The U.S. Supreme Court’s 6-3 decision in Securities and Exchange Commission v. Jarkesy, et al. significantly curtails the SEC’s enforcement powers by ruling that the agency’s administrative adjudication of securities fraud...more
In a 6-3 decision, the U.S. Supreme Court ruled that the administrative adjudication by the Securities and Exchange Commission (SEC) of securities fraud cases seeking civil penalties violates the Seventh Amendment right to a...more
Summary -
The Securities and Exchange Commission (SEC) is reportedly nearing a settlement with a nationally recognized statistical rating organization (NRSRO) over its failure to preserve certain credit-ratings...more
Summary -
Two more broker-dealers became the latest financial institutions to settle with the SEC for failing to maintain and preserve electronic communications. What distinguishes these settlements from the 17 prior...more
Second Post in a Two-Part Series -
Opinion Stresses Importance of Narrative Sections and Supporting Documentation for SARs -
In our first post in this series, we discussed the Securities and Exchange Commission’s...more
12/26/2018
/ Broker-Dealer ,
Enforcement Actions ,
Failure-to-File ,
Filing Requirements ,
Financial Services Industry ,
Market Manipulation ,
Money Laundering ,
Penny Stocks ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspicious Activity Reports (SARs)
First Post in a Two-Part Series -
On December 11, Judge Denise Cote of the Southern District of New York granted, in part, the Securities and Exchange Commission’s (“SEC”) motion for summary judgement in its action against...more
12/21/2018
/ Bank Secrecy Act ,
Books & Records ,
Broker-Dealer ,
Clearing Agents ,
Enforcement Actions ,
Enforcement Authority ,
Financial Services Industry ,
First Impression ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Stock Trades ,
Suspicious Activity Reports (SARs)
On June 5, the SEC filed suit against Salt Lake City-based Alpine Securities, Corp. (“Alpine”). The complaint, filed in the Southern District of New York, alleges that the broker-dealer ran afoul of AML rules by “routinely...more