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.
SEC Chair Jay Clayton urged market professionals to act responsibly when dealing with Initial Coin Offerings and shared his perspective on the implementation of remaining Dodd-Frank rulemaking mandates.
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 Southern District of New York unsealed a complaint charging two individuals with violations of the Foreign Corrupt Practices Act and various other violations involving illegal payments to a Chinese energy company doing business in Chad and Uganda.
A U.S. broker-dealer agreed to pay restitution to settle FINRA charges of making unsuitable recommendations in connection with volatility-linked exchange-traded products. FINRA reminded firms of sales practice obligations for such products.
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.
The SEC charged an investment advisory firm with several violations of the Investor Advisors Act for defrauding and misleading investors about the performance track record of a branded investment strategy.
The Office of the Comptroller of the Currency provided risk management guidance to banks and federal savings associations concerning high loan-to-value lending programs in communities that are targeted for revitalization.