Category: U.S. News » Law Enforcement

Study: Police use of force is rare, as are significant injuries to suspects

23 Feb 14:04 | U.S. News

Police officers rarely use force in apprehending suspects, and when they do they seldom cause significant injuries to those arrested, according to a multi-site study.read more »

CFTC’s Division of Clearing and Risk Extends No-Action Relief for Shanghai Clearing House

23 Feb 10:06 | U.S. News

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CFTC.gov Podcasts Update

23 Feb 00:32 | U.S. News

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SEC Votes to Modify Compliance Date for Open-End Fund Liquidity Classification

21 Feb 19:44 | Business

The Securities and Exchange Commission today voted to extend by six months the deadline by which open-end funds must comply with certain elements of the Commission's liquidity risk management program rule.  The new compliance date will provide funds additional time to complete implementation of the final rule's classification requirement, along with specified other elements that are tied to the classification requirement.  Other provisions of the rule that provide important investor protection benefits, including the requirements to adopt a liquidity risk management program and to limit illiquid investments to 15 percent of the fund’s portfolio, will go into effect as originally scheduled. The Commission adopted the open-end fund liquidity rule in October 2016, in an effort to promote effective liquidity risk management programs in the fund industry. Management of liquidity risks is important to funds' ability to meet their statutory obligation — and their investors’read more »

SEC Charges Former Bitcoin-Denominated Exchange and Operator With Fraud

21 Feb 15:10 | Business

The Securities and Exchange Commission today charged a former bitcoin-denominated platform and its operator with operating an unregistered securities exchange and defrauding users of that exchange.  The SEC also charged the operator with making false and misleading statements in connection with an unregistered offering of securities.  The SEC alleges that BitFunder and its founder Jon E. Montroll operated BitFunder as an unregistered online securities exchange and defrauded exchange users by misappropriating their bitcoins and failing to disclose a cyberattack on BitFunder’s system that resulted in the theft of more than 6,000 bitcoins.The SEC also alleges that Montroll sold unregistered securities that purported to be investments in the exchange and misappropriated funds from that investment as well. “We allege that BitFunder operated unlawfully as an unregistered securities exchange.  Platforms that engage in the activity of a national securities exchange, regardleread more »

SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures

21 Feb 13:15 | Business

Yesterday, the Securities and Exchange Commission voted unanimously to approve a statement and interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. “I believe that providing the Commission’s views on these matters will promote clearer and more robust disclosure by companies about cybersecurity risks and incidents, resulting in more complete information being available to investors,” said SEC Chairman Jay Clayton.  “In particular, I urge public companies to examine their controls and procedures, with not only their securities law disclosure obligations in mind, but also reputational considerations around sales of securities by executives.” The guidance provides the Commission’s views about public companies’ disclosure obligations under existing law with respect to matters involving cybersecurity risk and incidents.  It also addresses the importance of cybersecurity policies and procedures and the applicatioread more »

CFTC Staff Extends Time-Limited No-Action Relief for Entities Submitting Swaps for Clearing with Derivatives Clearing Organizations Acting Under Exemptive Orders or No-Action Relief

20 Feb 14:26 | U.S. News

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US CFTC and UK FCA Sign Arrangement to Collaborate on FinTech Innovation

19 Feb 08:31 | U.S. News

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SEC Obtains Bars and Suspensions Against Individuals and Accounting Firm in Shell Factory Scheme

16 Feb 13:35 | Business

The Securities and Exchange Commission today announced charges against three Israeli residents, a Washington, D.C. attorney, and an Israeli auditor and his Maryland-based accounting firm for their roles in a fraudulent scheme in the creation of numerous public shell companies.  Under the terms of their settlements with the SEC, the three Israeli residents will be subject to penny stock bars and the attorney and auditor will be prohibited from appearing and practicing before the Commission. According to a complaint filed by the SEC in federal district court for the Eastern District of New York, Sharone Perlstein, Aric Swartz, and Hadas Yaron created at least 15 shell companies by filing false and misleading registration statements and periodic reports with the SEC, creating phony business plans, and appointing nominal officers and directors, who also acted as straw-man shareholders for the shell companies.  The defendants also conducted putative initial public offerings of ceread more »

SEC Suspends Trading in Three Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology

16 Feb 09:35 | Business

The Securities and Exchange Commission today suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets. The SEC’s trading suspension orders state that recent press releases issued by Cherubim Interests Inc. (CHIT), PDX Partners Inc. (PDXP), and Victura Construction Group Inc. (VICT) claimed that CHIT, PDXP, and VICT acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology among other things.  According to the SEC order regarding CHIT, it also announced the execution of a financing commitment to launch an initial coin offering.     According to the SEC’s orders, there are questions regarding the nature of the companies’ business operations and the value of their assets, including in press releases issued beginning in early January 2018.  Additionally, the Commission suspended trading in the securead more »

CFTC.gov Podcasts Update

16 Feb 00:31 | U.S. News

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Chief Brown Releases Plan to Restore Public Trust in the Riverside Sheriff’s Department

15 Feb 16:49 | U.S. News

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Kyle Moffatt Named Chief Accountant in Division of Corporation Finance

15 Feb 16:05 | Business

The Securities and Exchange Commission today announced that Kyle Moffatt has been named Chief Accountant in the Division of Corporation Finance. Mr. Moffatt has served as Acting Chief Accountant in the Division since January 2018.  In that role, Mr. Moffatt has overseen the Division’s work to assist companies with the implementation of revenue recognition and to develop the Division’s approach to reviewing companies’ disclosures.  Mr. Moffatt also led the Division’s efforts in evaluating the implications of recent changes to the tax laws and developing guidance for public companies.  As the Division’s Chief Accountant, Mr. Moffatt will continue leading these efforts as well as other ongoing initiatives to make disclosure and financial reporting more effective and relevant for investors and issuers. “I am very happy that Kyle has agreed to serve as the Chief Accountant in the Division,” said Bill Hinman, Director of the Division of Corporation Finance.  “Kyle brings aread more »

Kyle Moffatt Named Chief Accountant in Division of Corporation Finance

15 Feb 16:05 | U.S. News

The Securities and Exchange Commission today announced that Kyle Moffatt has been named Chief Accountant in the Division of Corporation Finance. Mr. Moffatt has served as Acting Chief Accountant in the Division since January 2018.  In that role, Mr. Moffatt has overseen the Division’s work to assist companies with the implementation of revenue recognition and to develop the Division’s approach to reviewing companies’ disclosures.  Mr. Moffatt also led the Division’s efforts in evaluating the implications of recent changes to the tax laws and developing guidance for public companies.  As the Division’s Chief Accountant, Mr. Moffatt will continue leading these efforts as well as other ongoing initiatives to make disclosure and financial reporting more effective and relevant for investors and issuers. “I am very happy that Kyle has agreed to serve as the Chief Accountant in the Division,” said Bill Hinman, Director of the Division of Corporation Finance.  “Kyle brings aread more »

Karen Garnett, Associate Director of Division of Corporation Finance, to Leave Agency After 23 Years of Service

15 Feb 16:05 | U.S. News

The Securities and Exchange Commission today announced that Karen Garnett, an Associate Director in the Division of Corporation Finance, will leave the agency in February. As an Associate Director overseeing the Division’s disclosure review program, Ms. Garnett led the Division’s selective review of transactional and periodic filings by issuers in a range of industries, including real estate, commodities, insurance and life sciences.  As part of this work, she led the evaluation of a broad range of transactions that included novel governance structures and financial products including cryptocurrencies.  Ms. Garnett also guided the Division’s implementation of significant rule changes, including those related to loan-level asset disclosure and credit risk retention applicable to asset-backed issuers.  In addition, Ms. Garnett led the review of the Commission’s business and financial disclosure requirements in Regulation S-K, resulting in the issuance of a concept release by tread more »

CFTC Issues First Pump-and-Dump Virtual Currency Customer Protection Advisory

15 Feb 13:15 | U.S. News

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Written Testimony of Chairman J. Christopher Giancarlo Before the U.S. Senate Agriculture, Nutrition, And Forestry Committee

15 Feb 10:02 | U.S. News

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Giancarlo: We’re Making Government Function More Efficiently for Taxpayers and Market Participants

15 Feb 09:06 | U.S. News

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CFTC Commissioner Quintenz to Keynote at the SFIG Vegas Conference 2018

14 Feb 17:01 | U.S. News

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Opening Statement of Chairman J. Christopher Giancarlo before the Technology Advisory Committee Meeting

14 Feb 10:03 | U.S. News

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Opening Statement of Commissioner Brian Quintenz before the Technology Advisory Committee

14 Feb 10:03 | U.S. News

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Opening Statement of Commissioner Rostin Behnam before the Technology Advisory Committee Meeting

14 Feb 10:03 | U.S. News

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SEC to Hold National Compliance Outreach Seminar for Investment Companies and Investment Advisers

13 Feb 2018 | Business

The Securities and Exchange Commission today announced the opening of registration for its compliance outreach program’s national seminar for investment companies and investment advisers.  The event is intended to help Chief Compliance Officers (CCOs) and other senior personnel at investment companies and investment advisory firms to enhance their compliance programs for the protection of investors. The SEC’s Office of Compliance Inspections and Examinations (OCIE), Division of Investment Management (IM), and the Asset Management Unit (AMU) of the Division of Enforcement jointly sponsor the compliance outreach program.  The national seminar will be held on April 12 at the SEC’s Washington, D.C., headquarters from 8:30 a.m. to 5:30 p.m. ET.  In-person attendance is limited to 500; a live webcast will be available at www.sec.gov. The read more »

Alberto Arevalo, Associate Director in the Office of International Affairs, to Retire From SEC

13 Feb 2018 | Business

The Securities and Exchange Commission today announced that Alberto Arevalo, an associate director in the Office of International Affairs, will retire later this month after 28 years of public service. Mr. Arevalo joined the SEC in 2004 and has been an associate director since 2014, with responsibility for international enforcement and supervisory cooperation, and technical assistance programs.  “Alberto has played a direct and consequential role in key SEC enforcement cases and initiatives,” said Office of International Affairs Director A. Paul Leder.  “He leaves a lasting impact and a reputation as a wonderful colleague, a transformative leader, and a champion of diversity.” “It has been my great privilege to have worked with my dedicated and talented colleagues in the Office of International Affairs and across the Commission. It also been an honor to engage with the SEC’s foreign counterparts to promote the Commission’s goals and to learn from thoread more »

Statement of Commissioner Brian Quintenz Regarding CFTC’s FY 2019 Budget Request

12 Feb 2018 | U.S. News

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CFTC’s Technology Advisory Committee Announces Agenda for February 14 Public Meeting

12 Feb 2018 | U.S. News

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SEC Launches Share Class Selection Disclosure Initiative to Encourage Self-Reporting and the Prompt Return of Funds to Investors

12 Feb 2018 | Business

The Division of Enforcement of the Securities and Exchange Commission today announced a self-reporting initiative that seeks to protect advisory clients from undisclosed conflicts of interest and return money to investors. Under the Share Class Selection Disclosure Initiative (SCSD Initiative), the Division will agree not to recommend financial penalties against investment advisers who self-report violations of the federal securities laws relating to certain mutual fund share class selection issues and promptly return money to harmed clients. Section 206 of the Investment Advisers Act of 1940 imposes a fiduciary duty on investment advisers to act in their clients' best interests, including an affirmative duty to disclose all conflicts of interest. A conflict of interest arises when an adviser receives compensation (either directly or indirectly through an affiliated broker-dealer) for selecting a more expensive mutual fund share class for a client when a less expensiread more »

CFTC Issues Order of Registration to ICE Futures Singapore to Permit Trading by Direct Access from the U.S.

12 Feb 2018 | U.S. News

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Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request

12 Feb 2018 | Business

The Securities and Exchange Commission today announced a $1.658 billion budget request for fiscal year 2019 to support its core mission and expand oversight and enforcement in emerging areas such as financial innovation, market structure and cybersecurity. The SEC’s funding is offset by matching collections of fees on securities transactions and is budget and deficit neutral. “This year’s budget request reflects our top priorities of protecting investors and making sure we continue to have the most vibrant and well-functioning capital markets in the world," said Chairman Jay Clayton. “With the exceptional work and commitment of dedicated staff, the SEC will continue striving to maintain and expand an environment conducive to capital formation while ensuring investor protection.” The SEC’s budget request would support 4,628 positions and enable the agency to enhance its efforts in its key market-facing Divisions and Offices, including Enforcement; Compliance, Inspectiread more »

CFTC Orders AMP Global Clearing LLC to Pay $100,000 for Supervision Failures Related to Cybersecurity of its Customers’ Records and Information

12 Feb 2018 | U.S. News

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Deutsche Bank to Repay Misled Customers

12 Feb 2018 | Business

The Securities and Exchange Commission today instituted an enforcement action against Deutsche Bank Securities Inc., which has agreed to repay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement. The SEC’s investigation found that traders and salespeople made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS).  According to the SEC’s order, customers overpaid for CMBS because they were misled about the prices at which Deutsche Bank had originally purchased them.  According to the SEC’s order, Deutsche Bank failed to have compliance and surveillance procedures in place that were reasonably designed to prevent and detect the misconduct that consequently increased the firm’s profits on CMBS transactions to the detriment of its customers. The SEC’s order finds supervisory failures by the former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon, who did notread more »

Remarks of CFTC Chief of Staff Michael Gill at the National Press Club, CFTC Kiss Policy Forum

12 Feb 2018 | U.S. News

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U.S. Marshals Arrest Man Wanted for Murder

11 Feb 2018 | U.S. News

January 04, 2018 - The U.S. Marshals fugitive task force today arrested a man wanted in Shelby county for first degree murder, convicted felon in possession of a handgun, and criminal impersonation. read more »

U.S. Marshals Join Hunt for Escaped Prisoner

11 Feb 2018 | U.S. News

January 09, 2018 - The U.S. Marshals are asking for the public’s help in finding an escaped prisoner from a Connecticut Correctional Facility on January 7, 2018. Jerry Mercado escaped from the Carl Robinson Correctional Facility in Enfield, CT on January 7th. read more »

‘Fugitive of the Week’ Arrested by Task Force Partners at Strafford County Sheriff’s Office

11 Feb 2018 | U.S. News

January 03, 2018 - Last evening, “Fugitive of the Week,” Nicholas LaPanne was arrested by our task force partners from the Strafford County Sheriff’s Office. This arrest was possible after information was developed by officers from the Strafford Police Department, which was relayed late yesterday afternoon. read more »

SEC Names Stephanie Avakian and Steven Peikin as Co-Directors of Enforcement

8 Jun 2017 | U.S. News

The Securities and Exchange Commission today announced that Acting Director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin have been named Co-Directors of the Division of Enforcement. The Division of Enforcement is the agency's largest unit with more than 1,200 investigators, accountants, trial attorneys, and other professionals. “There is no place for bad actors in our capital markets, particularly those that prey on investors and undermine confidence in our economy,” said Chairman Jay Clayton. “Stephanie and Steve will aggressively police our capital markets and enforce our nation’s securities laws as Co-Directors of the Division of Enforcement. They have each demonstrated market knowledge, impeccable character, and commitment to public service, and I am confident their combined talents and experience will enable them to effectively lead the Division going forward.” Ms. Avakian was named Acting Director of the SEC’s Divread more »

CFTC Charges Seattle Residents Sung Hong a/k/a Lawrence or Laurence Hong, Hyun Joo Hong a/k/a Grace Hong, and Her Company Pishon Holding LLC with Fraudulently Soliciting More than $11 Million from Customers in Connection with Trading Futures

8 Jun 2017 | U.S. News

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Union Treatment Center to Pay $3 Million and Be Permanently Excluded from Federal Health Care Programs under False Claims Act Settlement

8 Jun 2017 | U.S. News

San Antonio News has been updated: https://www.fbi.gov/contact-us/field-offices/sanantonio/news/press-releases/union-treatment-center-to-pay-3-million-and-be-permanently-excluded-from-federal-health-care-programs-under-false-claims-act-settlement

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Former Bankruptcy Attorney Admits to Stealing Millions from Clients

8 Jun 2017 | U.S. News

New Haven News has been updated: https://www.fbi.gov/contact-us/field-offices/newhaven/news/press-releases/former-bankruptcy-attorney-admits-to-stealing-millions-from-clients

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East Stroudsburg Man Indicted For Drug Trafficking

8 Jun 2017 | U.S. News

Philadelphia News has been updated: https://www.fbi.gov/contact-us/field-offices/philadelphia/news/press-releases/east-stroudsburg-man-indicted-for-drug-trafficking-1

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Syracuse Man Charged With Credit-Card Cloning Scheme

8 Jun 2017 | U.S. News

Albany News has been updated: https://www.fbi.gov/contact-us/field-offices/albany/news/press-releases/syracuse-man-charged-with-credit-card-cloning-scheme

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Ex-Wife Arrested for Lying about Former Husband’s Whereabouts during Fugitive Investigation

8 Jun 2017 | U.S. News

Boston News has been updated: https://www.fbi.gov/contact-us/field-offices/boston/news/press-releases/ex-wife-arrested-for-lying-about-former-husbands-whereabouts-during-fugitive-investigation

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South Jersey Man Admits Role In Crack Distribution Conspiracy

8 Jun 2017 | U.S. News

Philadelphia News has been updated: https://www.fbi.gov/contact-us/field-offices/philadelphia/news/press-releases/south-jersey-man-admits-role-in-crack-distribution-conspiracy-1

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Las Cruces Man Pleads Guilty to Federal Methamphetamine Trafficking Charges

8 Jun 2017 | U.S. News

Albuquerque News has been updated: https://www.fbi.gov/contact-us/field-offices/albuquerque/news/press-releases/las-cruces-man-pleads-guilty-to-federal-methamphetamine-trafficking-charges-5

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Jury Convicts Man of Providing Material Support to ISIS

8 Jun 2017 | U.S. News

Washington News has been updated: https://www.fbi.gov/contact-us/field-offices/washingtondc/news/press-releases/jury-convicts-man-of-providing-material-support-to-isis

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Canadian National Sentenced for Multi-Million Dollar Bankruptcy Fraud

8 Jun 2017 | U.S. News

Boston News has been updated: https://www.fbi.gov/contact-us/field-offices/boston/news/press-releases/canadian-national-sentenced-for-multi-million-dollar-bankruptcy-fraud

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Woodlands Woman Charged with Defrauding Employer

8 Jun 2017 | U.S. News

Houston News has been updated: https://www.fbi.gov/contact-us/field-offices/houston/news/press-releases/woodlands-woman-charged-with-defrauding-employer

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Bookkeeper charged with stealing $1.8 million from small business

8 Jun 2017 | U.S. News

Indianapolis News has been updated: https://www.fbi.gov/contact-us/field-offices/indianapolis/news/press-releases/bookkeeper-charged-with-stealing-18-million-from-small-business

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Richland County man indicted for three bank robberies

8 Jun 2017 | U.S. News

Cleveland News has been updated: https://www.fbi.gov/contact-us/field-offices/cleveland/news/press-releases/richland-county-man-indicted-for-three-bank-robberies

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Man Arraigned on Charges of Commercial Sex with a Minor

8 Jun 2017 | U.S. News

Richmond News has been updated: https://www.fbi.gov/contact-us/field-offices/richmond/news/press-releases/man-arraigned-on-charges-of-commercial-sex-with-a-minor

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