The SEC has charged Classic Asset Management LLC and Douglas G. Schmitz with breach of fiduciary duty for investing clients in leveraged exchange traded funds for extended periods of time.
The SEC announced charges against Pinnacle Advisors LLC and its officers, two independent trustees, and a third trustee who settled charges for aiding and abetting Liquidity Rule violations by a mutual fund they managed.
The SEC charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. with recordkeeping violations, settling with penalties of $15 million and $7.5 million, respectively, and both firms agreed to retain compliance consultants.
The SEC announced charges against Red Rock Secured LLC, its CEO, and two of its former account executives for allegedly defrauding hundreds of investors of more than $50 million from their retirement savings.
The SEC proposed rule changes to improve the resilience and recovery, as well as wind-down planning of covered clearing agencies, requiring policies and procedures for a risk-based margin system that takes into account intraday exposure and other substantive inputs.
The SEC announced charges against 10 microcap companies for offering and selling unregistered securities in violation of Regulation A, and each of the 10 companies will pay a civil penalty for their actions.
The SEC settled with former Wells Fargo CEO Carrie Tolstedt for a penalty of $3 million, to be combined with previous penalties paid by the company and former CEO John Stumpf and distributed to harmed investors.