Monday, Oct 20th

Last update07:03:25 AM

Font Size

Profile

Layout

Direction

Menu Style

Cpanel
You are here: SEC & Securities Law SEC Press Releases
  • Availability of Staff Analysis on Reporting and Dissemination of Security-Based Swap Information

    The staff of the Securities and Exchange Commission today made available analyses of data on the reporting and dissemination of security-based swap transaction information. 

    The analyses are posted on the SEC’s website as part of the comment file for rules proposed by the SEC in November 2010, and re-proposed in May 2013, on the reporting and dissemination of security-based swap transaction information.  The analyses were conducted by staff in the SEC’s Division of Economic and Risk Analysis and the Division of Trading and Markets and examine:

    • The effect of the Commodity Futures Trading Commission’s mandated post-trade transparency in the index credit default swaps (CDS) market on total credit exposure, trading volume, and trade size in the index CDS market
    • Recent single-name CDS transactions and if and how dealers may hedge any large notional exposures that result from executing trades with their customers

    The staff believe that the analyses have the potential to be informative...

  • SEC Charges Staten Island Man With Conducting Fraudulent Offerings and Stealing Investor Funds

    The Securities and Exchange Commission today charged the operator of an online stock recommendation business with conducting several fraudulent securities offerings and siphoning some of the money raised from investors for a Caribbean vacation and plastic surgery.

    An SEC investigation found that Anthony Coronati, who lives on Staten Island, initially held himself out as an investment adviser to a hedge fund that he claimed would invest in equity securities.  But the hedge fund was fictitious and Coronati used investor money for other purposes.  When the money began drying up, he went on to defraud investors in additional schemes involving his New Jersey-based company Bidtoask LLC.  Coronati and Bidtoask sold membership interests in the company for the purpose of investing in promising technology companies that had yet to hold initial public offerings (IPOs).  Investors were told that Bidtoask would invest directly in pre-IPO Facebook shares without charging any fees, commissions, or markups...

  • SEC Announces Date for Annual Government-Business Forum on Small Business Capital Formation

    The Securities and Exchange Commission today announced that it will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington, D.C. headquarters on November 20.

    The morning session of the forum will feature panel discussions on the definition of an accredited investor and secondary market liquidity for securities of small businesses.  During the afternoon session, participants will work in groups to formulate specific policy recommendations.

    Information on the panel participants and the full agenda for the forum will be announced in November and available on the forum webpage.

    The forum, which begins at 9 a.m., is open to the public and will be webcast live on the SEC’s website.  The afternoon breakout group sessions will not be webcast but will be accessible by teleconference.  Anyone wishing to participate in a breakout group either in person or by teleconference must register online by November 14.

    Members of the public are...

  • SEC’s FY 2014 Enforcement Actions Span Securities Industry and Include First-Ever Cases

    The Securities and Exchange Commission today announced that in fiscal year 2014, new investigative approaches and the innovative use of data and analytical tools contributed to a very strong year for enforcement marked by cases that spanned the securities industry.  

    In the fiscal year that ended in September, the SEC filed a record 755 enforcement actions covering a wide range of misconduct, and obtained orders totaling $4.16 billion in disgorgement and penalties, according to preliminary figures.  In FY 2013, the Commission filed 686 enforcement actions and obtained orders totaling $3.4 billion in disgorgement and penalties.  In FY 2012, the Commission filed 734 enforcement actions and obtained orders totaling $3.1 billion in disgorgement and penalties.

    The agency’s enforcement actions also included a number of first-ever cases, including actions  involving the market access rule, the “pay-to-play” rule for investment advisers, an emergency action to halt a municipal bond offering, and an action for whistleblower...

  • SEC Charges New York-Based High Frequency Trading Firm With Fraudulent Trading to Manipulate Closing Prices

    The Securities and Exchange Commission today sanctioned a New York City-based high frequency trading firm for placing a large number of aggressive, rapid-fire trades in the final two seconds of almost every trading day during a six-month period to manipulate the closing prices of thousands of NASDAQ-listed stocks.  This marks the first high frequency trading manipulation case.

    An SEC investigation found that Athena Capital Research used an algorithm that was code-named Gravy to engage in a practice known as “marking the close” in which stocks are bought or sold near the close of trading to affect the closing price.  The massive volumes of Athena’s last-second trades allowed Athena to overwhelm the market’s available liquidity and artificially push the market price – and therefore the closing price – in Athena’s favor.  Athena was acutely aware of the price impact of its algorithmic trading, calling it “owning the game” in internal e-mails.

    Athena agreed...

SEC Press Releases