Legal
John Carris Shutters in Wake of FINRA Fraud Allegations
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A New York City based broker-dealer active in equity private placements with emerging growth companies is shutting down nine months after FINRA sued it for fraud.
Legal
SEC Charges Toronto Group with Chinese Reverse Merger Pump and Dump Schemes
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The Securities and Exchange Commission charged a Toronto-based consultant and four associates with conducting illegal reverse merger schemes to bring a pair of China-based companies into the U.S. markets so they could manipulate trading and reap millions of dollars in illicit profits.
Legal
NASAA Uses Congressional Back Channels to Fight SEC on Reg A+ Pre-emption
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The North American Securities Administrators Association (NASAA) commanded a private sit down with SEC Chairwomen Mary Jo White and Commissioner Luis Aguilar on April 9 to discuss federal pre-emption issues the state securities regulators group sees as a problem in the proposed rulemaking on Regulation A+, the expanded securities offering exemption mandated by the JOBS Act. A former SEC director, Tom Sporkin of BuckleySandler, has been hired by the group to put muscle behind the association’s threats fight the proposed exemption rule, which would allow issuers to bypass state blue sky laws if they are raising less than $50 million of capital. Sporkin attended the April 9meeting with the commissioners. Faith Anderson, NASAA’s general counsel, told Growth Capital Investor in an interview that her take-away from the meeting was, “the SEC wants to have a partnership with the states,” and she thinks the coordinated state review process NASAA has developed would be seriously considered by the SEC. Of the 53 territories that currently have the power to regulate whether companies can issue debt and issue equity securities to investors, 48 have signed on to the streamlined review process.
Legal
NASAA Comes Out Swinging in Fight over Reg A+ Rules
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The North American Securities Administrators Association is pulling out the big guns in its battle regarding new Federal rule making for Regulation A+.
