SEC
SEC Charges Blockchain Services Company with Conducting Unregistered Initial Coin Offering
In May, the U.S. Securities and Exchange Commission (SEC) charged blockchain services company BitClave PTE Ltd. (BitClave) for an unregistered initial coin offering of digital asset securities. BitClave will pay nearly $30 million in disgorgement and penalties. The SEC claims...
Investment Adviser to Pay SEC $30 Million as Result of Fraud Charges
On June 5, the U.S. Securities and Exchange Commission (SEC) announced final judgment on its fraud charges against investment adviser Navellier & Associates, Inc. and its founder and chief investment officer, Louis Navellier. Following the ruling of a federal district...
SEC Charges International Insurance Company with Making False Loss Reserve Disclosures
On June 17, the U.S. Securities and Exchange Commission (SEC) charged international insurance company AmTrust Financial Services, Inc. (AmTrust) and its former CFO Ronald E. Pipoly Jr. with faulty loss reserve disclosures. AmTrust and Pipoly have agreed to pay a...
Dermatology Product Manufacturer to Pay SEC $37 Million as Result of Fraud Charges
On June 5, the U.S. Securities and Exchange Commission (SEC) announced final judgment on its charges against dermatology product manufacturer Stiefel Laboratories Inc. (Stiefel Labs) and its former CEO and chairman, Charles Stiefel. The SEC alleged that shareholders were defrauded...
Department of Labor Rules Dodd-Frank Whistleblower Protections Do Not Cover Complaints about Theoretical Violations
On June 18, the U.S. Department of Labor Administrative Review Board (ARB) ruled that an employee’s complaint about theoretical violations of the Dodd-Frank Act does not constitute protected activity under the Dodd-Frank whistleblower protection provisions. The ruling concerns Bryan Horn...
President Obama, Senator Warren, Others Commemorate 10th Anniversary of Dodd-Frank Act
The most important and sweeping financial reform law since the Great Depression, the Dodd-Frank Act, marked its tenth anniversary on July 21. The Act changed the rules and regulations governing every aspect of the U.S. economy and featured historic whistleblower...
Whistleblower Receives $3.8 Million SEC Whistleblower Award
On July 14, the U.S. Securities and Exchange Commission (SEC) announced that it awarded a whistleblower $3.8 million. According to the SEC, the whistleblower’s “information and assistance helped both the SEC and another agency bring successful actions against the perpetrator...
SEC Posts Notice of Covered Action Regarding Case Against Aequitas
On June 30, the U.S. Securities and Exchange Commission (SEC) issued a Notice of Covered Action regarding the recent approximately $500 million settlement with an Oregon investment group. Aequitas Management LLC (Aequitas) and four affiliates settled SEC charges that they...
SEC Posts Notice of Covered Action Regarding Penny Stock Scalping Case
On June 30, the U.S. Securities and Exchange Commission (SEC) posted a Notice of Covered Action regarding action against Florida-based stock promoter Brian Robert Sodi. The SEC settled charges that stem from Sodi’s central role in a penny stock scalping...
Michael Rothenberg, Venture Capitalist Whose Fraud was Originally Exposed by an SEC Whistleblower, Now Facing Criminal Charges
On June 26, the U.S. Attorney's Office for the Northern District of California announced multiple criminal charges against venture capitalist Michael Rothenberg. Rothenberg, who was well known in the tech world for his lavish parties, allegedly defrauded his investors of...
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