SEC Charges Justinas Butkus with Orchestrating $4 Million Fraud
Washington, D.C.--(Newsfile Corp. - February 27, 2025) - The Securities and Exchange Commission today filed charges against Justinas Butkus, of Lithuania, and two companies he owned and controlled, HMC Trading LLC and HMC Management LLC, for fraudulently raising approximately $4.1 million from 64 investors by selling interests in mutual funds that did not exist. As alleged in the SEC’s complaint, in late 2021, Butkus, under the alias Darius Karpavicius, operated fictitious investment firms...
2025-02-27 6:27 PM EST
SEC Investor Advisory Committee to Examine the Disclosure of AI's Impact on Company Operations; and Retail Investor Fraud in America at March 6 Meeting
Washington, D.C.--(Newsfile Corp. - February 27, 2025) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington, D.C., on March 6, at 10 a.m. ET. The meeting will also be webcast on the SEC website. The committee will host two panels: Disclosure of Artificial Intelligence’s Impact on Operations; and Retail Investor Fraud in America The Committee will also discuss a potential recommendation regarding preserving...
2025-02-27 1:52 PM EST
SEC Charges Alan Burak, Founder of Never Alone Capital, with Fraud
Washington, D.C.--(Newsfile Corp. - February 26, 2025) - The Securities and Exchange Commission today charged Alan Burak, founder of Never Alone Capital LLC, with orchestrating a fraudulent scheme that raised approximately $4 million, most of which Burak misappropriated for personal expenses. The SEC’s complaint alleges that, between 2018 and 2023, Burak engaged in a fraudulent scheme to recruit investors in his so-called investment fund, Never Alone Capital LLC, by falsely representing...
2025-02-26 1:35 PM EST
SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities
Washington, D.C.--(Newsfile Corp. - February 25, 2025) - The Securities and Exchange Commission today extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act by one year to Dec. 31, 2026, for eligible cash market transactions, and June 30, 2027, for eligible repo market transactions. Under the rule, a covered clearing agency that provides central counterparty services for U.S. Treasury securities must establish, implement, maintain, and enforce...
2025-02-25 9:56 PM EST
SEC Announces Cyber and Emerging Technologies Unit to Protect Retail Investors
Washington, D.C.--(Newsfile Corp. - February 20, 2025) - The Securities and Exchange Commission today announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors from bad actors in the emerging technologies space. The CETU, led by Laura D’Allaird, replaces the Crypto Assets and Cyber Unit and is comprised of approximately 30 fraud specialists and attorneys across multiple SEC offices. “Under Laura’s...
2025-02-20 9:40 AM EST
SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission will host the SEC’s 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 – 4:30 p.m. ET. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors. “The...
2025-02-14 1:53 PM EST
SEC Seeks Candidates for Membership on the Investor Advisory Committee
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the...
2025-02-14 12:18 PM EST
SEC Charges One Oak Capital Management and Michael DeRosa with Breaching Fiduciary Duties to Clients
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission today filed settled charges against New York-based registered investment adviser One Oak Capital Management LLC, and former One Oak investment adviser representative, Michael DeRosa, for misconduct related to advisory services provided to their retail clients. According to the SEC’s order, from approximately June 2020 through October 2023, One Oak and DeRosa recommended that DeRosa’s customers at...
2025-02-14 11:09 AM EST
Exemption From the Requirement to Report Certain Personally Identifiable Information to the Consolidated Audit Trail
Washington D.C.--(Newsfile Corp. - February 10, 2025) - The Securities and Exchange Commission today provided an exemption from the requirement to report certain personally identifiable information (PII) – names, addresses, and years of birth – to the Consolidated Audit Trail (CAT) for natural persons. Bad actors have become increasingly sophisticated and, in the event of a breach, may be able to use the names, addresses, and years of birth to impersonate a customer or broker-dealer and gain...
2025-02-10 9:24 PM EST
Exemption From Exchange Act Rule 13f-2 and Related Form SHO
Washington, D.C.--(Newsfile Corp. - February 7, 2025) - The Securities and Exchange Commission today provided a temporary exemption from compliance with Rule 13f-2 under the Securities Exchange Act and from reporting on Form SHO. As a result of the exemption, filings on initial Form SHO reports from institutional investment managers that meet or exceed certain specified thresholds will be due by Feb. 17, 2026, for the January 2026 reporting period. The effective date for Rule 13f-2 and Form...
2025-02-07 6:30 PM EST
Acting Chairman Mark T. Uyeda Announces Executive Staff and Other Appointments
Washington, D.C.--(Newsfile Corp. - February 4, 2025) - The Securities and Exchange Commission today announced Acting Chairman Mark T. Uyeda’s executive staff, which will advise the Acting Chairman on matters before the Commission and work closely with SEC staff. Gabriel Eckstein, Chief of Staff Steven Levine, Deputy Chief of Staff Holly Hunter-Ceci, Senior Advisor to the Acting Chairman Charles Lee, Senior Advisor to the Acting Chairman Jaime Marinaro, Senior Advisor to the Acting Chairman...
2025-02-04 11:52 AM EST
SEC Small Business Advisory Committee to Continue Discussing Challenges Facing Emerging Fund Managers, and Explore Hurdles for Small Public Companies Not Listed on a National Securities Exchange
Washington, D.C.--(Newsfile Corp. - January 30, 2025) - The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, Feb. 25, 2025, which will include discussion of capital raising challenges facing emerging fund managers and hurdles facing small public companies not listed on a national securities exchange. Members of the public can watch the live meeting via webcast on www.sec.gov. The committee, which...
2025-01-30 1:23 PM EST
Acting Chairman Mark T. Uyeda Names Natalia Díez Riggin as Senior Advisor and Acting Director of Legislative and Intergovernmental Affairs
Washington, D.C.--(Newsfile Corp. - January 30, 2025) - The Securities and Exchange Commission today announced Acting Chairman Mark T. Uyeda has named Natalia Díez Riggin as Senior Advisor and Acting Director of the Office of Legislative and Intergovernmental Affairs. “I’m thrilled that Natalia has joined us after her tenure working for Chairman Scott on the Senate Banking Committee,” Acting Chairman Uyeda said. “Her expertise will help guide us as we focus our efforts at the SEC on capital...
2025-01-30 10:15 AM EST
Extension of Form PF Amendments Compliance Date
Washington, D.C.--(Newsfile Corp. - January 29, 2025) - The Securities and Exchange Commission, together with the Commodity Futures Trading Commission (CFTC), extended the compliance date for the amendments to Form PF that were adopted on Feb. 8, 2024. The compliance date for these amendments, which was originally March 12, 2025, has been extended to June 12, 2025. Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that...
2025-01-29 2:09 PM EST
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
Washington D.C.--(Newsfile Corp. - January 28, 2025) - The Securities and Exchange Commission’s Office of Credit Ratings (OCR) today published its annual Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs) summarizing the findings of the NRSRO examinations and discussing the state of competition, transparency, and conflicts of interest among NRSROs. “Providing effective oversight of credit ratings used by market participants is a critical component of the SEC’s...
2025-01-28 6:14 PM EST
Acting Chairman Mark T. Uyeda Names Acting Senior Staff
Washington, D.C.--(Newsfile Corp. - January 24, 2025) - The Securities and Exchange Commission today announced Acting Chairman Mark T. Uyeda’s selections for several senior roles in acting capacities across the Commission to fill vacancies created by recent departures. “These talented individuals are committed to protecting the investing public, building trust with American companies and market participants, and promoting capital formation,” Acting Chairman Uyeda said. The SEC senior staff...
2025-01-24 11:16 AM EST
SEC Crypto 2.0: Acting Chairman Uyeda Announces Formation of New Crypto Task Force
Washington, D.C.--(Newsfile Corp. - January 21, 2025) - Today SEC Acting Chairman Mark T. Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets. Commissioner Hester Peirce will lead the task force. Richard Gabbert, Senior Advisor to the Acting Chairman, and Taylor Asher, Senior Policy Advisor to the Acting Chairman, will serve as the task force’s Chief of Staff and Chief Policy Advisor, respectively. Drawing from talented...
2025-01-21 12:58 PM EST
Mark T. Uyeda Named Acting Chairman of the SEC
Washington, D.C.--(Newsfile Corp. - January 21, 2025) - The Securities and Exchange Commission today announced that President Donald J. Trump has designated Mark T. Uyeda as Acting Chairman of the agency. “I am honored to serve in this capacity after serving as a Commissioner since 2022, and a member of the staff since 2006,” Acting Chairman Uyeda said. “I have great respect for the knowledge, expertise, and experience of the agency and its people. The SEC has a vital mission—protecting...
2025-01-21 10:28 AM EST
SEC Announces Record Enforcement Actions Brought in First Quarter of Fiscal Year 2025
Washington D.C--(Newsfile Corp. - January 17, 2025) - The Securities and Exchange Commission today announced that, based on its preliminary results, it filed 200 total enforcement actions in the first quarter of fiscal year 2025, which ran from October through December 2024, including 118 standalone enforcement actions. The Division filed a total of 75 enforcement actions in October 2024 alone. The foregoing numbers represent the most actions filed in their respective periods since at least...
2025-01-17 6:03 PM EST
SEC Charges Arete Wealth Broker-Dealer and Advisory Firms, Their Chief Compliance Officer, and Several Representatives in Connection With Illegal Securities Offering
Washington D.C--(Newsfile Corp. - January 17, 2025) - The Securities and Exchange Commission today announced charges against Joey Miller, Jeff Larson, and Randy Larson, formerly dually registered personnel with Arete Wealth Management LLC, a broker-dealer, and Arete Wealth Advisors LLC, an affiliated investment adviser, for fraud, registration violations, and aiding and abetting Arete Wealth Management’s recordkeeping violations. The SEC also charged Arete Wealth Advisors and its Chief...
2025-01-17 6:01 PM EST