Securities and Exchange Commission News

SEC Enforcement Activity Up From Last Year; One Case Affected 8,400 Investors

Enforcement activity by the U.S. Securities and Exchange Commission in fiscal 2019 resulted in $4.3 billion in fines and disgorgements, up from $3.9 billion a year earlier, the regulator said on Wednesday. Those fines and disgorgements – or the return …

SEC Investigating Valic, AIG’s Teacher Retirement Plan Unit, Reports WSJ

The U.S. Securities and Exchange Commission is probing sales and disclosure practices at Valic, a unit of U.S. insurer American International Group Inc, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. The inquiry centers on …

States Take Aim at SEC’s New Broker-Dealer Adviser Rule

New York and a half dozen other states accused the Securities and Exchange Commission of botching a final regulation intended to protect broker-dealer customers from conflicts of interest under the landmark Dodd-Frank Act passed nearly a decade ago. The new …

Safe Auto in Ohio Files Registration Statement with SEC for IPO

Columbus, Ohio-based Safe Auto Insurance Group Inc. announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The number of shares to …

Company Denies Responsibility for Vermont Ski Resort Fraud

The former owner of Vermont’s Jay Peak resort is fighting claims from a court-appointed receiver that it should pay millions in damages as part of a settlement. The Caledonian-Record reports Canadian Saint-Sauveur Valley Resorts, Inc. says the federal receiver in …

SEC Sues VW, Ex-CEO over Diesel Emissions Scandal, Alleging Massive Investor Fraud

The U.S. Securities and Exchange Commission (SEC) is suing Volkswagen (VW) and its former chief executive Martin Winterkorn over the German automaker’s diesel emissions scandal, alleging a “massive fraud” on U.S. investors. VW was caught using illegal software to cheat …

Supreme Court Weighs Liability for Sharing Fraudulent Securities Information

U.S. Supreme Court justices on Monday appeared reluctant to further limit the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who …

Bipartisan Senate Bill Would Regulate Proxy Advisors

Six U.S. senators on Wednesday introduced a bill that would require the U.S. securities watchdog to directly regulate firms such as Glass, Lewis & Co and Institutional Shareholder Services, which advise investors on how to vote in corporate elections. The …

New York Says Exxon Misled Investors About Climate Risks

New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations. The lawsuit filed by Attorney General Barbara Underwood is the latest in a …

Settlement with Tesla’s Musk Reflects SEC Strategy of Targeting Individual Executives

A high-profile settlement with Tesla Inc. Chief Executive Elon Musk exemplifies a recent push by the U.S. Securities and Exchange Commission to go after executives and not just their companies, securities law experts said. In the last week, the SEC …