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Selected Press Releases

SEC Charges NASDAQ for Failures During Facebook IPO


Washington, D.C., May 29, 2013 — The Securities and Exchange Commission today charged NASDAQ with securities laws violations resulting from its poor systems and decision-making during the initial public offering (IPO) and secondary market trading of Facebook shares. NASDAQ has agreed to settle the SEC’s charges by paying a $10 million penalty – the largest ever against an exchange.Read more

SEC Charges Dallas-Based Trader With Front Running


Washington, D.C., May 24, 2013 — The Securities and Exchange Commission today announced fraud charges and an asset freeze against a trader at a Dallas-based investment advisory firm who improperly profited by placing his own trades before executing large block trades for firm clients that had strong potential to increase the stock's price.Read more

SEC Charges Institutional Shareholder Services in Breach of Clients' Confidential Proxy Voting Information


Washington, D.C., May 23, 2013 — The Securities and Exchange Commission today charged charged Rockville, Md.-based proxy adviser Institutional Shareholder Services (ISS) for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests.Read more

SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds


Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district.Read more

SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm


Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations.Read more