federal securities laws Archives - The Industry Spread

SEC Names Bryan Wood as Deputy Chief of Staff

Mr. Wood has served as the Director of the Office of Legislative and Intergovernmental Affairs (OLIA) since June 2017, where he acts as the agency’s primary congressional liaison and provides advice to the Chairman, Commissioners, and SEC staff on legislative, policy, strategic, and operational matters. 

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

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.

FINRA Orders BBR to Pay Approximately $205,000 in Restitution to Customers for Supervisory Failures Involving Excessive and Unsuitable Trading

FINRA announced today that it has ordered New Jersey-based broker-dealer Buckman, Buckman & Reid, Inc. ( BBR ) to pay approximately $205,000 in restitution to seven customers for failing to reasonably supervise two former registered representatives who recommended excessive and unsuitable trades in multiple customer accounts. As part of the settlement, FINRA also required the firm to review and revise its supervisory system and written supervisory procedures. FINRA previously barred both registered representatives from the industry.

SEC Charges Audit Firm and Suspends Accountants for Deficient Audits

The Securities and Exchange Commission today filed settled charges against national audit firm Crowe LLP, two of its partners, and two partners of a now-defunct audit firm for their significant failures in audits of Corporate Resource Services Inc., which went bankrupt in 2015 after the discovery of approximately $100 million in unpaid federal payroll tax liabilities.

SEC Charges Agria Corporation and Executive Chairman With Fraud

A multinational agricultural company has agreed to pay $3 million to settle charges that it concealed substantial losses from investors through fraudulent accounting in connection with its divestiture of its primary operating entity.  In a related action, the company’s executive chairman Lai Guanglin (aka Alan Lai) settled charges that he manipulated the company’s share price.

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