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U.S. Securities and Exchange Commission SEC filed enforcement action in federal court requesting court compel international law firm to comply with administrative subpoena by disclosing names of its clients whose information was obtained through a cyberattack.
Following the SEC’s failure to detect and stop Madoff’s fraud, Congress included in the Dodd Frank Act an SEC Whistleblower Program, which provides awards to whistleblowers that voluntarily provide original information leading to successful enforcement actions up to $1 million.
The Securities and Exchange Commission's Public Finance Abuse Division began looking in new directions, charging five different firms with violating 15c2-12 limited offering exemptions in addition to going after issuer officials.
"Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws," said SEC chair Gary Gensler.
PNC Capital Markets has agreed to pay almost $200,000 to settle with the SEC over a failure to meet disclosure requirements in connection with 36 limited offerings.