The Securities and Exchange Commission (SEC) has taken action by filing charges against multiple entities in the financial industry, including broker-dealers and investment advisers, for their extensive and longstanding failure to properly maintain and preserve electronic communications. These firms have admitted to the violations outlined in their respective SEC orders and have acknowledged that their [...]

The Securities and Exchange Commission (SEC) has taken legal action against Prager Metis CPAs, LLC, and its California-based counterpart, Prager Metis CPAs LLP (together referred to as Prager), on charges related to violations of auditor independence rules and their involvement in aiding and abetting their clients' breaches of federal securities laws. According to the SEC's [...]

Douglas MacWright and his firm, Highlander Capital Management, ran a multi-year scheme that produced more than $1 million in fraudulent gains, the SEC alleged. A New Jersey–based advisor has settled Securities and Exchange Commission charges that he and his firm ran a long-term cherry-picking scheme. Douglas MacWright, a 42-year industry veteran, and his firm, Highlander [...]

The Securities and Exchange Commission (SEC) has taken legal action against former executives of Pareteum Corp., a New York-based telecommunications company, over their involvement in fraudulent revenue recognition practices. The charges specifically target the former Chief Financial Officer, Edward O'Donnell, and the former Chief Commercial Officer, Victor Bozzo. Additionally, the SEC has announced settled charges [...]

The Securities and Exchange Commission (SEC) has taken legal action against Exelon Corporation, its subsidiary Commonwealth Edison Company (ComEd), and former ComEd CEO Anne Pramaggiore, unveiling charges related to a lengthy and corrupt scheme aimed at influencing and rewarding then-Speaker of the Illinois House of Representatives, Michael Madigan. While Exelon and ComEd have agreed to [...]

The Securities and Exchange Commission (SEC) has taken legal action against Tilila Walker Sumchai, a resident of Richmond, California, for her involvement in a fraudulent securities offering that raised approximately $11.8 million from over 1,000 investors, primarily targeting members of the Tongan American community across the United States. According to the SEC's complaint, spanning from [...]

The Securities and Exchange Commission (SEC) has officially filed charges against three siblings residing in Southern California – Marco A. Perez (known as Marc), Pedro Perez, Jr. (known as Peter), and Olivia P. Durbin – for insider trading activities that took place prior to the April 2021 announcement of a proposed acquisition by storage firm [...]

The Securities and Exchange Commission (SEC) has announced charges against six individuals who served as officers, directors, or major shareholders of publicly traded companies for their failure to promptly report information related to their ownership and transactions in company stock. Additionally, five publicly traded companies have been charged for either enabling the filing lapses of [...]

The Securities and Exchange Commission (SEC) has officially disclosed the resolution of fraud charges against Hyzon Motors Inc., a company based in upstate New York specializing in the production of hydrogen fuel cell electric vehicles (FCEVs). The charges pertain to Hyzon's misleading statements to investors regarding its business relationships and vehicle sales, both prior to [...]