Securities Lawyer 101 Blog On May 19, 2014, the Securities and Exchange Commission (“SEC”) announced charges against four former officials at clearing firm Penson Financial Services for their roles in Regulation SHO violations. An SEC investigation found that… Read More
Securities Lawyer 101 Blog On May 14, 2014, the Securities and Exchange Commission (the “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… Read More
Securities Lawyer 101 Blog On May 12, 2014, the Securities and Exchange Commission (the “SEC”) filed suit in United States District Court in Dallas, Texas, alleging that, from at least September 2010 through January 2012, Charles O. Couch… Read More
Securities Lawyer 101 Blog On Friday, May 9, 2014, the U.S. Attorney for the District of Massachusetts charged James M. Merrill and Carlos N. Wanzeler with conspiracy to commit wire fraud in connection with the alleged TelexFree pyramid… Read More
Securities Lawyer 101 Blog On May 9, 2014, the Securities and Exchange Commission (“Commission”) announced that public administrative proceedings were instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 203(f) of… Read More
On May 8, 2014, the Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange… Read More
Securities Lawyer 101 Blog On May 7, 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 of the securities of Cannabusiness… Read More
Securities Lawyer 101 Blog On May 2, 2014, the Securities and Exchange Commission (“SEC”) charged Florida lawyer Allen Ross Smith with fraud in connection with his role in in an advance fee investment scam run by the Switzerland-based… Read More
Securities Lawyer 101 Blog Companies quoted with the OTC Pink tier are assigned to one of three tiers by the OTCMarkets based upon the amount of disclosure provided to the public. The OTC Pink Current tier is the highest of… Read More
Securities Lawyer 101 Blog FINRA approved new rules that require member firms to verify the accuracy of information provided by applicants on FINRA U-4 applications. Additionally, FINRA will also review public financial records for all registered representatives who have not… Read More
The Securities and Exchange Commission (the “SEC”) has filed securities fraud charges against Barry Bekkedam of Hobe Sound, Florida. Bekkedam is the former owner, Chairman, and Chief Executive Officer of Ballamor Capital Management, LLC (“Ballamor”), a formerly SEC-registered… Read More
Securities Lawyer 101 Blog On April 6, 2014, Texas attorney Richard Plato was indicted for mail fraud and securities fraud. Plato is a disbarred attorney who has been convicted in three separate criminal cases, including money laundering and… Read More
On April 29, 2014, Brian Callahan pleaded guilty to one count of securities fraud and one count of wire fraud for operating a $96 million Ponzi scheme through his various offshore investment funds. Pursuant to his plea agreement… Read More
Securities Lawyer 101.com The New York State Department of Financial Services (NYDFS) has stated that it will consider proposals for a regulated virtual currency exchange to better protect consumers and prevent money-laundering. Cryptocurrencies like Bitcoin continue to grow… Read More
Securities Lawyer 101 Blog On April 20, 2014, the Securities and Exchange Commission (the “SEC”) was granted an injunction imposing an asset freeze against penny stock promoter, John Babikian. Babikian is charged with securities fraud. The Court stated,… Read More
On April 23, 2014, the Securities and Exchange Commission (“SEC”) issued a stop order to prevent a Northern California-based company from issuing stock after including false and misleading information in its amended registration statement for an initial public… Read More
On April 23, 2014, the Securities and Exchange Commission(“SEC”) filed insider trading charges against a former accounting manager at Nvidia Corp. who tipped a friend with confidential company information that set in motion a chain of tipping and illegal… Read More
Securities Lawyer 101 Blog On April 23, 2014, the Securities and Exchange Commission (“SEC”) filed fraud charges against a former Florida-based stock promoter currently serving a two-year prison sentence for lying to SEC investigators. The SEC’s complaint filed in U.S…. Read More
Securities Lawyer 101 Blog On April 4, 2014, the Securities and Exchange Commission filed suit in United States District Court in Dallas, Texas, alleging that, from October 2009 to June 2012, Matthew D. Sample of San Diego, California… Read More
Brenda Hamilton, Securities Attorney On April 21, 2014, the Securities and Exchange Commission (the “SEC”) charged a former biopharmaceutical company executive and two others with insider trading on confidential information about the company’s key developmental drug. The company’s… Read More
On April 10, 2014, the Securities and Exchange Commission (“SEC”) issued a revised compliance and disclosure interpretation (“C&DIs”) and provided two new questions concerning crowdfunding under the JOBS Act and the intrastate exemption provided by Rule 147 under… Read More
Securities Lawyer 101 Blog Issuers often require capital during the going public process for their operations until their registration statement on Form S-1 is declared effective. The SEC’s integration doctrine addresses the circumstances under which an issuer can raise capital privately… Read More
Securities Lawyer 101 Blog The Securities Act of 1933, as amended (“Securities Act”) and the Securities Exchange Act of 1934, as amended (“Exchange Act”), establish different levels of disclosure and reporting requirements based upon the size of the… Read More
On April 17, 2014, the Securities and Exchange Commission charged a former employee of BP p.l.c. and a senior responder during the 2010 Deepwater Horizon oil spill with insider trading in BP securities based on confidential information… Read More
Securities Lawyer 101 Blog On April 17, 2014, the Securities and Exchange Commission (the “SEC”) announced it filed charges against the Massachusetts-based operators of a large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the U.S. … Read More
Generally, SEC rules prohibit investment advisers from using testimonials in their advertisements. In the past several years, the SEC has encountered a number of questions concerning investment advisers’ use of social media. Social media has facilitated consumers’ ability… Read More
Securities Lawyer 101 Blog The Commodity Futures Trading Commission (CFTC) and the North American Securities Administrators Association (NASAA) warn that off-exchange forex trading is at best extremely risky, and at worst, outright fraud. Forex scams are on the… Read More
Securities Lawyer 101 Blog Chief Executive Officers (“CEO”) and Chief Financial Officers (“CFO”) of public companies must certify the issuer’s annual report on Form 10-K and quarterly report on Form 10-Q. Each issuer must also have disclosure controls… Read More
Securities Lawyer 101 Blog Companies seeking capital are frequently approached by finders who offer to locate investors in exchange for a fee. This is particularly true in going public transactions. Most finders are not registered as broker-dealers with… Read More
Securities Lawyer 101 Blog Joshua Vandyk, a U.S. citizen, and Eric St-Cyr and Patrick Poulin, Canadian citizens, were indicted for conspiracy to launder monetary instruments, the Department of Justice and Internal Revenue Service (IRS) announced on March 24,… Read More
