On August 1, 2025, the Securities and Exchange Commission (“SEC”) announced (here) that it charged a Wisconsin resident and three limited liability companies that he owns and controls – Investors Capital LLC, Global Investors...more
The Bank Secrecy Act (“BSA”) and implementing regulations promulgated by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) require that broker-dealers file a suspicious activity report (SAR”) with...more
12/3/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Cease and Desist ,
Censures ,
Civil Monetary Penalty ,
Compliance ,
Enforcement ,
Filing Requirements ,
FinCEN ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Settlement ,
Suspicious Activity Reports (SARs)
In July of this year, we wrote about a fraud action involving the EB-5 Immigrant Investor Program (“EB-5 Program” or “Program”) (here). Under the EB-5 Program, investors are eligible for permanent residency status in the U.S....more
11/29/2023
/ EB-5 ,
Enforcement ,
False Statements ,
Foreign Direct Investment ,
Foreign Investment ,
Fraud ,
Fraud and Abuse ,
Immigrant Investor Program ,
Misleading Statements ,
Permanent Residence Cards ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Unregistered Brokers ,
Unregistered Securities ,
USCIS ,
Willful Misconduct
Affinity fraud is a type of investment fraud. In this form of fraud, the person committing the fraud preys upon members of an identifiable group, such as a religious or ethnic community, the elderly, or a professional group....more
10/25/2023
/ Asset Freeze ,
Enforcement ,
False Advertising ,
Fraud ,
Investment Advisers Act of 1940 ,
Investment Fraud ,
Ponzi Scheme ,
Pyramid Schemes ,
Restraining Orders ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more
10/10/2023
/ Cease and Desist Orders ,
Civil Monetary Penalty ,
Confidentiality Agreements ,
Dodd-Frank ,
Enforcement ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Non-Disclosure Agreement ,
Policies and Procedures ,
Restrictive Covenants ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Securities Violations ,
Severance Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
On March 20, 2018, the United States Supreme Court decided Cyan, Inc. v. Beaver County Employees Retirement Fund, in which it unanimously held that the Securities Litigation Uniform Standards Act of 1998 does not strip state...more
9/6/2023
/ Audits ,
Class Action ,
Compliance ,
Corporate Management ,
Disclosure Requirements ,
Financial Statements ,
Healthcare ,
Investment ,
Investors ,
Loss Causation ,
Material Misrepresentation ,
Omissions ,
Scienter ,
Section 11 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Shareholders ,
Subject Matter Jurisdiction ,
Uniform Standards