Newsfile SEC Press Digest

Recent News

  • SEC Charges Ernst & Young, Three Audit Partners, and Former Public Company CAO with Audit Independence Misconduct

    Washington, D.C.--(Newsfile Corp. - August 2, 2021) - The Securities and Exchange Commission today charged accounting firm Ernst & Young LLP (EY), one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in connection with EY's pursuit to serve as the independent auditor for a public company with nearly $5 billion in revenue (issuer). Separately, the Commission brought charges against the Issuer's then-Chief Accounting Officer for his role in the misconduct. All...

    2021-08-02 1:33 PM EDT
  • SEC Issues Whistleblower Awards Totaling More Than $4 Million

    Washington, D.C.--(Newsfile Corp. - August 2, 2021) - The Securities and Exchange Commission today announced awards of more than $4 million to four whistleblowers who provided information and assistance in two separate enforcement proceedings.In the first order, the SEC awarded more than $2 million to a whistleblower who provided valuable information that resulted in SEC staff initiating an investigation, as well as ongoing assistance that included participating in multiple interviews and identifying key individuals and entities. The SEC also awarded more...

    2021-08-02 12:43 PM EDT
  • SEC Charges Real Estate CEO With Defrauding Investors

    Washington, D.C.--(Newsfile Corp. - July 30, 2021) - The Securities and Exchange Commission today announced securities fraud charges against recidivist Michael Shustek, the CEO of several Las Vegas real estate investment trusts (REITs), and his wholly owned investment advisory firm, Vestin Mortgage LLC.The complaint alleges that since at least 2012, Shustek fraudulently enriched himself and one of the REITs he controlled, The Parking REIT, at the expense of two publicly...

    2021-07-30 11:40 AM EDT
  • SEC Charges Founder of Nikola Corp. With Fraud

    Washington, D.C.--(Newsfile Corp. - July 29, 2021) - The Securities and Exchange Commission today announced charges against Trevor R. Milton, the founder, former CEO and former executive chairman of Nikola Corporation, for repeatedly disseminating false and misleading information – typically by speaking directly to investors through social media – about Nikola’s products and technological accomplishments.The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges...

    2021-07-29 11:40 AM EDT
  • SEC Charges Unlicensed Broker With Defrauding Investors

    Washington, D.C.--(Newsfile Corp. - July 28, 2021) - The Securities and Exchange Commission today charged Joshua L. Rupp of Michigan for engaging in securities fraud and for acting as an unregistered broker-dealer. The SEC’s complaint, filed in the U.S. District Court for the Western District of Michigan, alleges that Rupp engaged in a fraudulent investment scheme from January 2018 through July 2019 which included misstatements, false documents and misappropriation of investor funds.  According to the complaint, Rupp raised over $2.2...

    2021-07-28 2:39 PM EDT
  • SEC Charges 27 Financial Firms for Form CRS Filing and Delivery Failures

    Washington, D.C.--(Newsfile Corp. - July 26, 2021) - The Securities and Exchange Commission today announced that 21 investment advisers and 6 broker-dealers have agreed to settle charges that they failed to timely file and deliver their client or customer relationship summaries – known as Form CRS – to their retail investors.On June 5, 2019, the SEC adopted Form CRS and required SEC-registered investment advisers and SEC-registered broker-dealers to file their respective Forms CRS with the SEC, begin delivering them...

    2021-07-26 4:37 PM EDT
  • SEC Issues Substituted Compliance Determination for France

    Washington, D.C.--(Newsfile Corp. - July 26, 2021) - The Securities and Exchange Commission today announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in the French Republic (the French Order). This is the first determination that addresses substituted compliance in connection with the Commission's capital and margin requirements."Friday’s action reflects the latest of the Commission's continued...

    2021-07-26 11:00 AM EDT
  • YJ Fischer to Join SEC as Director of the Office of International Affairs

    Washington, D.C.--(Newsfile Corp. - July 22, 2021) - The Securities and Exchange Commission today announced the appointment of YJ Fischer as Director of the Office of International Affairs (OIA), effective Aug. 2. Ms. Fischer previously served in various roles at the U.S. State Department during the Obama Administration, including as assistant coordinator for implementation of the Iran nuclear agreement."I've had the pleasure of working with YJ and know first-hand that her judgment and depth of experience in international affairs make...

    2021-07-22 4:37 PM EDT