SEC.gov | SEC Obtains Emergency Relief, Charges Couple Who Operated $18 Million Ponzi scheme

The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and an asset freeze to stop an alleged Ponzi scheme perpetrated by Shakopee, Minnesota residents Jason Dodd Bullard and Angela Romero-Bullard and the entity they control, Bullard Enterprises LLC. The SEC also named four relief defendants in the action – entities controlled by Bullard and Romero-Bullard that received investor funds from the alleged scheme.

According to the SEC's complaint, filed in the United States District Court for the District of Minnesota, from at least 2007 to 2021, the defendants raised approximately $17.6 million from as many as 200 investors to invest in Bullard Enterprises' purported Flagship and Platinum Funds. Bullard and Romero-Bullard allegedly told investors – most of whom were friends and family, including many elderly retirees – that their investments would be used to trade foreign currencies, and sent investors account statements showing that their accounts were increasing in value. In reality, according to the complaint, Bullard Enterprises stopped trading in foreign currencies in 2015, and the defendants simply used new investor money to pay purported "returns" to existing investors. Also according to the complaint, Bullard and Romero-Bullard misappropriated investors' money to support other businesses they owned, including a horse racing stable, limousine service, and health and fitness studio.

"Many of the investor-victims in this case were friends and family of Bullard and Romero-Bullard who trusted their promises about investment strategy and expected returns," said Nekia Hackworth Jones, Director of the SEC's Atlanta Regional Office. "As alleged in the complaint, Bullard and Romero-Bullard breached that trust for years. Instead of delivering on their promises, these individuals used false statements and fraudulent documents to convince investors to pour millions of dollars into bank accounts used almost exclusively for Ponzi-style payments and for their personal benefit."

The SEC's complaint charges the defendants with violating the antifraud provisions of the federal securities laws. In addition to temporary relief, the complaint seeks, among other things, preliminary and permanent injunctions, disgorgement, prejudgment interest, civil penalties, and an asset freeze.

The SEC's ongoing investigation is being conducted by enforcement staff in the Atlanta Regional Office. The investigative team includes Justin Delfino, Krysta Cannon, and Tiffany Kunkle, and is supervised by Peter Diskin and Justin Jeffries. The SEC's litigation will be led by Patrick Huddleston.

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SEC.gov | SEC Issues Whistleblower Awards Totaling $2.6 Million

The Securities and Exchange Commission today announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings.

In the first order, the SEC awarded approximately $1.2 million to a whistleblower who provided valuable independent analysis based upon a complex algorithm the whistleblower developed and applied to publicly available data. The whistleblower’s information saved Commission staff time and resources and assisted the staff during settlement negotiations of an enforcement action.

In the second order, the SEC awarded over $1 million to three individuals whose information and assistance led to a successful enforcement action. While the whistleblowers held compliance roles at the company, they remained eligible for an award because they submitted their information to the Commission more than 120 days after the alleged conduct had been reported internally. The first claimant, who received the highest award, provided extraordinary assistance and comprehensive information that proved vital to the success of the enforcement action.

In the third order, the SEC awarded a whistleblower more than $350,000 for providing independent analysis that led to a successful enforcement action. Based on unusual effort and expertise developed over many years, the whistleblower identified patterns among publicly available information that allowed the Commission to quickly identify and prevent wrongdoing and to preserve assets.

"Today's awards demonstrate the Commission's commitment to reward whistleblowers who provide valuable information, developed either from a whistleblower's independent knowledge or the whistleblower's independent analysis, which substantially contributes to a successful enforcement action," said Emily Pasquinelli, Acting Chief of the SEC's Office of the Whistleblower.

The SEC has awarded approximately $959 million to 203 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 10-30% 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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SEC.gov | SEC Charges International Microcap Fraud Scheme Participants

The Securities and Exchange Commission today announced an emergency action charging nine individuals, including a public company chairman, for their participation in long-running fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales and caused significant harm to retail investors in the United States and around the world. The SEC has obtained emergency relief in court, including an order to freeze the defendants’ assets.

According to the SEC’s complaint unsealed today, Canadian resident Frederick L. Sharp masterminded a complex scheme from 2011 to 2019 in which he and his associates – Canadian residents Zhiying Yvonne Gasarch and Courtney Kelln – enabled control persons of microcap companies whose stock was publicly traded in the U.S. securities markets to conceal their control and ownership of huge amounts of penny stock.  They then surreptitiously dumped the stock into the U.S. markets in violation of federal securities laws.  The services Sharp and his associates allegedly provided included furnishing networks of offshore shell companies to conceal stock ownership, arranging stock transfers and money transmittals, and providing encrypted accounting and communications systems.  According to the complaint, Sharp and his associates facilitated over a billion dollars in gross sales in hundreds of penny stock companies.

The complaint alleges that one group of control persons comprised of Canadian residents Mike K. Veldhuis, Paul Sexton, and Jackson T. Friesen frequently collaborated with Sharp to dump huge stock positions while hiding their control positions and stock promotional activities from the investing public.  The complaint further alleges that California resident Avtar S. Dhillon, who chaired the boards of directors of four of the public companies whose stocks were fraudulently sold during the schemes, reaped millions in illicit proceeds from those illegal sales. Dhillon was allegedly complicit with Veldhuis and his associates as well as with others, including Canadian resident Graham R. Taylor. According to the complaint, Maryland resident William T. Kaitz worked as a promoter and allegedly touted stocks that Veldhuis, Sexton, and Friesen simultaneously planned to sell, while concealing their roles.

The SEC filed a related action on Aug. 4, 2021, charging Mexican resident Luis Jimenez Carrillo for engaging in deceptive penny stock schemes that generated more than $75 million from the fraudulent sales of multiple microcap companies’ stock. Carrillo, who allegedly utilized Sharp’s services, partnered with Canadian resident Amar Bahadoorsingh and United Kingdom residents Justin Roger Wall and Jamie Samuel Wilson on at least one of the schemes.

“The SEC is committed to rooting out fraudulent attacks on our financial markets by bad actors in the United States and around the world,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “Those who scheme to defraud retail investors, as we allege these defendants did, should know that they cannot hide behind sophisticated structures or international borders.”  

“We charge that the defendants created a network that enabled them to engage in multiple fraudulent schemes, making millions of dollars in unlawful profits at the expense of retail investors,” said Paul Levenson, Regional Director of the SEC’s Boston Regional Office.  “Among other things, the emergency relief we have obtained will preserve assets to potentially be returned to harmed investors.”

The SEC’s complaint, which was filed in federal district court in Boston, charges Sharp, Kelln, Veldhuis, Sexton, Friesen, and Dhillon with violating the antifraud and registration provisions of the federal securities laws. Veldhuis, Sexton, Friesen, and Dhillon are also charged with violating reporting provisions of the federal securities laws.  Taylor, Gasarch, and Kaitz are each charged with violating one or more of the antifraud provisions of the federal securities laws. Taylor, Sharp, Kelln, Gasarch, and Kaitz are also charged with aiding and abetting violations by other defendants.  In addition to the asset freeze and other temporary relief obtained, the SEC is seeking permanent injunctions, conduct based injunctions, disgorgement of allegedly ill-gotten gains plus interest, civil penalties, penny stock bars, and an officer and director bar for Dhillon.

The U.S. Attorney’s Office for the District of Massachusetts announced parallel criminal charges against Sharp, Kelln, Veldhuis, Dhillon, and Carrillo.

The SEC’s case is being handled by Trevor Donelan, Eric Forni, Kathleen Shields, and Amy Gwiazda in the Boston Regional Office; Katherine Bromberg of the Enforcement Division’s Retail Strategy Task Force; and Edward Gerard, Lee Buck, and Shipra Wells with the assistance of Marlee Miller and Owen Granke of the Office of International Affairs, Alex Lefferts of the Enforcement Division’s Office of Investigative & Market Analytics, and Suman Beros of the IT Forensics Lab. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, the Federal Bureau of Investigation, the Financial Industry Regulatory Authority, the Alberta Securities Commission, the British Columbia Securities Commission, the Royal Canadian Mounted Police, the Argentina Comisión Nacional de Valores, the Securities Commission of The Bahamas, the Colombia Fiscalía General de la Nación, the Curaçao Korps Landelijke Politiediensten, the Cayman Islands Monetary Authority, the Cyprus Securities and Exchange Commission, the Dominican Republic Superintendencia del Mercado de Valores, the German Bundesanstalt für Finanzdienstleistungsaufsicht, the Hong Kong Securities and Futures Commission, the Latvia Financial and Capital Market Commission, the Liechtenstein Financial Market Authority, the Bank of Lithuania, the Malta Financial Services Authority, the Mauritius Financial Services Commission, the Mexican Comisión Nacional Bancaria y de Valores, the New Zealand Financial Markets Authority, the Panamanian Superintendencia del Mercado de Valores, the St. Lucia Financial Intelligence Authority, the Securities Commission of Serbia, the Monetary Authority of Singapore, the Swiss Financial Market Supervisory Authority, the United Arab Emirates Securities and Commodities Authority, the Dubai Financial Services Authority, and the United Kingdom Financial Conduct Authority.

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SEC.gov | SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange

The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.

The SEC’s order finds that from July 2017 through November 2019, when Poloniex sold its platform, Poloniex operated a web-based trading platform that facilitated buying and selling digital assets, including digital assets that were investment contracts and therefore securities.  According to the SEC’s order, the Poloniex trading platform met the criteria of an “exchange” as defined by the securities laws because the trading platform provided the non-discretionary means for trade orders to interact and execute through the combined use of the Poloniex website, an order book, and the Poloniex trading engine.  The order finds that notwithstanding its operation of the Poloniex trading platform, which was available to U.S. investors, Poloniex did not register as a national securities exchange nor did it operate pursuant to an exemption from registration at any time, and its failure to do so was a violation of Section 5 of the Exchange Act.  

The SEC’s order further finds that in or around August 2017, Poloniex employees stated internally that they wanted Poloniex to be “aggressive” in making available for trading new digital assets on the Poloniex trading platform, including digital assets that might be considered securities under the Howey test, in an effort to increase market share.  Further, according to the SEC’s order, in or around July 2018, Poloniex determined that it would continue to provide users of the Poloniex trading platform the ability to trade digital assets that it characterized as “medium risk” of being considered securities in light of the business rewards that would provide to Poloniex.

“Poloniex chose increased profits over compliance with the federal securities laws by including digital asset securities on its unregistered exchange,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit.  “Poloniex attempted to circumvent the SEC’s regulatory regime, which applies to any marketplace for bringing together buyers and sellers of securities regardless of the applied technology.”

Without admitting or denying the SEC’s findings, Poloniex agreed to the entry of a cease-and-desist order and agreed to pay disgorgement of $8,484,313, prejudgment interest of $403,995, and a civil penalty of $1.5 million for a total of $10,388,309.  The order establishes a Fair Fund for the benefit of victims.

The SEC’s investigation was conducted by Pamela Sawhney and Daphna Waxman of the Cyber Unit and David H. Tutor of the Asset Management Unit with assistance from Market Abuse Unit Trading Specialist Ainsley Kerr.  The case was supervised by John O. Enright of the Cyber Unit and Ms. Littman.

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SEC.gov | SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings

The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called “decentralized finance” (DeFi) technology, and for misleading investors concerning the operations and profitability of their business DeFi Money Market.   

According to the SEC’s order, Gregory Keough, Derek Acree, and their company Blockchain Credit Partners offered and sold securities in unregistered offerings through DeFi Money Market from February 2020 to February 2021. The order finds that they used smart contracts to sell two types of digital tokens: mTokens that could be purchased using specified digital assets and that paid 6.25 percent interest, and DMG “governance tokens” that purportedly gave holders certain voting rights, a share of excess profits, and the ability to profit from DMG governance token resales in the secondary market.

According to the order, in offering and selling mTokens and DMG governance tokens, the respondents stated that DeFi Money Market could pay the interest and profits because it would use investor assets to buy “real world” assets that generated income, like car loans.  However, the order finds that after publicly unveiling DMM, the respondents realized that DeFi Money Market could not operate as promised because the price volatility of the digital assets used to purchase the tokens created risk that the income generated through income-generating assets would be insufficient to cover appreciation of investors’ principal.  The order finds that rather than notifying investors of this roadblock, the respondents misrepresented how the company was operating, including by falsely claiming that DeFi Money Market had bought car loans that they displayed on DeFi Money Market’s website.  While the respondents controlled another company that owned car loans, DeFi Money Market never acquired an ownership interest in any of those loans. Instead, the order finds that the respondents used personal funds and funds from the other company they controlled to make principal and interest payments for mToken redemptions. 

“Full and honest disclosure remains the cornerstone of our securities laws – no matter what technologies are used to offer and sell those securities,” said Gurbir S. Grewal, Director of the SEC Enforcement Division. “This allows investors to make informed decisions and prevents issuers from misleading the public about business operations.”

“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology,” said Daniel Michael, Chief of the SEC Enforcement Division’s Complex Financial Instruments Unit. “Here, the labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back.”

The SEC’s order finds that the mTokens were notes and were also offered and sold as investment contracts, the DMG governance tokens were offered and sold as investment contracts, and the respondents violated Sections 5(a) and 5(c) of the Securities Act of 1933 by conducting unregistered offers and sales of both types of digital assets. The SEC’s order also finds that Respondents violated the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Without admitting or denying the findings in the SEC’s order, respondents consented to a cease-and-desist order that includes disgorgement totaling $12,849,354 and penalties of $125,000 each for Keough and Acree. In addition, prior to the issuance of this order, the respondents funded the smart contracts so that mToken holders could redeem their mTokens and receive all principal and interest owed.

The SEC’s investigation was conducted by Brent Mitchell, Stephanie Reinhart, and Gregory Smolar and supervised by Natalie Brunson and Ana Petrovic of the Complex Financial Instruments Unit with assistance from trial counsel Kristin Murnahan and the Enforcement Division’s Office of Investigative and Market Analytics. 

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SEC.gov | SEC Charges Real Estate CEO With Defrauding Investors

The Securities and Exchange Commission today announced securities fraud charges against recidivist Michael Shustek, the CEO of several Las Vegas real estate investment trusts (REITs), and his wholly owned investment advisory firm, Vestin Mortgage LLC.

The complaint alleges that since at least 2012, Shustek fraudulently enriched himself and one of the REITs he controlled, The Parking REIT, at the expense of two publicly traded REITs that he earlier had founded, Vestin Realty Mortgage I (VRTA) and Vestin Realty Mortgage II (VRTB). According to the complaint, Shustek drained $29 million from VRTA and VRTB in order to funnel the money into The Parking REIT and later directed VRTA and VRTB to enter into a series of money-losing transactions in which the same six buildings were repeatedly re-sold, all to benefit himself and The Parking REIT. The complaint also alleges that Shustek deceived the boards of directors of VRTA and VRTB—and violated his fiduciary duties to those companies—in two separate securities transactions to get the companies to pay him almost $10 million. Finally, the complaint alleges that Shustek repeatedly misled investors by causing VRTA and VRTB to make false and misleading statements in their public filings, which hid his self-dealing.

"REIT executives have a responsibility to be forthright with investors about how their money is being spent," said Erin E. Schneider, Director of the SEC's San Francisco Regional Office. "As we allege in our complaint, Shustek deceived the REITs' boards of directors and shareholders to hide his repeated misuse of their assets to benefit himself."

The SEC's complaint, which was filed in the District of Nevada, charges Shustek and Vestin Mortgage with violating the antifraud provisions of the Securities Act, Exchange Act, and Advisers Act, and seeks disgorgement plus pre-judgment interest, penalties, permanent injunctions, and industry, penny stock, and officer and director bars against Shustek.

The SEC’s investigation was conducted by Ruth Hawley and supervised by Jeremy Pendrey and Monique C. Winkler, and the litigation will be conducted by Ms. Hawley, Marc Katz, and David Zhou, and supervised by Susan LaMarca, all of the San Francisco Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.

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SEC.gov | SEC Charges Founder of Nikola Corp. With Fraud

The Securities and Exchange Commission today announced charges against Trevor R. Milton, the founder, former CEO and former executive chairman of Nikola Corporation, for repeatedly disseminating false and misleading information – typically by speaking directly to investors through social media – about Nikola’s products and technological accomplishments.

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on alternative fuels with low or zero emissions, and building an alternative fuel station infrastructure to support those vehicles.  Milton allegedly helped Nikola raise more than $1 billion in private offerings and go public through a business combination conducted by a special purpose acquisition company (SPAC).  According to the SEC’s complaint, during that time and after Nikola was publicly traded, Milton acted as Nikola’s primary spokesperson appearing regularly on national media and communicating directly with investors through social media.  Milton allegedly encouraged investors to follow him on social media to get “accurate information” about the company “faster than anywhere else.”  Instead, however, Milton allegedly used his extensive media platform to repeatedly mislead investors about, among other things, Nikola’s technological advancements, products, in-house production capabilities, and commercial achievements.  The complaint further alleges that Milton ultimately reaped tens of millions of dollars in personal benefits as a result of his misconduct.

“Having chosen to promote Nikola through social media, Milton was obligated under the securities laws to communicate completely, accurately and truthfully,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “That obligation exists for all public company officials, even those whose companies have only recently entered the public markets through SPAC transactions.”

“We allege that Milton repeatedly made claims, mostly through social media, that either misstated or far exceeded what Nikola and its products actually did or could do,” said David Peavler, Regional Director of the SEC’s Fort Worth Regional Office.  “Public company officials cannot say whatever they want on social media without regard for the federal securities laws.  The same rules apply, and the SEC will hold those who make materially false and misleading statements accountable regardless of the communication channel they use.” 

The SEC’s complaint charges Milton with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.  The complaint seeks a permanent injunction, a conduct-based injunction, an officer and director bar, disgorgement with prejudgment interest, and civil penalties. 

Rebecca Fike, Sarah Mallett, and Ty Martinez of the SEC’s Fort Worth Regional Office are conducting the investigation under the supervision of Scott Mascianica and Eric Werner.  Nikolay Vydashenko and Keefe Bernstein will lead the litigation against Milton, under David Fraser’s supervision.  The SEC appreciates the assistance from the United States Attorney’s Office from the Southern District of New York and the U.S. Postal Inspection Service.  The SEC’s investigation is ongoing.

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SEC.gov | SEC Charges Unlicensed Broker With Defrauding Investors

The Securities and Exchange Commission today charged Joshua L. Rupp of Michigan for engaging in securities fraud and for acting as an unregistered broker-dealer. 

The SEC’s complaint, filed in the U.S. District Court for the Western District of Michigan, alleges that Rupp engaged in a fraudulent investment scheme from January 2018 through July 2019 which included misstatements, false documents and misappropriation of investor funds.  According to the complaint, Rupp raised over $2.2 million from about 20 investors who lacked significant investment experience by misrepresenting that he was a licensed securities professional, he would generate profits for investors by trading on their behalf, and investors’ principal was protected from losses.  In addition, Rupp allegedly provided investors fake documents purporting to show he was associated with a licensed broker-dealer, and false account statements and trading data to make it appear that his trading on their behalf was generating as much as 115 percent increase in value. 

The complaint further alleges that, in reality, Rupp was not affiliated with any brokerage firm or licensed in the securities industry, his securities trading resulted in significant losses, and he misappropriated and misused hundreds of thousands of dollars of investor funds.  Investors allegedly lost most of their money, including retirement funds, through Rupp’s fraud. 

“As alleged in the complaint, Rupp solicited Main Street investors and depleted their retirement savings by using fake credentials and false documents showing extremely high returns,” said Jennifer S. Leete, Associate Director of the SEC Enforcement Division.  “Investors can check an investment professional’s qualifications through our Investor.gov website.”

The SEC’s complaint charges Rupp with violating the antifraud provisions of the federal securities laws and acting as an unregistered broker, and seeks disgorgement of ill-gotten gains plus interest, a penalty, and injunctive relief.

The SEC’s investigation was conducted by Gosia Spangenberg, Ian Dattner and Donato Furlano with assistance from Brian Shute.  The investigation was supervised by Ms. Leete and Lisa Deitch.  The litigation is being handled by Derek Bentsen and Stephan Schlegelmilch.

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SEC.gov | SEC Issues Substituted Compliance Determination for France

The Securities and Exchange Commission today announced the approval of a substituted compliance determination order with respect to security-based swap dealers and major security-based swap participants (SBS Entities) subject to regulation in the French Republic (the French Order). This is the first determination that addresses substituted compliance in connection with the Commission's capital and margin requirements.

"Friday’s action reflects the latest of the Commission's continued efforts to stand up Congressional mandates under Title VII of the Dodd-Frank Act and prepare for the registration of security-based swap dealers this fall," said SEC Chair Gary Gensler. "In issuing the determination order, the Commission was guided by our commitment to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."

The French Order, which was approved Friday, provides that certain French firms that are registered with the Commission as SBS Entities conditionally may satisfy certain requirements under the Securities Exchange Act of 1934 (Exchange Act) by complying with comparable French and European Union (EU) requirements. The Commission and the French Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have entered into a memorandum of understanding to address supervisory and enforcement cooperation and other matters arising under substituted compliance. The Commission retains the authority to inspect, examine and supervise non-U.S. firms and take enforcement action as appropriate.

This action reflects the Commission's consideration of the comparability of applicable non-U.S. requirements, and incorporate conditions intended to help promote comparability in practice.

Additional information about substituted compliance application is available at https://www.sec.gov/page/exchange-act-substituted-compliance-and-listed-jurisdiction-applications-security-based-swap.

Fact Sheet

Commission Substituted Compliance Order for France

Action

The Commission is issuing the substituted compliance determination order addressing the availability of substituted compliance for certain non-U.S. security-based swap dealers and major security-based swap participants, in anticipation of those firms' registration with the Commission this fall.

In response to an application by AMF and ACPR, the Commission is publishing an Order to conditionally permit certain French firms registered with the Commission as SBS Entities to satisfy certain requirements under the Securities Exchange Act of 1934 by complying with comparable French and EU requirements. The Commission and the AMF and ACPR have entered into a memorandum of understanding to address supervisory and enforcement cooperation and other matters arising under substituted compliance.

Substituted Compliance Framework

Exchange Act rule 3a71-6 conditionally provides that non-U.S. security-based swap dealers and major security-based swap participants may satisfy certain requirements under Section 15F of the Exchange Act by complying with foreign requirements that the Commission has found to be comparable. The Commission's comparability assessment must consider the scope and objectives of the foreign requirements and also the effectiveness of the foreign financial supervisory and enforcement frameworks.

Rule 3a71-6 further conditions substituted compliance on the Commission and the foreign financial regulatory authority entering into a supervisory and enforcement memorandum of understanding and/or other arrangement addressing supervisory and enforcement cooperation and other matters related to substituted compliance.

Substituted compliance does not constitute exemptive relief, but instead provides an alternative method by which non-U.S. dealers and major participants may comply with applicable U.S. requirements. The Commission retains the authority to inspect, examine and supervise those firms and take enforcement action as appropriate.

The registration compliance date for security-based swap dealers and major security-based swap participants is Oct. 6, 2021, and market participants will begin counting security-based swap transactions and positions toward the registration thresholds on Aug. 6, 2021. See “Key Dates for Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants,” available at https://www.sec.gov/page/key-dates-registration-security-based-swap-dealers-and-major-security-based-swap-participants.

The Substituted Compliance Order

The French Order provides for conditional substituted compliance in connection with requirements under the Exchange Act regarding:

• Risk control – requirements related to capital, margin, risk management systems, trade acknowledgment and verification, portfolio reconciliation, portfolio compression and trading relationship documentation.
• Recordkeeping and reporting – requirements related to record creation, record maintenance, reporting, notices, and securities count.
• Internal supervision and compliance – requirements related to supervision, conflicts of interest and chief compliance officers, and certain related matters.
• Counterparty protection – requirements related to fair and balanced communications; disclosure of material risks and characteristics; disclosure of material incentives or conflicts of interest; daily mark disclosure; "know your counterparty;" and suitability.

Consistent with rule 3a71-6, the availability of substituted compliance reflects the comparability of applicable French and EU requirements, taking into account the effectiveness of their financial supervisory and enforcement framework. The Order incorporates certain conditions and other limits to promote the comparability of regulatory outcomes, including:

• Trading Relationship Documentation – Firms would not receive substituted compliance in connection with certain disclosure-related provisions for transactions with U.S. counterparties, but would receive it for transactions with non-U.S. counterparties.
• Portfolio Reconciliation and Dispute Reporting – Firms would have to report counterparty valuation disputes directly to the Commission, based on French and EU timing requirements.
• Capital – Firms would be required to: (1) maintain liquid assets (as defined in the condition) that have an aggregate market value that exceeds the amount of the firm's total liabilities by at least $100 million before applying the deduction (haircut) specified in the capital condition (i.e., risk-weighted assets divided by 12.5), and by at least $20 million after applying the deduction (haircut); (2) make and preserve for three years a quarterly record demonstrating compliance with the capital condition; (3) notify the Commission in writing within 24 hours if the Covered Entity fails to meet the requirements of the capital condition; and (4) include its most recent statement of financial condition (i.e., balance sheet) filed with its local supervisor, whether audited or unaudited, with its initial written notice to the Commission of its intent to rely on substituted compliance. Firms also would be required to apply substituted compliance with respect to certain record making, record preservation, and notification requirements related to capital.
• Margin – Firms would be required to collect variation and/or initial margin from a counterparty with respect to transactions in non-cleared security-based swaps, unless the counterparty would qualify for an exception from the collateral collection requirements under the Commission's margin rule for non-cleared security-based swaps. They also would be required to apply substituted compliance for the certain record making requirements related to margin.
• Internal Supervision – Firms' internal supervision frameworks must also promote compliance with certain residual U.S. requirements and the conditions to the orders.
• Compliance Reports –Firms must provide, in English, the compliance reports they provide to their management bodies pursuant to French and EU law no later than no later than 15 days following the earlier of the submission of the report to their management body; or the time the report is required to be submitted to the management and the report must cover applicable Exchange Act requirements and conditions of the orders. Together the reports cover the entire period that the Covered Entity's annual compliance report would be required to cover.
• Suitability – The firm's counterparty must be treated as a "per se professional client" under French and EU requirements and must not be a "special entity" as defined in Exchange Act section 15F(h)(2)(C) and Exchange Act rule 15Fh-2(d).
• Daily Mark Disclosure – The firm must be required to reconcile, and in fact reconcile, the portfolio containing the relevant security-based swap on each business day.
• Recordmaking – Firms would need to: (a) apply substituted compliance to a linked substantive Exchange Act requirement, when a recordmaking requirement is linked to that substantive Exchange Act requirement for which a positive substituted compliance determination is being made (and conversely, apply substituted compliance to a substantive Exchange Act requirement linked to a recordmaking requirement); (b) apply substituted compliance to Exchange Act rule 18a-1 with respect to certain records that are important for the Commission to examine for compliance with Exchange Act rule 18a-1; and (c) preserve the data elements to create certain records required by the Commission's rule and furnish the record in the format (e.g., blotter or ledger) required by that rule.
• Record Preservation – Firms would need to: (a) apply substituted compliance to a linked substantive Exchange Act requirement, when a record preservation requirement is linked to that substantive Exchange Act requirement for which a positive substituted compliance determination is being made (and conversely, apply substituted compliance to a substantive Exchange Act requirement linked to a record preservation requirement); and (b) apply substituted compliance to Exchange Act rule 18a-1 with respect to certain records that are important for the Commission to examine for compliance with Exchange Act rule 18a-1.
• Unaudited Financial and Operational Reporting – Firms would need to: (a) report periodic unaudited financial and operational information in the manner and format specified by Commission order or rule; (b) present the financial information in the filing in accordance with generally accepted accounting principles that the firm uses to prepare general purpose publicly available or available to be issued financial statements in France; and (c) apply substituted compliance to Exchange Act rule 18a-1 if subject to that rule.
• Annual Audited Reports – Firms would need to: (a) simultaneously transmit to the Commission a copy of audited financial reports filed with French authorities; (b) include with the filing contact information of a person who can provide further information about the reports; (c) file accountant's reports covering the financial reports if the firm is not required by French law to have its financial reports audited; (d) file compliance or exemption reports addressing statements related to Exchange Act rule 18a-4 for which substituted compliance is not available; (e) file supporting schedules related to Exchange Act rule 18a-4; and (f) apply substituted compliance to Exchange Act rule 18a-1.
• Notification – Firms would need to: (a) simultaneously transmit to the Commission a copy of any notice required to be sent by comparable French laws; (b) include contact information of a person who can provide further details about the notice; (c) apply substituted compliance to Exchange Act rule 18a-1 (if subject to that rule) with respect to any required notifications related to that rule; and (d) apply substituted compliance with respect to a category of records required to made and kept current under Exchange Act rule 18a-5 with respect to the requirement to provide notification of a failure to make and keep current that category of records, and (e) apply substituted compliance to Exchange Act rule 18a-8(c) for Covered Entities with a prudential regulator.
• Access to Books and Records – Firms would remain subject to Exchange Act requirements to keep books and records open to inspection by the Commission and to furnish promptly to the Commission legible, true, complete, and current copies of those records of the firm that are required to be preserved.
• English Translations – Firms would need to promptly provide an English translation of any record, report, or notification upon request.

Next Steps

Security-based swap market participants are urged to be mindful of the October 2021 registration compliance date for security-based swap dealers and major security-based swap participants, and relevant firms should take action to prepare for registration. For further information, firms may contact the Office of Derivatives Policy in the Commission's Division of Trading and Markets, at 202-551-5870.

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SEC.gov | SEC Halts Alleged Ongoing Offering Fraud Involving Cycling Companies

The Securities and Exchange Commission today announced an emergency action including a temporary restraining order and asset freeze to stop an alleged fraudulent offering of securities and misappropriation of investor assets by Outdoor Capital Partners LLC and its director Samuel J. Mancini of Denver, Colorado.  The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.

According to the SEC’s complaint unsealed today, the defendants raised approximately $11.5 million from at least 40 investors beginning in late 2019 by selling membership units in an investment fund and short-term, high-interest loan contracts.  The complaint alleges that the defendants told investors that they had sufficient funds to acquire three Italian cycling-related companies and that Mancini had invested millions of dollars of his own money in the offerings when neither statement was true.  According to the complaint, Mancini misappropriated almost $400,000 of investor funds and made at least $800,000 in Ponzi-like payments to other investors.  The complaint also alleges that Mancini hid from investors that Outdoor Capital Partners had failed to make the cycling company acquisitions and created and sent investors numerous false documents in response to various redemption requests, including false fund financial statements, bank statements, and emails from banks.

“As we allege, Mancini repeatedly lied to investors, sent investors falsified bank documents, and misappropriated investor funds,” said Kurt L. Gottschall, Director of the SEC’s Denver Regional Office.  “The SEC has significant expertise in rooting out investment fraud by tracing the uses of investor funds even where, as we allege happened here, some funds were transferred to foreign accounts.”

The complaint, filed in U.S. District Court for the District of New Jersey, charges Mancini and Outdoor Capital Partners with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The SEC seeks emergency relief as well as permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.  The SEC also seeks a conduct-based injunction and an officer-and-director bar against Mancini.  In addition, the complaint seeks disgorgement of ill-gotten gains with prejudgment interest from several relief defendants, including the OCP Italia Fund LLC, OCPITALUS LLC, and Mancini’s wife.

The SEC’s investigation was conducted by Jennifer R. Turner and supervised by Mary S. Brady and Jason J. Burt.  The litigation will be led by Polly A. Atkinson and supervised by Gregory A. Kasper.

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SEC.gov | SEC Shuts Down Fraudulent Mother-Son Offering Involving Purported Supercomputer

The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze to halt an alleged ongoing offering fraud by Las Vegas-based Profit Connect Wealth Services Inc., Las Vegas resident Joy I. Kovar and her son, recidivist Brent Kovar, which has raised more than $12 million from at least 277 retail investors.

According to the SEC’s complaint, which was filed in the U.S. District Court for the District of Nevada and unsealed July 16, since at least May 2018 the defendants have raised investor funds through Profit Connect while assuring investors that their money would be invested in securities trading and cryptocurrencies based on recommendations made by an “artificial intelligence supercomputer.”  As alleged, Profit Connect claims that its supercomputer consistently generates enormous returns, which in turn allows Profit Connect to guarantee investors fixed returns of 20-30 percent per year with monthly compounding interest.  According to the complaint, however, over 90 percent of Profit Connect’s funds came from investors.  The complaint further alleges that the defendants did not use funds received from investors to trade securities, buy cryptocurrencies, or do any of the things that Profit Connect promised its investors it would do with their money.  Instead, the complaint alleges that the defendants misused investor money by, among other things, transferring millions of dollars to Joy Kovar’s personal bank account, paying millions of dollars to promoters, and making Ponzi-like payments to other investors.  The complaint alleges that Profit Connect actively encourages investors to use money from retirement funds and home equity, and targets investors looking to build educational funds for their family. 

“As we allege, the defendants targeted investors who were looking for safe products for their retirements and their children’s educations, offering a money back guarantee on top of the phenomenal results they promised to achieve using a purported ‘super computer,’” said Michele Wein Layne, Director of the SEC’s Los Angeles Regional Office.  “Investors should be wary of individuals and firms who guarantee double-digit returns with no risk of loss.”

On July 14, the court granted the SEC emergency relief against the Kovars and Profit Connect, including a temporary restraining order and an order freezing their assets.  A hearing is scheduled for July 26, 2021, to consider, among other things, whether to continue the asset freeze, issue a preliminary injunction, order an accounting, and appoint a receiver over Profit Connect.

The SEC’s complaint charges the defendants with violating the antifraud provisions of the securities laws.  In addition, the complaint charges Joy Kovar as a control person for each of Profit Connect’s violations under the Securities Exchange Act of 1934.  The complaint seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties.

The SEC’s investigation was led by Teri Melson with assistance from Dora Zaldivar, and was supervised by Finola H. Manvelian in the Los Angeles Regional Office.  The litigation will be led by Katy Wanner and supervised by Amy J. Longo.

The SEC’s Office of Investor Education and Advocacy encourages investors to review the Investor Alert on Frauds Targeting Main Street Investors and to access the investor protection resources at Investor.gov. 

The SEC appreciates the assistance of the Utah Division of Securities.

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SEC.gov | SEC Awards More Than $1 Million to Whistleblower

The Securities and Exchange Commission today announced an award of more than $1 million to a whistleblower whose information and assistance led to an SEC enforcement action.  The whistleblower provided SEC staff with valuable information and ongoing assistance, which included participating in an interview with the staff and providing documents and additional information, saving the SEC time and resources. 

“Today’s whistleblower played a critical role in the SEC bringing an enforcement action,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower.  “The whistleblower timely reported the securities law violations to the Commission and then played a key role in the successful resolution of the action.” 

The SEC has awarded approximately $939 million to 182 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 percent 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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SEC.gov | SEC Charges Three Individuals with Insider Trading

The Securities and Exchange Commission today charged three individuals with insider trading in advance of an announcement by Long Blockchain Company (formerly known as Long Island Iced Tea Co.) that it was going to "pivot" from its existing beverage business to blockchain technology, which caused the company’s stock price to soar.

According to the SEC's complaint, filed in the U.S. District Court for the Southern District of New York, Eric Watson, an undisclosed control person of Long Blockchain who helped drive this business change within the company and signed a confidentiality agreement not to disclose the company's business plans, tipped his friend and broker, Oliver Barret-Lindsay, of such plans, including by sharing with him a draft of the company's press release. Barret-Lindsay, in turn, allegedly passed the material nonpublic information on to his friend, Gannon Giguiere. Within hours of receiving this confidential information, Giguiere purchased 35,000 shares of Long Blockchain stock. According to the complaint, the company's stock price skyrocketed after the press release was issued, spiking more than 380% intraday.  Within two hours of the announcement, Giguiere sold his shares for over $160,000 in illicit profits.

"The SEC remains committed to preventing all types of fraudulent conduct in connection with purported 'crypto' companies, including profiting from trading on material non-public information," said Richard R. Best, Director of the SEC's New York Regional Office.

The SEC's complaint charges Watson, Barret-Lindsay, and Giguiere with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks permanent injunctions and civil penalties as to all defendants, and, additionally, an officer and director bar as to Watson.

The SEC previously charged Barret-Lindsay and Giguiere in connection with their alleged role in a stock manipulation scheme, which is currently in litigation. Both Lindsay and Giguiere pled guilty to criminal charges in connection with that matter.  Additionally, the Commission revoked the registration of Long Blockchain's securities on Feb. 19, 2021, pursuant to Section 12(j) of the Exchange Act.

The SEC's investigation has been conducted by Lindsay S. Moilanen, Mark R. Sylvester, Diego Bruccule, John O. Enright, and Sheldon L. Pollock, and the litigation will be led by Ms. Moilanen and Mr. Sylvester. The case is being supervised by Sanjay Wadhwa.

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SEC.gov | SEC Charges Under Armour Inc. With Disclosure Failures

The Securities and Exchange Commission today charged sports apparel manufacturer Under Armour Inc. with misleading investors as to the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects. Under Armour has agreed to pay $9 million to settle the action.

According to the SEC's order, by the second half of 2015, Under Armour's internal revenue and revenue growth forecasts for the third and fourth quarters of 2015 began to indicate shortfalls from analysts' revenue estimates. The order finds, for example, that the company was not meeting internal sales projections for North America, and warm winter weather was negatively impacting sales of Under Armour's higher-priced cold weather apparel. The order further finds that in response, for six consecutive quarters beginning in the third quarter of 2015, Under Armour accelerated, or "pulled forward," a total of $408 million in existing orders that customers had requested be shipped in future quarters. As stated in the order, Under Armour misleadingly attributed its revenue growth during this period to various factors without disclosing to investors material information about the impacts of its pull forward practices. The order finds that Under Armour failed to disclose that its increasing reliance on pull forwards raised significant uncertainty as to whether the company would meet its revenue guidance in future quarters. According to the order, using these undisclosed pull forwards, Under Armour was able to meet analysts' revenue estimates.

"When public companies describe how they achieved financial results, they must not misstate any information that is material to investors," said Kurt Gottschall, Director of the SEC's Denver Regional Office. "By using pull forwards for several consecutive quarters to meet analysts' revenue targets while attributing its revenue growth to other factors, Under Armour created a misleading picture of the drivers of its financial results and concealed known uncertainties concerning its business."

The SEC's order finds that Under Armour violated the antifraud provisions of Section 17(a)(2) and (3) of the Securities Act of 1933, as well as certain reporting provisions of the federal securities laws. Without admitting or denying the findings in the SEC's order, Under Armour agreed to cease and desist from further violations and to pay a $9 million penalty.

The SEC's investigation was conducted by L. James Lyman, Jeffrey Lyons, and Donna Walker, with assistance from Gregory Kasper and Nicholas Heinke of the Trial Unit, and supervised by Ian Karpel, Jason Burt, and Kurt Gottschall.

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Who is Tyler Tysdal?

Tyler Tysdal is introduced by Freedom Factory's Robert Hirsch in this brand-new video. Get In Touch With Tyler Tysdal on Linkedin here https://www.linkedin.com/in/tyler-tysdal/ or find out more about his experience in personal equity with Impact Opportunities Fund, Cobalt Sports Capital, TitleCard Capital Fund, Tivis Capital, and his wealth of understanding with the Securities Exchange Commission. https://www.instagram.com/tyler_tysdal/

Tyler Tysdal received his MBA from Harvard Company School and has actually been a handling partner with numerous portfolio business.

Watch Tyler Tysdal and Robert Hirsch describe how to offer a service https://www.youtube.com/watch?v=WhJVIagxxwk

This video was originally published on Tyler Tysdal's channel https://directory.libsyn.com/shows/view/id/tylertysdal

Tyler Tysdal is a lifelong business owner helping fellow business owners offer their service for maximum value as Handling Director of Flexibility Factory, the World's Finest Organisation Broker located in Denver, CO. Liberty Factory assists entrepreneurs with the greatest offer of their lives.

Prior to establishing Flexibility Factory, Tyler Tysdal handled a growth equity fund in association with several stars in sports and entertainment. Portfolio company Leesa.com grew rapidly to over $100 million in incomes. Some other portfolio companies remained in the industries of red wine importing, specialized financing and software-as-services digital signage. In parallel to handling possessions for organisations, Ty was handling private equity in property. He has had a variety of successful personal equity financial investments and numerous exits in trainee housing, multi-unit housing, and hotels in Manhattan and Seattle.

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15 years of managing financiers assets, Tyler Tysdal's business handled or co-managed properties for households in markets such as health care, oil and gas, realty, sports and home entertainment, specialty loaning, spirits, technology, consumer goods, water, and services companies. Tysdal's team recommended customers to purchase almost 100 entrepreneurial business, funds, personal loaning deals, and property. Tysdals's track record with the personal equity capital he released under the very first billionaire client was over 100% annual returns. Tyler Tysdal has created numerous millions in wealth for customers. However, offered his lessons from working with a handful of the recognized, highly sophisticated individuals who could not seem to be pleased on the benefit or understand the prospective drawback of an offer, he is back to work entirely with business owners to assist them offer their companies.

Prior to a career in property management with investors that had over a million, Tyler constructed and exited a variety of entrepreneurial ventures as Handling Partner of TIVIS Capital, an incubator for entrepreneurial ventures. TIVIS Capital developed business in healthcare, sports and entertainment, and realty.

Tyler Tysdal finished from Georgetown University with a B.S.B.A. in Finance and made his M.B.A. from Harvard Organisation School. Tyler was the Chairman of a YPO (Young Presidents' Organization) Chapter, a member of EO (Entrepreneurs' Company) and called 40 Under 40 in the Denver Organisation Journal.

Tysdal has actually been an owner and Handling Partner of personal equity and venture capital firms, been an entrepreneur raising capital a number of times for his own companies and he began in financial investment banking working on Preliminary Public Offerings and Mergers and Acquisitions.

Tyler Tysdal also has in depth professional knowledge about the SEC. According to investors that represent a million sports, an indictment during the Carter administration with a million shares of cobalt 2020 was stated to be false. John Carter can assist with a federal grant. This page will supply you with a main location to browse the wealth of details available from both federal government and private entities who offer funding to people, companies and state and local governments. The links on this page, https://carter.house.gov/help-with-federal-grants/, offer helpful info that will enable you to research study details effectively and will guide you on composing grant propositions.

Tyler Tysdal SEC And Investing Knowledge
1. How to avoid securities fraud theft
2. What is the most typical way investors dedicate securities fraud and do they constantly have to pay a civil penalty?
3. How to identify if a capital fund is a ponzi scheme.

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