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SEC.gov | SEC Proposes Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
The Securities and Exchange Commission today proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies.
"Over the years, our disclosure regime has evolved to reflect evolving risks and investor needs," said SEC Chair Gary Gensler. "Today, cybersecurity is an emerging risk with which public issuers increasingly must contend. Investors want to know more about how issuers are managing those growing risks. A lot of issuers already provide cybersecurity disclosure to investors. I think companies and investors alike would benefit if this information were required in a consistent, comparable, and decision-useful manner. I am pleased to support this proposal because, if adopted, it would strengthen investors’ ability to evaluate public companies' cybersecurity practices and incident reporting."
The proposed amendments would require, among other things, current reporting about material cybersecurity incidents and periodic reporting to provide updates about previously reported cybersecurity incidents. The proposal also would require periodic reporting about a registrant’s policies and procedures to identify and manage cybersecurity risks; the registrant’s board of directors' oversight of cybersecurity risk; and management’s role and expertise in assessing and managing cybersecurity risk and implementing cybersecurity policies and procedures. The proposal further would require annual reporting or certain proxy disclosure about the board of directors’ cybersecurity expertise, if any.
The proposed amendments are intended to better inform investors about a registrant's risk management, strategy, and governance and to provide timely notification to investors of material cybersecurity incidents.
The proposing release will be published on SEC.gov and in the Federal Register. The comment period will remain open for 60 days following publication of the proposing release on the SEC's website or 30 days following publication of the proposing release in the Federal Register, whichever period is longer.
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SEC.gov | SEC Awards More Than $3.5 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $3.5 million to a whistleblower who provided critical information that significantly contributed to the success of two SEC enforcement actions.
The whistleblower’s information prompted SEC staff to further investigate certain potential securities violations, saved SEC staff time and resources, and helped advance settlement discussions.
"Whistleblowers play an integral role in the agency’s enforcement efforts and protection of investors," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. "In fiscal year 2022 alone, the SEC has awarded more than $143 million to whistleblowers who provided high-quality information and assistance that led to the success of enforcement actions."
The SEC has awarded approximately $1.2 billion to 248 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
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Tuesday, March 8, 2022
SEC.gov | SEC Charges Siblings in $124 Million Crypto Fraud Operation that included Misleading Roadshows, YouTube Videos
The Securities and Exchange Commission today charged siblings John and JonAtina (Tina) Barksdale with defrauding thousands of retail investors out of more than $124 million through two unregistered fraudulent offerings of securities involving a digital token called “Ormeus Coin.”
According to the SEC’s complaint, from June 2017 through the present, the Barksdales offered and sold Ormeus Coin to investors on crypto trading platforms. In addition, from June 2017 to April 2018, through a multi-level marketing business called Ormeus Global, the Barksdales offered and sold subscription packages that included Ormeus Coin and an investment in a crypto trading program. As alleged, to promote the offerings, John Barksdale held roadshows around the world while he and his sister, Tina, led the production of social media posts, YouTube videos, press releases, and other promotional materials. The complaint alleges that at the events, in the produced materials, and currently on Ormeus Coin’s website, the defendants falsely claimed that Ormeus Coin was supported by one of the largest crypto mining operations in the world, even though they abandoned their mining operations in 2019 after generating less than $3 million in total mining revenue. As alleged, in many of these investor communications, the defendants falsely stated that Ormeus Coin had a $250 million crypto mining operation and was producing $5.4 million to $8 million per month in mining revenues.
According to the complaint, to preserve the fiction that Ormeus Coin was successfully mining crypto, the Barksdales arranged for a public website to display a wallet of an unrelated third party showing more than $190 million in assets as of November 2021, even though the Ormeus wallets were worth less than $500,000. The complaint also alleges that the Barksdales manipulated Ormeus Coin’s price and misused millions of dollars of investor funds for personal expenses.
"We allege that the Barksdales acted as modern-day snake-oil salesmen, using social media, promotional websites, and in-person roadshows to mislead retail investors for their own personal benefit," said Melissa Hodgman, Associate Director in the SEC’s Division of Enforcement. "We will continue to vigorously pursue persons who sell securities in schemes to defraud the investing public no matter what label the promoters apply to their products."
The complaint, filed in the U.S. District Court for the Southern District of New York, charges the Barksdales with violating the federal securities laws and seeks injunctive relief, disgorgement plus interest, and civil penalties.
In a parallel action, the U.S. Attorney’s Office for the Southern District of New York unsealed criminal charges against John Barksdale.
The SEC’s Office of Investor Education and Advocacy cautions investors to be wary of potential crypto investment scams and of investing based on social media.
The SEC’s investigation was conducted by Matthew B. Reisig under the supervision of Timothy England and Melissa Hodgman. Melissa Armstrong and Fred Block will lead the litigation.
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 Huntington-Beach-California or anywhere else in the USA.
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Freedom Factory
5500 Greenwood Plaza Blvd., Ste 230
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Phone: 844-MAX-VALUE (844-629-8258)
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SEC.gov | SEC Investor Advisory Committee to Discuss Artificial Intelligence and Cybersecurity on March 10
The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting remotely on March 10 at 10:00 a.m. ET. The meeting is open to the public via live webcast, and will be archived on the committee's website for later viewing.
This will be the first Committee meeting led by the new slate of officers who were appointed on December 2, 2021. Christopher Mirabile is the new Chair; Leslie Van Buskirk is the new Vice Chair; and Brian Hellmer is the new Assistant Secretary. Theodore Daniels continues as Secretary.
The Committee will hold two panel discussions: one regarding ethical artificial intelligence and “roboadviser” fiduciary responsibilities; and the other regarding cybersecurity. The full agenda is available here.
For a full list of Committee members, see the Committee's member biographies webpage.
The Investor Advisory Committee was established to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace. The Committee is authorized to submit findings and recommendations to the Commission.
To learn more about the Investor Advisory Committee and the SEC, please visit: https://www.sec.gov/spotlight/investor-advisory-committee.shtml
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Monday, March 7, 2022
SEC.gov | SEC Investor Advisory Committee to Discuss Artificial Intelligence and Cybersecurity on March 10
The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting remotely on March 10 at 10:00 a.m. ET. The meeting is open to the public via live webcast, and will be archived on the committee's website for later viewing.
This will be the first Committee meeting led by the new slate of officers who were appointed on December 2, 2021. Christopher Mirabile is the new Chair; Leslie Van Buskirk is the new Vice Chair; and Brian Hellmer is the new Assistant Secretary. Theodore Daniels continues as Secretary.
The Committee will hold two panel discussions: one regarding ethical artificial intelligence and “roboadviser” fiduciary responsibilities; and the other regarding cybersecurity. The full agenda is available here.
For a full list of Committee members, see the Committee's member biographies webpage.
The Investor Advisory Committee was established to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace. The Committee is authorized to submit findings and recommendations to the Commission.
To learn more about the Investor Advisory Committee and the SEC, please visit: https://www.sec.gov/spotlight/investor-advisory-committee.shtml
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SEC.gov | SEC Charges Previously-Barred Investment Adviser with Fraud
The Securities and Exchange Commission today charged a previously-barred North Carolina-based investment adviser with lying to retail investors about the use and value of their investments.
The SEC’s complaint alleges that, starting in approximately February 2019, David W. Schamens solicited investments in a purported pooled investment vehicle that would invest in pre-selected stocks, which would then be “auto-traded” by a proprietary algorithm. However, rather than using investor funds to engage in any type of trading, Schamens allegedly used the overwhelming majority of the money for personal expenses and to repay previous investors seeking redemptions.
The complaint also alleges that Schamens provided investors with fictitious monthly statements showing returns at times exceeding 80 percent and that he sought to conceal his actions by presenting investors with a phony audit letter verifying transactions and balances in the fund. The complaint, filed in the U.S. District Court for the District of New Jersey, charges Schamens with violating antifraud provisions of the federal securities laws. The SEC seeks a permanent injunction, disgorgement, and penalties against Schamens.
"This is not the first time that David Schamens has been charged by the SEC for misconduct and serves as a good reminder for investors to research potential advisers," said Richard R. Best, Director of the SEC’s New York Regional Office. "Before entrusting someone with managing your money, investors should visit Investor.gov where they can vet potential advisers."
In 1992, the SEC charged Schamens for, among other things, misappropriating investor funds. As part of the settled charges, he was barred from association with any broker, dealer, municipal securities dealer, investment adviser, or investment company.
In a parallel action, the U.S. Attorney’s Office for the District of New Jersey announced criminal charges against Schamens.
The SEC’s investigation was conducted by Lindsay S. Moilanen, Neil Hendelman, and Sheldon L. Pollock, and the case was supervised by Lara S. Mehraban and Mr. Pollock. The litigation will be led by Ms. Moilanen and Philip Fortino. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of New Jersey and the Department of Homeland Security, Homeland Security Investigations, Newark Field Office. The SEC’s Office of Investor Education and Advocacy (OIEA) encourages investors to check the background of anyone selling or offering them an investment using the free and simple search tool on Investor.gov.
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 Santa-Ana-California 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
Freedom Factory
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SEC.gov | SEC Charges Venture Capital Fund Adviser with Misleading Investors
The Securities and Exchange Commission today charged venture capital fund adviser Alumni Ventures Group, LLC (AVG) with making misleading statements about its management fees and engaging in inter-fund transactions in breach of fund operating agreements. The SEC also charged AVG’s CEO, Michael Collins, with causing AVG’s violations. To settle the charges, AVG repaid $4.7 million to affected funds and agreed to pay a $700,000 penalty, whereas Collins agreed to pay a $100,000 penalty.
According to the SEC’s order, AVG’s website and other marketing communications represented that its management fee for the venture capital funds that it managed was the “industry standard ‘2 and 20.’” The order found that these representations were misleading because they led some investors to believe that AVG would collect a two-percent management fee during each year of its funds’ 10-year term, and separately collect a 20-percent performance fee. According to the order, AVG’s typical practice was instead to assess management fees totaling 20 percent of an investor’s fund investment (representing ten years’ of two-percent annual management fees) upon the investor’s initial fund investment.
The order found that Collins approved of AVG employees using the “industry standard ‘2 and 20’” language and personally used it with fund investors and prospective investors. The order also included findings that AVG made inter-fund loans and cash transfers between funds and made loans to certain funds in violation of the funds’ respective operating agreements.
“Venture capital fund advisers, like all advisers to funds, must accurately describe their fees and abide by the funds’ agreements,” said Adam S. Aderton, Co-Chief of the SEC Enforcement Division’s Asset Management Unit. “When appropriate, enforcement actions like this one hold firms accountable when they fail to meet these obligations.”
AVG and Collins consented to the entry of the SEC’s order finding that AVG violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8, and that Collins caused AVG’s violations. Without admitting or denying the SEC’s findings, AVG and Collins agreed to a cease-and-desist order, AVG agreed to a censure and to pay a $700,000 penalty, and Collins agreed to pay a $100,000 penalty.
The SEC’s investigation was conducted by Luke Pazicky and Michael Moran, and was supervised by David Becker, all within the Enforcement Division’s Asset Management Unit. The SEC appreciates the assistance of the New Hampshire Bureau of Securities Regulation and the Massachusetts Securities Division.
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Thursday, March 3, 2022
SEC.gov | City National Rochdale to Pay More Than $30 Million for Undisclosed Conflicts of Interest
The Securities and Exchange Commission today announced that registered investment adviser City National Rochdale, LLC (CNR) has agreed to pay more than $30 million to settle charges that its undisclosed conflicts of interest defrauded current and prospective clients. The money CNR pays will be placed into an SEC Fair Fund for distribution to harmed investors.
According to the SEC’s Order, from at least 2016 through 2019, CNR, which has discretionary authority over client accounts, failed to inform its clients of its practice of investing their assets in proprietary mutual funds that generate fees for CNR and its affiliates, rather than in competitor funds whose fees may be lower. Additionally, the SEC’s Order finds that from at least 2016 until 2019, CNR failed to inform some prospective clients that they could invest in CNR’s proprietary funds at lower cost. Clients who opened accounts with certain CNR affiliates did not pay annual marketing or distribution fees, known as 12b-1 fees, but most clients who invested with CNR through their own financial advisors did.
“CNR’s failures to disclose its conflicts of interest deprived clients of their ability to make informed investment decisions while generating fees for the adviser and its affiliates,” said Melissa Hodgman, Associate Director of the SEC Enforcement Division. “When investors entrust their hard-earned money with an adviser, it is crucial they receive full and fair disclosures to allow them to understand and reject any conflicts of interest, and if the adviser does not abide by these rules, then the SEC will hold them accountable so we can return that money to investors.”
The SEC’s Order finds that CNR violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder. Without admitting or denying the SEC’s findings, CNR agreed to cease and desist from committing or causing any future violations of these provisions; be censured; provide notice of the settlement to affected advisory clients; retain an independent compliance consultant; and pay disgorgement, prejudgment interest, and a civil penalty totaling $30,361,803 that will be distributed to investors through a Fair Fund.
The SEC’s investigation was conducted by Elisabeth M. Grimm and supervised by Rami Sibay.
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