2017, 9:18am

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

Mark Iandolo May 11, 2017, 9:34am

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.

SEC settles for $4 million with New Jersey capital management firm for alleged Ponzi scheme

Mark Iandolo May 10, 2017, 11:30am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced May 4 that Verto Capital Management and CEO William Schantz III will pay roughly $4 million after allegations of conducting a Ponzi scheme.

SEC settles for $400,000 with former Magyar Telekom executives for alleged violations

Mark Iandolo May 3, 2017, 10:06am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced April 24 that the two former executives at Hungarian-based telecommunications company Magyar Telekom will a pay a total of $400,000 to settle allegation of violating the Foreign Corrupt Practices Act (FCPA).

SEC, state securities administrators sign pact to monitor new crowdfunding rules

Mark Iandolo Mar. 1, 2017, 8:49am

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced Feb. 17 that it had signed an information-sharing agreement with the North American Securities Administrators Association (NASAA).

SEC charges Terminus Energy with allegations of misleading investors about its products

Mark Iandolo Feb. 27, 2017, 8:06am

WASHINGTON (Legal Newsline) – The Securities and Exchange Commission (SEC) announced Feb. 14 that it charged Terminus Energy, a California-based penny stock company, and four corporate officers with allegations of misleading investors.