Category Archives: SEC

Washington D.C., Sept. 26, 2019 — The Securities and Exchange Commission today announced that it has voted to adopt a new rule that extends a “test-the-waters” accommodation—currently a tool available to emerging growth companies or “EGCs”—to all issuers.  Under the new rule, all issuers will be allowed to gauge market interest in a possible initial […]

Sept. 26, 2019 Today, the Commission announced three important rulemakings.  Modernizing the Approval Framework for ETFs.  We adopted a new rule that (1) sets forth a clear and consistent framework that will allow exchange-traded funds (“ETFs”) meeting certain standardized conditions to come to market without obtaining an individualized exemptive order, and (2) amends certain forms […]

Litigation Release No. 24619 / September 25, 2019 Securities and Exchange Commission v. Andres Fernandez and Edison Denizard, Case No. 6:19-cv-01843 (M.D. Fla. Filed September 25, 2019) The Securities and Exchange Commission announced today that it filed charges against the Florida-based principals of several music entertainment companies for conducting two multi-million dollar offering frauds and […]

Litigation Release No. 24618 / September 25, 2019 Securities and Exchange Commission v. James Alex Irvin, No. 9:19-cv-81304-RAR (S.D. Fla., filed September 24, 2019) 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 […]

On September 17, 2019, a federal district court in Wilmington, Delaware entered final judgments against David R. Gibson, the former Chief Financial Officer, and Kevyn Rakowski, the former Controller, of Wilmington Trust, a Delaware-based bank that was acquired by M&T Bank in 2011. The SEC previously charged Gibson, Rakowski, and two other defendants with fraud […]

On August 21, 2019, the U.S. District Court for the Central District of California entered a settled final judgment against a former Orange County investment adviser firm Strong Investment Management (Strong) and its owner, Joseph B. Bronson, both of whom the SEC previously charged with securities fraud for their involvement in a “cherry-picking” scheme. Today, […]

Washington D.C., Sept. 24, 2019 — The Securities and Exchange Commission today announced that TMC Bonds LLC, operator of an alternative trading system (ATS) for fixed income securities, has agreed to pay $2.1 million to settle charges arising from TMC Bonds’ failure to protect confidential subscriber information.   The SEC’s order finds that, between at […]

The Securities and Exchange Commission has charged Robert Hillis Miller, a resident of Coral Gables, Florida, with securities law violations for his operation of a fraudulent scheme to hold, publicly offer, and sell millions of shares of penny stock issuer Abakan, Inc. (ticker: ABKI) by means of false statements and omissions, and without the registrations […]

Litigation Release No. 24612 / September 24, 2019 Securities and Exchange Commission v. Gerald C. Parker, Civil Action No. 1:19-cv-23943-CMA (S.D. Fla.)(Filed September 23, 2019) On September 23, 2019, the Securities and Exchange Commission filed charges against the former CEO and president of Social Voucher.com, Inc., a now defunct Florida-based company that claimed to be […]

Washington D.C., Sept. 24, 2019 — The Securities and Exchange Commission today charged global information and media analytics firm, Comscore, Inc., and its former CEO 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, […]