The Securities and Exchange Commission has charged two insurance executives and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies. In a statement, Osman Nawaz, Chief of the Division of Enforcement’s Complex Read More
It’s been twelve years in the making, but last week the Securities and Exchange Commission finally adopted a rule mandated by the Dodd-Frank Act of 2010 that will require companies to disclose the relationship between executive pay and the financial performance of the company. The SEC first proposed amendments to Read More
Granite Construction will pay $12 million in a settlement with the Securities and Exchange Commission over financial reporting fraud charges after one of its former executives manipulated the company’s financial performance, the SEC announced. According to the SEC’s complaint, filed Aug. 25 in federal district court in the Northern District Read More
Chemical company Albemarle disclosed in a recent regulatory filing that it has “commenced discussions” with both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) concerning the potential resolution of an investigation that began more than four years ago into potential violations of the Foreign Corrupt Practices Read More
Surgalign Holdings (formerly RTI Surgical Holdings), a global medical technology company, must pay a $2 million civil penalty for pulling revenue forward from future quarters in order to mask revenue shortfalls and then failed to disclose this practice to investors, the Securities and Exchange Commission announced Aug. 3. According to Read More
The Securities and Exchange Commission settled charges against J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities for deficiencies in their programs to prevent customer identity theft, in violation of the SEC’s Identity Theft Red Flags Rule (Regulation S-ID). The SEC’s orders find that each firm violated Rule 201 of Read More
Equitable Financial Life Insurance Co. agreed to pay a $50 million civil penalty, which will be distributed to harmed investors, to settle charges that it provided misleading account statements to about 1.4 million investors. The Securities and Exchange Commission, which pursued the fraud case, said that the statements included materially Read More
Bank of America has been ordered to pay $225 million in civil penalties and redress to harmed consumers for engaging in abusive practices when it denied consumers access to unemployment benefits on prepaid debit cards at the height of the COVID-19 pandemic. In a separate case, Bank of America is Read More
In the largest penalty ever imposed by the Securities and Exchange Commission against an audit firm, Ernst & Young must pay $100 million and undertake “extensive remedial measures to fix the firm’s ethical issues” to resolve charges that its audit professionals cheated on exams required to obtain and maintain Certified Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
