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SEC Obtains Final Judgment Against Kenneth Welsh for Misappropriating Assets

The SEC announced the final judgment against Kenneth Welsh, a former registered representative and investment adviser representative, for misappropriating at least $2.86 million from client accounts. Welsh agreed to be permanently enjoined from violating securities laws and is liable for disgorgement and prejudgment interest, though payment is satisfied by a restitution order in a parallel criminal case.

SEC Obtains Final Judgment Against Bin Hao in Ponzi Scheme

The SEC announced a final judgment against Bin Hao for his role in an alleged Ponzi scheme that targeted Chinese Americans. Hao was ordered to pay over $2.2 million in disgorgement, prejudgment interest, and a civil penalty.

SEC v. J. Bernard Rice - Final Judgment for Securities Violations

The SEC has filed a final judgment against J. Bernard Rice for violations of securities laws, including Section 10(b) of the Exchange Act and Section 17(a) of the Securities Act. The judgment permanently enjoins Rice from further violations and restricts his participation in the issuance or sale of securities.

SEC Charges Former Doximity CRO with Insider Trading

The SEC filed settled insider trading charges against Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc. The charges allege unlawful trading based on material nonpublic information, resulting in approximately $2.5 million in profits and losses avoided. Jorgensen consented to a settlement including permanent injunctions and an officer/director bar.

SEC charges Paul Jorgensen with Doximity insider trading

The SEC has charged Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc., with insider trading. The complaint alleges that Jorgensen traded on material nonpublic information ahead of two earnings calls, resulting in approximately $2,532,775 in profits and avoided losses.

SEC Obtains Final Consent Judgment Against J. Bernard Rice

The SEC announced a final consent judgment against J. Bernard Rice, an alleged former executive of cannabis company American Patriot Brands, Inc. The judgment includes permanent injunctions, a five-year officer and director bar, disgorgement of $581,000 plus interest, and a civil penalty of $236,451.

ASIC Disqualifies Director Simon Raftery for Two Years and Six Months

ASIC has disqualified Simon Raftery from managing corporations for two and a half years due to his involvement in five failed companies that owed approximately $43 million. Mr. Raftery's application for a stay on the disqualification decision was refused by the Administrative Review Tribunal.

Macquarie Securities fined $35 million for short sale misreporting

The New South Wales Supreme Court has ordered Macquarie Securities (Australia) Limited (MSAL) to pay a $35 million penalty for systemic failures that led to the misreporting of tens of millions of short sales over more than a decade. ASIC initiated civil proceedings against MSAL in May 2025.

ASIC Disqualifies Director for Five Years Due to Company Failures and Fraud

ASIC has disqualified Vincenzo Frank Tesoriero from managing corporations for five years due to his involvement in the failure of 20 companies. The disqualification stems from improper conduct, including facilitating fraudulent transactions and failing to maintain adequate records.

SFC and ICAC Joint Operation Targets Insider Dealing and Corruption

The SFC and ICAC conducted a joint operation targeting insider dealing and corruption involving senior executives of three licensed corporations. Eight individuals were arrested, and investigations revealed alleged bribes of over $4 million leading to approximately $315 million in illicit profits.