News & Analysis as of

Securities Act of 1933 › Securities and Exchange Commission (SEC) › Enforcement

The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better... more +
The Securities Act of 1933 is a United States federal statute enacted in response to the stock market crash of 1929 and the ensuing Great Depression. The Act has two primary purposes: 1) to give investors better access to material information prior to investing 2) ensure that transactions are not based on fraud. In order to effectuate its dual goals, the Act requires that any offer or sale of securities is registered with the SEC. less -
Bracewell LLP

Supreme Court Declares SEC Lacks In-House Authority to Impose Civil Penalties

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The United States Supreme Court struck another major blow to the Securities Exchange Commission’s enforcement arsenal, finding that its oft-used practice of imposing monetary penalties in its in-house administrative...more

King & Spalding

House Passes FIT21 – What does it say, and what does it mean for digital asset providers?

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On, May 22, 2024, the U.S. House of Representatives passed H.R. 4763, Financial Innovation for Technology for the 21st Century Act (“FIT21”). The legislation was touted by the House Financial Services Committee’s Chairman,...more

Freiberger Haber LLP

Enforcement News: SEC Files Complaint in Connection with a $300 Million Ponzi Scheme and Affinity Fraud

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By: Jeffrey M. Haber On many occasions, we have written about Ponzi schemes that have been the subject of enforcement actions brought by, and/or settlements with, the Securities and Exchange Commission (“SEC” or the...more

Sheppard Mullin Richter & Hampton LLP

Crypto Platform Settles SEC and State Regulator Charges over Interest Bearing Feature on Customer Accounts

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On February 7, a Florida-based cryptocurrency company agreed to settle charges brought by the SEC and the California Department of Financial Protection and Innovation alleging that, an interest-earning feature offered on the...more

Freiberger Haber LLP

Enforcement News: SEC Brings Enforcement Action in Connection EB-5 Immigrant Investor Program

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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

White & Case LLP

The SEC’s Charges Against SolarWinds and its Chief Information Security Officer Provide Important Cybersecurity Lessons for Public...

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On October 30, 2023, the US Securities and Exchange Commission ("SEC") announced that it filed charges against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer ("CISO") in connection...more

Proskauer - Corporate Defense and Disputes

Second Circuit Clarifies Nature of Actionable Opinions Under Securities Laws

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The U.S. Court of Appeals for the Second Circuit held that a statement of opinion that reflects some subjective judgment can nevertheless be actionable under the securities laws if it misleads investors into thinking that the...more

Winstead PC

SEC and DOJ Go On An Insider-Trading Enforcement Spree

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Last week, the U.S. Securities and Exchange Commission brought five insider-trading cases against a slew of individuals. The U.S. Attorney’s Office for the Southern District of New York also announced parallel criminal...more

Morrison & Foerster LLP

Ninth Circuit Clarifies Summary Judgment Burden for SEC Penalties

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On June 13, 2023, in SEC v. Husain, the U.S. Court of Appeals for the Ninth Circuit clarified the high burden that the SEC must carry before a court may grant the Commission a civil monetary penalty at the summary judgment...more

King & Spalding

Bye-Bye Big Boys? The SEC Turns its Enforcement Focus to Private Deals

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On April 4, 2023, the U.S. Securities and Exchange Commission (“SEC”) filed suit against Charlie Javice, the 31-year-old founder of Frank, a student loan and financial aid assistance company. That same day, the U.S....more

Foley Hoag LLP - White Collar Law &...

Previewing SEC Enforcement in 2023

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Takeaways: The SEC’s Division of Enforcement set record-highs in total money relief ordered and total civil penalties assessed in fiscal year 2022....more

Dechert LLP

Securities and Derivative Litigation: Quarter 4 Update

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In 2022, there were 197 federal securities class actions filed, which is a 6.6% drop from the 211 filings in 2021, and a significant drop from the over 400 filings in 2017, 2018, and 2019, and over 300 in 2020. Despite a...more

ArentFox Schiff

Metaverse, Blockchain & Digital Assets: 10 Legal Challenges for Companies in 2023

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With the start of the new year, the ArentFox Schiff Metaverse Industry team reviews 10 of the most pressing legal issues for companies in 2023....more

Bracewell LLP

SEC Notches Win in Cryptocurrency Registration Battle

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Scoring a victory for the Securities and Exchange Commission in its efforts to qualify digital tokens as securities, a New Hampshire federal court ruled this week that tokens sold by LBRY Inc., known as LBC, are securities...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Enforcement and Standardization of Climate-Related Disclosures for Investors/Securities and Exchange Commission Proposed Rule:...

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The National Waste & Recycling Association (“NWRA”) submitted comments to the United States Securities and Exchange Commission (“SEC”) addressing its proposed rule titled: Enhancement and Standardization of...more

Morrison & Foerster LLP

SEC Risk Alert Provides Insight Into Examinations Related To ESG Investing

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On April 9, 2021, the SEC’s Division of Examinations (“EXAMS”) published a Risk Alert summarizing its observations from recent examinations of investment advisers, registered investment companies, and private funds engaged in...more

SECIL Law

Deconstructing the SEC's Cryptocurrency-Suppression Program: Part One

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This is the first article in a nine-part series that addresses the SEC’s unlawful suppression of new cryptocurrencies. Introduction - In 2017, the U.S. Securities and Exchange Commission (“SEC”) established an agency-wide...more

Latham & Watkins LLP

2019 Digital Asset Regulatory Look Back (US Edition)

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It was a year filled with tantalizing tidbits and many loose ends. 2019 marked the 10th year since blockchain technology was released into the wild by its still unknown inventor, Satoshi Nakamoto, who mined the first bitcoin...more

Dorsey & Whitney LLP

Adviser, Co-founder, Settle SEC Breach of Duty Proceeding

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The Commission filed settled administrative proceedings against an investment adviser and its co-founder based on a claimed breach of fiduciary duty. The Order alleged violations based on negligence, citing Securities Act...more

Goodwin

Financial Services Weekly News Roundup - September 2014

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In This Issue: The CFTC provided long-awaited exemptive relief for commodity pool operators that wish to offer their funds in private offerings using general solicitation under Rule 506(c) of the SEC’s Regulation D. ...more

Dorsey & Whitney LLP

SEC Efforts To Compel SIPIC Coverage For Stanford Victims Rejected

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The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more

BakerHostetler

Bitcoin Investment Vehicles Beware – The SEC is Watching

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The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

Dorsey & Whitney LLP

SEC Obtains Freeze Order Against Recidivist And His Entities

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The Commission brought an action against a securities law recidivist and his entities who had raised about $22 million in a fraudulent investment scheme. When the action was filed a temporary freeze order was obtained. Later...more

Dorsey & Whitney LLP

Consent Decrees, the District Court and the SEC: The Citigroup Decision

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The Second Circuit handed down its long awaited opinion in SEC v. Citigroup Global Markets, Inc., Nos. 11-5227-cv, 11-5375-cv and 11-5242-cv (2nd Cir. June 4, 2014). The decision arises out of the refusal of the District...more

Goodwin

SEC Staff Announces 2014 Broker-Dealer Examination Priorities

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The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the 2014 examination priorities (the “Announcement”) for its National Examination Program (the “NEP”). The priorities are organized according to...more

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