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September 29, 2014

Bank of America Corporation agreed to pay a $7.65 million penalty for violating internal controls and recordkeeping provisions of the federal securities laws after it assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of Merrill Lynch.  SEC

September 25, 2014

Scottsdale, Arizona-based software company JDA Software Group Inc. agreed to pay a $750,000 penalty for having inadequate internal accounting controls over its financial reporting, which resulted in misstated revenues in public filings.  Specifically, the SEC found the company failed to properly recognize and report revenue from certain software license agreements it sold to customers because its internal accounting controls failed to consider information needed for determining a critical component of revenue recognition for software companies.  SEC

September 23, 2014

Barclays Capital Inc. agreed to pay $15 million for allegedly failing to maintain an adequate internal compliance system to ensure the firm did not run afoul of any federal securities laws after its wealth management business in the U.S. acquired the advisory business of Lehman Brothers in September 2008.  SEC

September 22, 2014

Wells Fargo Advisors LLC agreed to pay $5 million to settle charges it failed to maintain adequate controls to prevent one of its employees from insider trading based on a customer’s nonpublic information.  The SEC also charged Wells Fargo for unreasonably delaying its production of documents during the SEC’s investigation and providing an altered internal document related to a compliance review of the broker’s trading.  This was the first time the SEC brought charges against a broker-dealer for failing to protect a customer’s material nonpublic information.  SEC

September 22, 2014

New York-based investment advisory firm Lincolnshire Management agreed to pay more than $2.3 million to settle charges of breaching its fiduciary duty to a pair of private equity funds by sharing expenses between a company in one’s portfolio and a company in the other’s portfolio in a manner that improperly benefited one fund over the other.  SEC

September 18, 2014

Investment advisory firm Strategic Capital Group LLC agreed to pay nearly $600,000 to settle SEC charges it engaged in hundreds of principal transactions through its affiliated broker-dealer without informing clients or obtaining their consent.  The SEC also charged the company with distributing false and misleading advertisements to investors.  SEC

September 17, 2014

The SEC charged Sean C. Cooper, former hedge fund manager at San Francisco-based investment advisory firm WestEnd Capital Management LLC , with fraudulently taking excess management fees from the accounts of fund clients and using their money to remodel his multi-million dollar home and buy a Porsche.  WestEnd, which expelled Cooper and reimbursed the hedge fund once it became aware of his scheme, is being charged separately by the SEC for failing to effectively supervise him.  The firm agreed to pay a $150,000 penalty to settle the SEC’s charges.  SEC

September 17, 2014

New York-based high frequency trading firm Latour Trading LLC agreed to pay a $16 million penalty to settle charges it violated the net capital rule that requires all broker-dealers to maintain minimum levels of net liquid assets or net capital.  It is the largest penalty ever for violations of the net capital rule.  SEC

September 16, 2014

The SEC announced d the latest sanctions in a continuing enforcement initiative uncovering certain hedge fund advisers and private equity firms that have illegally participated in an offering of a stock after short selling it during a restricted period.  The following firms and individual trader have agreed to settle the SEC’s charges and pay a combined total of more than $9 million in disgorgement, interest, and penalties: Advent Capital Management; Antipodean Advisors; BlackRock Institutional Trust Company; East Side Holdings II; Explorador Capital Management; Formula Growth; Great Point Partners; Indaba Capital Management; Ironman Capital Management; James C. Parsons; Midwood Capital Management; Nob Hill Capital Management; RA Capital Management; Rockwood Investment Management (also known as Rockwood Partners LP); Seawolf Capital; Solus Alternative Asset Management; SuttonBrook Capital Management; Troubh Partners; Vinci Partners Investimentos; Whitebox Advisors.  SEC

September 10, 2014

The SEC charged Massachusetts-based biotech company Advanced Cell Technology and its former CEO Gary H. Rabin with defrauding investors by failing to report his sales of company stock as federal securities laws require to give investors the opportunity to evaluate whether the purchases and sales by an insider could be indicative of the prospects of the company.  Rabin, who left the company earlier this year, agreed to settle the SEC’s charges by paying a $175,000 penalty.  ACT agreed to pay a $375,000 penalty.  SEC
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