SEC Charges Repeat Offender in Stock Manipulation Scheme

The Securities and Exchange Commission charged Howard M. Appel with manipulating the stocks of three microcap companies while on supervised release following his criminal conviction for a prior securities fraud.

SEC Votes to Streamline Financial Disclosure Requirements

The SEC voted to propose rule amendments to simplify and streamline the financial disclosure requirements applicable to registered debt offerings for guarantors and issuers of guaranteed securities.

SEC Charges Two With Illegal Sales of Blockchain Internet Stock

The SEC charged T.J. Jesky and Mark F. Stefano with profiting from illegal sales of stock of a company claiming to have a blockchain-related business. The pair agreed to return approximately $1.4 million of allegedly ill-gotten gains and pay $188,682 in penalties.

Wells Fargo Pays $1.108MM to Settle SEC Charges of Misconduct

Wells Fargo Advisors agreed to settle charges of misconduct in the sale of financial products known as market-linked investments, or MLIs, to retail investors, according to the SEC.

SEC Names Kane Director of Office of Credit Ratings

The Securities and Exchange Commission named Jessica Kane director of the agency’s Office of Credit Ratings, where she has served as acting director since September 2017.

Proskauer Adds Former SEC Counsel to Litigation Practice

Law firm Proskauer hired Samuel Waldon as a partner in the Litigation Department. Waldon joined from the U.S. SEC where he served as assistant chief counsel in the Enforcement division for eight years.

SEC Charges Fintech Founder with Fraud Scheme

The SEC charged Michael Liberty, founder of the fintech startup now known as Mozido, with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido.

SEC Institutes Action Against Deutsche Bank Securities

The SEC instituted an enforcement action against Deutsche Bank Securities for making false and misleading statements while negotiating sales of CMBS. The bank has agreed to pay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement.

SEC Investigates GE

The Wall Street Journal reported that the Securities and Exchange Commission is looking into GE Capital’s revenue recognition practices for “long-term service contracts.”

Six CPAs Charged With Scheme to Improve KMPG Inspection Results

The SEC charged six CPAs with using leaked confidential Public Company Accounting Oversight Board data in a scheme to improve inspection results for KPMG.