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  • Fee Rate Advisory #1 for Fiscal Year 2016

    The Securities and Exchange Commission announced that in fiscal year 2016 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $100.70 per million dollars.

    The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934.  The Commission must set rates for the fees paid under Section 6(b) to levels that the Commission projects will generate collections equal to annual statutory target amounts.  The Commission’s projections are calculated using a methodology developed in consultation with the Congressional Budget Office and the Office of Management and Budget. The statutory target amount for fiscal year 2016 is $550 million.  The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to...

  • SEC Charges Former Investment Bank Analyst and Two Others With Insider Trading in Advance of Client Deals

    The Securities and Exchange Commission today charged a former investment bank analyst with illegally tipping his close friend with confidential information about clients involved in impending mergers and acquisitions of technology companies.  The SEC also charged his friend and another individual with trading on the inside information.

    The SEC alleges that Ashish Aggarwal, who worked in J.P. Morgan’s San Francisco office, gleaned sensitive nonpublic information about two acquisition deals from colleagues who were working on them.  Aggarwal tipped Shahriyar Bolandian, who traded on the basis of the illegal tips in his own accounts as well as accounts belonging to his father and sister.  Bolandian also tipped his friend Kevan Sadigh so he could trade on the confidential information.  Bolandian worked at Sadigh’s e-commerce company, and together they made more than $672,000 in combined profits from their insider trading. 

    The SEC Enforcement Division’s Market Abuse Unit detected the insider trading through trading data...

  • SEC Announces Asset Freeze Against Alleged EB-5 Fraudster in Seattle Area

    The Securities and Exchange Commission today announced an asset freeze obtained against a man in Bellevue, Wash., accused of defrauding Chinese investors seeking U.S. residency through the EB-5 Immigrant Investor Pilot Program by investing in his companies.

    The SEC alleges that Lobsang Dargey and his “Path America” companies have raised at least $125 million for two real estate projects: a skyscraper in downtown Seattle and a mixed-use commercial and residential development containing a farmers’ market in Everett, Wash.  But Dargey diverted $14 million for unrelated real estate projects and $3 million for personal use including the purchase of his $2.5 million home and cash withdrawals at casinos.

    “We allege that Dargey promised investors their money would be used to develop specific real estate projects approved under the EB-5 program, but he misused millions of dollars to enrich himself and jeopardized investors’ prospects for U.S. residency,” said Jina L. Choi, Director of the...

  • Shelly Luisi Named Associate Director in the Division of Corporation Finance

    The Securities and Exchange Commission today announced that Shelly Luisi has been named as an Associate Director in the Division of Corporation Finance.  She begins her new role in September.

    Ms. Luisi currently is a Senior Associate Chief Accountant in the SEC’s Office of the Chief Accountant, where she co-leads the staff responsible for the agency’s accounting communications and accounting standard-setter oversight functions.  She succeeds Kyle Moffatt, who recently moved to the senior leadership team of the Division of Corporation Finance’s disclosure review program.

    In her new role, Ms. Luisi will oversee the work of the Disclosure Standards Office, established in 2013 to conduct research and assess the Division of Corporation Finance program to selectively review public-company filings.  The office also tests the division’s internal controls designed to ensure the integrity and consistency of the staff’s filing reviews.

    “It is a pleasure to welcome Shelly to the division,” said Keith Higgins, Director of...

  • SEC Charges Citigroup Global Markets for Compliance and Surveillance Failures

    The Securities and Exchange Commission today announced that Citigroup Global Markets has agreed to settle charges that it failed to enforce policies and procedures to prevent and detect securities transactions that could involve the misuse of material, nonpublic information.  The firm also failed to adopt and implement policies and procedures to prevent and detect principal transactions conducted by an affiliate.

    Citigroup agreed to pay a $15 million penalty.

    Because broker-dealer employees routinely have access to material nonpublic information, the federal securities laws require every firm to take reasonable steps to prevent the misuse of that information.  An SEC investigation found that Citigroup did not review thousands of trades executed by several of its trading desks during a 10-year period.  Personnel used electronically generated reports to review trades on a daily basis, but technological errors caused the reports to omit several sources of information about thousands of relevant trades.

    “Today’s high-speed markets require that...

SEC Press Releases