Former supervisor at Industrial Bank of China charged with improper handling of American Depository Receipts. Banks pays $42 million to SEC

The Securities and Exchange Commission today announced that Domenick Migliorato, a former supervisor of the securities lending desk at Industrial and Commercial Bank of China Financial Services LLC (ICBCFS), has agreed to settle charges for his supervisory failures involving the improper handling of transactions involving American Depositary Receipts (ADRs). Earlier this year, ICBCFS agreed to […]

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SEC halts Telegram Group’s business in U.S. stopping its plans to sell cryptocurrency or digital tokens here and possibly elsewhere

The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.Telegram and its subsidiary sold approximately 2.9 billion digital tokens […]

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Federal judge enters final judgment against NY brokerage firm Lek Securities and CEO S charged with manipulative US trading by Ukraine firm

Federal court judge entered final judgments against New York-based brokerage firm Lek Securities Corp. and Chief Executive Officer Sam Lek, who were charged by the Securities and Exchange Commission with facilitating manipulative U.S. trading by a Ukraine-based firm over a three-year period. The SEC’s complaint, filed in March 2017, alleged that Lek Securities and Sam Lek helped […]

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Blockchain tech company Block.one must pay $24 Million for unregistered initial coin offering of digital tokens raising several billion

The Securities and Exchange Commission ordered blockchain technology company Block.one to pay $24 million to settle charges it conducted an unregistered initial coin offering of digital tokens (ICO) raising the equivalent of several billion dollars over approximately one year.  The company agreed to pay. According to the SEC’s order, Block.one, which has operations in Virginia […]

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BMO Harris Financial and BMO Asset Management Corp to pay SEC over $37 million for failing to disclose conflicts and management fees

The Securities and Exchange Commission today announced that two BMO advisers have agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain aspects of how the advisers selected investments in their retail investment advisory program, known as the Managed Asset Allocation Program (MAAP), which included the selection of more […]

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Mylan pays $30 million to settle SEC charges of accounting and disclosures and misclassification of EpiPen

The Securities and Exchange Commission today announced charges against Pennsylvania-based pharmaceutical company Mylan N.V. for accounting and disclosure failures relating to a Department of Justice (DOJ) probe into whether Mylan overcharged Medicaid by hundreds of millions of dollars for EpiPen, its largest revenue and profit generating product. Mylan agreed to pay $30 million to settle the […]

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Former Petmed exec and Director of Marketing James Alex Irvin charged with insider trading by SEC

The Securities and Exchange Commission yesterday filed insider trading charges against a former executive of a Florida corporation who repeatedly traded on and tipped confidential information that he obtained through his employer. The SEC’s complaint, Petmed complaint filed in the U.S. District Court for the Southern District of Florida, alleges that James Alex Irvin, of […]

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Former Comscore Inc. CEO charged by SEC with accounting and disclosure fraud overstating revenue by $50 Million

The  Global information and media analytics firm, Comscore, Inc., and its former CEO Serge Matta has been charged by the Securities and Exchange Commission with engaging in a fraudulent scheme to overstate revenue by approximately $50 million and making false and misleading statements about key performance metrics. The SEC’s orders find, among other things, that […]

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SEC charges Price Waterhouse with violating auditor independence rules and PWC agrees to pay $7.9 million to settle the case

Accounting firm PricewaterhouseCoopers LLP was charged by the Securities & Exchange Commission with improper professional conduct in connection with 19 engagements on behalf of 15 SEC-registered issuers and violating auditor independence rules in connection with engagements for one issuer where the firm performed prohibited non-audit services. The SEC also charged PwC partner Brandon Sprankle with […]

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SEC targets Commonwealth Financial Network and other advisors for conflicts and hiding revenue sharing with brokers running trades

The U.S. Securities and Exchange Commission (SEC) is investigating several major investment advisor companies for failure to reveal conflicts of interest including revenue-sharing arrangements resulting in millions in income. In one recent lawsuit filed against Commonwealth Financial Network, The SEC says the firm has failed to disclose material conflicts of interest related to revenue sharing […]

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