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1. On November 27, 2024, the SEC announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 14 soliciting entities, two impersonators of genuine firms, and four bogus regulators. The SEC’s list of soliciting entities that have been the subject of investor complaints, known as the Public … Read More

1. On October 31, 2024, the SEC instituted administrative proceedings against J.P. Morgan Investment Management Inc. (“JP Morgan”), a registered investment adviser, for engaging in or caused 65 prohibited principal trades with a combined notional value of approximately $8.2 billion and which included approximately $22,000 in spreads. To conduct these trades, a JP Morgan portfolio … Read More

1. On September 27, 2024, the SEC instituted administrative proceedings against Moloney Securities Co., Inc. (“Moloney”), Donald Hancock (“Hancock”), David La Grange (“La Grange”), and Laura Barnes (“Barnes”) who failed to comply with Regulation Best Interest (“Regulation BI”) in connection with recommendations of corporate bonds called “L Bonds” offered by GWG Holdings, Inc. (“GWG”) to … Read More

1. On August 30, 2024, the SEC charged Wisdom Capital Management Group Ltd. (“Wisdom”) for making material misrepresentations and unsubstantiated statements in SEC Form ADV regarding Wisdom’s organization, office location, assets under management and clients. Wisdom failed to respond to requests to provide records to substantiate the information on the Form ADV.  This matter is … Read More

1. On July 30, 2024, the SEC instituted administrative proceedings against Western International Securities, Inc., a registered investment adviser and broker-dealer. Western failed to enforce its policies and procedures in connection with Regulation Best Interest. Christopher Kennedy, a then-registered representative at Western employed a risky day trading strategy in the accounts of several of his … Read More

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1. On March 28, 2024, the SEC’s Division of Examinations published a Risk Alert regarding the shortening of the securities transaction settlement cycle from two business days after the trade date to one business day after the trade date (“T+1”).   This is also the compliance date for new rules related to the processing of institutional … Read More

1. On February 28, 2024, the SEC announced that William Birdthistle, the Director of the Division of Investment Management, will depart the agency. 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. 2. On February 20, 2024, the … Read More