• Posts by Robert D. Conca, Esq.
    Partner

    Robert Conca has over 19 years of experience advising businesses and financial professionals. He has acted both in legal counsel and senior executive capacities for companies spanning all stages of development. From start-ups to ...

Old, Familiar Fraud Found in New, Innovative Investments

On January 24, 2020, the Securities and Exchange Commission (“SEC”) charged a California-based couple with orchestrating a seven-year, nearly billion-dollar Ponzi scheme involving alternative energy credits through their solar generator companies.

SEC Proposes Updated Definition of Accredited Investor, Qualified Institutional Buyer

The Securities and Exchange Commission (“SEC”) voted to propose amendments to its definition of an “accredited investor,” which, if approved, will allow more investors access to invest in private offering opportunities.

A Costly Failure to Follow Written Policies and Procedures

On November 22, 2019, the Securities and Exchange Commission ("SEC") ordered Channing Capital Management, LLC ("Channing"), a registered investment adviser located in Illinois, to pay a $50,000 civil penalty for failure to enforce its own written policies and procedures. This specific case underscores the importance of following the safeguards you put in place to protect all clients at all times.

SEC Requests Proposals to Innovate Markets for Thinly Traded Securities

The Securities and Exchange Commission (“SEC”) is considering implementation of regulatory changes in order to improve secondary market structures for thinly traded securities. It has announced a request for exchanges, issuers, investors, or other market participants to submit proposals that will facilitate market structure innovations that would meaningfully enhance trading.

Amadeus Wealth Advisors, Three Bridge Wealth Advisors Settle SEC Unlawful Proxy Charges

The Securities and Exchange Commission (“SEC”) has spent time and energy focused on proxy voting matters in the recent months. In August 2019, the SEC provided guidance (discussed below) to assist investment advisers fulfilling their proxy voting responsibilities. It also appears to have increased its attention toward regulatory actions involving proxy voting on behalf of clients. 

SEC: Prudential Failed to Disclose Conflicts of Interest to Fund Boards

The Securities and Exchange Commission ("SEC") has charged two Prudential subsidiaries with a failure to monitor and report conflicts of interest that proved costly to fund shareholders.

SEC Files Charges in Fraudulent Token Manipulation Scheme

The Securities and Exchange Commission (“SEC”) filed charges against Reginald “Reggie” Middleton and two entities he owns for allegedly committing a fraudulent digital token sale scheme.

Charging Clients Fees Not Disclosed in Form ADV: State Street Settles with SEC for $88 Million

The Securities and Exchange Commission ("SEC") announced it had settled charges against State Street Bank and Trust for overbilling mutual funds and other investment company clients by more than $170 million over a 17-year period.

Unregistered ICO: The SEC Brings More Charges

With the passing of every month, the investment industry sees another round of enforcements involving the mishandling of initial coin offerings ("ICOs"). The still nascent landscape of cryptocurrency investing continues to pose significant difficulties for investors, firms, and regulatory...

Posted in Cryptocurrency, ICOs
Digital Asset and Cryptocurrency Websites: The SEC Warns of Increase in Fraudulent Activity

The developing market of virtual currencies and online trading continues to present difficulties for the financial investment industry. In late April 2019, the Securities and Exchange Commission (SEC) released an investor alert that advised extreme caution surrounding digital asset...

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