Securities and Exchange Commission Archives

Former SEC Official Urges Criminal Charges Against Sam Bankman-Fried Parents

Jack J. Kelly Cryptocurrency, Lawsuit, SEC, Securities and Exchange Commission September 25, 2023

Stark expressed surprise that the authorities did not include Bankman-Fried’s parents as defendants in their legal actions. Sam Bankman-Fried Parents Could Be Named ‘Relief Defendants’ John Reed Stark suggested Bankman-Fried parents as individuals who might have benefited from the alleged wrongdoings of their son. ...Read More

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Goldman Sachs settles $6m SEC penalty for incomplete blue sheet submissions

Jack J. Kelly Recordkeeping, SEC, Securities and Exchange Commission September 25, 2023

The SEC has detailed that for almost a decade, Goldman presented over 22,000 insufficient blue sheet submissions. Due to 43 varied mistakes, these submissions were devoid of or displayed incorrect transaction data for a minimum of 163 million deals. The SEC’s findings also highlighted ...Read More

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SEC Charges Five Advisory Firms for Custody Rule Violations

Jack J. Kelly Audit, Private Funds, SEC, Securities and Exchange Commission September 8, 2023

The Securities and Exchange Commission today announced charges against five investment advisers for failing to comply with requirements related to the safekeeping of client assets. Three of the firms were also charged with failing to timely update SEC disclosures regarding audits of their private ...Read More

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SEC makes biggest overhaul of $20T private equity, hedge fund industry in years

Jack J. Kelly Hedge Funds, Private Equity, Private Funds, SEC, Securities and Exchange Commission August 24, 2023

The Securities and Exchange Commission on Wednesday voted to overhaul rules for private equity and hedge funds, but in a victory for the industry did not make it easier for investors to sue fund managers and also did not ban arrangements that make it ...Read More

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SEC’s Whistleblower Chief Manages Growing Pains as Program Gains Popularity

Jack J. Kelly SEC, Securities and Exchange Commission, Whistleblower August 15, 2023

Nicole Creola Kelly has worked at the Securities and Exchange Commission for a quarter-century in a variety of roles. Now, as head of the agency’s whistleblower award program, she is facing perhaps her biggest challenge: critics who say the program favors those with connections to ...Read More

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SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

Jack J. Kelly Broker Dealer, Recordkeeping, SEC, Securities and Exchange Commission August 11, 2023

The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted ...Read More

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SEC Sues Crypto Founder, Alleging $1 Billion In Unregistered Crypto Sales And Multimillion-Dollar Fraud

Jack J. Kelly Cryptocurrency, Fraud, Fraudster, Investors, SEC, Securities and Exchange Commission, Unregistered Securities July 31, 2023

The Securities and Exchange Commission on Monday filed charges against a U.S. citizen it alleged raised more than $1 billion through the unregistered offer and sale of crypto securities before pilfering millions to fuel a high-status lifestyle and the acquisition of luxury goods, including the largest black ...Read More

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Coinbase CEO: SEC Suggested Change That Would Have Triggered The End Of The Crypto Industry In America

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission July 31, 2023

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market. Coinbase chief executive Brian ...Read More

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New SEC Regulations Seek To Protect Investors From Meme-Stock Frenzy

Jack J. Kelly Day Trading, Gamification, Investors, Meme Stocks, Robinhood, Securities and Exchange Commission, Stocks, Trading July 26, 2023

The U.S. Securities and Exchange Commission (SEC) has made moves to impose stricter controls on retail brokerages such as Robinhood Markets Inc., in an effort to safeguard customers from the dangers posed by the application of advanced analytics. The regulators are concerned these firms could exploit ...Read More

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SEC fines Cantor Fitzgerald over repeated failure to identify large traders

Jack J. Kelly SEC, Securities and Exchange Commission, Trader, Trading July 14, 2023

The U.S. Securities and Exchange Commission on Friday fined Cantor Fitzgerald $1.4 million for repeatedly failing to identify and report customers who qualified as large traders. Cantor, a New York-based investment bank and brokerage, did not admit or deny wrongdoing in agreeing to the ...Read More

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