A witness testifying under oath before the SEC recently refused to answer any questions directed to him, not because of any privilege, but rather — as he said, sixty-eight different times – because he was “scared” and “frightened.”
This summer the SEC has been aggressively pursuing claims against developers and others involved in the EB-5 Immigrant Investor Program, which permits foreign citizens to apply for U.S. residency if they make a qualified investment in a specified project that creates or preserves at least 10 jobs for U.S. workers.
A few weeks ago, the Securities and Exchange Commission (“SEC”) issued an Order stating that the broker-dealer Edward D. Jones & Co. L.P. (“Edward Jones”) had to pay a hefty fine to the SEC as well as remuneration to its customers due to certain of its actions in the municipal bond market.
On Monday, August 3, 2015, Pacific Investment Management Co. LLC (Pimco) announced that it had received a Wells notice from the Securities and Exchange Commission concerning the valuation of certain nonagency mortgage-backed securities in its popular, exchange-traded Pimco Total Return ETF fund.
On August 27, the Securities and Exchange Commission announced that, effective October 1, the fees that public companies and other issuers pay to register their securities with the SEC will decrease from $116.20 per million dollars of securities registered to $100.70 per million dollars of securities, a decrease of approximately 13 percent.
Yesterday’s D.C. Circuit opinion upholding the SEC’s burdensome “pay-to-play” rule on procedural grounds is bad news for those questioning the rule’s constitutionality.
Every so often a public company finds itself unable to file periodic reports for a protracted time.
SEC Brings Claims Against Hackers and Brokers Who Conspired to Reap Benefits from Insider Trading Scheme
The proper handling, management and protection of confidential information continues to be a major risk management issue facing companies, their executives, employees, and the boards that oversee them.
In an action that emphasizes the agency’s commitment to cybersecurity, the SEC recently charged 32 defendants with violations of the federal antifraud laws and corresponding SEC rules, stemming from an alleged $100 million conspiracy to steal and trade on material non-public information contained in corporate earnings announcements that were obtained by hacking into the computer networks of three newswire services.