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.

Wells Fargo Advisors to Pay $3.5MM to Settle SAR Violations

According to a SEC filing, Wells Fargo Advisors was censured and agreed to pay $3.5 million to settle allegations it failed to file suspicious activity reports for transactions suspected to be linked to money laundering.

Barclays Capital to Pay $97MM for Overcharging Clients

The SEC issued an enforcement action requiring Barclays Capital to refund advisory fees or sales charges to clients who were overcharged. In a settlement of more than $97 million, Barclays agreed to settle three sets of violations.

SEC: Citigroup Paying $18MM for Overbilling Advisory Clients

The Securities and Exchange Commission reported that Citigroup Global Markets has agreed to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts.

SEC Announces Agenda, Panelists for Fintech Forum

The Securities and Exchange Commission announced the agenda and panelists for its November 14, 2016 forum to discuss fintech innovation in the financial services industry.