Newsfile SEC Press Digest

Recent News

  • SEC Adopts Amendments to Modernize Shareholder Proposal Rule

    Washington, D.C.--(Newsfile Corp. - September 23, 2020) - The Securities and Exchange Commission today voted to adopt amendments to modernize its shareholder proposal rule, which governs the process for a shareholder to have its proposal included in a company’s proxy statement for consideration by all of the company’s shareholders.  The principal requirements for: (1) initial inclusion in the proxy statement — the amount and length of ownership of the proposing shareholder — and (2) for subsequent resubmission if the...

    2020-09-23 12:09 PM ET
  • SEC Adds Clarity, Efficiency and Transparency to Its Successful Whistleblower Award Program

    Washington, D.C.--(Newsfile Corp. - September 23, 2020) - The Securities and Exchange Commission today voted to adopt amendments to the rules governing its whistleblower program that are designed to provide greater clarity to whistleblowers and increase the program’s efficiency and transparency. Concurrently, to provide additional efficiencies, as well as clarity and transparency in the award determination process, the SEC’s Office of the Whistleblower published guidance regarding the process for determining award amounts for eligible whistleblowers.   The SEC’s whistleblower program was...

    2020-09-23 11:12 AM ET
  • SEC Obtains Emergency Asset Freeze, Charges Ring of Microcap Stock Manipulators Targeting Retail Investors

    Washington, D.C.--(Newsfile Corp. - September 23, 2020) - The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief to halt a series of microcap market manipulation schemes that defrauded retail investors. According to the SEC’s complaint, from 2013 to 2019, the defendants engaged in various schemes to manipulate microcap stocks and defraud retail investors, obtaining a total of over $6 million in illicit profits. First, as alleged in the complaint, from at least 2013...

    2020-09-23 9:14 AM ET
  • SEC Charges Index Manager and Friend With Insider Trading

    Washington, D.C.--(Newsfile Corp. - September 21, 2020) - The Securities and Exchange Commission today charged Yinghang “James” Yang, a senior index manager at a globally recognized index provider, and his friend Yuanbiao Chen, a manager at a sushi restaurant, with perpetrating an insider-trading scheme that generated more than $900,000 in illegal profits.The SEC’s complaint alleges that between June and October of 2019, Yang and Chen repeatedly purchased call or put options of publicly traded companies hours before public announcements that...

    2020-09-21 3:38 PM ET
  • SEC Charges Ponzi Scheme Targeting U.S. Military Service Members

    Washington, D.C.--(Newsfile Corp. - September 21, 2020) - The Securities and Exchange Commission today announced settled charges against a Colorado man for defrauding investors, including cadets at the U.S. Air Force Academy.The SEC’s complaint alleges that over a two-year period, Milton J. Dosal, Jr. raised nearly $100,000 from approximately 41 investors under the guise that he would day-trade stocks on their behalf. According to the complaint, Dosal, a car enthusiast, met a number of investors through car club events, including...

    2020-09-21 12:51 PM ET
  • SEC Issues $2.4 Million Whistleblower Award

    Washington, D.C.--(Newsfile Corp. - September 21, 2020) - The Securities and Exchange Commission today announced an award of $2.4 million to a whistleblower whose timely submission of information prompted the agency to initiate an investigation and bring an enforcement action that stopped ongoing misconduct, and whose assistance throughout the investigation contributed to all of the charges brought by the SEC."The whistleblower awarded today quickly came forward with critical information and helped investigative staff target key information and identify important witnesses," said...

    2020-09-21 12:08 PM ET
  • SEC Awards Almost $250,000 to Joint Whistleblowers

    Washington, D.C.--(Newsfile Corp. - September 17, 2020) - The Securities and Exchange Commission today announced an award of nearly $250,000 to joint whistleblowers whose tip caused the opening of an investigation that resulted in a successful enforcement action. The whistleblowers raised concerns internally before reporting the concerns to the Commission.“The whistleblowers’ information alerted Commission staff to the potential securities violations and prompted the staff to open an investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower....

    2020-09-17 3:38 PM ET
  • SEC Charges Former CEO of Technology Company With Raising $123 Million in Fraudulent Offerings

    Washington, D.C.--(Newsfile Corp. - September 17, 2020) - The Securities and Exchange Commission today filed an emergency action against Adam Rogas, the former CEO of Las-Vegas-based NS8 Inc., which purports to provide fraud detection and prevention software to e-commerce merchants, seeking an asset freeze and charging Rogas with defrauding investors by falsely claiming millions of dollars in revenue.According to the SEC's complaint, from at least 2018 through June 2020, Rogas altered NS8's bank statements to show millions of dollars in...

    2020-09-17 1:32 PM ET