Late last year, the Securities and Exchange Commission (“SEC”) penalized a public company for violating U.S. economic sanctions. The violation cited the “books and records” and “internal controls” provisions of the Securities Exchange Act of 1934 (the “Exchange Act”). On September 26, 2019, the SEC issued an Order instituting...
Continue reading…
Category: Securities and Exchange Commission Investigations
Securities & Exchange Commission investigates Robinhood for selling clients’ orders to high speed trading firms
Robinhood Markets Inc. is under investigation by the Securities & Exchange Commission for failing to disclose its practice of selling clients’ orders to high-speed trading firms, according to Bloomberg News, quoting sources. Prior reports of SEC filings supported the reports of high-frequency trading firms paying Robinhood 10 times as much as they pay to...
Continue reading…
SEC awards Wall Street analyst whistleblowers $2.5 million for unveiling accounting violations by Orthofix International
Two Wall street investment advisers that were analyzing the financial documents of a Texas medical device company Orthofix International, noticed some inconsistencies in those reports. They decided to look more closely, all based upon the publicly available submissions to the Securities & Exchange Commission, and they did some statistical modeling to help. The concluded...
Continue reading…
YouPlus Silicon Valley startup claiming machine learning tools to analyze videos on the net charged by SEC with defrauding investors
The Securities & Exchange Commission has filed a Complaint against Shaukat Shamim, the founder and CEO of YouPlus,purporting to have developed a machine-learning tool to analyze videos on the internet,of misrepresenting the company’s financial condition. According to the complaint,...
Continue reading…
Boston based Alexion Pharmaceuticals pays $21.5 million to settle charges of foreign bribes in Turkey, Russia and Brazil to sell their drugs
Boston-based Alexion pharmaceutical company, agreed to pay $21.5 million to settle charges it violated the Foreign Corrupt Practices Act (FCPA). A settlement, announced by the Securities and Exchange Commission (SEC), alleges that the company’s foreign subsidiaries in Turkey and Russia paid government officials to promote their drugs and that their Brazilian and Columbian subsidiaries...
Continue reading…
Alexion Pharmaceuticals agrees to pay $21 million to settle SECcharges of foreign bribes for Soliris to Turkish and Russian officials
The Securities and Exchange Commission today announced that Boston-based pharmaceutical company Alexion Pharmaceuticals Inc. has agreed to pay more than $21 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).
According to the SEC’s order,...
Continue reading…
Credit Suisse pays $135 million to settle New York’s charges of front running the market — a kind of insider trading
Credit Suisse has agreed to pay $135 million to settle a lawsuit filed by the New York State Department of Financial Services. The Consent Order in the case asserts that the bank was guilty of "front-running" in which a trading desk would purchase stock early in anticipation of recommending a large group of...
Continue reading…
SEC issues its largest whistleblower award-$50 Million on Bank of New York Mellon over-charges case. BNY pays $700 million
The US Securities and Exchange Commission has paid its largest-ever whistleblower award $50 million.
The Wall Street Journal, which conducted an investigation about the wrongdoing, reported the whistleblower is a trader from Bank of New York Mellon (BKPRC) who alerted...
Continue reading…
Securities & exchange Commission orders Morningstar Credit Ratings to pay $3.5 million for conflict of interest violations
The Securities and Exchange Commission today charged New York-based credit rating agency Morningstar Credit Ratings LLC for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts. Morningstar has agreed to pay $3.5 million to settle the charges.
The SEC’s order finds that from mid-2015 through September...
Continue reading…
