Newsfile SEC Press Digest

Recent News

  • SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures

    Washington, D.C.--(Newsfile Corp. - September 27, 2022) - The Securities and Exchange Commission today announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements...

    2022-09-27 4:12 PM EDT
  • SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act

    Washington, D.C.--(Newsfile Corp. - September 27, 2022) - The Securities and Exchange Commission announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.According to the SEC’s...

    2022-09-27 9:16 AM EDT
  • SEC Charges Father-Son Duo and Associate in Market Manipulation Schemes Resulting in a New Jersey Deli with a $100 Million Valuation

    Washington, D.C.--(Newsfile Corp. - September 26, 2022) - The Securities and Exchange Commission today charged Peter L. Coker Sr., Peter L. Coker Jr., and James T. Patten for their roles in orchestrating fraudulent manipulative securities trading schemes. These schemes included artificially inflating the share price of Hometown International, which operated a New Jersey deli producing less than $40,000 in annual revenue, from approximately $1 per share in October 2019 to nearly...

    2022-09-26 1:56 PM EDT
  • SEC Charges Compass Minerals for Misleading Investors about Its Operations at World's Largest Underground Salt Mine

    Washington, D.C.--(Newsfile Corp. - September 23, 2022) - The Securities and Exchange Commission today announced settled charges against Compass Minerals International Inc. for misleading investors about a technology upgrade that the company claimed would reduce costs at its most significant mine, but in reality, had increased costs, and for failing to properly assess whether to disclose the financial risks created by the company’s excessive discharge of mercury in Brazil. Compass is ordered to pay $12 million to settle the charges.According...

    2022-09-23 4:29 PM EDT
  • Boeing to Pay $200 Million to Settle SEC Charges that it Misled Investors about the 737 MAX

    Washington D.C.--(Newsfile Corp. - September 22, 2022) - The Securities and Exchange Commission today charged The Boeing Company and its former CEO, Dennis A. Muilenburg, with making materially misleading public statements following crashes of Boeing airplanes in 2018 and 2019. The crashes involved Boeing’s 737 MAX airplane and a flight control function called the Maneuvering Characteristics Augmentation System (MCAS). According to the SEC’s orders, after the first crash, Boeing and...

    2022-09-22 4:53 PM EDT
  • SEC Charges Cheetah Mobile's CEO and Its Former President with Insider Trading

    Washington, D.C.--(Newsfile Corp. - September 21, 2022) - The Securities and Exchange Commission today charged the CEO of Cheetah Mobile Inc. and the company’s former President with insider trading for selling Cheetah Mobile’s securities, pursuant to a purported 10b5-1 trading plan, while in possession of material nonpublic information. The SEC’s order finds that Sheng Fu, the company’s CEO, and Ming Xu, its then-President and Chief Technology Officer, jointly established a...

    2022-09-21 8:43 AM EDT
  • Morgan Stanley Smith Barney to Pay $35 Million for Extensive Failures to Safeguard Personal Information of Millions of Customers

    Washington, D.C.--(Newsfile Corp. - September 20, 2022) - The Securities and Exchange Commission today announced charges against Morgan Stanley Smith Barney LLC (MSSB) stemming from the firm’s extensive failures, over a five-year period, to protect the personal identifying information, or PII, of approximately 15 million customers. MSSB has agreed to pay a $35 million penalty to settle the SEC charges.The SEC’s order finds that, as far back as 2015, MSSB...

    2022-09-20 7:08 AM EDT
  • Sparkster to Pay $35 Million to Harmed Investor Fund for Unregistered Crypto Asset Offering

    Washington, D.C.--(Newsfile Corp. - September 19, 2022) - The Securities and Exchange Commission today issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya, for the unregistered offer and sale of crypto asset securities from April 2018 through July 2018 and charged crypto influencer Ian Balina for failing to disclose compensation he received from Sparkster for publicly promoting its tokens and failing to file a registration statement with...

    2022-09-19 3:06 PM EDT