When the SEC, FINRA or State Regulators come knocking, you want your firm to be prepared and Jacko Law Group can make sure you are.
On July 30, 2020, the Securities and Exchange Commission (“SEC”) announced it was bringing charges against San Antonio-based CEO, Victor Lee Farias, and his firm, Integrity Aviation & Leasing (“IAL”), for defrauding investors, including police officers and other first-responders, out of approximately $14 million.
On May 28, 2020, the Securities and Exchange Commission (“SEC”) announced that San Jose-based block chain services firm BitClave PTE Ltd. (“BitClave”) agreed to settle charges related to an unregistered initial coin offering (“ICO”) of digital asset securities.
On May 12, 2020, the Securities and Exchange Commission (“SEC”) announced that Morgan Stanley Smith Barney (“MSSB”) agreed to settle charges that it provided misleading information regarding transaction costs and services to retail clients in its wrap program for the period from 2012 to 2017.
On April 30, 2020, the Financial Industry Regulatory Authority (“FINRA”) celebrated the fifth anniversary of its Senior Help Line (the “Help Line”). The Help Line is a critical tool in FINRA’s initiative to combat financial exploitation of seniors and other vulnerable populations.
MetLife, Inc. has agreed to pay a civil penalty of $10 million in order to settle charges from the Securities and Exchange Commission (“SEC”) that it violated the books and records and internal accounting controls provisions of the federal securities laws.
Blockchain of Things (“BCOT”), a technology company, has agreed to settle charges with the Securities and Exchange Commission (“SEC”) for conducting an initial coin offering (ICO) without registering it as a securities offering or qualifying for any registration exemptions. The settlement requires BCOT to agree to a cease and desist order, pay a $250,000 civil fine, return funds to any investors who file a request, and register the tokens as securities.
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.
Advisory firms are encountering more competition than ever when it comes to building their client base. Many firms would make an additional spend on marketing and advertising strategies (including use of solicitors and social media to attract younger clients) but often are concerned about SEC regulatory scrutiny and limitations imposed on registrants.
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.
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