Newsfile SEC Press Digest

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SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence
Washington, D.C.--(Newsfile Corp. - March 18, 2024) - The Securities and Exchange Commission today announced settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their purported use of artificial intelligence (AI). The firms agreed to settle the SEC’s charges and pay $400,000 in total civil penalties.“We find that Delphia and Global Predictions marketed to their clients and prospective clients that they were using AI in certain ways when, in...
2024-03-18 8:20 AM EDT
SEC Charges 17 Individuals in $300 Million Crypto-Asset Ponzi Scheme Targeting the Latino Community
Washington, D.C.--(Newsfile Corp. - March 14, 2024) - The Securities and Exchange Commission today charged 17 individuals for their roles in a $300 million Ponzi scheme that involved Houston, Texas-based CryptoFX LLC and targeted more than 40,000 predominantly Latino investors in the U.S. and two other countries. Today’s complaint follows the SEC’s successful emergency action in September 2022 that halted the CryptoFX scheme and charged its two main principals, Mauricio Chavez and Giorgio Benvenuto.“We allege that CryptoFX was a $300...
2024-03-14 4:26 PM EDT
SEC Charges Tallgrass Energy's Former Board Member Roy Cook and Four Others with Insider Trading in Advance of Blackstone Acquisition
Washington, D.C.--(Newsfile Corp. - March 12, 2024) - The Securities and Exchange Commission today announced insider trading charges against Roy Cook, a former board member of Tallgrass Energy LP, and four of his friends for trading on material nonpublic information in advance of a public announcement that Blackstone Infrastructure Partners had offered to acquire Tallgrass and take it private. The SEC also charged Cook for failing to file required disclosure reports concerning securities transactions by family trusts. All five of...
2024-03-12 12:30 PM EDT
SEC Charges Skechers with Making Undisclosed Payments to Executives' Family Members
Washington, D.C.--(Newsfile Corp. - March 7, 2024) - The Securities and Exchange Commission today announced that Skechers U.S.A. Inc., a footwear company based in California, agreed to settle charges for failing to disclose payments for the benefit of its executives and their immediate family members. Skechers agreed to pay a $1.25 million civil penalty to settle the SEC’s charges.According to the SEC’s order, from 2019 through 2022, Skechers did not comply with related person transaction disclosure requirements when it failed...
2024-03-07 5:20 PM EST
SEC Adopts Amendments to Enhance Disclosure of Order Execution Information
Washington, D.C.--(Newsfile Corp. - March 6, 2024) - The Securities and Exchange Commission today adopted rule amendments that update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks (NMS stocks), which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 to help the public compare and evaluate execution quality at different market centers.“In the 24 years since Rule 605 was adopted, our equity markets have been transformed...
2024-03-06 1:29 PM EST
SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures for Investors
Washington, D.C.--(Newsfile Corp. - March 6, 2024) - The Securities and Exchange Commission today adopted rules to enhance and standardize climate-related disclosures by public companies and in public offerings. The final rules reflect the Commission’s efforts to respond to investors’ demand for more consistent, comparable, and reliable information about the financial effects of climate-related risks on a registrant’s operations and how it manages those risks while balancing concerns about mitigating the associated costs of the rules.“Our federal securities laws lay...
2024-03-06 12:44 PM EST
SEC Charges Advisory Firm HG Vora for Disclosure Failures Ahead of Ryder Acquisition Bid
Washington, D.C.--(Newsfile Corp. - March 1, 2024) - The Securities and Exchange Commission today announced settled charges against New York-based investment adviser HG Vora Capital Management LLC for its failure to make timely ownership disclosures in the lead-up to its May 2022 acquisition bid for trucking fleet company Ryder System Inc. HG Vora agreed to pay a $950,000 civil penalty to settle the SEC’s charges.Under the federal securities laws, a company that owns more than five percent of a public...
2024-03-01 10:12 AM EST
SEC Charges Lordstown Motors with Misleading Investors about Company's Flagship Electric Vehicle
Washington, D.C.--(Newsfile Corp. - February 29, 2024) - The Securities and Exchange Commission today charged Lordstown Motors Corp. with misleading investors about the sales prospects of Lordstown’s flagship electric pickup truck, the Endurance. Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020.According to the SEC’s settled order, Lordstown exaggerated the demand for the Endurance, claiming that the company had received more than 100,000 nonbinding “pre-orders” for the vehicle from...
2024-02-29 4:38 PM EST
SEC Investor Advisory Committee to Discuss Proposals to Improve Equity Market Structure and Examine the Use of Materiality as a Disclosure Standard
Washington, D.C.--(Newsfile Corp. - February 29, 2024) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting on March 7 at 10 a.m. ET at the SEC Headquarters in Washington, D.C. The meeting will also be webcast on the SEC website.The committee will host two panels:Discussing the U.S. Securities and Exchange Commission’s Proposals to Improve Equity Market Structure; andExamining the Use of Materiality as a Disclosure Standard – Can the Definition be Improved to Better Serve...
2024-02-29 11:12 AM EST
SEC Announces Departure of William Birdthistle; Natasha Vij Greiner Named Director of the Division of Investment Management
Washington, D.C.--(Newsfile Corp. - February 28, 2024) - The Securities and Exchange Commission today announced that William Birdthistle, the Director of the Division of Investment Management, will depart the agency, effective March 8, 2024. Natasha Vij Greiner, currently the Deputy Director of the Division of Examinations, will be named Director of the Division of Investment Management upon Mr. Birdthistle’s departure. The Division oversees regulatory policy for investment advisers and investment companies, including mutual funds and other investment products and services...
2024-02-28 11:59 AM EST

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