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Sep 21, 2020

Robert Morgan settles SEC case

Rochester real estate developer Robert C. Morgan and the federal Securities and Exchange Commission have reached a settlement in the SEC’s lawsuit accusing Morgan of fraud. Morgan was charged in May 2019 with securities fraud for the way investor funds in Morgan Mezzanine Fund Manager LLC and Morgan Acquisitions LLC were used. The SEC claims […]

Feb 19, 2018

When Trump’s SEC punishes Wall Street, it’s often done quietly

Under President Donald Trump, a top financial regulator isn’t embarrassing Wall Street as much as it used to. Take TPG Capital — the private-equity behemoth co-founded by billionaire David Bonderman. For years, the Securities and Exchange Commission had been investigating TPG and its competitors over concerns they were pocketing tens of millions of dollars in […]

Apr 19, 2017

Supreme Court skeptical about SEC’s powers of ‘disgorgement’

WASHINGTON — The Supreme Court indicated Tuesday that the federal government does not have the wide power it claims in pursuing the ill-gotten profits of fraudulent behavior. Justices across the board were at least skeptical of the Securities and Exchange Commission’s claim that it is not bound by a five-year statute of limitations when it […]

Nov 3, 2016

Wells Fargo discloses SEC investigation into sales practices

  The San Francisco-based bank has been under fire since it was discovered that in order to meet extremely lofty sales goals, employees opened as many as 2 million bank and credit card accounts without customer authorization. Wells Fargo has confirmed that the Securities and Exchange Commission is investigating its sales practices and revealed that […]

Feb 1, 2016

Major banks reach settlement over “dark pool” trading

WASHINGTON — Two major global banks, Barclays and Credit Suisse, are paying a combined $154.3 million to settle government investigations that they misled clients about being able to safely trade on their “dark pool” financial exchanges. The banks left their customers on these private exchanges vulnerable to “predatory, high-frequency traders” that could intercept and pro[...]

Nov 2, 2015

SEC opens door to startup investing for all

A new form of crowdfunding is coming soon that will allow startups to raise money by selling stock to Main Street investors. The Securities and Exchange Commission on Friday adopted rules implementing a 2012 law that opened the door to securities crowdfunding. The vote was 3-1 at a public meeting. For years, artists, charities and […]

Aug 19, 2014

SEC examining ‘alternative’ mutual funds

Federal regulators are scrutinizing a type of mutual fund that’s potentially riskier than conventional funds and is growing in popularity, prompting concerns over possible harm to ordinary investors. The Securities and Exchange Commission has disclosed that it’s conducting a “national sweep exam” of so-called alternative mutual funds, focusing in a first phase on 15 to […]

Feb 25, 2014

SEC rejects fund’s request for bank disclosure

ALBANY — The Securities and Exchange Commission has rejected shareholder proposals from New York’s comptroller that would have asked two major banks to disclose which employees are capable of exposing them to major losses because of their portfolios and bonus incentives. SEC staff told Wells Fargo and Bank of America in recent letters “there appears […]

Jul 11, 2013

SEC lifts ban on hedge fund advertising

WASHINGTON — For the first time, hedge funds will be allowed to advertise to the general public under a rule adopted Wednesday by federal regulators. The Securities and Exchange Commission voted 4-1 to lift a decades-old ban that prevents hedge funds, private equity firms and other private investment managers from marketing their products to a […]

Jun 3, 2013

Second Circuit — SEC: SEC v. Bankosky

U.S. Court of Appeals for the Second Circuit SEC Barring Officer or Director of Public Company — Patel Factors SEC v. Bankosky 12-2943-cv Judges Walker, Chin and Restani Background: The SEC accused the defendant of engaging in insider trading in violation of the Securities Exchange Act. After an entry of a consent judgment, in which […]

Mar 12, 2013

White pledges ‘unrelenting’ enforcement at SEC

WASHINGTON — Mary Jo White vowed Tuesday to make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed chairman of the Securities and Exchange Commission. White, a former federal prosecutor, says investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued. “Strong […]

Mar 11, 2013

Ruling against SEC a win for defense bar

The five-year discovery clock starts ticking when fraud occurs, not when the government finds out about it, the U.S. Supreme Court has ruled for cases where the Securities and Exchange Commission seeks civil penalties, Gabelli v. Securities and Exchange Commission, no. 11-1274 (Feb. 27). The unanimous court found the discovery rule did not apply to […]

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