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Securities and Exchange Commission (SEC) Penalties Financial Services Industry

Carlton Fields

Builder of Investment Models Deviates From Blueprints - Employee’s Rogue Remodeling Costs Builder Plenty

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The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered investment advisers Two Sigma Investments LP and Two Sigma Advisers LP illustrates significant risks for investment...more

Carlton Fields

Is SEC Whistleblower Program Topping Out?

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Since its establishment more than a dozen years ago, the SEC’s whistleblower program has grown substantially — in terms of the number of whistleblower tips received by the SEC, as well as the number and dollar amount of...more

ArentFox Schiff

SEC Cracks Down on Unregistered Broker-Dealers

ArentFox Schiff on

StraightPath Venture Partners, LLC and PMAC Consulting have recently reached settlements with the US Securities and Exchange Commission (SEC) following SEC enforcement actions against them....more

BCLP

The Impact of Flexible SEC Sanctions on Defendants

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U.S. federal law gives the Securities and Exchange Commission (“SEC”) flexibility when seeking sanctions, including remedies that are tailored to specific cases. ...more

Akin Gump Strauss Hauer & Feld LLP

“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more

Carlton Fields

SEC Penalties for Off-Channel Communications: Still Blowing in the Wind

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The SEC has increased its enforcement efforts against firms that are registered as broker-dealers and/or investment advisers for alleged violations of federal securities laws involving “off-channel communications.” Such...more

Flaster Greenberg PC

Corporate Transparency Act

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PLEASE TAKE NOTE: Beginning on January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect. The CTA imposes new federal reporting requirements on most organizations formed or doing business in the United States....more

The Volkov Law Group

Pain in the App: Messaging Apps Lead to Large SEC Enforcement Actions

The Volkov Law Group on

On September 29, 2023, the U.S. Securities and Exchange Commission charged several firms with recordkeeping failures. These recordkeeping failures relate to pervasive and longstanding off-channel communications.  Generally,...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] The SEC and FCA Annual Reports: Facts, Figures, Trends

In this episode, Akin Gump financial regulatory partner Helen Marshall and white collar defense and government investigations practice co-head Michael Asaro look at SEC and FCA’s annual reports to discuss similarities,...more

The Volkov Law Group

UBS Pays $15 Million for AML Compliance Deficiencies

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UBS Group agreed to pay a combined $15 million penalty to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)and the SEC for regulatory deficiencies in its anti-money laundering compliance program. ...more

Fenwick & West LLP

SEC Fines Private Company in First Enforcement Action Resulting from Rule 701 Option Grants Investigation

Fenwick & West LLP on

The U.S. Securities and Exchange Commission brought an action against San Francisco-based Credit Karma on March 12 for issuing employee stock options without a valid registration exemption because the issuer failed to satisfy...more

Carlton Fields

Complex Investment Product Training Materials Under Fire

Carlton Fields on

In September 2016, the SEC imposed an approximately $15 million penalty and disgorgement (in total) against UBS Financial Services Inc. (UBS) as part of a settled action alleging that UBS failed to adequately train its...more

Goodwin

Financial Services Weekly News - September 2016 #3

Goodwin on

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

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