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SEC Enforcement Actions

					
The  (SEC) is the United States agency with primary responsibility for enforcing federal securities laws. Whistleblowers with knowledge of violations of the federal securities laws can submit a claim to the SEC under the SEC Whistleblower Reward Program, and may be eligible to receive 聽monetary rewards and protection against retaliation by employers.


Below are summaries of recent SEC settlements or successful prosecutions. If you believe you have information about fraud which could give 聽rise to an SEC enforcement action and claim under the SEC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
August 2, 2021

				 Ernst & Young LLP and three of its audit partners, along with William Stiehl, who was serving as the chief accounting officer of a public company, collectively agreed to pay more than $10 million to resolve SEC claims of wrongdoing with respect to EY鈥檚 pursuit of audit business from the public company.聽 EY and its partners were alleged to have solicited and received confidential competitive intelligence and confidential audit committee information from Stiehl during the issuer鈥檚 auditor鈥檚 selection process, in violation of auditor independence rules.聽 EY agreed to pay $10 million and comply with a detailed set of undertakings for a period of two years; the individual auditors agreed to pay civil monetary penalties between $15,000 and $50,000 and to be suspended from appearing or practicing before the Commission for times ranging from one to three years; Stiehl agreed to pay a civil monetary penalty of $51,000 and to be suspended from appearing or practicing before the Commission for two years.聽 				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Financial and Investment Fraud, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 2, 2021

				 The SEC has announced awards totaling more than $4 million to whistleblowers whose contributions resulted in two successful enforcement actions.聽 In the first order, two whistleblowers were awarded $2 million and $150,000 each, while in the second order, another two whistleblowers were awarded $1.1 million and $500,000 each.聽 According to the SEC, the whistleblowers鈥� alerts sparked investigations into previously unknown misconduct.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 21, 2021

				 Suneet Singal, First Capital Real Estate Investments, LLC, and related entities, agreed to pay fines totaling over $7 million to resolve claims that they made material misrepresentations and omissions concerning First Capital Real Estate Trust Inc., a real estate investment trust.聽 The SEC alleged that defendants misrepresented the REIT鈥檚 property holdings, and that Singal fraudulently directed funds to his own use.聽 Singal was barred from the securities industry for at least ten years.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Ponzi Schemes, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
July 19, 2021

				 UBS Financial Services Inc. will pay $8 million to resolve claims of compliance failures with respect to the sale of an exchange-traded product designed to track short-term volatility expectations in the market as measured against derivatives of a volatility index. UBS placed restrictions on the sale of the product to brokerage customers, but did not place similar restrictions on activity by financial advisors, and failed to monitor concentration limits on volatility-linked ETPs. 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
July 13, 2021

				 Special purpose acquisition corporation Stable Road Acquisition Company, its CEO Brian Kabot, and the SPAC鈥檚 proposed merger target Momentus Inc. will collectively pay penalties of $8 million to resolve charges that Momentus, a space transportation company, and its CEO Mikhael Kokorich, misrepresented the company's technology and ability to secure required governmental licenses, and that Stable Road repeated those misleading statements in public filings associated with its proposed merger with Momentus.聽 Stable Road claimed to have conducted extensive due diligence of Momentus, but it never reviewed the results of Momentus鈥檚 in-space test or received sufficient documents relevant to government licensing issues and, in particular, national security risks associated with Kokorich. 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 13, 2021

				 A subsidiary of Teachers Insurance and Annuity Association of America (TIAA) has agreed to pay $97 million in restitution and make significant reforms to settle charges for making misleading statements and failing to disclose conflicts of interests to tens of thousands of customers.聽 Between 2012 and 2018, advisors with TIAA-CREF Individual & Institutional Services LLC (TC Services) pressured customers鈥攎any of them teachers and public sector employees鈥攖o move their investments from low-cost employer-sponsored retirement plans to higher-cost individually-managed accounts, which generated hundreds of millions of dollars in fees for TIAA.聽 ; 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Misrepresentations, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
July 2, 2021

				 Roger Nils-Jonas Karlsson of Sweden has been sentenced to 15 years in prison and ordered to forfeit more than $16 million, including several properties and a resort in Thailand, in one of the largest cryptocurrency Ponzi schemes ever prosecuted in the United States.聽 Starting in 2011 until his arrest in Thailand in 2019, Karlsson induced thousands of investors from around the country and over 45 countries around the world to use cryptocurrency to purchase shares in an entity he called Eastern Metal Securities, by falsely claiming that it was run by award-winning economists and had zero risk of loss.聽 He then misappropriated at least $1.5 million to fund a lavish lifestyle for himself.聽 ; ; 				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  Cryptocurrency, 
													  Financial and Investment Fraud, 
													  Ponzi Schemes, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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