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SEC Settles Charges of Cybersecurity Failure Against GWFS Equities The broker/dealer has agreed to a $1.5 million fine, a censure and an order to cease and desist from future violations. Reported by The Securities and Exchange Commission (SEC) announced it has settled charges against GWFS Equities, a Colorado-based registered broker/dealer (B/D) and affiliate of Great-West Life & Annuity Insurance Co., for allegedly violating the federal securities laws governing the filing of Suspicious Activity Reports (SARs). GWFS provides services to employer-sponsored retirement plans. The SEC says that between September 2015 and October 2018, GWFS was aware of increasing attempts by external bad actors to gain access to the retirement accounts of individual plan participants. The agency further says GWFS was aware that the bad actors attempted or gained access by, among other things, using improperly obtained personal identifying information of the plan participants, and that ....
By Kyle Brasseur2021-05-12T18:01:00+01:00 A Colorado-based broker-dealer will pay $1.5 million as part of a settlement with the Securities and Exchange Commission (SEC) announced Wednesday for lapses in the filing of suspicious activity reports (SARs) related to the threat of cyber-breaches. GWFS Equities, an affiliate of Great-West Life & Annuity Insurance Company, provides services to employer-sponsored retirement plans. The company was allegedly the victim of multiple attempts by bad actors to access the retirement accounts of individual plan participants. GWFS failed to file approximately 130 SARs related to these incidents as required, according to the SEC. The details: From September 2015 through October 2018, GWFS was aware of the breach attempts. The bad actors were often in possession of the electronic login information such as usernames, email addresses, and passwords of plan participants in attempting to breach the accounts, according to the SEC’s order. ....
To print this article, all you need is to be registered or login on Mondaq.com. In an order dated May 3, 2021, the Securities and Exchange Commission charged sports apparel company Under Armour, Inc. with securities violations for allegedly misleading its investors about the bases of its revenue growth and failing to disclose known uncertainties about its ability to meet future revenue projections. In particular, the order charged Under Armour with violating the antifraud provisions of Section 17(a)(2) and (3) of the Securities Act of 1933, as well as Section 13(a) of the Securities Exchange Act of 1934 and various other reporting rules. Notably, the charged violations do not require scienter. ....