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  • SEC Announces Agenda for June 3 Meeting of the Advisory Committee on Small and Emerging Companies

    The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on public company disclosure effectiveness, intrastate crowdfunding, venture exchanges, and treatment of “finders.”

    “The agenda reflects the important scope of the advisory committee’s mandate,” said SEC Chair Mary Jo White.  “Topics I am particularly interested in are the advisory committee’s views on disclosure effectiveness and initiatives that will inform our capital formation efforts.”  

    At its upcoming meeting on June 3, the advisory committee also is expected to vote on a recommendation to the Commission regarding the “Section 4(a)(1½) exemption” sometimes used by shareholders to resell privately issued securities.  This topic was initially discussed at the committee’s March 4 meeting.

    The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public.  It also will be webcast live on the...

  • SEC Charges New York Lawyer and Two Promoters With Market Manipulation

    The Securities and Exchange Commission today announced fraud charges against a securities lawyer who used his New York law office as the headquarters for planning and implementing market manipulation schemes.  Also charged are two stock promoters from Canada who assisted him.

    The SEC alleges that Adam S. Gottbetter orchestrated promotional campaigns that touted the prospects of microcap companies and enticed investors to buy their stock at inflated prices so he and his cohorts could sell shares they controlled and reap massive profits.  Gottbetter enlisted Mitchell G. Adam and K. David Stevenson to help him in the last of three schemes he conducted in a six-year period.  They repeatedly cautioned each other about the dangers of missteps that might draw law enforcement attention to the scheme, such as failing to keep secret the identities of Adam and Stevenson.  The three rehearsed stories they would tell if ever questioned by law enforcement.  During...

  • SEC Charges Deutsche Bank With Misstating Financial Reports During Financial Crisis

    The Securities and Exchange Commission today charged Deutsche Bank AG with filing misstated financial reports during the height of the financial crisis that failed to take into account a material risk for potential losses estimated to be in the billions of dollars.

    Deutsche Bank agreed to pay a $55 million penalty to settle the charges.

    An SEC investigation found that Deutsche Bank overvalued a portfolio of derivatives consisting of “Leveraged Super Senior” (LSS) trades through which the bank purchased protection against credit default losses.  Because the trades were leveraged, the collateral posted for these positions by the sellers was only a fraction (approximately 9 percent) of the $98 billion total in purchased protection.  This leverage created a “gap risk” that the market value of Deutsche Bank’s protection could at some point exceed the available collateral, and the sellers could decide to unwind the trade rather than post additional collateral in that scenario. ...

  • SEC Announces Charges Against Investment Firm and Two Executives Accused of Defrauding Police and Firefighter Pension Funds

    The Securities and Exchange Commission today announced fraud charges against an Atlanta-based investment advisory firm and two executives accused of selling unsuitable investments to pension funds for the city’s police and firefighters, transit workers, and other employees.

    The SEC’s Enforcement Division alleges that Gray Financial Group, its founder and president Laurence O. Gray, and its co-CEO Robert C. Hubbard IV breached their fiduciary duty by steering these public pension fund clients to invest in an alternative investment fund offered by the firm despite knowing the investments did not comply with state law.  Georgia law allows most public pension funds in the state to purchase alternative investment funds, but the investments are subject to certain restrictions that Gray Financial Group’s fund allegedly failed to meet.

    In an order instituting an administrative proceeding, the SEC’s Enforcement Division alleges that Gray Financial Group has collected more than $1.7 million in fees from the pension fund...

  • SEC Names Rebecca Olsen Deputy Director of Municipal Securities Office

    The Securities and Exchange Commission today announced that Rebecca J. Olsen has been named deputy director in the agency’s Office of Municipal Securities, having served as chief counsel since April 2014.  Ms. Olsen replaces Jessica Kane who was announced as director of the office today.

    In her new position, Ms. Olsen will continue to play a leading role in overseeing all aspects of the Office of Municipal Securities. 

    “Rebecca’s extensive experience in municipal securities will be invaluable as she takes on this new leadership role,” said SEC Chair Mary Jo White.  “We will continue to rely on her very sound judgment and expertise in this important area.”

    “I am honored to take on this new leadership position,” said Ms. Olsen.  “It is a privilege to work with the talented professionals in the office and advance the Commission’s important investor protection efforts in our municipal securities market.”

    Under the Dodd-Frank Act, the SEC established a...

SEC Press Releases