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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

1. On January 29, 2024, the SEC instituted administrative proceedings against Robert Armijo. Armijo acted as an unregistered broker or dealer by selling securities of the EquiAlt Funds. Armijo was never registered as, or associated with, a registered broker-dealer.  Armijo was barred. https://www.sec.gov/files/litigation/admin/2024/34-99437.pdf 2. On January 25, 2024, the SEC instituted administrative proceedings against Claire … Read More

1. On December 20, 2023, the SEC instituted administrative proceedings against Ted Alexander and Jon Seawright. Alexander and Seawright defrauded investors and obtained money and property by means of materially false statements and that he used the United States mails to make such statements. Alexander and Seawright admitted that he knowingly solicited investors to invest … Read More

1. On November 21, 2023, the SEC filed charges against Brite Advisors USA, Inc., a New York based SEC-registered investment adviser, for failing to comply with Commission requirements for the safekeeping of client assets and for failing to disclose material risks and conflicts of interest associated with Brite USA’s recommendations to clients to use a … Read More

1. On October 31, 2023, the SEC announced fraud charges against Eduardo Hernandez, Christopher Flagg, Daquan Lloyd, and Corey Ortiz, all currently or formerly of Long Island, New York, for perpetrating a multi-year “free-riding” scheme that generated more than $2 million in illicit profits. Hernandez, Flagg, Lloyd and Ortiz opened brokerage accounts (the victim accounts) … Read More

1. On September 29, 2023, The SEC instituted administrative proceedings against Maxim Group, LLC, a registered broker-dealer.  Maxim engaged in facilitating high volume sales of low-priced OTC stock and did not reasonably design or adequately implement its anti-money laundering (“AML”) policies and procedures (“AML Policies”) to reasonably address the risks associated with this business. Maxim … Read More