Enforcement Archives - The Industry Spread

Chairman Clayton Highlights New Members of Executive Staff

June 28, 2019

The Securities and Exchange Commission today released a full roster of the executive staff of Chairman Jay Clayton, including several individuals who have recently joined the office. Chairman Clayton’s executive staff is responsible for advising the Chairman on all matters before the Commission, working closely with agency staff, and helping the Chairman perform all day-to-day operations needed to fulfill the SEC’s mission.

CFPB To Hold First Symposium On June 25

June 20, 2019

The Consumer Financial Protection Bureau announced today that its first symposium will be held on June 25 at 9 a.m. The symposium, part of a series announced earlier this year, will focus on the Dodd-Frank Act’s prohibition on abusive acts or practices. The symposium will be webcast on the Bureau’s website. 

SEC Announces Enforcement and Investor Education Initiatives to Protect Teachers and Military Service Members

June 8, 2019

The Securities and Exchange Commission today announced two new education initiatives that will build on its ongoing efforts to protect retail investors. The Teachers’ Initiative and the Military Service Members’ Initiative will build on the Commission’s past efforts and focus additional enforcement and investor education resources on behalf of teachers, veterans, and active duty military personnel stationed domestically and abroad.

Wesley R. Bricker, Chief Accountant, to Leave SEC

June 2, 2019

The Securities and Exchange Commission today announced that Wesley R. Bricker, Chief Accountant, plans to leave the agency after more than six years of distinguished service. Mr. Bricker was named as the SEC’s Chief Accountant in 2016, after serving as the deputy chief accountant.  Earlier, he served as a professional accounting fellow.

CFTC and SEC Participate in the Signing Ceremony for the IOSCO Enhanced Multilateral MOU Concerning Cross-Border Enforcement

May 25, 2019

At the 44th Annual International Organization of Securities Commissions (IOSCO) Conference in Sydney, Australia, the Chairmen of the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) participated in a signing ceremony on May 15 for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

Morgan DeVere has been Convicted for Abuse of the FSPR

May 12, 2019

Morgan DeVere Corporate Finance Limited (Morgan DeVere) has been convicted at the Wellington District Court on two counts of breaching the Financial Services Providers Act 2008 (FSP Act) for falsely claiming it was registered on the Financial Services Providers Register ( FSPR ). A copy of the judgment can be found here.

SEC: Adam S. Aderton Named Co-Chief of the Asset Management Unit

May 5, 2019

The Securities and Exchange Commission today announced that Adam S. Aderton has been named Co-Chief of the Division of Enforcement’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds.  He succeeds Anthony Kelly, who left the agency in November 2018.

IIROC Proposes More Flexible, Proportionate Disciplinary Actions for Enforcement

April 30, 2019

National regulator’s proposed rules would include minor violation fines and early resolution offers April 25, 2019 (Toronto, ON) – The Investment Industry Regulatory Organization of Canada (IIROC) is publishing for comment a rule amendment proposing two alternative forms of discipline to provide more flexibility in the way individuals and firms are disciplined for breaking IIROC’s rules.

In CFTC Action, Federal Court Orders Precious Metals Firm and its Principal to Pay More than $3.6 million in Monetary Sanctions for Precious Metals Fraud and Misappropriation

March 21, 2019

The Commodity Futures Trading Commission (CFTC) announced today that a federal court in Florida has entered an Order of Final Judgment by Default (Final Judgment Order) and an Order Granting Motion for Final Default Judgment (collectively, Orders), against Betty Lea Grimes (Grimes)of Boca Raton, Florida, and the precious metals firm she founded, Mark Olsen Mining Company (MOMC) (collectively, defendants).  The Final Judgment Order requires the defendants to pay $2,723,460 in civil monetary penalties and $907,820 in disgorgement to customers.  The Final Judgment Order also permanently bars them from trading in CFTC regulated markets, as well as seeking registration with the CFTC.

FCA Fines Former Fund Manager Paul Stephany

February 8, 2019

The Financial Conduct Authority (FCA) has fined Paul Stephany, a former fund manager at Newton Investment Management Limited, £32,200 for his conduct in relation to an Initial Public Offering (IPO) and a placing.