The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."
A broker-dealer agreed to settle FINRA charges for inadequate trading supervision, providing inaccurate statements, paying unregistered individuals and failing to establish an adequate Customer Identification Program.
A federal court ordered a former CEO of an investment firm to pay over $13 million in disgorgement and penalties for violating federal securities laws in relation to allegations that he misled investors about the performance of an investment strategy.
The CFTC filed a federal complaint and obtained a restraining order against a corporation and several individuals for misappropriating over $6 million in customer funds in connection with an offering of a virtual currency.
A former executive at a transition management company agreed to pay a $975,000 fine in addition to a lifetime securities industry bar for his role in a fraudulent scheme to hide from clients significant overcharges for execution of trade orders.
The SEC brought its first enforcement actions against two Initial Coin Offerings. Cadwalader attorneys examine the implications of these actions, which may shed light on the SEC's future plans for regulating ICOs.