OCIE: Private Fund Risk Alert WHAT HAPPENED? On June 23, 2020, the Office of Compliance Inspections and Examinations of the United States Securities and Exchange Commission (OICE), released a Risk Alert which outlines recently observed compliance issues among private fund advisers. Over a third of SEC-registered advisers manage private [...]
Firm Misused MNPI, Ordered to Pay $1 Million WHAT HAPPENED? On May 26, 2020, the United States Securities and Exchange Commission released documentation detailing an enforcement action against a Los Angeles private equity firm and registered investment adviser, Ares Management, for its misuse of material nonpublic information (MNPI). The [...]
SEC Charges Stock Trader with Insider Trading WHAT HAPPENED? On December 11, 2017, the SEC charged a stock trader (“Defendant”) with generating over $1 million in illegal insider trading profits. Defendant collaborated with four former colleagues, posing as portfolio managers, to persuade investment bankers to share nonpublic information regarding [...]
Division of Enforcement Releases Annual Report WHAT HAPPENED? On November 15, 2017, the SEC’s Division of Enforcement released its annual report for Fiscal Year 2017 (“FY 2017”). The report explains how the Division of Enforcement’s decision making throughout FY 2017 was guided by the following five principles: Focus on [...]
SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading WHAT HAPPENED? On August 21, 2017, the SEC charged a hedge fund advisory firm with failing to implement and enforce adequate policies and procedures designed to prevent insider trading. The adviser’s policies and procedures required only an initial review [...]