Banking and Finance

Recent Posts

SEC Charges Texas-Based Regional Center with Securities Fraud
Posted on 3 Oct 2013 by Mona Shah & Yi Song

On October 1, 2013 the Securities and Exchange Commission (SEC) announced fraud charges in U.S. District Court for the Southern District of Texas against a Texas based EB-5 Regional Center USA Now Regional Center LLC for misappropriating the investment... Read More

The SEC Brings Another Case Centered on the EB-5 Immigration Program
Posted on 4 Sep 2014 by Thomas O. Gorman

The government’s EB-5 program is supposed to be a win win for everyone. For immigrants seeking admission to the United States it is supposed to provide a path to citizenship if the requirements, centered on the investment of $500,000 or more in... Read More

SEC Alleges Jay Peak Owners Engaged in Massive Fraud of EB-5 Investors
Posted on 20 Apr 2016 by Omar Hakim

The Securities and Exchange Commission has charged and frozen the assets of Ariel Quiros of Miami, FL, William “Bill” Stenger of Newport, VT, Q Resorts Inc. and Jay Peak Inc. in connection with violations of the antifraud provisions of Section... Read More

SEC Charged Los Angeles-Based EB-5 Lawyers with Securities Fraud
Posted on 4 Sep 2014 by Mona Shah & Yi Song

Los Angeles-based EB-5 attorney Justin Moongyu Lee, and his wife Rebecca Taewon Lee and his law firm partner Thomas Edward Kent were charged by the Securities and Exchange Commission today with securities fraud. Misrepresentation to the Investors ... Read More

Demo Days, Pitch Events and the New Reg D
Posted on 25 Sep 2013 by Trent Dykes

by Trent Dykes , Megan Muir and Kiran Lingam I. Introduction / Background With the passage of the JOBS Act, the regulation governing most private securities offerings is undergoing a dramatic makeover. Congress tasked the Securities and Exchange... Read More

Recent SEC Interpretations Facilitate Intrastate Crowdfunding
Posted on 14 Oct 2014 by Andrew Ledbetter

The SEC has recently issued interpretations regarding Rule 147 . This rule provides a safe harbor under Section 3(a)(11) of the Securities Act of 1933, as amended, which exempts from federal registration securities offered and sold only to persons resident... Read More

Crowdfunding Portals and the Securities Laws
Posted on 7 Jan 2015 by Arina Shulga

The SEC has recently intensified its enforcement efforts against crowdfunding portals. The SEC's main focus is on these two legal issues: whether the crowdfunding portals offer and sell securities in unregistered transactions to US persons in violation... Read More

AngelList Posts Thoughtful Comments to Proposed SEC Form D Regulations
Posted on 29 Aug 2013 by Alexander Davie

On August 12, 2013, the crowdfunding platform AngelList submitted some really great and thoughtful comments to the SEC with respect to the SEC’s proposed Reg. D amendments related to new Form D filing requirements and enhanced penalties for failure... Read More

SEC Security Fraud Charges Against Assisted Living Facilities —Should EB-5 Practitioners Be Concerned?
Posted on 18 Dec 2014 by Mona Shah & Yi Song

Assisted living facilities (ALFs) have always been a popular choice for EB-5 investors. On December 3, 2013, the Securities and Exchange Commission (SEC) announced securities fraud charges against top executives at an assisted living facility. What is... Read More

SEC Stepping Up Fund Enforcement Actions
Posted on 16 Dec 2011 by Asher Bearman

Some interesting news today out of the SEC about new enforcement actions by the SEC against hedge funds - specifically, against three separate advisory firms and six individuals for alleged violations initially uncovered through the results of SEC... Read More

A Proactive Approach to Ensure Advisors Adopt Procedures
Posted on 1 Dec 2011 by Thomas O. Gorman

The reorganization of the Division of Enforcement which spawned the re-introduction of specialty groups was, in part, designed to focus the resources of the Division and increase efficiency and effectiveness. Three recently filed cases are an example... Read More

The SEC’s Asset Management Unit
Posted on 7 Apr 2011 by Doug Cornelius

Yesterday, Bruce Carton of Securities Docket hosted a webinar: The SEC's Asset Management Unit and Strategies for Avoiding Trouble in 2011 and Beyond . He managed to get Bruce Karpati, the co-head of the SEC's Asset Management unit, to participate... Read More

House Passes Financial Regulatory Reform Legislation
Posted on 30 Jul 2010 by K & L Gates LLP

by Dan Crowley, Karishma Shah Page, Bruce Heiman, Collins R. Clark and Justin D. Holman Excerpt: On December 11, the House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009 (see H.R. 4173 as introduced... Read More

This Hedge Fund Case May Suggest the Type of Actions to Come
Posted on 27 Oct 2010 by Thomas O. Gorman

Most of the investment fund cases brought by the SEC in recent months have centered on Ponzi scheme claims. Recent enforcement actions involving hedge funds, however, suggest that perhaps a new trend is coming. Consider for example, the SEC's recent... Read More

SEC Busts Gold-Mining Ponzi/Pyramid Scheme Targeting Spanish-Speaking Victims
Posted on 2 Jul 2015 by Jordan D. Maglich

The Securities and Exchange Commission filed civil fraud charges against a Massachusetts company and its principals and promoters, arguing the company was a massive Ponzi and Pyramid scheme that raised at least $15 million from primarily Spanish and Portuguese... Read More