Criminal Law

SEC Staff Releases Report on U.S. Credit Market Interconnectedness and the Effects of the COVID-19 Economic Shock

Posted on October 05, 2020
The Securities and Exchange Commission today published a staff report titled U.S. Credit Markets: Interconnectedness and the Effects of the COVID-19 Economic Shock, which focuses on the origination, distribution and secondary market flow of?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC?s Messages for World Investor Week 2020

Posted on October 05, 2020
As World Investor Week (WIW) 2020 kicks off, the Securities and Exchange Commission today announced that staff will engage with Main Street investors to emphasize the importance of two particularly relevant investing topics?planning for life?s unexpected?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Issues Agenda for Oct. 5 Meeting of the Fixed Income Market Structure Advisory Committee

Posted on October 01, 2020
The Securities and Exchange Commission today released the agenda for the Oct. 5 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will focus on discussions regarding recent market volatility and the impact of COVID-19?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Hospitality Company for Failing to Disclose Executive Perks

Posted on September 30, 2020
The Securities and Exchange Commission today announced settled charges against Virginia-based hospitality company Hilton Worldwide Holdings Inc. for failing to fully disclose perquisites and personal benefits provided to executive officers. The action?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

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SEC Charges HP Inc. With Disclosure Violations and Control Failures

Posted on September 30, 2020
The Securities and Exchange Commission today announced charges against technology company HP Inc. for misleading investors by failing to disclose the impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets. HP?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Whistleblower Program Ends Record-Setting Fiscal Year With Four Additional Awards

Posted on September 30, 2020
The Securities and Exchange Commission today announced awards to four individuals for total payments of almost $5 million. Each of these whistleblowers provided critical information that alerted the Commission of the alleged wrongdoing and resulted?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Awards Almost $30 Million to Two Insider Whistleblowers

Posted on September 30, 2020
The Securities and Exchange Commission today announced an award of almost $30 million to two insider whistleblowers whose tips led SEC staff to open an investigation.  The first whistleblower, who was the first to alert SEC staff of potential?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Morgan Stanley Agrees to Pay $5 Million for Reg SHO Violations in Prime Brokerage Swaps Business

Posted on September 30, 2020
The Securities and Exchange Commission today announced settled charges against Morgan Stanley & Co. LLC for violations of Regulation SHO, the regulatory framework governing short sales. According to the SEC?s order, the structure of Morgan Stanley?s?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Manitex International and Three Former Senior Executives With Accounting Fraud

Posted on September 29, 2020
The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts and heavy equipment, and three of its former senior executives for two?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Former Real Estate Executive With Misappropriating $26 Million in Ponzi Scheme

Posted on September 29, 2020
The Securities and Exchange Commission today charged the former president of a Marin, California real estate development and management company with operating a fraudulent Ponzi scheme and misappropriating over $26 million from more than 1,300 investors?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Ratings Agency With Internal Controls Failures in Connection With Ratings of CMBS and CLO Combo Notes

Posted on September 29, 2020
The Securities and Exchange Commission today announced that the credit ratings agency Kroll Bond Rating Agency Inc. (KBRA) has agreed to pay more than $2 million to settle separate charges relating to the rating of commercial mortgage-backed securities (?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Unregistered Brokers in Penny Stock Scheme Targeting Seniors

Posted on September 29, 2020
The Securities and Exchange Commission today charged three Florida residents with fraudulent sales of stock in NIT Enterprises Inc., a South Florida technology company. The SEC previously charged NIT Enterprises, its former CEO, and two SEC-barred?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

J.P. Morgan Securities Admits to Manipulative Trading in U.S. Treasuries

Posted on September 29, 2020
The Securities and Exchange Commission today announced charges against J.P. Morgan Securities LLC, a broker-dealer subsidiary of JPMorgan Chase & Co., for fraudulently engaging in manipulative trading of U.S. Treasury securities. J.P. Morgan?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Swedish National with Global Scheme Defrauding Retail Investors, Including Deaf Community Members

Posted on September 29, 2020
The Securities and Exchange Commission today charged a Swedish national living in Thailand with conducting a multi-million dollar online offering fraud that victimized thousands of retail investors worldwide, including hundreds of investors from the Deaf?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Issues $1.8 Million Whistleblower Award to a Company Outsider

Posted on September 28, 2020
The Securities and Exchange Commission today announced an award of over $1.8 million to a company outsider, who expeditiously reported significant information to the Commission about ongoing securities law violations.  ?Today?s award marks a?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Fiat Chrysler Agrees to Pay $9.5 Million Penalty for Disclosure Violations

Posted on September 28, 2020
The Securities and Exchange Commission today announced that Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that it made misleading disclosures about an?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Staff to Host October 26 Roundtable on Regulation Best Interest and Form CRS

Posted on September 28, 2020
The Securities and Exchange Commission today announced October 26 as the date for its roundtable at which Commission staff and the Financial Industry Regulatory Authority (FINRA) will discuss initial observations on Regulation Best Interest and?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Amazon Finance Manager and Family With Insider Trading

Posted on September 28, 2020
The SEC charged a former finance manager at Amazon.com Inc. and two family members with insider trading in advance of Amazon earnings announcements between January 2016 and July 2018. The US Attorney's Office also filed criminal charges against the finance manager...

SEC Proposes Rules to Extend Regulations ATS and SCI to Treasuries and Other Government Securities Markets

Posted on September 28, 2020
The Securities and Exchange Commission today announced a proposal to enhance the operational transparency, system integrity, and regulatory oversight for alternative trading systems (ATSs) that trade government securities as well as repurchase and?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Companies, Former Executives as Part of Risk-Based Initiative

Posted on September 28, 2020
The Securities and Exchange Commission today filed settled actions against two public companies for violations that resulted in the improper reporting of quarterly earnings per share (EPS) that met or exceeded analyst consensus estimates.  The?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Issues Two Whistleblower Awards for High-Quality Information Regarding Overseas Conduct

Posted on September 25, 2020
The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of over $2.5 million.  In the first order, a whistleblower was awarded over $1.8 million for taking both personal and professional risks in?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Top Executive of California Microcap Company for Misleading Claims Concerning COVID-19 Test and Financial Statements

Posted on September 25, 2020
The Securities and Exchange Commission today charged Mark Schena, the President and Chief Science Officer of Arrayit Corporation, for making allegedly false and misleading statements concerning Arrayit's development of a COVID-19 blood test and its?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle Charges of Accounting Fraud

Posted on September 24, 2020
The Securities and Exchange Commission today announced that Chicago-area engine manufacturing company Power Solutions International Inc., has agreed to settle accounting fraud charges related to the company's overstatement of revenues by almost $25?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales Information to Bond Investors

Posted on September 24, 2020
The Securities and Exchange Commission today announced settled charges against Germany-based automaker BMW AG and two of its U.S. subsidiaries for disclosing inaccurate and misleading information about BMW?s retail sales volume in the U.S. while raising?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Lighting Products Company and Four Executives With Accounting Violations

Posted on September 24, 2020
The Securities and Exchange Commission today charged Connecticut-based Revolution Lighting Technologies Inc. for an accounting fraud that falsely inflated its reported revenues over a four-year period. Four Revolution Lighting executives?CEO Robert?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Adopts Amendments to Modernize Shareholder Proposal Rule

Posted on September 23, 2020
The Securities and Exchange Commission today voted to adopt amendments to modernize its shareholder proposal rule, which governs the process for a shareholder to have its proposal included in a company?s proxy statement for consideration by all of the?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Adds Clarity, Efficiency and Transparency to Its Successful Whistleblower Award Program

Posted on September 23, 2020
The Securities and Exchange Commission today voted to adopt amendments to the rules governing its whistleblower program that are designed to provide greater clarity to whistleblowers and increase the program?s efficiency and transparency. ?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Now Scientists Are Trading on Inside Information?

Posted on April 01, 2011
The law of insider trading is still evolving, and has been since I started practicing law 30 years ago. Back in the 1980's I was part of the team that defended an SEC civil case against an employee of a financial printer who was accused of trading on inside information that he obtained because of his position as a proofreader...

Finally! - Why Excerise Won't Make You Thin

Posted on March 29, 2011
I have been on a health kick since December, in yet another attempt to lose weight. With 20 pounds down, people often ask how much I am excerising. The answer - not much. Practicing law in a small firm does not leave much time for excerise. Sure, I could probably find the time, but my thought has always been, why bother?I understand the benefits of walking, and I do not doubt those benefits...

SEC Charges Four In Boiler Room Operation

Posted on March 25, 2011
We haven't heard the term "boiler room" in years, but the SEC dusted off the term this week when it announced that it had filed a complaint alleging that a group in Los Angeles were operating a boiler room that defrauded investors who they persuaded to buy purportedly profitable trading systems...

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