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Selected Press Releases

SEC Charges California-Based Lawyer with Issuing Fraudulent Legal Opinion Letters


Washington, D.C., March 7, 2013 — The Securities and Exchange Commission today charged a California-based lawyer who has been fraudulently churning out baseless legal opinion letters for penny stocks through his website without researching and evaluating the individual stock offerings. Read more

SEC Issues Risk Alert and Investor Bulletin on Investment Adviser Custody Rule


Washington, D.C., March 4, 2013 — The Securities and Exchange Commission today issued a Risk Alert on compliance with its custody rule for investment advisers and it also issued an Investor Bulletin about the rule, which is designed to protect advisory clients from theft or misuse of their funds and securities.Read more

SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers


Washington, D.C., March 1, 2013 — The Securities and Exchange Commission today published a request for data and other information to assist the agency in considering whether to make new rules about the standards of conduct and regulatory obligations for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers.Read more

China-Based Company and Former CFO to Pay Penalties for Disclosure and Accounting Violations


Washington, D.C., Feb. 28, 2013 — The Securities and Exchange Commission today charged a China-based petrochemical company and its former chief financial officer with accounting and disclosure violations, and they agreed to pay more than $1 million combined to settle the charges.Read more

SEC Charges Virgin Islands-Based Investment Adviser with Defrauding Clients


Washington, D.C., Feb. 21, 2013 — The Securities and Exchange Commission today charged an investment adviser located in the U.S. Virgin Islands with defrauding clients from whom he withheld the fact that he was receiving kickbacks for investing their money in thinly-traded companies. When he faced pressure to pay clients their returns on those investments, he allegedly used money from other clients in a Ponzi-like fashion to make payments.Read more