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The Securities and Exchange Commission announced today that it has obtained a court order freezing the assets of a Georgia-based investment adviser who has apparently gone into hiding after orchestrating a $40 million investment fraud. The SEC alleges that Aubrey Lee Price raised money from more than 100 investors living primarily in Georgia and Florida […]
On June 27, 2012, the Securities and Exchange Commission (“Commission”) charged that FalconStor Software, Inc., a Long Island, N.Y., data storage company, misled investors about bribes it paid to obtain business with a subsidiary of J.P. Morgan Chase & Co. FalconStor has agreed to pay a $2.9 million civil penalty to settle the Commission’s case. […]
The Securities and Exchange Commission announced today that it has obtained an emergency court order to halt an alleged Ponzi-like scheme operated by Small Business Capital Corp. (“SB Capital”) and its principal Mark Feathers (“Feathers”). According to the Commission, SB Capital and Feathers raised $42 million by selling securities issued by two mortgage investment funds […]
The SEC approved amendments to FINRA Rule 13204 of the Code of Arbitration Procedure for Industry Disputes (Industry Code) to preclude collective action claims by employees of FINRA member firms under the Fair Labor Standards Act (FLSA), the Age Discrimination in Employment Act (ADEA) or the Equal Pay Act of 1963 (EPA) from being arbitrated […]
Before Facebook was allowed to sell its shares on the public market, federal regulators had several questions regarding the social media company’s advertising opportunities, a strategic business partnership, and its data-sharing practices. This scrutiny is evident in the correspondence made public today, highlighting the Securities and Exchange Commission’s (SEC) thorough examination of Facebook’s operations before […]