SEC Steps Up Its Policing of Accounting Fraud

January 26, 2016

The Wall Street Journal recently reported that the Securities and Exchange Commission has stepped up its policing of accounting fraud. “The SEC’s first year-over-year increase in such enforcement actions since 2007, comes as the agency returns its focus to alleged financial-reporting and disclosure problems that might have gone unpunished as crisis-era misconduct, such as selling … Continue reading “SEC Steps Up Its Policing of Accounting Fraud”

FINRA Wants Barred Brokers Out of Insurance Too

January 26, 2016

FINRA is trying to keep banned registered securities representatives, or brokers, from using a loophole that lets them continue selling financial products to members of the public as authorized insurance agents, The Wall Street Journal reports. FINRA – the U.S. securities industry’s self-regulatory agency – will “begin providing to state insurance regulators a monthly report … Continue reading “FINRA Wants Barred Brokers Out of Insurance Too”

SEC Announces Charges Against Standard & Poor’s for Fraudulent Ratings Misconduct

January 26, 2016

On January 21, 2015, the Securities and Exchange Commission announced a series of federal securities law violations by Standard & Poor’s Ratings Services involving fraudulent misconduct in its ratings of certain commercial mortgage-backed securities (CMBS). S&P agreed to pay more than $58 million to settle the SEC’s charges, plus an additional $19 million to settle … Continue reading “SEC Announces Charges Against Standard & Poor’s for Fraudulent Ratings Misconduct”

SEC Investigating Several Companies Over Whistleblower Treatment

January 26, 2016

The U.S. Securities and Exchange Commission has sent letters to several companies asking for years of nondisclosure agreements, employment contracts and other documents to investigate whether companies are muzzling corporate whistleblowers, the Wall Street Journal reported. The inquiries come as SEC officials have expressed concern about a possible corporate backlash against whistleblowers, the newspaper said. … Continue reading “SEC Investigating Several Companies Over Whistleblower Treatment”

SEC Charges Texas-Based Brokerage Firm With Violating Supervisory and Customer Protection Rules

January 26, 2016

The Securities and Exchange Commission recently charged an Irving, Texas-based brokerage firm with violating key customer protection rules after failing to adequately supervise registered representatives who misappropriated customer funds. H.D. Vest Investment Securities agreed to settle the charges by paying a financial penalty and retaining an independent compliance consultant to improve its supervisory controls. According … Continue reading “SEC Charges Texas-Based Brokerage Firm With Violating Supervisory and Customer Protection Rules”

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