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SEC Sues Family for New Jersey Deli Stock Manipulation

The SEC charged a father, son, and friend with violation of Sections 17 a 1 and 3 of the Securities Act of 1933 and Section 10b of the Securities Act of 1934 and Rule 10b 5 and the Attorney’s Office for the District of New Jersey filed a 12 count indictment against each of them.

SEC Charges 18 with Microcap Securities Scheme

SEC warns fraudsters attempt to create a buying frenzy to pump up the price of a stock and then dump their shares at the inflated price. SEC filed a complaint in the Federal Court for the Northern District of Georgia charging 13 individuals, 5 entities, and 2 relief defendants.

Proposed Conditional Waiver to SEC Rule 15c2-11

Letting Qualified Experts Expand the Pink to Avoid the Grey: Proposed Conditional Waiver to SEC Rule 15c2-11 Thursday, December 31, 2020 As discussed at length in my October 29, 2020, blog post, “Keeping Securities Disclosures in the Pink: Amendments to SEC Rule 15c2-11,” the U.S. Securities and Exchange Commission (‘SEC”) on September 16, 2020, adopted amendments (the “Amendments”) to its Rule 15c2-11 under the Securities Exchange Act of 1934, as amended (the “’34 Act”) which governs how broker-dealers may participate in trading markets for unregistered (not listed on a securities exchange such as the New York Stock Exchange or NASDAQ; and not necessarily registered with the SEC) securities (“Unregistered Securities”). Both the Proposing Release concerning the Amendments and a separate September 16, 2020, Statement by Commissioner Hester Peirce contained a discussion of the possibility of creating an “expert market” (“Expert Market”) wh

NYSE Undertaking the Underwriter

Tuesday, December 29, 2020 On Tuesday, December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued Release No. 34 -90768 (the “Release”), approving the proposal by the New York Stock Exchange (“NYSE”) to allow primary direct listings of securities on the NYSE without going through the Initial Public Offering process. This step means that companies able to meet the listing requirements spelled out in Chapter One of the NYSE’s Listed Company Manual can become listed on the NYSE without the involvement of an underwriter or the “firm commitment” of that underwriter to purchase the securities from the company and then resell them to the public. Direct listing, thus, saves the costs of the underwriting (typically between 1% – 7% of the price offered to the public, depending on the relative strength of the company and the perceived demand of the public for the shares being offered). Direct listing also “saves” the scrutiny that the un

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