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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.

				

			

			
						
					
			

	
		
		

			

				
				
September 16, 2019

				 Marvell Technology Group, Ltd. will pay $5.5 million to resolve charges of fraudulent accounting practices in 2015 and 2016.听 Marvell allegedly accelerated sales in the fourth quarter of 2015 and first quarter of 2016, pulling those sales into the earlier quarters in order to mask a substantial decline in customer demand and loss of market share and make it appear that they were meeting forecasted revenue and publicly-issued revenue guidance.听 The "pull-in" sales, in the amount of $24 million and $64 million, accounted for 5% and 16% of total revenue in the respective quarters.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 16, 2019

				 Two subsidiaries of Prudential Financial, Inc., AST Investment Services Inc. and PGIM Investments LLC, will pay a civil monetary penalty of $5 million and disgorge $27.6 million to resolve charges that they failed to disclose a conflict of interest that arose between the subsidiaries, which served as investment advisors to 94 insurance-dedicated mutual funds, and Prudential, following a 2006 reorganization.听 The reorganization was designed so that Prudential could receive certain tax benefits, but resulted in increased costs to the funds, which were not disclosed to the funds' boards of trustees of the beneficial owners of the funds' shares.听 Prudential had previously reimbursed the funds for $155 million, and AST and PI self-reported to the SEC.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 16, 2019

				 Two investment banks--Stifel, Nicolaus & Co., Inc. and BMO Capital Markets--pay $2.7 million and and $1.95 million in penalties, respectively, for failing to provide accurate data to the SEC. Broker-dealers must provide what is known as "blue sheet data," information about securities trading information that the SEC uses to monitor and investigate transactions. For a period of seven years, both entities failed to provide data and inaccurately reported information for several millions of transactions. The banks also admitted the SEC's allegations that they did not have proper mechanisms in place to verify the accuracy of their submissions. 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Market Manipulation and Trading Violations, 
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 13, 2019

				 The SEC has enjoined Kevin B. Merrill, Jay B. Ledford, and Cameron R. Jezierski from further violations of securities laws, based on their role in a $345 million offering fraud, through which they represented to investors that their funds would used to acquire and service debt portfolios, but instead used investor funds to make payments to earlier investors, and to fund their own extravagant lifestyles.听 The SEC continues to investigate the Ponzi-like scheme, and a receiver has been appointed for the involved entities, Global Credit Recovery, LLC, Delmarva Capital, LLC, Rhino Capital Holdings, LLC, Rhino Capital Group, LLC, DeVille Asset Management LTD, and Riverwalk Financial Corporation.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 4, 2019

				 Chicago-based Options Clearing Corporation (OCC), the registered clearing agency for exchange-listed option contracts on equities, will pay $15 million in penalties to the SEC and $5 million in penalties to the CFTC to resolve allegations that it failed to comply with regulations related to clearing agency standards.听 As a systemically important financial market utility (SIFMU), OCC is subject to SEC and CFTC regulations regarding the implementation and management of risk management systems, to reduce the risk of disruption in OCC's operations, and allegedly failed to comply with those standards, including through changing policies without obtaining SEC approval.听 ; 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 29, 2019

				 Technology company Juniper Networks, Inc., will pay $11.7 million to resolve alleged FCPA violations in its Russian and Chinese subsidiaries.听 The company allegedly provided entertainment to customers including government officials, recording the expenses in off-book accounts or misrepresenting the nature of the meetings.听 The SEC order also found that Juniper violated internal accounting controls and recordkeeping provisions.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 29, 2019

				 The SEC announced that a whistleblower has been awarded $1.8 million for reporting misconduct committed abroad.听 According to the SEC, the whistleblower鈥檚 tip and extensive cooperation鈥攊ncluding providing ongoing information, document review, and sworn testimony鈥攚ere critically important to bringing about a significant enforcement action.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 16, 2019

				 Brokers Cantor Fitzgerald & Co. and BMO Capital Markets Corporation will pay, respectively, $647,000 and $3.9 million to resolve allegations that they marketed pre-released American Depositary Receipts (ADRs) when they should have known that the transactions were not backed by foreign shares.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 16, 2019

				 In a consent judgment, Hani Zeini, formerly the CEO of California-based silicone breast implant company Sientra, Inc., has been ordered to pay a $160,000 civil penalty to settle charges that he concealed damaging news in advance of a $60 million stock offering by the company in 2015.听 Specifically, as the offering was preparing to close, Zeini learned that the Brazilian company that was Sientra's sole source for implants had lost a regulatory approval, but concealed that information from the underwriter and the company's general counsel.听 When the news became public the day after the offering closed, Sientra's stock price fell over 50%.听 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 13, 2019

				 The SEC has charged and fined a New York broker-dealer, Canaccord Genuity LLC, of enabling over-the-counter (OTC) securities to be traded without adequate review required by the Exchange Act Rule 15c2-11.听 Despite playing a critical gatekeeping role of protecting investors from fraud, Canaccord delegated the requisite review to a compliance associate who lacked necessary experience and training.听 Canaccord has consented to the SEC鈥檚 cease and desist order, revised internal policies and procedures, and agreed to pay a $250,000 penalty.听 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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