The United States’ Securities and Exchange Commission (SEC) on Wednesday voted to propose amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. A news release by the Commission stated that the proposed amendments were designed to enhance the Financial Stability Oversight Council’s (FSOC) ability to assess systemic risk […]
The United States’ (U.S’) Securities and Exchange Commission at the weekend announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. The firm admitted the facts set forth in the SEC’s order […]
The United States’ (U.S’) Securities and Exchange Commission has approved the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. Speaking on the approval, SEC Chair, Gary Gensler, said: “Finance is about trust, and the PCAOB has a critical role to play in ensuring that public company […]
The United States’ Securities and Exchange Commission (SEC) on Monday charged American Renal Associates Holdings, Inc. (ARA), a provider of dialysis services through clinics across the country, with engaging in a revenue manipulation scheme that resulted in the restatement of several years of financial reporting. The commission also charged two of ARA’s former chief financial […]
Credit Suisse Group AG has agreed to pay nearly $475 million to U.S. and U.K authorities, including nearly $100 million to the Securities and Exchange Commission (SEC), for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA) in a scheme involving two bond offerings and a syndicated loan that raised funds on behalf […]
The United States’ Securities and Exchange Commission (SEC) has adopted amendments to modernize filing fee disclosure and payment methods. Under the revised methods, operating companies and investment companies (funds) pay filing fees when engaging in certain transactions, including registered securities offerings, tender offers, and mergers and acquisitions. The amendments revised most fee-bearing forms, schedules, and […]
The U.S Securities and Exchange Commission (SEC) has charged CanaFarma Hemp Products Corp. and its co-founders with fraudulently raising approximately $15 million from investors, and misappropriating a significant portion of the investor funds for personal use and other unrelated purposes. The SEC’s complaint alleges that in 2019 and 2020, CanaFarma, a Canadian startup hemp company […]
The Securities and Exchange Commission (SEC) has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company. The commission’s action was based on allegation that the defendants defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of […]
The United States’ Securities and Exchange Commission at the weekend announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings. A statement by the commission indicated that in the first order, the SEC awarded approximately $1.2 million to a whistleblower who provided valuable independent analysis based […]
The U.S Securities and Exchange Commission (SEC) has penalized Pennsylvania-based Healthcare Services Group, Inc. (HCSG), Shea and Warner for engaging in accounting and disclosure violations that enabled HCSG to report inflated quarterly earnings per share (EPS) that met research analysts’ consensus estimates for multiple quarters. The sanction on the defaulting entities is the third action […]