investors Archives - Page 2 of 14 - The Industry Spread

FCA Confirms New Rules for P2P Platforms

June 10, 2019

Following consultation, the Financial Conduct Authority (FCA) is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer P2P Platforms. When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. These new rules are designed to help better protect investors and allow firms and fundraisers to operate in a long-term, sustainable manner.

B.C. Residents and Nevada-based Company Breached Cease Trade Order and Made Misrepresentations

June 10, 2019

A British Columbia Securities Commission (BCSC) panel has found that three B.C. residents and a Nevada-based green energy company breached a cease trade order of the BCSC and failed to tell investors about the existence of the order. 

ecoTECH (now known as Dong Fang Hui Le Inc.) and three of its top executives, Chief Executive Officer Colin V. Hall, Chief Financial Officer Rolf Eugster and Director Anne Sanders, sold $55,100 worth of securities in 2013 to 16 investors despite a cease trade order issued by the BCSC in 2012. In addition, they failed to tell investors about the order.

SEC Charges Kik Interactive Inc. With Conducting $100 Million Unregistered ICO

June 10, 2019

As alleged in the SEC’s complaint, Kik had lost money for years on its sole product, an online messaging application, and the company’s management predicted internally that it would run out of money in 2017.  In early 2017, the company sought to pivot to a new type of business, which it financed through the sale of one trillion digital tokens.  Kik sold its “Kin” tokens to the public, and at a discounted price to wealthy purchasers, raising more than $55 million from U.S. investors.  The complaint alleges that Kin tokens traded recently at about half of the value that public investors paid in the offering.

SEC Awards $3 Million to Joint Whistleblowers

June 7, 2019

The Securities and Exchange Commission today announced an award of $3 million to whistleblowers whose tip launched the SEC’s investigation and subsequent successful enforcement action involving an alleged securities law violation that impacted retail investors. The whistleblowers submitted their tip jointly to the Commission and will share the award.  In this case, the whistleblowers also undertook significant and timely steps to have their employer remediate the harm caused by the alleged violations.

Sagar Teotia Named the SEC’s Acting Chief Accountant

June 2, 2019

Since 2017, Mr. Teotia has served as Deputy Chief Accountant, leading the accounting group. As Acting Chief Accountant, Mr. Teotia will serve as the principal advisor to the Commission on accounting and auditing matters and will lead the Commission’s Office of the Chief Accountant. He also will be responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.

SEC Seeks Emergency Relief to Halt Prominent New York Developer’s Ponzi-Like Real Estate Investment Scheme

June 1, 2019

The Securities and Exchange Commission filed an emergency action charging Robert C. Morgan, a New York residential and commercial real estate developer, and two of his entities, Morgan Mezzanine Fund Manager LLC and Morgan Acquisitions, LLC, with fraud for siphoning and misusing investor funds. In its action, filed Wednesday, the SEC seeks an asset freeze and other emergency relief.

Erin Schneider Named Director of San Francisco Office

June 1, 2019

The Securities and Exchange Commission today announced that Erin Schneider has been named Director of the San Francisco Regional Office.

Ms. Schneider joined the SEC staff in 2005 as a staff attorney in the San Francisco office.  She was promoted to Assistant Regional Director of the Enforcement Division’s Asset Management Unit in 2012 and then to Associate Regional Director of the San Francisco office in 2015.

FMA Research Highlights Gap Between What Investors Expect and What Auditors Deliver

May 26, 2019

An FMA research project with investors, directors, managers and auditors has identified reasonable levels of confidence in audit quality, but also a serious gap in the expectations of investors and what auditors deliver. The FMA commissioned the research to better understand public and industry perceptions of audit quality in New Zealand.

Newsletter

Register now to receive the latest news and information for global trading industry.