Leveraging Knowledge to Manage Your Data Risks
The U.S. Securities and Exchange Commission (SEC) updated guidance to public companies this week on how and when they are to disclose cybersecurity risks and breaches. The SEC suggests that public companies should disclose potential weaknesses that have not been targeted by hackers.
There has always been a tension between the SEC and public companies…
In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton…
In its first lawsuit targeting Initial Coin Offerings (ICOs), the Securities and Exchange Commission (SEC) has filed fraud charges against the creator of the ICOs marketed as “REcoin” and “DRC.” The action, filed in the United States District Court for the Eastern District of New York on September 29, 2017, alleges that Maksim Zaslavskiy, operating through two wholly owned companies, raised over $300,000 from investors based on false claims the digital “tokens” or “coins” being marketed were backed by investments in either real estate or diamonds. According to the SEC’s Complaint, not only were funds raised by the ICO not invested in any assets, the digital tokens did not actually exist. Despite representations by Zaslavskiy, no digital tokens and actually been developed or issued on a blockchain, leaving investors with no value in exchange for their payments.
Continue Reading SEC Brings Fraud Action Against ICO Creator
The Securities and Exchange Commission (SEC) has admitted that it was the victim of a cyberattack in 2016 that exposed information that may have been used for insider trading. The hack involved the SEC’s filing database, known as EDGAR. The admission was on the heels of a Government and Accountability Office report in July that…
Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations that Raymond James requested that new financial advisers disclose and bring confidential customer information to Raymond James when joining the firm from other brokerage firms,…
On Friday, October 30, the Securities and Exchange Commission (SEC), by a vote of 3-1, adopted rules designed to implement a 2012 law that allows start-ups to use crowd funding to generate investments in their companies.
Starting in the middle of 2016, businesses will be able to legally sell stock online to investors. This…
In its most recent filing with the Securities and Exchange Commission (SEC), Fred’s Inc. disclosed this week that a security firm found malware in its system that was designed to lift customer credit card information. Although it appears from reports that the hackers may have had access to customer credit card information, the security firm…
