SEC Charges Citigroup for Dark Pool Misrepresentations

The Securities and Exchange Commission entered an order finding that Citigroup Global Markets misled users of a dark pool operated by one of its affiliates.

SEC Charges Cash Advance Co With Defrauding Investors

The SEC has charged cash advance company 1 Global Capital and its former CEO with allegedly defrauding at least 3,400 retail investors.

SEC Charges Moody’s With Control Failures, Ratings Deficiencies

The Securities and Exchange Commission announced Moody’s Investors Service agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks the first time the SEC has filed an enforcement action involving rating symbol deficiencies.

Citigroup to Pay $10MM+ for Records Violations and Inadequate Controls

Citigroup agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls and trader supervision.

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.