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Tag: us securities and exchange commission

SEC filed Administrative Proceeding against Reginald Buddy Ringgold III
Business

SEC filed Administrative Proceeding against Reginald Buddy Ringgold III

Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding (File No. 3-20208) against Reginald Buddy Ringgold, III a.k.a. Rasool Abdul Rahim El for order instituting Administrative Proceedings pursuant to Section 203 (f) of the Investment Advisors Act of 1940 and Notice of Hearing. CLICK to VIEW FILING - PDF
SEC files Administrative Proceeding – Dominick & Dominick LLC
Business

SEC files Administrative Proceeding – Dominick & Dominick LLC

Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding (File No. 3-15987) against Dominick & Dominick LLC and Robert X. Reilly for order authorizing the transfer of the US Treasury of the remaining funds and any funds returned to the Disgorgement Fund in the future and terminating the Disgorgement Fund. CLICK to VIEW PROCEEDING - PDF
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
Business

SEC Updates List of Firms Using Inaccurate Information to Solicit Investors

Washington, DC (STL.News) The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 28 soliciting entities, three impersonators of genuine firms, and six bogus regulators. The SEC's list of soliciting entities that have been the subject of investor complaints, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list, enables investors to better inform themselves and avoid being a victim of fraud.   The latest additions are firms that SEC staff found were providing inaccurate information about their affiliation, location, or registration.   Under U.S. securities laws, firms that solicit investors generally are required to register with the SEC and...
SEC: Microcap Company, Preston Corp Charged with Fraud
Business

SEC: Microcap Company, Preston Corp Charged with Fraud

(STL.News) On January 15, 2021, the Securities and Exchange Commission charged the CEO of a Texas-based microcap issuer with fraud for making material misstatements in numerous press releases and for misappropriating investor funds raised in an unlawful securities offering. According to the SEC's complaint, during the relevant period, Preston Corp. (a/k/a Preston Royalty Corp.), a now-defunct microcap issuer, purported to be a financial services provider specializing in royalty financing for mining operations, but in reality had no actual operations.  The complaint alleges that the defendant, William Andrew Stack, Esq., a licensed lawyer who had no experience in the mining industry, served as Preston Corp.'s nominal CEO at the behest of the company's undisclosed control person, William ...
SEC Filed Administrative Proceeding Against Richard Portillo
Business

SEC Filed Administrative Proceeding Against Richard Portillo

SEC Filed Administrative Proceeding Against Richard Portillo and CIS Marketing, LLC Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding on January 19th, File No. 3-20207, against Richard Portillo and CIS Marketing, LLC, order instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Santions. CLICK to VIEW FILING - PDF
Kimberly Hamm, Chief Counsel to SEC Chairman, to Conclude Tenure
Business

Kimberly Hamm, Chief Counsel to SEC Chairman, to Conclude Tenure

Washington, DC (STL.News) The Securities and Exchange Commission today announced that Kimberly Hamm, Chief Counsel to the Chairman, will conclude her tenure at the agency in the coming weeks. Ms. Hamm joined the SEC in April 2019 and was named Chief Counsel to Chairman Jay Clayton in August 2019.  Ms. Hamm served as principal legal advisor to Chairman Clayton on the SEC's regulatory initiatives and rulemaking agenda and as a senior advisor to Chairman Clayton on cross-border regulatory activities, oversight of self-regulatory organizations, significant market events, and Commission operations and procedures, including by playing an integral role in the agency's response to the economic and market effects of COVID-19.  Ms. Hamm coordinated the efforts of staff across the agency and worke...
SEC – Fee Rate Advisory #2 for Fiscal Year 2021
Business

SEC – Fee Rate Advisory #2 for Fiscal Year 2021

Washington, DC (STL.News) The Securities and Exchange Commission today announced that starting on February 25, 2021, the fee rates applicable to most securities transactions will be set at $5.10 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $22.10 per million for covered sales occurring on charge dates through February 24, 2021, and a rate of $5.10 per million for covered sales occurring on charge dates on or after February 25, 2021. The reduction in the fee rate for fiscal year 2021 is due primarily to the substantially higher dollar amount of covered sales in recent months, a trend that began in March of 2020 due to record market volume during the COVID-19 pandemic, which has resulted in the Commission already assessing a substantial prop...
SEC Awards Nearly $600,000 to Whistleblower
Business

SEC Awards Nearly $600,000 to Whistleblower

Awards Have Now Surpassed Record Amounts Awarded Last Fiscal Year Washington, DC (STL.News) The Securities and Exchange Commission today announced an award of nearly $600,000 to a whistleblower whose tip led to the success of an enforcement action.  The whistleblower substantially contributed to an open investigation by providing detailed and highly valuable information resulting in critical investigative leads. “The whistleblower met with staff multiple times and provided substantial assistance to the investigation that led to the SEC’s enforcement action,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “Since the beginning of October, the Commission has awarded 28 individuals over $176 million in whistleblower awards, which already surpasses the total dollar amou...
Sagar Teotia to Conclude Tenure as SEC Chief Accountant
Business

Sagar Teotia to Conclude Tenure as SEC Chief Accountant

Washington, DC (STL.News) The Securities and Exchange Commission today announced that Sagar Teotia, the Commission’s Chief Accountant, intends to leave the agency by the end of February after nearly six years of total public service. As Chief Accountant, Mr. Teotia is the principal advisor to the Commission on accounting and auditing matters.  He leads the SEC’s Office of the Chief Accountant (OCA), which works closely with domestic and international private-sector accounting and auditing standard-setting bodies, and consults with registrants, auditors, and other Commission staff regarding the application of accounting standards, auditing standards, and financial disclosure requirements.  In addition, as Chief Accountant, Mr. Teotia is responsible for assisting the Commission with disch...
SEC filed Administrative Proceeding Against Kerry L. Hoffman
Business

SEC filed Administrative Proceeding Against Kerry L. Hoffman

Washington, DC (STL.News) The US Securities and Exchange Commission (SEC) filed an Administrative Proceeding against Kerry L. Hoffman pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisors Act of 1940, making findings and imposing remedial sanctions. CLICK to VIEW FILING - PDF
SEC Action: Justin Robert King and Elevate Investments, LLC
Business

SEC Action: Justin Robert King and Elevate Investments, LLC

SEC Obtains Emergency Relief Freezing Assets and Halting an Alleged Ongoing Fraud (STL.News) The Securities and Exchange Commission has obtained an emergency court order freezing assets of a San Juan Capistrano, California-based company and its founder, who allegedly were carrying out an ongoing investment fraud. According to the SEC's complaint, filed on December 21, 2020 in the U.S. District Court for the Central District of California and unsealed on January 7, 2021, Justin Robert King and his company, Elevate Investments LLC, raised about $7.4 million from investors since at least June 2019.  The complaint alleges that King and Elevate were offering interests in the Elevate Investment Fund despite the fact that no such fund entity exists.  The complaint further alleges that all inv...
SEC Charges Deutsche Bank
Business

SEC Charges Deutsche Bank

Washington, DC (STL.News) The Securities and Exchange Commission today announced charges against Deutsche Bank AG for violations of the Foreign Corrupt Practices Act (FCPA).  As part of coordinated resolutions with the SEC and the Department of Justice, Deutsche Bank has agreed to pay more than $120 million, which includes more than $43 million to settle the SEC’s charges. According to the SEC’s order, Deutsche Bank engaged foreign officials, their relatives, and their associates as third-party intermediaries, business development consultants, and finders to obtain and retain global business.  The order finds that Deutsche Bank lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in approximately $7 million in bribe payments or ...
SEC Issues Over $1.1 Million to Multiple Whistleblowers
Business

SEC Issues Over $1.1 Million to Multiple Whistleblowers

Washington, DC (STL.News) The Securities and Exchange Commission today announced awards totaling more than $1.1 million to five whistleblowers who provided high-quality information that led to successful enforcement actions. In the first order, the SEC awarded three whistleblowers almost $500,000 in connection with two related enforcement actions.  The first whistleblower provided information that prompted the opening of an investigation.  The second and third whistleblowers provided information that significantly contributed to the success of the actions, and contributed additional, helpful assistance to the investigative staff. In the second order, the SEC awarded nearly $600,000 to a whistleblower whose information caused the opening of an investigation.  The whistleblower continu...
SEC Files Administrative Proceeding Against Barry F. Connell
Business

SEC Files Administrative Proceeding Against Barry F. Connell

Washington, DC (STL.News) The US Securities and Exchange Commission filed an Administrative Proceeding against Barry F. Connell for order instituting Administrative Proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, making findings and imposing remedial sanctions. CLICK to VIEW FILING - PDF
SEC Obtains Final Judgements Against Stock Promoters
Business

SEC Obtains Final Judgements Against Stock Promoters

(STL.News) On December 30, 2020, the U. S. District Court for the Southern District of New York entered final judgments against two penny stock promoters whom the Commission charged in connection with several alleged pump-and-dump schemes involving stocks they were touting in their supposedly independent newsletters. The SEC's complaint in this action, filed in November 2014, alleged that Anthony Thompson, Jr., Jay Fung, and a third defendant, Eric Van Nguyen, worked in concert to gain control of a large portion of shares in the stock of microcap companies, then hyped those stocks in newsletters they distributed to prospective investors.  According to the complaint, the newsletters published by Thompson, Fung, and Van Nguyen misleadingly stated that they "may" or "might" sell shares the...