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.

Former SEC Attorneys Join Hughes Hubbard & Reed

Roel Campos and Terence Healy will join Hughes Hubbard & Reed as partners in its Washington, D.C. office. The two will lead the firm’s Securities Enforcement Practice Group as chair and vice chair, respectively.

SEC: Barclays, Credit Suisse Charged With Dark Pool Violations

Barclays Capital and Credit Suisse Securities (USA) have agreed to settle separate cases for violating federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse’s Light Pool.

SEC Charges 11 Superior Bank Officers and Directors With Fraud

The SEC announced fraud charges against 11 former executives and board members at Superior Bank involved in various schemes to conceal the extent of loan losses as the bank was faltering in the wake of the financial crisis.