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2015 Brings New Highs For SEC In Enforcement Actions And Fines

The SEC focused on a number of new kinds of errant financial behavior in 2015 as the agency filed a record number of enforcement cases and fines against both companies and individuals. This year, the SEC filed 807 enforcement actions and got orders for $4.2 billion in penalties and disgorgements of illicit gains for the year ended September 30, a seven percent increase from last year's record 755 actions. Fines and disgorgements went up one percent from $4.16 billion. For the first time, the SEC brought actions against a private equity advisor, Kohlberg Kravis Robert & Co., for allegedly improperly allocating $17 million in "broken deal" expenses and charged Edward D. Jones & Co. for alleged pricing-related fraud in the primary market for municipal securities. The agency also filed its first action against a fund board for failing to report a relevant compliance issue. May Joe White, Chairwoman of the SEC, believes the agency's enforcement division's use of data, analytics [...]

By |October 22nd, 2015|Press Releases & News, SEC|
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Texas Man Convicted Of Securities Fraud

A federal jury on Monday convicted a Rockwall, Texas man of securities fraud arising from an investment scheme he ran, according to U.S. Attorney John Parker of the Northern District of Texas. Mark Lee Cleaton was found guilty on four counts of wire fraud and is facing a maximum penalty of twenty years in prison and a $250,000 fine for each count. United States District Judge Jane Boyle remanded Cleaton into the custody of U.S. marshals pending sentencing on February 4, 2016. Cleaton, according to court documents, was the managing member of North American Capital LLC., which was located in Dallas. Cleaton also created a limited partnership, North American Capital Investment Fund, LP ("NACIF") in August 2009. From August 2009 to July 2010, Cleaton solicited $350,000 in investments for NACIF from several people. He promised to invest that money in short-term, high-yield, real estate projects. In reality, though, he used the money for himself. Cleaton provided false investment memoranda and [...]

By |October 21st, 2015|Fraud, Press Releases & News|
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FINRA Fines Twelve Firms A Combined $6.7M

FINRA ordered twelve firms to pay restitution over $4 million and fines over $2.6 million for failing to apply sales charge discounts to customers' purchases of Unit Investment Trusts ("UITs") and relevant supervisory failures. The firms sanctioned include First Allied Securities, Inc. of San Diego, CA; Fifth Third Securities, Inc. of Cincinnati, OH; Securities America, Inc. of La Vista, NE; Cetera Advisors LLC of Denver, CO; Park Avenue Securities LLC of New York, NY; Commonwealth Financial Network of Waltham, MA; MetLife Securities, Inc. of New York, NY; Comerica Securities of Detroit, MI; Cetera Advisor Networks LLC of El Segundo, CA; Ameritas Investment Corp. of Lincoln, NE; Infinex Investments, Inc. of Meridian, CT; and The Huntington Investment Company of Columbus, OH. FINRA's Executive Vice President and Chief of Enforcement, Brad Bennett, stated, "Firms need to ensure that their registered representatives are providing customers the sales charge discounts to which they are entitled. The firms sanctioned today failed to provide these discounts, resulting in [...]

By |October 20th, 2015|FINRA, Press Releases & News|
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Securities Industry, DOL Fight Over Cost Of Fiduciary Rule

Labor Secretary Thomas Perez backed a proposal to increase investment advice standards for retirement accounts by arguing that studies showing the need for such a rule are more reliable than those funded by the securities industry that question it. In a speech last week, Perez quoted the "conservative estimates" of a White House Council of Economic Advisers study showing retirement savers lose $17 billion annually due to brokers selling them high-fee products, which the rule seeks to prevent. "When you look at all of the peer-reviewed empirical academic studies that have been published in this area, they overwhelmingly support our fundamental position that conflicts of interest are harming American savers to the tune of billions of dollars," stated Perez. Perez spoke directly about industry studies: "Most of the industry-commissioned research reaching the opposite conclusion does not meet equally rigorous analytical standards." The Securities Industry and Financial Markets Association performed its own review of the White House study, finding it unsatisfactory. [...]

By |October 19th, 2015|Press Releases & News|
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