https://www.entrepreneur.com/article/400064
Friday, December 31, 2021
Thursday, December 30, 2021
SEC.gov | Chair Gensler Announces Additions to Executive Staff
The Securities and Exchange Commission today announced the appointments of Corey Frayer, Phil Havenstein, Jennifer Songer, and Jorge Tenreiro to Chair Gary Gensler’s executive staff.
“Corey, Phil, Jenny, and Jorge have exceptional experience,” said Chair Gensler. “I’ve already begun to rely on their valuable counsel on policy, enforcement, and agency operations, and I look forward to our continued work together to execute the SEC’s mission.”
Corey Frayer
Senior Advisor
Corey Frayer advises Chair Gensler on SEC policymaking and interagency work relating to the oversight of crypto assets. Immediately before joining the SEC, he served as Senior Professional Staff on the U.S. Senate Committee on Banking, Housing, and Urban Affairs for Chairman Sherrod Brown. Prior to that, he spent a decade as a Senior Advisor working on issues ranging from consumer and investor protection to systemic risks and emerging financial technologies for U.S. Representative Maxine Waters on the House Financial Services Committee and for U.S. Representative Brad Miller of North Carolina. He graduated with a degree in International Economics and Finance from The Catholic University of America.
Philipp Havenstein
Operations Counsel
Philipp Havenstein serves as an advisor to Chair Gensler on matters related to agency administration, operations, and management. He joined the SEC in 2014 as an Attorney-Adviser in the Office of Human Resources, where he advised senior management on personnel-related matters and conducted internal investigations. Prior to joining the SEC, he was an Associate Legal Advisor at the U.S. Department of Homeland Security, U.S. Immigration and Customs Enforcement. Mr. Havenstein received his J.D. and B.A. from The George Washington University.
Jennifer Songer
Investment Management Counsel
Jennifer Songer counsels Chair Gensler on matters related to investment companies and investment advisers. Previously, she served as Branch Chief of the Private Funds Branch in the Division of Investment Management’s Rulemaking Office. In that role, she focused on developing policy relating to private fund advisers and other investment advisers. Prior to joining the SEC, Ms. Songer worked in the Washington D.C. office of K&L Gates LLP and the New York office of Seward & Kissel LLP. Ms. Songer received a J.D. from Boston College Law School and a B.A. from the University of Pennsylvania.
Jorge G. Tenreiro
Enforcement Counsel
Jorge G. Tenreiro counsels Chair Gensler on matters involving the Division of Enforcement. He joined the SEC in 2013 as a staff attorney in the New York Regional Office and later served as Senior Trial Counsel. He previously served in a leadership role in the SEC’s Pride Alliance employee affinity group and sat on the SEC’s Diversity Council. Prior to joining the SEC, he was an associate at Cleary Gottlieb Steen & Hamilton LLP and a law clerk to the Hon. Julio M. Fuentes of the U.S. Court of Appeals for the Third Circuit and the Hon. Allyne R. Ross of the U.S. District Court for the Eastern District of New York. Mr. Tenreiro received a J.D. from Yale Law School and a B.A. from Yale University.
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Wednesday, December 29, 2021
SEC.gov | SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price
The Securities and Exchange Commission today charged Medallion Financial Corp., a Delaware company headquartered in New York, NY, and its President and Chief Operating Officer, Andrew Murstein of New York, NY, with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.
According to the SEC’s complaint, Medallion’s core business was making loans backed by taxicab medallions to taxicab owners and operators. However, the popularity of ride-sharing companies like Uber and Lyft led to a decline in the value of taxicab medallions and of Medallion’s stock price. Murstein and Medallion allegedly directed two separate schemes to inflate the company’s stock price, in part with the help of California-based media strategy company, Ichabod’s Cranium, Inc., and its owner, Lawrence Meyers, both of whom were also charged by the SEC with fraud.
The complaint, filed in federal district court in Manhattan, alleges that Murstein and Medallion engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com. With Murstein’s knowledge, Meyers and others created fake identities so their opinion pieces would appear credible to potential investors. The complaint further alleges that Medallion and Murstein fraudulently increased the carrying value of Medallion Bank (the Bank), a wholly owned subsidiary of Medallion, to offset losses relating to the taxicab medallion loans. The complaint alleges that when the existing valuation firm refused to cave to Murstein’s pressure to increase the Bank’s valuation, Murstein fired the firm and hired a new firm to provide an inflated valuation of the Bank.
“Murstein allegedly paid for more than 50 articles and hundreds of positive comments, which were really paid advertisements placed across the web in an effort to deceive investors about the value of Medallion’s stock,” said Richard Best, Director of the New York Regional Office. “Companies also cannot shop for higher valuations when there is no evidence to support them.”
The SEC’s complaint charges Murstein and Medallion with violating the antifraud, books and records, internal controls, and anti-touting provisions of the federal securities laws. Murstein is also charged with making false statements to Medallion’s auditor. The complaint also charges Ichabod’s Cranium and Meyers with touting and fraud. The SEC seeks permanent injunctions, disgorgement plus prejudgment interest, and civil penalties. In addition, the SEC seeks an officer-and-director bar against Murstein.
The SEC’s investigation was conducted by Olivia Zach, Kenneth Gottlieb, and David Stoelting, and supervised by Celeste Chase and Richard Best of the New York Regional Office. The litigation will be handled by Mr. Stoelting.
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Tuesday, December 28, 2021
Monday, December 27, 2021
Sunday, December 26, 2021
Friday, December 24, 2021
Offering An E-Commerce or Digital Company with Business Brokers
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Contact Tyler Tysdal at Freedom Factory Freedom Factory 5500 Greenwood Plaza Blvd., Ste 230 Greenwood Town, CO 80111 Phone: 844-MAX-VALUE (844-629-8258) https://www.freedomfactory.com
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Who is Tyler Tysdal? Tyler Tysdal is a lasting business owner who at first found the satisfaction and obstacles of self-employment at the age of 14. Tyler Tysdal was a collector and trader of baseball cards and his budding entrepreneurial spirit stimulated him to produce Triple T's Sports Collectibles, an across the country mail-order trading card and souvenirs company that found a big audience through ads in trade publications. While market ineffectiveness were many in this pre-internet age, a young Tyler Tysdal experienced his initially market win with $14,000 a month of profits result. A great deal of money for 14. It struck him during a journey with his mom to the post workplace to mail lots of card deliveries: He would likely be a business owner and investor the rest of his occupation.
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Thursday, December 23, 2021
Wednesday, December 22, 2021
Tuesday, December 21, 2021
SEC.gov | William Birdthistle Named Director of Division of Investment Management
The Securities and Exchange Commission today announced the appointment of William A. Birdthistle, currently a professor at Chicago-Kent College of Law, as Director of the Division of Investment Management. The Division oversees regulatory policy for investment advisers and investment companies, including mutual funds and other investment products and services relied upon by retail investors.
"Professor Birdthistle will bring remarkable expertise in investment funds to the SEC," said SEC Chair Gary Gensler. "The Division of Investment Management develops regulatory policies to oversee investment companies and investment advisers so that American investors can confidently save to buy homes, pay for college, or plan for retirement. I look forward to working closely with William to execute our mission."
"I’d like to thank Sarah ten Siethoff for serving as Acting Director of the Division of Investment Management and for serving as a valuable counsel to me in my first eight months as Chair. I look forward to continuing to work with her going forward," Chair Gensler added.
"The SEC’s Division of Investment Management has an exceptional reputation for protecting investors in funds and the asset management arena," said Mr. Birdthistle. "I am eager to work with the dedicated staff behind those efforts to carry out the policy agenda that Chair Gensler has established to help investors and others."
Mr. Birdthistle joined the faculty at Chicago-Kent College of Law in 2006, and he earned the school’s Excellence in Teaching Award in 2010. He also has served as a visiting professor of law at the University of Chicago Law School, where he won the Award for Teaching Excellence in 2019 for teaching securities regulation. His research explores investment funds, securities regulation, and corporate governance, and he has served as counsel of record on multiple amicus briefs to the U.S. Supreme Court. Prior to academia, he practiced law at Ropes & Gray in Boston for five years as a corporate associate in the firm’s investment management practice. Mr. Birdthistle received his J.D. from Harvard Law School, where he served as managing editor of the Harvard Law Review, and received a B.A. summa cum laude in English and psychology from Duke University in 1995.
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SEC.gov | Nikola Corporation to Pay $125 Million to Resolve Fraud Charges
The Securities and Exchange Commission today announced that Nikola Corporation, a publicly traded company created through a special purpose acquisition company transaction, has agreed to pay $125 million to settle charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects. The settlement follows the SEC’s litigated action filed earlier this year against Trevor Milton, the company’s founder and former Chief Executive Officer and Executive Chairman.
According to the SEC’s order, before Nikola had produced a single commercial product, Milton embarked on a public relations campaign aimed at inflating and maintaining Nikola’s stock price. Milton’s statements in tweets and media appearances falsely gave investors the impression that Nikola had reached certain product and technological milestones. The order finds that Milton misled investors about Nikola’s technological advancements, in-house production capabilities, hydrogen production, truck reservations and orders, and financial outlook. The order also finds that Nikola further misled investors by misrepresenting or omitting material facts about the refueling time of its prototype vehicles, the status of its headquarters’ hydrogen station, the anticipated cost and sources of electricity for its planned hydrogen production, and the economic risks and benefits associated with its contemplated partnership with a leading auto manufacturer.
“As the order finds, Nikola Corporation is responsible both for Milton’s allegedly misleading statements and for other alleged deceptions, all of which falsely portrayed the true state of the company’s business and technology,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “This misconduct — and the harm it inflicted on retail investors — merits the strong remedies today’s settlement provides.”
The Commission’s order finds that Nikola violated the antifraud and disclosure control provisions of the federal securities laws. Without admitting or denying the Commission’s findings, Nikola agreed to cease and desist from future violations of the charged provisions, to certain voluntary undertakings, and to pay a $125 million penalty. Nikola also agreed to continue cooperating with the Commission’s ongoing litigation and investigation. The order also establishes a Fair Fund to return the penalty proceeds to victim investors.
Rebecca Fike, Sarah Mallett, and Ty Martinez of the SEC’s Fort Worth Regional Office conducted the investigation, which is ongoing, under the supervision of Scott Mascianica and Eric Werner. Nikolay Vydashenko and Keefe Bernstein provided trial assistance under B. David Fraser’s supervision. The SEC appreciates the assistance from the United States Attorney’s Office for the Southern District of New York and the U.S. Postal Inspection Service.
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Monday, December 20, 2021
SEC.gov | SEC Charges Private Equity Fund Adviser with Fee and Expense Disclosure Failures
The Securities and Exchange Commission today charged registered investment adviser Global Infrastructure Management, LLC for failing to properly offset management fees and for making misleading statements about the fees and expenses it charged. Global agreed to pay a $4.5 million penalty to settle the SEC charges and voluntarily has repaid $5.4 million to its affected private fund clients.
According to the SEC’s order, Global failed to offset certain portfolio company fees against management fees charged to clients, as it was required to do under the offering and governing documents. As a result, clients overpaid millions in additional management fees. The SEC’s order also found that Global provided investors with inconsistent statements about how Global would calculate management fees. In addition, the SEC’s order found that these violations were caused by deficiencies in Global’s compliance program.
"Private equity fund advisers must ensure that investors do not pay more in fees or expenses than they bargained for and are given accurate information about fees and expenses," said Adam S. Aderton, Co-Chief of the SEC Enforcement Division’s Asset Management Unit. "Robust compliance programs are critical to help ensure that clients are not misled and receive full and accurate disclosure."
Global consented to the entry of the SEC’s order finding that the firm violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 and 206(4)-8. Without admitting or denying the SEC’s findings, Global agreed to a cease-and-desist order, and to pay a $4.5 million penalty.
The SEC’s investigation was conducted by Luke Fitzgerald, and was supervised by Andrew Dean, both of the Enforcement Division’s Asset Management Unit in New York. The examination that led to the investigation was conducted by members of the Division of Examinations Private Funds Unit and New York Regional Office, including Daniel Faigus, Maryellen Maurer, Majid Mahmood, Jennifer Duggins, and Arjuman Sultana.
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SEC.gov | SEC Charges Five Russians in $80 Million Hacking and Trading Scheme
The Securities and Exchange Commission today announced fraud charges against five Russian nationals for engaging in a multi-year scheme to profit from stolen corporate earnings announcements obtained by hacking into the systems of two U.S.-based filing agent companies before the announcements were made public. The filing agents assist publicly traded companies with the preparation and filing of periodic reports with the SEC, including quarterly reports containing earnings information.
The SEC’s complaint, filed in federal district court in Massachusetts, alleges that defendant Ivan Yermakov used deceptive hacking techniques to access the filing agents’ systems and directly or indirectly provided not-yet-public corporate earnings announcements stolen from those systems to his co-defendants Vladislav Kliushin, Nikolai Rumiantcev, Mikhail Irzak, and Igor Sladkov. According to the complaint, from 2018 through 2020, the traders used 20 different brokerage accounts located in Denmark, the United Kingdom, Cyprus and Portugal to generate profits of at least $82 million using the stolen information to make trades before over 500 corporate earnings announcements. The defendants allegedly shared a portion of their enormous profits by funneling them through a Russian information technology company founded by Kliushin and for which Yermakov and Rumiantcev serve as directors.
“With this action, the SEC, using its powerful analytical tools, has exposed a highly sophisticated and deceptive scheme to steal and monetize non-public corporate information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “While we remain steadfast in our commitment to protect the integrity of our securities markets against bad actors no matter where they are located or what sophisticated tactics they use, we strongly encourage companies to shore up their safeguards against, and remain vigilant for cyber breaches that compromise their non-public information.”
The U.S. Attorney’s Office for the District of Massachusetts today announced criminal charges against the five defendants named in the SEC’s action and that defendant Vladislav Kliushin was extradited from Switzerland.
The SEC’s complaint charges each of the defendants with violating the antifraud provisions of the federal securities laws and related SEC antifraud rules and seeks a final judgment ordering the defendants to pay penalties, return their ill-gotten gains with prejudgment interest, and enjoining them from committing future violations of the antifraud laws.
The SEC’s investigation, which is ongoing, was conducted by Megan Bergstrom, David Bennett, and Diana Tani of the SEC’s Market Abuse Unit with assistance from Darren Boerner of the Market Abuse Unit and IT Forensics staff Ken Zavos. Joseph Sansone, Chief of the Market Abuse Unit, supervised the investigation. The Division of Economic and Risk Analysis provided substantial assistance. David Mendel and James Connor are leading the SEC’s litigation, under the supervision of David Gottesman. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, the Federal Bureau of Investigation, the Danish Financial Supervisory Authority, and the Cyprus Securities and Exchange Commission.
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SEC.gov | SEC Charges Clinical Drug Trial Investigator with Insider Trading
The Securities and Exchange Commission today announced charges against Daniel V.T. Catenacci for insider trading in the securities of biotechnology company Five Prime Therapeutics, Inc. in advance of the company’s November 10, 2020 announcement that it had achieved positive drug trial results for its flagship cancer drug Bemarituzumab.
The SEC’s complaint alleges that Catenacci, a Chicago, Illinois based medical school professor, entered into a consulting agreement with Five Prime to serve as a lead clinical investigator for the company’s Bemarituzumab drug trial. Through this role, Catenacci allegedly learned material nonpublic information about the positive drug trial results for Bemarituzumab. According to the SEC, shortly after he allegedly learned of the positive results, Catenacci purchased 8,743 shares of Five Prime. After it publicly announced the positive drug trial results, Five Prime’s share price increased over 300%. The next day, Catenacci allegedly sold all of his shares, realizing illicit gains of $134,142.
“Clinical drug trials often involve highly sensitive and valuable information about the viability of a drug,” said Erin E. Schneider, Regional Director of the SEC’s San Francisco Regional Office. “As alleged in our complaint, Catenacci was required to safeguard the material nonpublic information he learned about Five Prime’s clinical trial, and not trade on it.”
The SEC’s complaint, filed in federal district court in Illinois, charges Catenacci with violating the antifraud provisions of the federal securities laws. Catenacci has agreed to be permanently enjoined from violations of these provisions, and to pay a civil penalty in an amount to be determined by the court at a later date. This settlement is subject to court approval.
In a parallel action, the U.S. Attorney’s Office for the Northern District of Illinois today announced criminal charges against Catenacci.
The SEC’s investigation was conducted by Madiha M. Zuberi of the San Francisco Regional Office, with assistance from John S. Rymas of the Market Abuse Unit’s Analysis and Detection Center. The case was supervised by Jennifer J. Lee and Monique C. Winkler of the San Francisco Regional Office, with litigation assistance from David Zhou. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Northern District of Illinois, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.
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Sunday, December 19, 2021
Friday, December 17, 2021
SEC.gov | James E. Grimes Named Chief Administrative Law Judge at SEC
The Securities and Exchange Commission today announced that James E. Grimes has been named the agency’s Chief Administrative Law Judge.
Judge Grimes will lead the SEC’s impartial Office of Administrative Law Judges that conducts hearings, issues initial decisions, and adjudicates matters in administrative proceedings before the agency. Judge Grimes succeeds Brenda Murray, who retired after 25 years of service as the SEC’s Chief Administrative Law Judge.
Judge Grimes became an SEC Administrative Law Judge in 2014 after spending 13 years in the Civil Division at the U.S. Department of Justice, where he served as a trial attorney and a senior litigation counsel representing government agencies and officers before federal district and appellate courts.
He began his career with the Navy Judge Advocate General (JAG) Corps, where he served as a trial defense counsel defending service members in courts-martial and as an appellate counsel representing the government before military appellate courts.
Judge Grimes graduated Phi Beta Kappa and cum laude in 1992 from Miami University in Ohio, and he graduated with honors from The Ohio State University College of Law in 1995.
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SEC.gov | JPMorgan Admits to Widespread Record-Keeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges
The Securities and Exchange Commission today announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct violated the federal securities laws, and agreed to pay a $125 million penalty and implement robust improvements to its compliance policies and procedures to settle the matter.
“Since the 1930s, recordkeeping and books-and-records obligations have been an essential part of market integrity and a foundational component of the SEC’s ability to be an effective cop on the beat. As technology changes, it’s even more important that registrants ensure that their communications are appropriately recorded and are not conducted outside of official channels in order to avoid market oversight,” said SEC Chair Gary Gensler. “Unfortunately, in the past we’ve seen violations in the financial markets that were committed using unofficial communications channels, such as the foreign exchange scandal of 2013. Books-and-records obligations help the SEC conduct its important examinations and enforcement work. They build trust in our system. Ultimately, everybody should play by the same rules, and today’s charges signal that we will continue to hold market participants accountable for violating our time-tested recordkeeping requirements.”
As described in the SEC’s order, JPMS admitted that from at least January 2018 through November 2020, its employees often communicated about securities business matters on their personal devices, using text messages, WhatsApp, and personal email accounts. None of these records were preserved by the firm as required by the federal securities laws. JPMS further admitted that these failures were firm-wide and that practices were not hidden within the firm. Indeed, supervisors, including managing directors and other senior supervisors – the very people responsible for implementing and ensuring compliance with JPMS’s policies and procedures – used their personal devices to communicate about the firm’s securities business.
JPMS received both subpoenas for documents and voluntary requests from SEC staff in numerous investigations during the time period that the firm failed to maintain required records. In responding to these subpoenas and requests, JPMS frequently did not search for relevant records contained on the personal devices of its employees. JPMS acknowledged that its recordkeeping failures deprived the SEC staff of timely access to evidence and potential sources of information for extended periods of time and in some instances permanently. As such, the firm’s actions meaningfully impacted the SEC’s ability to investigate potential violations of the federal securities laws.
“Recordkeeping requirements are core to the Commission’s enforcement and examination programs and when firms fail to comply with them, as JPMorgan did, they directly undermine our ability to protect investors and preserve market integrity,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “We encourage registrants to not only scrutinize their document preservation processes and self-report failures such as those outlined in today’s action before we identify them, but to also consider the types of policies and procedures JPMorgan implemented to redress its failures in this case.”
“As today’s order reflects, JPMorgan’s failures hindered several Commission investigations and required the staff to take additional steps that should not have been necessary,” said Sanjay Wadhwa, Deputy Director of Enforcement. “This settlement reflects the seriousness of these violations. Firms must share the mission of investor protection rather than inhibit it with incomplete recordkeeping.”
JPMS agreed to the entry of an order in which it admitted to the SEC’s factual findings and its conclusion that JPMS’s conduct violated Section 17(a) of the Securities Exchange Act of 1934 and Rules 17a-4(b)(4) and 17a-4(j) thereunder, and that the firm failed reasonably to supervise its employees with a view to preventing or detecting certain of its employees’ aiding and abetting violations. JPMS was ordered to cease and desist from future violations of those provisions, was censured, and was ordered to pay the $125 million penalty. JPMS also agreed to retain a compliance consultant to, among other things, conduct a comprehensive review of its policies and procedures relating to the retention of electronic communications found on personal devices and JPMS’s framework for addressing non-compliance by its employees with those policies and procedures.
As a result of the findings in this investigation, the SEC has commenced additional investigations of record preservation practices at financial firms. Firms that believe that their record preservation practices do not comply with the securities laws are encouraged to contact the SEC at BDRecordsPreservation@sec.gov.
Separately, the Commodity Futures Trading Commission announced a settlement with JPMS and affiliated entities for related conduct.
The SEC’s investigation, which is continuing, has been conducted by Joshua Brodsky, Zachary Sturges, Theresa Gue, Andrew Dean, Osman Nawaz, Adam Grace, John Enright, and Thomas P. Smith, Jr. of the New York Regional Office, and Laura K. Bennett, Christopher G. Margand, Margaret Y. Rubin, Sonia G. Torrico, and David A. Becker of the Home Office. The case is being supervised by Mr. Wadhwa, Richard R. Best, and Carolyn Welshhans.
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Thursday, December 16, 2021
How to Offer Shares of Your Service to Your Partners
Find Out More About Ty Tysdal From Freedom Factory https://vimeopro.com/freedomfactory/tyler-tysdal/video/445058690 Tysdal and Hirsch Going Over Organization Partners and Dispute Resolution https://vimeopro.com/freedomfactory/tyler-tysdal/video/465788884 Contact Freedom Factory At Freedom Factory ®, we have experienced and experienced the explosive results of entrepreneurs lining up enthusiasm and purpose to develop amazing value. Nevertheless, most entrepreneurs have no concept how to maximize the worth of their organization and move on to the next chapter of their lives. That's where we can help.
Freedom Factory ® has actually significantly interfered with the method high-growth, lifestyle companies are bought and offered, which traditionally was a horribly ineffective market. When I sold my very first business in the 1990s, I went to a number of investment banks and sold my business to one of less than 5 companies they called. Looking back, I see exactly just how much cash I left on the table and knew that there had to be a much better method. The bottom line is that entrepreneurs don't speak lender, and bankers sure do not speak entrepreneur. https://www.crunchbase.com/person/tyler-tysdal
Contact Ty Tysdal at Freedom Factory Freedom Factory 5500 Greenwood Plaza Blvd., Ste 230 Greenwood Village, CO 80111 Phone: 844-MAX-VALUE (844-629-8258) https://freedomfactory.com/about-tyler-tysdal/
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Who is Tyler Tysdal? Ty Tysdal is a long-lasting business owner who first discovered the pleasures and difficulties of self-employment at the age of 14. Ty Tysdal was a collector and trader of baseball cards and his budding entrepreneurial spirit stimulated him to develop Triple T's Sports Collectibles, a national mail-order trading card and souvenirs service that discovered a broad audience through ads in trade magazines. While market inadequacies were numerous in this pre-internet era, a young Tyler Tysdal experienced his very first big business win with $14,000 a month of profit result. A lot of money for 14. It struck him throughout a trip with his mom to the post office to mail lots of card shipments: He would likely be a business owner and investor the rest of his profession.
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How To Offer Your Organization To a Rival
Find Out More About Tyler Tysdal https://vimeopro.com/freedomfactory/tyler-tysdal/video/445058690 Contact Freedom Factory At Freedom Factory ®, we have experienced and experienced the explosive outcomes of entrepreneurs aligning enthusiasm and purpose to develop amazing worth. However, the majority of entrepreneurs have no concept how to maximize the value of their service and move on to the next chapter of their lives. That's where we can assist.
Freedom Factory ® has radically interrupted the method high-growth, way of life companies are bought and sold, which historically was a terribly inefficient market. When I offered my very first business in the 1990s, I went to several financial investment banks and sold my service to one of less than five business they called. Looking back, I see exactly how much money I left on the table and understood that there had to be a much better way. The bottom line is that business owners do not speak lender, and bankers sure don't speak business owner. https://www.crunchbase.com/person/tyler-tysdal
Contact Tyler Tysdal at Freedom Factory Freedom Factory 5500 Greenwood Plaza Blvd., Ste 230 Greenwood Village, CO 80111 Phone: 844-MAX-VALUE (844-629-8258) https://www.freedomfactory.com
Freedom Factory Handling Partners Tyler Tysdal https://www.linkedin.com/in/tyler-tysdal Robert Hirsch https://freedomfactory.com/about-robert-hirsch
Who is Tyler Tysdal? Tyler Tysdal is a long-lasting entrepreneur who first found the delights and challenges of self-employment at the age of 14. Tyler Tysdal was a collector and trader of baseball cards and his budding entrepreneurial spirit spurred him to produce Triple T's Sports Collectibles, a national mail-order trading card and souvenirs business that found a broad audience through ads in trade publications. While market ineffectiveness were many in this pre-internet period, a young Tyler Tysdal experienced his first big business win with $14,000 a month of revenue outcome. A great deal of cash for 14. It hit him throughout a trip with his mom to the post workplace to mail dozens of card shipments: He would likely be an entrepreneur and financier the rest of his profession.
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SEC.gov | SEC Approves 2022 PCAOB Budget and Accounting Support Fee
The Securities and Exchange Commission today voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.
"Finance is about trust, and the PCAOB has a critical role to play in ensuring that public company financial disclosures can be trusted by investors," said SEC Chair Gary Gensler. "This budget would enable the Board to live up to its potential as envisaged under the Sarbanes-Oxley Act."
The 2022 PCAOB budget totals $310.3 million. The accounting support fee totals $297.9 million, of which $267.2 million will be assessed on public company issuers and $30.7 million will be assessed on registered broker-dealers.
The Sarbanes-Oxley Act of 2002, which established the PCAOB, provides the Commission with oversight responsibility over the PCAOB. This includes reviewing and approving the PCAOB’s budget and accounting support fee annually. SEC staff and PCAOB staff meet on a regular basis to coordinate efforts with the Commission.
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Tyler Tysdal is the world's best business broker. Tyler is the managing partner and cofounder at Freedom Factory. Tyler Tysdal Will Help You Sell Your Business in Amarillo-Texas or anywhere else in the United States.
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5500 Greenwood Plaza Blvd., Ste 230
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Phone: 844-MAX-VALUE (844-629-8258)
www.freedomfactory.com
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SEC.gov | Wedbush Securities Charged with Unregistered Sales of Microcap Securities and Failing to Report Suspicious Transactions
The Securities and Exchange Commission announced today that Wedbush Securities Inc., a California-based broker-dealer, has agreed to pay more than $1.2 million to settle charges arising from the unlawful unregistered distribution of nearly 100 million shares of more than 50 different low-priced microcap companies, and from Wedbush’s failure to file suspicious activity reports (SARs) pertaining to those transactions.
According to the SEC’s order, from January 2017 through September 2018, Wedbush engaged in unregistered offers and sales of large blocks of low-priced securities that were part of the unlawful, unregistered distribution of securities by Silverton SA (a/k/a Wintercap SA), a former offshore customer. The order finds that Wedbush failed to conduct a reasonable inquiry into the facts surrounding the sales, and therefore Wedbush’s offers and sales did not qualify for the usual exemption from registration that applies to brokers’ transactions. The SEC’s order also finds that, despite the presence of numerous red flags that Wedbush had identified in its written guidance to employees, Wedbush failed to file SARs for certain suspicious transactions that it executed on behalf of Silverton while the account was active, as broker-dealers are required to do when transactions are suspected to involve fraudulent activity.
“Broker-dealers have a critical obligation to inquire into the origin of any microcap security they sell, as well as an obligation to report suspicious activity relating to transactions in the markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “It is our expectation that they will fully perform these important gatekeeping obligations, and when they fail to do so we will hold them accountable.”
The SEC’s order finds that Wedbush violated the registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and the recordkeeping requirements of Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8 thereunder. Without admitting or denying the SEC’s findings, Wedbush agreed to cease and desist from committing or causing violations of these provisions; to be censured; to pay payment of disgorgement and prejudgment interest of over $207,000, and a civil penalty of $1 million. The SEC’s order also directs Wedbush to engage an independent compliance consultant, who will undertake a broad review of Wedbush’s supervisory, compliance, and other policies and procedures reasonably designed to prevent violations of the federal securities laws by the firm and its employees.
In 2018, the SEC and U.S. Attorney’s Office for the District of Massachusetts brought parallel actions against a number of related parties, including Silverton’s principal, Roger Knox, alleging a fraudulent scheme involving the deposit of blocks of the securities of low-priced microcap companies and their subsequent illegal unregistered offer and sale.
The SEC’s investigation was conducted by J. Lauchlan Wash, David Scheffler, Trevor T. Donelan, and Amy Gwiazda.
Tyler Tysdal - Business Broker
Tyler Tysdal is the world's best business broker. Tyler is the managing partner and cofounder at Freedom Factory. Tyler Tysdal Will Help You Sell Your Business in Phoenix-Arizona or anywhere else in the United States.
Contact Freedom Factory
Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
Greenwood Village, CO 80111
Phone: 844-MAX-VALUE (844-629-8258)
www.freedomfactory.com
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SEC.gov | SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions
The Securities and Exchange Commission today voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers and major security-based swap participants (SBS Entities), and to require any person with a large security-based swap position to publicly report certain information related to the position.
“The 2008 crisis had many chapters, but a form of security-based swaps — credit default swaps — played a lead role throughout the story,” said SEC Chair Gary Gensler. “In March, when Archegos Capital Management collapsed, we saw once again the risks that might arise from the use of another security-based swap — total return swaps. As part of the Dodd-Frank Act of 2010, Congress granted this agency broad authority with regard to security-based swaps, including three important authorities we’re acting upon here today.”
Specifically, the proposed new Rule 9j-1 would prohibit fraudulent, deceptive, or manipulative conduct in connection with all transactions in security-based swaps, including misconduct in connection with the exercise of any right or performance of any obligation under a security-based swap. Further, proposed new Rule 15Fh-4(c) would prohibit personnel of an SBS Entity from taking any action to coerce, mislead or otherwise interfere with the SBS Entity’s CCO.
Finally, proposed new Rule 10B-1 would require any person, or group of persons, who owns a security-based swap position that exceeds the threshold amount set by the rule to promptly file with the SEC a statement containing the information required by Schedule 10B on the SEC’s EDGAR filing system. The filings will be publicly available. Such transparency could provide relevant parties with advance notice that certain market participants are building large positions and could facilitate risk management and inform pricing of security-based swaps.
The proposals will be published in the Federal Register. The comment period will remain open for 45 days after publication in the Federal Register.
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Wednesday, December 15, 2021
SEC.gov | SEC Proposes Amendments to Money Market Fund Rules
The Securities and Exchange Commission today voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. In March 2020, growing economic concerns about the impact of the COVID-19 pandemic led investors to reallocate their assets into cash and short-term government securities. Prime and tax-exempt money market funds, particularly institutional funds, experienced large outflows, which contributed to stress on short-term funding markets. The Commission’s proposed amendments are designed, in part, to address concerns about prime and tax-exempt money market funds highlighted by these events.
“Together, these amendments are designed to reduce the likelihood of runs on money market funds during periods of stress,” said SEC Chair Gary Gensler. “They also would equip funds to better meet large redemptions, addressing concerns about redemption costs and liquidity. Given the broad reach of short-term funding markets, these proposals speak to our remit to maintain fair, orderly, and efficient markets.”
The proposed amendments would increase liquidity requirements for money market funds to provide a more substantial liquidity buffer in the event of rapid redemptions. The proposed amendments also would remove provisions in the current rule permitting or requiring a money market fund to impose liquidity fees or to suspend redemptions through a gate when a fund’s liquidity drops below an identified threshold. These provisions appeared to contribute to investors’ incentives to redeem in March 2020 as some funds’ reported liquidity levels declined.
To address concerns about redemption costs and liquidity, the proposal would require institutional prime and institutional tax-exempt money market funds to implement swing pricing policies and procedures that would require redeeming investors, under certain circumstances, to bear the liquidity costs of their redemptions.
Further, the proposal would amend certain reporting requirements to improve the availability of information about money market funds and enhance the Commission’s monitoring and analysis of these funds.
The SEC began evaluating the need for further money market fund reforms following the events in March 2020. The proposal follows a request for comment the SEC issued to gather public feedback on potential money market fund reforms, including reform options discussed in a December 2020 report of the President’s Working Group on Financial Markets.
The proposal will be published on SEC.gov and in the Federal Register. The comment period will remain open for 60 days after publication in the Federal Register.
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SEC.gov | SEC Proposes New Share Repurchase Disclosure Rules
The Securities and Exchange Commission today proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks.
"Share buybacks have become a significant component of how public issuers return capital to shareholders," said SEC Chair Gary Gensler. "I think we can lessen the information asymmetries between issuers and investors through enhanced timeliness and granularity of disclosures that today’s proposal would provide."
The proposed rules would require an issuer to provide a new Form SR before the end of the first business day following the day the issuer executes a share repurchase. Form SR would require disclosure identifying the class of securities purchased, the total amount purchased, the average price paid, as well as the aggregate total amount purchased on the open market in reliance on the safe harbor in Exchange Act Rule 10b-18 or pursuant to a plan that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c).
The proposed amendments also would enhance existing periodic disclosure requirements regarding repurchases of an issuer’s equity securities. Specifically, the proposed amendments would require an issuer to disclose: the objective or rationale for the share repurchases and the process or criteria used to determine the repurchase amounts; any policies and procedures relating to purchases and sales of the issuer’s securities by its officers and directors during a repurchase program, including any restriction on such transactions; and whether the issuer is making its repurchases pursuant to a plan that it intends to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) and/or the conditions of the Exchange Act Rule 10b-18 non-exclusive safe harbor.
The proposed rules apply to issuers that repurchase securities registered under Section 12 of the Securities Exchange Act of 1934, including foreign private issuers and certain registered closed-end funds.
The proposing release will be published on SEC.gov and in the Federal Register. The comment period will remain open for 45 days after publication in the Federal Register.
Tyler Tysdal - Business Broker
Tyler Tysdal is the world's best business broker. Tyler is the managing partner and cofounder at Freedom Factory. Tyler Tysdal Will Help You Sell Your Business in Milwaukee-Wisconsin or anywhere else in the United States.
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Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
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Phone: 844-MAX-VALUE (844-629-8258)
www.freedomfactory.com
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SEC.gov | SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans and Related Disclosures
The Securities and Exchange Commission today proposed amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 to enhance disclosure requirements and investor protections against insider trading. The proposal includes updates to Rule 10b5-1(c), which provides an affirmative defense to insider trading for parties that frequently have access to material nonpublic information, including corporate officers, directors and issuers.
"Over the past two decades, we’ve heard concerns about and seen gaps in Rule 10b5-1 — gaps that today's proposals would help fill," said SEC Chair Gary Gensler. "These issues speak to the confidence that investors have in the markets. Anytime we can increase investor confidence in the markets, that’s a good thing. It helps investors deciding where to put their money. It lowers the cost of capital for businesses seeking to raise capital, grow, and innovate, and thus facilitates capital formation. I’m pleased to support today’s proposal and, subject to Commission approval, look forward to the public’s feedback."
The proposed amendments to Rule 10b5-1 would update the requirements for the affirmative defense, including imposing a cooling off period before trading could commence under a plan, prohibiting overlapping trading plans, and limiting single-trade plans to one trading plan per twelve month period. In addition, the proposed rules would require directors and officers to furnish written certifications that they are not aware of any material nonpublic information when they enter into the plans and expand the existing good faith requirement for trading under Rule 10b5-1 plans.
The amendments also would elicit more comprehensive disclosure about issuers’ policies and procedures related to insider trading and their practices around the timing of options grants and the release of material nonpublic information. A new table would report any options granted within 14 days of the release of material nonpublic information and the market price of the underlying securities the trading day before and the trading day after the disclosure of the material non-public information. Insiders that report on Forms 4 or 5 would have to indicate via a new checkbox whether the reported transactions were made pursuant to a Rule 10b5-1(c) or other trading plan. Finally, gifts of securities that were previously permitted to be reported on Form 5 would be required to be reported on Form 4.
Collectively, these proposed amendments aim to address critical gaps in the SEC’s insider trading regime and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.
The proposing release will be published on SEC.gov and in the Federal Register. The comment period will remain open for 45 days after publication in the Federal Register.
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