The Securities and Exchange Commission will review corporate disclosure rules to possibly get rid of disclosure rules that are creating “information overload” for investors. Speaking to the National Association of Corporate Directors, SEC Chairwoman Mary Jo White said that as the quantity and types of issues that companies have to…
The Financial Industry Regulatory Authority is charging John Carris Investments LLC with misleading and bilking investors. It seeks a cease and desist order against the financial firm and George Carris, its CEO, to immediately stop soliciting customers to buy Fibrocell Science, Inc. stock without giving them the correct disclosures. The…
A district court judge has ordered Groupon Inc. to face a securities lawsuit filed against it accusing the deal-of-the-day coupon company of misleading investors regarding its financial state right before its IPO in 2011. The Illinois-based company had sought to have the securities fraud case brought by investor Michael Carter…
FINRA is fining GlobaLink Securities Registered Principal Junhua Michael Liao $20,000. According to the SRO’s findings, through Liao, the firm executed an agreement to sell and market a Regulation D offering comprised of promissory notes for a medical receivables financing company. The financial firm then is said to have sold…
The Securities and Exchange Commission has filed charges against Fredrick D. Scott, the New York money manager who owns investment advisory firm ACI Capital Group. The regulator contends that he falsely claimed that the company’s assets under management were as high as $3.7 billion to give him greater credibility when…
Gary Mitchell Spitz, a broker and a registered principal of an Iowa-based brokerage firm, is suspended from associating with any FINRA member for a year and must pay a $5,000 fine. The SRO says that Spitz did not perform proper due diligence of an entity—a Reg D, Rule 506 private…
Foremost Trading LLC has settled the securities charges filed against it by the US Commodity Futures Trading Commission. The regulator accused the introducing broker of failing to properly supervise the handling of specific trading accounts by employees, agents, and officers. To settle, Foremost Trading must pay a $400K civil penalty…
According to people who took a survey a report called the Financial Fraud and Fraud Susceptibility in the United States, while most people have been targeted by financial scammers, nearly half of them don’t see it coming. Almost 24,000 adults in the 40 and over age group participated. Among the…
By unanimous decision, the Securities and Exchange Commission has agreed to amendments to the Securities Exchange Act or 1934’s rules regarding customer protection, net capital, notification, and record books for broker-dealers. The regulator is seeking to enhance protections for investors and prevent business practices that are not sound. Under The…
According to The Wall Street Journal, US Attorney General Eric Holder wants Wall Street to know that the Justice Department is getting ready to bring criminal and civil securities fraud charges against those accountable for the financial crisis of 2008. Cases against a number of large financial firms are likely.…