SEC Obtains Final Judgment Against Investment Adviser in Cherry-Picking Scheme
The SEC announced it has obtained a final judgment against Matthew J. Werthe, dba HSR Wealth Management, for engaging in a cherry-picking scheme. The judgment orders Werthe to pay disgorgement, prejudgment interest, and a civil penalty totaling over $1.1 million.
SEC Institutes Cease-and-Desist Proceedings Against NYSE
The SEC has instituted cease-and-desist proceedings against the New York Stock Exchange (NYSE) LLC. This action stems from a critical systems disruption on January 24, 2023, which caused NYSE to fail to run opening auctions for 2,824 securities, leading to market-wide impacts including thousands of busted trades.
SEC Institutes Proceedings Against Canaccord Genuity LLC for Failing to File SARs
The SEC has instituted administrative and cease-and-desist proceedings against Canaccord Genuity LLC for failing to file approximately 150 Suspicious Activity Reports (SARs) related to its equity trading activities between February 2019 and March 2022. The firm allegedly failed to maintain an adequate AML surveillance program.
SEC charges EisnerAmper LLP with improper professional conduct
The SEC has instituted administrative and cease-and-desist proceedings against EisnerAmper LLP for improper professional conduct during its 2020 audit of the Infinity Q Diversified Alpha Fund. The firm allegedly failed to obtain sufficient understanding of internal controls, gather adequate evidence, and exercise due professional care, violating PCAOB auditing standards.
SEC Bars Joel Castellanos for Unregistered Securities Sales
The SEC has barred Joel Castellanos from associating with any broker, dealer, or other regulated entity. Castellanos was found to have solicited and raised at least $25.2 million from over 1,222 investors through unregistered securities sales, acting as a sales agent for MJ Capital Funding, LLC.
SEC v. Zachary Miller - Administrative and Cease-and-Desist Proceedings
The SEC has instituted administrative and cease-and-desist proceedings against Zachary Miller for acting as an unregistered broker in connection with fraudulent and unregistered securities offerings. Miller allegedly raised approximately $18.3 million from investors.