Securities Lawyers Gone Wild l Russell Adler Charged
On March 7, 2014, Russell Adler, a former name partner in Scott Rothstein’s now-defunct law firm was criminally charged for funneling illegal campaign contributions to Senator John McCain and Florida gubernatorial candidate Charlie Crist. Adler was charged with… Read More
What Are the Reporting Obligations After My Form S-1 ls Effective?
Once the SEC staff declares your company’s Securities Act registration statement effective, the company becomes subject to Exchange Act reporting requirements. These rules require your company to file annual reports on Form 10-K, quarterly reports on Form 10-Q… Read More
John Babikian & Awesome Penny Stocks Charged in Scalping Scheme
Securities Lawyer 101 Blog On March 13, 2014, the Securities and Exchange Commission (“SEC”) announced fraud charges and an emergency asset freeze against a promoter behind a platform of affiliated microcap stock promotion websites. The SEC alleges that… Read More
What is Form S-1 Summary Information? Securities Attorney 101
Securities Lawyer 101 Blog Form S-1 is the most commonly used registration statement statement filing with the Securities and Exchange Commission (“SEC”). This blog post addresses the summary information section of Form S-1. The requirements of the section are located… Read More
Wwebnet CEO Pleads Guilty of $2 Million Securities Fraud
On March 11 ,2014, the Department of Justice announced that Robert Kelly, the chief executive officer of Wwebnet, Inc. (“Wwebnet”), a software development company, pled guilty today in Manhattan federal court to securities and wire fraud charges. According… Read More
Status of JOBS Act Rules & Proposals
The Jumpstart Our Business Startups Act (or JOBS Act) (“JOBS Act”), enacted in 2012, is intended, among other things, to reduce barriers to capital formation, particularly for smaller companies. Among other things, the JOBS Act requires the SEC… Read More
SEC Announces $7.2 Million for Rule 105 Short Selling Violations
Securities Lawyer 101 Blog On March 8, 2014, the Securities and Exchange Commission announced the largest-ever monetary sanction for Rule 105 short selling violations as a Long Island-based proprietary trading firm and its owner agreed to pay $7.2… Read More
The Intrastate Exemption l Section 3(a)(11)
Securities Lawyer 101 Blog Section 3(a)(11) of the Securities Act is generally known as the “intrastate offering exemption.” The exemption is sometimes used by small issuers in going public transactions prior to filing a registration statement on Form… Read More
SEC Suspends Global Earth Energy l Securities Lawyer 101
Securities Lawyer 101 Blog On March 4, 2014, the Securities and Exchange Commission (“SEC”)announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of Global… Read More
SEC Suspends Broadcast Live Digital l Securities Lawyer 101
Securities Lawyer 101 Blog On March 4, 2014, the Securities and Exchange Commission (“SEC”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (“Exchange Act”), of trading in the securities of Broadcast… Read More
SEC Suspends Suburban Minerals Corp
Securities Lawyer 101 Blog On March 4, 2014, the Securities and Exchange Commission (“SEC”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of… Read More
SEC Obtains Summary Judgment Against StratoComm Penny Stock Defendants
Securities Lawyer 101 Blog On February 19, 2014, the United States District Court for the Northern District of New York in Albany, New York granted the Securities and Exchange Commission’s motion for summary judgment on liability against all… Read More
SEC Charges Dewey & LeBoeu Executives with Securities Fraud
Securities Lawyer 101 Blog On March 6, 2014, the Securities and Exchange Commission (“SEC”) announces charges against five executives at Dewey & LeBoeuf,and finance professionals. They are are accused of facilitating a $150 million fraudulent bond offering by… Read More
SEC Shuts Down Pyramid Scheme Using Phony Companies l Securities Lawyer 101
Securities Lawyer 101 Blog On March 5, 2014, the Securities and Exchange Commission (“SEC”) announced an emergency enforcement action to stop a fraudulent pyramid scheme by phony companies masquerading as a legitimate international investment firm. The SEC has… Read More
What are the OTC Markets Reporting Requirements?
Securities Lawyer 101 Blog Unlike securities listed on stock exchanges such as NASDAQ or the NYSE, securities may trade through the OTC Markets interdealer quotation system whether they are a Securities and Exchange Commission (“SEC”) reporting issuer or not…. Read More
SEC Announces Trading Suspension of Aventura Equities
Securities Lawyer 101 Blog On March 5, 2014, the Securities and Exchange Commission (“SEC”) announced the temporary trading suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (“Exchange Act”), of trading in the securities of… Read More
How Can I Remove a DTC Chill Or Global Lock? Securities Lawyer 101
Securities Lawyer 101 Blog DTC Chills and global locks continue to be a growing problem for small companies. The Depository Trust and Clear Corporation (“DTCC”), through its subsidiaries, provides clearing, settlement and information services for securities. DTCC’s subsidiary,… Read More
Jerry Williams AKA Monk Ordered to Pay Over $9,600,000
Securities Lawyer 101 Blog On February 12, 2014, the Securities and Exchange Commission (“SEC”) announced that a Connecticut federal court entered judgments against a former Connecticut-based stock promoter, Jerry S. Williams, and two companies that he controlled, Monk’s… Read More
What Is a Naked Short Sale? Securities Lawyer 101
Securities Lawyer 101 Blog The Short Seller Scape Goat In recent years, the activities of short sellers have been the subject of controversy. While short selling is a simple process it is widely misunderstood. While the average investor… Read More
Investor Relations & General Solicitation After the JOBS Act
Securities Lawyer 101 Blog Investor relations also known as stock promotion involves the publication of information about a public company to increase its stock price and trading volume. The person who publishes this information is sometimes referred to… Read More
The SEC Speaks About the Registration Statement Process
Securities Lawyer 101 Blog The Securities and Exchange Commission recently announced the issuance of Commissioner Elisse B. Walter’s statement, “The Commission’s Registration Process: How to Better Administer an Ounce of Prevention”. The release is a reminder of the importance of preventive… Read More
SEC Suspends Trilliant Exploration
Securities Lawyer 101 Blog On February 28, 2014, the Securities and Exchange Commission (“Commission”) ordered the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of… Read More
OTCQX Proposes Amendments to its OTCQX Rules
Securities Lawyer 101 Blog On February 13, 2014, the OTC Markets proposed amendments to its OTCQX rules. The will impact US and international companies seeking listings on the OTCQX. The OTC Markets OTCQX is the premier market tier… Read More
FBI Brings Securities Fraud Charges in $125 Million Medical Glove Scheme
Securities Lawyer 101 Blog Deepal Wannakuwatte, 63, has been arrested and charged with operating a massive Ponzi scheme that raised over $125 million from investors who believed they were investing in a company that had valuable contracts to… Read More
Richard Altomare Convicted of Securities Fraud
Securities Lawyer 101 Blog On February 26, 2014, the United States Attorney for the Southern District of Florida, and Federal Bureau of Investigation (FBI), Miami Field Office, announce that a federal jury convicted Richard Altomare, 65, of Palm… Read More
SEC Charges Clean Energy l Securities Lawyer 101
Securities Lawyer 101 Blog On February 25, 2014, the Securities and Exchange Commission (the “SEC”) announced SEC charges against an Arizona-based private equity fund manager and his investment advisory firm for orchestrating a scheme to misallocate their expenses… Read More
George Louis Theodule Sentenced to 150 Months
Securities Lawyer 101 Blog On February 26, 2014, the United States Attorney for the Southern District of Florida and Federal Bureau of Investigation, announced the unsealing of an indictment charging George Louis Theodule, former resident of Wellington, Florida…. Read More
Anthonie R. Sparrow Sentenced in $16 Million Scheme
Securities Lawyer 101 Blog On February 25, 2014, the FBI announced that Anthonie R. Sparrow pled guilty for his role in perpetrating a $16 million securities fraud scheme that victimized hundreds of investors around the world. Sparrow was… Read More
Reverse Mergers l The Game Changers
Shell brokers continue to tout the virtues of reverse merger transactions, despite recent rule changes that eliminate many if not all of the benefits once conferred by them. Seeking to persuade clients to use their services, these promoters… Read More
FINRA Fines Brown Brothers Harriman $8 Million for Compliance Failures
Securities Lawyer 101 Blog The Financial Industry Regulatory Authority (FINRA) announced today that it has fined New York-based Brown Brothers Harriman & Co. (Brown Brothers Harriman) $8 million for substantial anti-money laundering compliance failures including, among other related… Read More
