Securities and Exchange Commission News

SEC Public Company Actions, Settlements Continue to Decline

Securities and Exchange Commission enforcement actions against public companies and their subsidiaries continued their downward trend through the first half of the 2018 fiscal year. SEC enforcement activity is on pace to reach the lowest level since 2013, according to …

Group Urges SEC Probe of California, Cites Climate Hypocrisy

California officials are downplaying the risks of climate change to bond investors while citing those same risks as the basis for a lawsuit against oil companies, according to a conservative think tank that has asked securities regulators to investigate. The …

Businessman in Vermont Ski Resort Fraud Case Agrees to Pay $81M

A Miami businessman accused of massive fraud involving foreign investors’ money in a Vermont ski area has agreed to pay back more than $81 million and give up ownership of two ski resorts, the Securities and Exchange Commission said Friday. …

Supreme Court Case on SEC Judges Could Disrupt Administrative Proceedings

The U.S. Supreme Court will decide whether the Securities and Exchange Commission’s in-house judges were appointed in violation of the Constitution, agreeing to hear a case that could upend administrative hearing systems across the federal government. The move came at …

SEC Hackers Took Advantage of Firms Using Authentic Data for Testing: Reuters Exclusive

Hackers breached the U.S. Securities and Exchange Commission’s computer system last year by taking advantage of companies that used authentic financial data when they were testing the agency’s corporate filing system, according to sources familiar with the matter. The Federal …

SEC Hacking Latest in Series of Government Agency Cyber Breaches

A major computer hack at America’s top stock market regulator is the latest sign that data stored in the highest reaches of the U.S. government remains vulnerable to cyber attacks, despite efforts across multiple presidencies to limit high-profile breaches that …

$150M Settlement Gets Final Approval in Vermont Ski Resort Fraud Case

Contractors and vendors owed millions of dollars after the owner and president of a Vermont ski resort were accused of massive fraud will soon see their bills paid. The Caledonian Record reports the federal receiver overseeing Jay Peak ski resort …

Ex-CFO of Bankrupt Enron Offers D&O Lessons from Accounting’s ‘Gray’ Areas

Andrew Fastow, former chief financial officer (CFO) of Enron Corp., a now-defunct energy trading company swept up in a massive fraud scandal in the early 2000s, warned a room full of directors and officers (D&O) underwriters that some companies today …

Vermont Ski Resort Owner Suing Insurer to Fund Defense in Fraud Case

A Vermont ski resort owner is suing his insurer in federal court for more than $2 million to fund his legal defense against fraud accusations brought by the Securities and Exchange Commission. Jay Peak owner Ariel Quiros and former president …

Vermont Ski Resort to Open with $6.5M Shortfall After Fraud Case

A ski resort whose owner and president were accused by the Securities and Exchange Commission of massive fraud months ago is set to open for the season on Saturday with what a federal receiver overseeing it says is a $6.5 …