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CFTC fines BofA $30M for attempts to manipulate USD ISDAFIX

The CFTC announced that Bank of America, N.A. has agreed to pay $30 million to settle an administrative matter in which the agency alleged that BofA attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX). According to the CF

SEC harpoons SeaWorld, former CEO over Blackfish disclosures

SeaWorld Entertainment Inc. and its former CEO will pay more than $5 million to settle charges that the firm misled investors about the effect the documentary Blackfish had on the company’s reputation and business. The SEC had alleged that SeaWorld and former

Innovations in digital assets do not change auditors’ responsibilities, says SEC chief accountant

Innovations such as distributed ledger technology can be the ally of businesses and financial reporting activities, according to SEC Chief Accountant Wesley Bricker, but companies must maintain appropriate books and records regardless of whether distributed ledger technology

Citigroup settles charges of dark pool misrepresentations

The SEC has issued an order finding that Citigroup Global Markets misled users of Citi Match, a premium-priced dark pool operated by Citi Order Routing and Execution (CORE), a Citigroup affiliate (In the Matter of Citigroup Global Markets, Inc., Release No. 33-10545, Se

SEC chairman issues reminder that SEC staff statements are nonbinding

SEC Chairman Jay Clayton issued a reminder of the Commission’s long-held position that statements by SEC staff members are nonbinding, and impose no enforceable legal rights on the Commission. His remarks follow a similar statement issued last week by the Federal Reser

First enforcement action against unregistered digital asset hedge fund manager settles

A hedge fund manager falsely calling itself the first regulated crypto asset fund has been sanctioned for operating as an unregistered investment company. The Commission found that the California-based company and its sole principal conducted an unregistered, non-exempt publ

Crypto assets in alleged ICO fraud passed the Howey test; indictment stands

In an indictment for criminal securities fraud involving two initial coin offerings (ICOs), the U.S. successfully argued at the motion to dismiss stage that the investments in the allegedly fraudulent offerings were investment contracts and thus securities under the Securiti

Revved-up claims get VW emissions fraud action back on track

The Northern District of California green-lighted an action by Volkswagen bondholders for fraud relating to emissions failures, finding that new allegations cured deficiencies of reliance and scienter. Although the plaintiffs failed to establish a presumption of reliance via

Lucia casts shadow over Timbervest matter as firm, SEC clash on need for remand

Timbervest, LLC took a step towards restarting its battle against the SEC by asking the D.C. Circuit to move forward with oral arguments on its statute of limitations argument, although the shadow cast by the Supreme Court’s decision in Lucia holding that the

State ban on corporate political contributions is constitutional

Massachusetts’ highest court ruled that a statute banning business corporations from contributing to political candidates or campaigns violates neither the U.S. Constitution nor the state Declaration of Rights. The plaintiff business corporations had argued that the st

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