When it comes to insider trading, corporate executives are often the first offenders that come to mind. Recently, however, public attention has shifted toward the investing activity of members of Congress as potential instances of illegal insider trading. Members of Congress are inherently privy to more information about in-process legislation,…
Peloton Interactive Inc. (“Peloton”) is making headlines this month – but not for the reasons its shareholders might hope. After reaching a peak of $162 per share at the height of the COVID-19 pandemic in December 2020, Peloton’s share price now sits at just $27. [1] While the driving factors…
While the dust settles on the recent trial of Elizabeth Holmes, former CEO of Silicon Valley startup Theranos, attention is building around the Securities and Exchange Commission’s current and future role in regulating private firms. Under existing federal law, private firms with less than 2,000 shareholders are not required to…
As 2021 draws to a close, it is a fitting time to revisit some of the main enforcement actions taken by the Securities and Exchange Commission (SEC) through fiscal year (FY) 2021, which ended on September 30th, 2021. In total, the number of new enforcement actions filed by the SEC…
As the world buckles in and adjusts itself to the newest wave of COVID-19, global economies appear to be looking to do just the same. In fact, central banks across the globe are now pivoting away from economy-stimulating monetary policies implemented at the start of the pandemic and toward tighter…
While investors should always be alert and even skeptical of unsolicited communications about their investments, an SEC investor alert from November 19, 2021, further highlights how important this vigilance is. According to the alert provided by the SEC’s Office of Investor Education and Advocacy (“OIEA”), the SEC has received reports…
A former Texas financial advisor, William Gallagher (“Gallagher”), was sentenced on November 3, 2021, to three life terms in prison for his role in orchestrating a $32 million Ponzi scheme. [1] The Ponzi scheme specifically targeted elderly Christian investors who believed they were investing their retirement funds with a trusted…
In the SEC’s pursuit of their mission to “protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,” access to information about potential unlawful activity is of unique importance and interest. [1] Without access to such information, the SEC faces a much steeper battle in holding bad actors…
Last week, the Securities and Exchange Commission (“SEC”) released its long-awaited report formally debriefing the events that transpired during the January and February 2021 meme stock craze. The 44-page report, titled “Staff Report on Equity and Options Market Structure Conditions in Early 2021” provides SEC staff’s analysis of the mechanisms…
In today’s ever-interconnected society, protecting the stability and security of cyber infrastructure and the personal information stored therein has never been of greater importance. Recognizing this need, the United States Securities and Exchange Commission (“SEC”) has taken marked steps to protect the security of investor records and information that broker-dealer…