The SEC announced fraud charges against two Tampa-area investment advisers accused of failing to inform clients truthfully about compensation received from offshore funds. The advisers recommended the funds as safe investments despite substantial risks and red flags. The SEC's Enforcement Division alleged that Gregory J. Adams and Larry C. Grossman solicited and directed the clients of their investment firm, Sovereign International Asset Management, to invest almost exclusively in funds controlled by an asset manager named Nikolai Battoo, whom the SEC has previously charged in a separate
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On September 17, 2013, the MSRB filed with the SEC a proposed rule change consisting of new MSRB Rule G-47 ("Time of Trade Disclosures"), new MSRB Rules D-15 and G-48 ("Relating to Sophisticated Muni Market Professionals"), and amendments to MSRB Rule G-19 ("Suitability"). The SEC received two comment letters in response to the proposed rule change, to which letters the MSRB responded on January 14. The SEC is publishing this order to solicit additional input from interested persons and to institute proceedings to determine whether to approve or disapprove the proposed rule change. Lofchie
The SEC's Investor Advisory Committee ("IAC"), which was established pursuant to Dodd-Frank Section 911, held a public meeting on April 10, 2014. In addition to administrative changes, the Committee made recommendations regarding crowdfunding regulations.
At the American Retirement Initiative's Winter Summit, SEC Commissioner Luis Aguilar and SEC Investor Advocate Rick Fleming delivered remarks in which they advocated for investors saving for retirement and discussed various ways to protect elderly investors from financial exploitation.
An SEC notice of the upcoming Investor Advisory Committee meeting was published in the Federal Register. The meeting is scheduled for April 9, 2015.