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.
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.
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.
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 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.
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.
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.
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.
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.
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.”