This is a report of the staff of the U.S. Securities and Exchange Commission. The Commission

Warning: TT: undefined function: 32




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         
           
          
 
 
DISCLAIMER 
This is a report of the staff of the U.S. Securities and Exchange Commission. The Commission 
has expressed no view regarding the analysis, findings, or conclusions contained herein. 
Report available on the Web at https://www.sec.gov/reports 
i 

 
 
 
      
    
         
        
      
        
          
        
          
       
       
         
         
       
       
       
      
        
      
      
 
 
 
 
 
 
 
 
CONTENTS 
MESSAGE FROM THE DIRECTOR...........................................................................................1 
INTRODUCTION........................................................................................................................9 
Focus on Financial Fraud and Issuer Disclosure ....................................................................9 
Focus on Investment Professionals......................................................................................11 
Initiatives ..............................................................................................................................11 
Preserving Market Integrity...................................................................................................12 
Uncovering and Prosecuting Abusive Trading ......................................................................13 
Achieving Results Through Litigation....................................................................................14 
DISCUSSION AND ANALYSIS OF FISCAL YEAR 2020..........................................................16 
Overall Results.....................................................................................................................16 
Types of Cases.....................................................................................................................16 
Disgorgement and Penalties Ordered...................................................................................17 
Tips, Complaints, and Referrals............................................................................................19 
Whistleblower Program.........................................................................................................20 
Individual Accountability .......................................................................................................21 
Non-Monetary Relief Obtained .............................................................................................21 
Challenges ...........................................................................................................................23 
NOTEWORTHY ENFORCEMENT ACTIONS...........................................................................24 
APPENDIX ...............................................................................................................................29 
ENDNOTES .............................................................................................................................47 
ii 

 
 
 
 
iii 

 
 
 
   
        
                
             
    
       
         
        
      
   
      
      
      
      
       
            
    
                           
            
           
         
                         
           
          
           
        
   
                      
                
                
              
             
                            
     
            
             
                           
                      
                   
  
          
             
               
         
        
MESSAGE FROM THE DIRECTOR 
I am pleased to share the Division of Enforcement’s annual report for 
Fiscal Year 2020. And what a year it was. Like everyone, the 
challenges we faced – and continue to face – were unexpected and 
beyond imagination. In response to these extraordinary challenges, 
the women and men of the Enforcement Division rose to the occasion 
and achieved extraordinary results. In the midst of massive change, 
one thing remained the same: we continued to vigorously enforce the 
federal securities laws to protect investors and maintain the integrity 
of the markets. 
In Fiscal Year 2020, the Division continued to investigate and 
recommend actions addressing conduct that spanned the securities 
markets, including conduct involving financial fraud, insider trading, 
offering fraud, Foreign Corrupt Practices Act violations, misconduct 
by broker-dealers and investment advisers, and more. Based on this work, the Commission 
brought hundreds of enforcement actions and secured meaningful remedies to protect investors 
and our markets against wrongdoing. 
But the real story of 2020 was COVID-19. It colored so much of the last half of the year – what 
we focused on, investigations we opened, actions we recommended, how we did our work, 
where we did our work, and how we allocated our resources. By mid-March, the entire Division 
had transitioned to mandatory telework and essentially all of our operations were conducted 
remotely. Despite the shift in working conditions – and the still-ongoing efforts to adapt to those 
conditions – we quickly dedicated substantial resources to address the emerging threats presented 
by COVID-19 and the ensuing dynamic market conditions. At the same time, we continued to 
focus on the multitude of existing and new non-COVID-related enforcement issues arising in the 
normal course. We confronted these challenges head on and, in so doing, remained steadfast in 
our mission to protect investors. 
This year also put a spotlight on issues of diversity, equity, and inclusion. Across the 
Enforcement Division, we addressed these issues directly. Together with our partners in the 
Office of Minority and Women Inclusion and the Office of the Chairman, we facilitated many 
large and small group discussions across the country in an effort to educate ourselves and each 
other about the issues and challenges we face. The effort and willingness to communicate openly 
is the first step. We will continue to tackle these issues and make changes that will benefit all of 
us in the Division of Enforcement. 
Lastly, Steve Peikin, my co-director for more than three years, stepped down in August. The job 
has not been the same without him. But with endings come beginnings, and I am pleased to 
welcome Marc Berger as Deputy Director. Marc brings a dozen years of experience as a federal 
prosecutor as well as almost three years of leading the Commission’s New York Regional 
Office. All of us in Enforcement are incredibly fortunate that Marc has agreed to join me in 
leading the Division. 
I am proud of everything the Division accomplished this last fiscal year. This report presents 
these accomplishments, highlights some of our most significant achievements, and discusses 
areas of strategic change. In this report, we have tried to illustrate the critical role the 
Enforcement Division plays in advancing the Commission’s mandate to protect investors, 
maintain fair, orderly, and efficient markets, and facilitate capital formation. 
1 

 
 
 
 
           
       
            
          
                 
            
             
       
           
       
         
           
                 
            
        
         
       
       
    
                             
                  
     
              
         
            
                       
                
              
             
         
                  
        
                         
           
            
        
       
                   
                  
   
 
COVID-19 
Like our colleagues across the Commission, we in the Division of Enforcement have focused 
significant time and resources responding to challenges created by the global pandemic. 
First, we quickly committed substantial resources to protecting retail investors by actively 
looking for misconduct. In March, we formed a Coronavirus Steering Committee to oversee this 
effort by coordinating investigations relating to a wide variety of potential misconduct in the 
areas of microcap, insider trading, and financial fraud and issuer disclosure. 
One important result from this approach was our quick investigative work in identifying and 
then recommending trading suspensions to the Commission. In March and April alone, the 
Commission suspended trading in the securities of two dozen issuers where there were questions 
regarding the accuracy and adequacy of information related to COVID-19 that those issuers 
injected into the marketplace, including claims about potential COVID-19 treatments, the 
manufacture and sale of personal protection equipment, and disaster-response capabilities. 
All told, from mid-March through the end of the fiscal year, the Division’s Office of Market 
Intelligence triaged approximately 16,000 tips, complaints, and referrals (a roughly 71% increase 
over the same time period last year), and the Division opened more than 150 COVID-related 
inquiries and investigations and recommended several COVID-related fraud actions to the 
Commission. We think this triage and investigative work, and the resulting Commission trading 
suspensions and fraud actions, meaningfully changed the landscape for investors during a period 
of significant market uncertainty. 
Second, a big part of our year was learning how to do our job in new ways. In the early months 
of the pandemic, many of us spent the bulk of our time focused on learning and guiding our staff 
how to effectively do our job remotely. 
But we moved past that initial period of uncertainty and ultimately achieved a remarkable level 
of success, including bringing more than 700 enforcement cases during the fiscal year. Viewed 
against the backdrop of COVID-19, this was an extraordinary accomplishment. I am proud that 
we were able to do so much in the face of so many challenges. This success is a testament to the 
tenacity, ingenuity, and drive of the staff of the Enforcement Division. 
How we conducted our work has certainly changed. Investigations were impacted as we – 
and lawyers across the defense bar – figured out how to modify our approaches to normal 
investigative steps. For example, while investigations are now advancing much more smoothly, 
it was several months before we took the first remote testimony and, even now, it remains a 
learning process in terms of best practices. 
To highlight a few examples of the ingenuity and drive of our staff, a group took the lead on 
working to change and adjust our processes - figuring out how to take testimony and depositions 
remotely, how to provide and show exhibits, and how to do test runs with witnesses and counsel. 
People pitched in in various new ways, including by volunteering to help on the Steering 
Committee. And many staff redirected newly-freed-up time elsewhere, including by taking on 
whistleblower claims and distributions to injured investors, or strategically pivoting to cases and 
aspects of investigations that could be advanced while we were finding ways to adjust to the 
move away from in-person work. 
2 

 
 
 
                                  
             
                   
                 
           
               
            
         
          
             
                   
         
       
                  
         
                      
     
            
                     
 
      
        
         
           
           
                
             
         
      
               
          
           
                     
      
        
              
 
                      
            
           
  
Ultimately, in the midst of COVID-19, it was a year of contrasts. While the number of cases the 
Commission filed was down as compared to last year, the financial remedies ordered set a new 
high. Similarly, the number and amount of whistleblower awards exceeded prior years – in fact, 
awards issued in 2020 accounted for roughly 37% of the total number of individuals awarded 
over the entire life of the whistleblower program. 
COVID-19 made Fiscal Year 2020 the most challenging year in recent memory. But the Division 
demonstrated its agility and its commitment to the SEC’s mission as it moved quickly to address 
the ongoing crisis. This rapid response protected investors and helped preserve the integrity of 
our markets. 
Detecting, Remedying, and Punishing Misconduct by Issuers and Registrants 
A cornerstone of our enforcement program is ensuring that entities are held accountable for their 
misconduct. In Fiscal Year 2020, the Commission brought actions against financial institutions, 
automobile and engine manufacturers, and technology, telecommunications, and pharmaceutical 
companies, to name a few. The following subset of cases is illustrative: 
• Wells Fargo & Co. In a settled action, the Commission found that Wells Fargo misled 
investors about the success of its core business strategy at a time when it was opening 
unauthorized or fraudulent accounts for unknowing customers and selling unnecessary 
products that went unused. Wells Fargo was ordered to pay the SEC a $500 million civil 
penalty as part of a combined $3 billion settlement with the SEC and the Department of 
Justice.
1 
• Telegram Group Inc. The Commission filed an emergency action and obtained a temporary 
restraining order against Telegram and its wholly-owned subsidiary TON Issuer Inc. for 
allegedly operating an unregistered offering of digital tokens called “Grams” in violation of 
the federal securities laws.
2 
On the Commission’s motion, the court issued a preliminary 
injunction barring the delivery of Grams and finding that the Commission had shown a 
substantial likelihood of proving that Telegram’s sales were part of a larger scheme to 
unlawfully distribute the Grams to the secondary public market. Following this decision, the 
defendants agreed to settle the action and were ordered to return more than $1.2 billion to 
investors and to pay an $18.5 million civil penalty.
3 
• Bausch Health, formerly Valeant Pharmaceuticals. In a settled action, the Commission found 
that Valeant improperly recognized revenue and made misleading disclosures in SEC filings 
and earnings presentations. Bausch was ordered to pay a $45 million civil penalty.
4 
• BMW AG. In a settled action, the Commission found that BMW and two of its U.S. 
subsidiaries disclosed inaccurate and misleading information about BMW’s retail sales 
volume in the U.S. while raising approximately $18 billion from investors in several 
corporate bond offerings. The three companies were ordered to pay a joint penalty of $18 
million.
5 
• SCANA Corp. In a litigated action, the Commission charged SCANA Corp., two of its former 
top executives, and South Carolina Electric & Gas Co. with allegedly defrauding investors by 
making false and misleading statements about a nuclear power plant expansion that was 
ultimately abandoned.
6 
3 

 
 
 
                        
               
            
           
   
        
             
                
                
    
         
           
             
                       
         
             
   
         
        
             
           
             
             
                 
                
             
                    
             
  
          
                    
                    
                
                       
         
              
                       
 
 
 
 
• Novartis AG. In a settled action, the Commission found that local subsidiaries or affiliates of 
Novartis or its former subsidiary Alcon Inc. engaged in bribery schemes in South Korea, 
Vietnam, and Greece. Novartis paid over $112 million to settle charges that it violated the 
books and records and internal accounting controls provisions of the Foreign Corrupt 
Practices Act (FCPA).
7 
• Telefonaktiebolaget LM Ericsson. In a settled action, the Commission alleged that Ericson 
engaged in a large-scale bribery scheme involving the use of sham consultants to secretly 
funnel money to government officials in multiple countries. In resolving this matter, Ericsson 
was ordered to pay more than $1 billion to the SEC and the Department of Justice and to 
install an independent compliance monitor.
8 
• J.P. Morgan Securities LLC. In a settled action, the Commission found that J.P. Morgan 
fraudulently engaged in manipulative trading of U.S. Treasury securities. J.P. Morgan 
admitted the findings in the SEC’s order, and was ordered to pay disgorgement of $10 
million and a civil penalty of $25 million to settle the action. The Department of Justice and 
the Commodity Futures Trading Commission resolved parallel matters against J.P. Morgan 
Chase & Co. and certain of its affiliates.
9 
Holding Individuals Accountable 
We have long recognized that individual accountability is critical to an effective enforcement 
program. Institutions act through their employees, and holding culpable individuals responsible 
for wrongdoing is essential to achieving our goals of general and specific deterrence and 
protecting investors by removing bad actors from our markets. The SEC’s actions over the past 
year illustrate the premium we place on establishing individual liability where appropriate. In 
Fiscal Year 2020, the Commission charged individuals in 72% of the standalone enforcement 
actions it brought. Those charged include individuals at the top of the corporate hierarchy, 
including numerous CEOs and CFOs, as well as accountants, auditors, and other gatekeepers. 
Just by way of example, former executives of Valeant Pharmaceuticals,
10 
Goldman Sachs Group 
Inc.,
11 
and Iconix Brand Group Inc.,
12 
as well as former audit partners of KPMG LLP,
13 
were 
charged with a range of violations, including fraud, reporting, books and records, and internal 
accounting controls. 
Continued Focus on Retail Investors 
Protecting retail investors continued to be a focus in 2020. Over the last year, we brought several 
cases involving the conduct of investment professionals as it relates to retail investors. For 
example, as part of the Chairman’s Teachers’ Initiative, the Commission charged VALIC 
Financial Advisors Inc. (VFA) for failing to disclose that its parent company paid a for-profit 
company owned by the Florida K-12 teachers’ unions to promote VFA’s products and services to 
those teachers.
14 
As part of resolving this matter, VFA agreed to cap advisory fees for certain 
groups of teachers in VFA programs, which will result in significant savings for thousands of 
teachers. 
4 

 
 
 
       
      
            
             
             
  
    
              
              
                
             
                 
  
          
                
       
                     
               
        
             
            
           
                 
                   
             
                     
               
               
         
       
           
               
       
 
                
      
               
          
       
       
         
    
 
 
 
The Commission also filed an action against Wells Fargo for failing reasonably to supervise 
investment advisers and registered representatives who recommended complex, high-volatility 
single-inverse ETFs to retail investors, and for lacking adequate compliance policies and 
procedures with respect to the suitability of those recommendations.
15 
As part of the resolution 
of that matter, the Commission imposed a penalty of $35 million, which will be distributed to 
investors. 
Bringing About Strategic Change 
In Fiscal Year 2020, the Division continued to focus on bringing impactful cases in areas of 
importance to the protection of investors. To do this more efficiently and effectively, we made a 
number of strategic changes in how we operate. This has led to continued improvement in 
several key areas, most notably our handling of whistleblower claims; our distributions to 
harmed investors; the pace of our investigations; and communicating the benefits of cooperating 
with our investigations. 
Record Year for Whistleblowers 
Fiscal Year 2020 was a record year for the Whistleblower Program. Since the program was 
established in 2011, whistleblower tips have resulted in numerous high-quality enforcement 
actions, and, as of the end of Fiscal Year 2020, the Commission had awarded 106 individuals 
approximately $562 million. In last year’s annual report we stated that we were working to 
streamline and substantially accelerate the evaluation of claims for whistleblower awards. I am 
pleased to report that these process improvements yielded considerable results. In Fiscal Year 
2020, we substantially increased the rate at which whistleblower claims were evaluated and 
awards were issued. As a result, the Commission issued approximately $175 million in total 
awards to 39 individuals.
16 
This represents a 200% increase in number of individuals awarded in 
a single year over the next-highest year. In Fiscal Year 2020, there was also a record number of 
preliminary determinations, which set forth the assessment of the Division’s Claims Review 
Staff regarding whether a claim should be approved or denied and, if approved, the proposed 
award amount, as well as final Commission orders of awards and denials. In the brief time since 
the Fiscal Year ended, the Whistleblower Program has continued to achieve new milestones, as 
the Commission issued the largest award in its history – approximately $114 million to a single 
whistleblower – on October 22, 2020.
17 
Commitment to Returning Money to Harmed Investors 
Distributing money to harmed investors remains a core component of the Commission’s investor 
protection mission. In Fiscal Year 2020, the Commission distributed more than $600 million to 
harmed investors. 
To further build upon improvements in distributing money to investors, we created the Office of 
Bankruptcy, Collections, Distributions, and Receiverships within the Division of Enforcement. 
This new office is led by Nichola Timmons, who previously led our Distributions Group. 
Ms. Timmons will, among other things, oversee the processes through which the Commission 
collects outstanding monetary judgments in district court and bankruptcy proceedings, monitors 
the work of court-appointed receivers, and returns money to harmed investors through distri-
butions. By centralizing existing functions, we expect to achieve additional efficiencies and 
maximize results for investors. 
5 

 
 
 
            
         
          
      
       
        
            
         
                 
         
                  
                  
                   
            
         
                
         
            
      
                
                 
        
         
       
         
           
       
        
                   
          
  
           
       
          
             
           
         
                 
       
                 
        
        
                 
        
 
  
A recent final distribution by a receiver worth highlighting is that made in connection with the 
WG Trading Investment fraud.
18 
In total, this distribution returned more than $1 billion to 
affected investors after the Commission years ago charged Paul Greenwood, Steven Walsh, and 
their affiliated WG Trading entities with orchestrating a brazen investment fraud involving the 
misappropriation of investor assets. The Commission obtained emergency relief and, ultimately, 
judgments against the defendants. Through this receivership and distribution, harmed investors 
have received payments totaling 100% of their net principal investments. 
Accelerating the Pace of Investigations 
In Fiscal Year 2020, we continued to focus on shortening the amount of time it takes to complete 
investigations and recommend enforcement actions. Our actions have the greatest impact when 
filed as close in time to the conduct as possible. Our median time to file this past year was 21.6 
months – a five-year best.
19 
An example of swift action is the Commission’s recently-filed 
district court action against the co-chair of the unsecured creditors committee in the Neiman 
Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings.
20 
The Commission filed its action 
within five weeks of the alleged misconduct. 
More specifically, we have also seen improvements in the length of time it takes to bring 
financial fraud and issuer disclosure cases. In appropriate cases, we are increasing staffing, 
working to more efficiently triage issues, making more targeted requests at the outset, 
substantively engaging early in an investigation with relevant parties, and leveraging 
cooperation. These changes have had the desired effect: in Fiscal Year 2020, we reduced the 
average amount of time it takes to complete these investigations from 37 months to 34 months. 
Some notable examples include settled charges against a Bermuda-based insurance company for 
failing to fully disclose perquisites and benefits provided to its former chief executive officer, 
brought fifteen months after the Division opened an investigation,
21 
and a settled action against 
Hilton Worldwide Holdings Inc. addressing similar violations, brought roughly eight months 
after the Division began its investigation.
22 
This is particularly meaningful given COVID-related 
challenges – both because regrouping amid mandatory telework necessarily slowed 
investigations and because we reallocated resources to address near-term investor protection 
concerns related to COVID-19. We will continue to look for ways to accelerate the pace of these 
investigations and we expect to see additional improvement in the near and long term. 
Rewarding Cooperation 
One way to substantially accelerate an investigation is through meaningful cooperation. In Fiscal 
Year 2020, we continued to focus on rewarding cooperation and providing greater transparency 
into how the Commission considers and weighs cooperation credit. Below are two examples for 
consideration – in one the Commission ordered a reduced penalty in recognition of substantial 
cooperation and in the other the Commission determined to not impose a penalty at all. 
In the Commission’s action against BMW, the Commission imposed a reduced civil penalty 
against BMW in recognition of its extensive cooperation, especially in light of COVID-19 
challenges.
23 
Despite considerable constraints, including travel restrictions, work-from-home 
orders, and office closures, BMW gathered and made available a large volume of information in 
response to document, information, and data requests. BMW also made multiple current and 
former employees available for interviews, and provided presentations and narrative submissions 
that highlighted critical facts. Due in large part to this cooperation, we were able to complete this 
case within 12 months of opening it. 
6 

 
 
 
       
           
          
       
              
  
         
            
                  
             
            
          
         
           
                   
                      
          
             
               
             
        
           
                       
                       
        
                    
               
                
        
     
                 
                      
              
           
                
             
       
       
               
  
 
 
  
In the Commission’s action against Transamerica Asset Management, Inc., a registered 
investment adviser based in Denver, Colorado, the Commission did not impose a penalty where 
Transamerica self-reported the conduct, took prompt steps to remediate the violations, and 
cooperated with the staff’s investigation.
24 
We recognize the value in communicating such 
examples of meaningful cooperation and we will continue to look for opportunities to improve 
our messaging going forward. 
The Impact of SEC v. Liu 
In Fiscal Year 2020, the Division was faced with another impactful Supreme Court decision. 
In June 2020, the Supreme Court in SEC v. Liu affirmed the authority of courts to order 
disgorgement through their power to order “equitable relief” under Section 21(d)(5) of the 
Exchange Act. This was an important decision for the Commission. However, it also imposed 
some limitations and left open some questions. The Court held that disgorgement should reflect 
net profits, and that “legitimate” expenses should generally be backed out. The Court also 
emphasized the importance of returning disgorged funds to harmed investors. 
The Division continues to evaluate the impact of this decision and how the questions that the 
Court left open will affect us going forward. As a result, there have been and will continue to be 
changes in the balance between the penalties and disgorgement that the Division seeks and 
recommends to the Commission. Among other things, we may recommend higher penalties in 
some cases where the statutory scheme permits us to do so. The Division’s recommendations 
will be consistent with the Court’s decision, while continuing to seek the relief necessary to 
achieve our mission of protecting investors and maintaining market integrity. 
Measuring the Results of Fiscal Year 2020 
As I have said many times, statistics can never present a full picture of the effectiveness of an 
enforcement program. To see this full picture requires a review of the nature and quality of our 
enforcement actions, and an understanding of the market conditions in which they occurred and 
the impact they have had. This was true in Fiscal Year 2019, when the Commission filed a near-
record number of enforcement actions despite a near-total cessation of enforcement activity for 
more than one month that was caused by a lapse in appropriations. And it remains true this year, 
as we faced COVID-related challenges and added new enforcement efforts to our existing 
responsibilities, and obtained significant results in both areas. 
However, statistics do have value, and a variety of metrics underscore that the Division 
continued to achieve great things on behalf of investors in Fiscal Year 2020. In the face of so 
many unprecedented challenges, the Commission brought 715 enforcement actions – 405 of 
which were “standalone” actions. Seventy-two percent of these standalone actions included 
charges against one or more individuals. The Commission also obtained more than 475 bars or 
suspensions against market participants and suspended trading in the securities of 196 issuers. 
In addition, the Division triaged approximately 23,650 tips, complaints, and referrals and opened 
close to 1,200 new inquiries and investigations. Finally, the Commission obtained judgments and 
orders totaling approximately $4.68 billion in disgorgement and penalties – the highest amount 
on record. 
7 

 
 
 
                    
              
           
        
     
         
     
          
                                
      
 
 
   
   
       
    
 
  
But the greatest of our achievements this year was the everyday work of the women and men of 
the Enforcement Division. The fact that they kept going. That they did their jobs. That they kept 
protecting investors. Through the darkness of late March and early April, through school 
closures, through work-from-home, through illnesses and worse. Since mid-March, these women 
and men recommended 492 enforcement actions and 36 COVID-related trading suspensions, 
opened approximately 640 inquiries and investigations (over 150 of which were COVID-
related), received and triaged approximately 16,000 TCRs, conducted numerous remote 
interviews, testimonies and depositions, and conducted (and won) one virtual trial. That we 
all kept going is the success of 2020. I could not be more proud of my colleagues and what 
we achieved together in Fiscal Year 2020. 
Sincerely, 
Stephanie Avakian 
Director, Division of Enforcement 
U.S. Securities and Exchange Commission 
November 2, 2020 
8 

 
 
 
 
             
                
           
          
             
         
                  
   
     
        
          
       
         
        
       
           
        
      
               
         
            
      
         
      
          
          
    
          
                
               
                 
               
   
             
             
         
               
       
        
INTRODUCTION 
The Division of Enforcement’s efforts to deter misconduct and punish securities law violators 
are critical to protecting millions of investors and instilling confidence in the U.S. securities 
markets. Each year, the Division recommends, and the Commission brings, hundreds of 
enforcement actions against individuals and entities for fraud and other misconduct and secures 
remedies that protect investors by punishing misconduct, deterring wrongdoing, removing bad 
actors from our markets, and, where possible, compensating harmed investors. This report 
summarizes some of the major accomplishments and key priorities of the Division over the last 
fiscal year. 
Focus on Financial Fraud and Issuer Disclosure 
Integrity and accuracy in financial statements and issuer disclosures are critical to the 
functioning of our capital markets. During the last fiscal year, the Division maintained its 
ongoing focus on identifying and investigating securities laws violations involving different 
components of the financial reporting process. 
In addition to traditional case sources, the Division took a proactive, risk-based analytic 
approach to identifying potential violations, which resulted in several important actions. For 
example, the Division’s EPS (Earnings Per Share) Initiative uses risk-based data analytics to 
uncover potential accounting and disclosure violations caused by, among other things, earnings 
management practices to mask unexpectedly weak performances. Investigations under the EPS 
Initiative resulted in settled actions against Interface Inc. and two of its former executives, and 
against Fulton Financial Corporation, for improper accounting practices that resulted in the 
reporting of quarterly EPS that met or exceeded analyst consensus estimates.
25 
The Division also 
used risk-based data analytics to uncover potential violations related to corporate perquisites, 
which led to a settled enforcement action against Hilton Worldwide Holdings Inc. for failing to 
fully disclose perquisites and personal benefits provided to executive officers.
26 
The Division’s financial fraud and issuer disclosure focus remained on matters involving 
financial statement misstatements and the executives responsible for the violations. For example, 
the Commission brought actions against: 
• Revolution Lighting Technologies, Inc. and four executives, including the CEO and former 
CFO, for allegedly falsely inflating its reported revenues over a four-year period;
27 
• Super Micro Computer, Inc. and its former CFO for prematurely recognizing revenue and 
understating expense over a period of at least three years;
28 
• Power Solutions International Inc. and three individuals, for the fraudulent overstatement of 
revenues by nearly $25 million;
29 
• Iconix Brand Group Inc. and its former CEO and COO for allegedly devising a fraudulent 
scheme to create fictitious revenue, allowing Iconix to meet or beat Wall Street analysts’ 
consensus estimates in the second and third quarters of 2014;
30 
• MiMedx Group Inc. its former CEO, CFO and COO for allegedly defrauding investors by 
misstating the company’s revenue and attempting to cover up their misconduct by misleading 
the company’s auditor, audit committee and outside lawyers;
31 
9 

 
 
           
              
        
            
          
     
 
         
           
                   
                  
      
      
             
          
              
           
            
        
                   
          
                 
          
      
 
                      
              
    
              
           
        
       
          
                  
     
           
       
  
         
       
 
• Manitex International, Inc. and its former COO, former Controller and CFO, and General 
Manager of a subsidiary for engaging in two accounting fraud schemes that resulted in the 
issuance of materially misstated financial statements;
32 
• Outcome Health, a private healthcare advertising company, and four former executives with 
alleged fraud in raising nearly half a billion dollars by falsely portraying the company as an 
overwhelming success to investors, clients, and auditors; and
33 
• Hill International, Inc., a Pennsylvania-based construction management consulting company, 
and two of its former executives for allegedly engaging in fraudulent accounting practices.
34 
Accurate corporate disclosures that include material information about an issuer’s condition lie at 
the heart of our securities laws. Last fiscal year, the Commission confirmed the importance of 
such disclosures with several cases charging issuers with materially misleading and incomplete 
disclosures. In February 2020, the Commission announced settled charges against alcohol 
producer Diageo plc for failing to make required disclosures of known trends relating to the 
shipments of unneeded products by its North American subsidiary to distributors.
35 
In the same 
month, the Commission charged SCANA Corp., two of its former top executives, and South 
Carolina Electric & Gas Co. with allegedly defrauding investors by making false and misleading 
statements about a nuclear power plant expansion that was ultimately abandoned.
36 
Similar 
disclosure issues animated the Commission’s settled action against Fiat Chrysler Automobiles 
N.V. for misleading disclosures about an internal audit of its emissions control systems.
37 
Further, the Commission settled with HP Inc. for misleading investors by failing to disclose the 
impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets.
38 
Another priority for the Division is recommending actions against issuers that distort non-GAAP 
metrics, key performance indicators, and related disclosures. The Commission brought actions 
against: 
• Wells Fargo & Co. for misleading investors about the success of its core business strategy at 
a time when it was opening unauthorized or fraudulent accounts for unknowing customers 
and selling unnecessary products that went unused;
39 
• BMW AG and two of its U.S. subsidiaries for disclosing inaccurate and misleading 
information about BMW’s retail sales volume in the U.S.;
40 
• Bausch Health, formerly Quebec, Canada-based Valeant Pharmaceuticals, and three former 
executives for improper revenue recognition and misleading disclosures in SEC filings and 
earnings presentations, including by touting double-digit same store organic growth, a non-
GAAP financial measure, when much of that growth came from sales to a mail order 
pharmacy Valeant helped establish, fund and subsidize;
41 
• BCG Partners, Inc. for allegedly false and misleading disclosures concerning how it 
calculated a key non-GAAP financial measure, which it called post-tax distributable 
earnings;
42 
and 
• Publicly-traded real estate investment trust VEREIT, Inc., formerly known as American 
Realty Capital Properties, Inc., with intentionally overstating a key performance metric.
43 
10 

 
 
   
       
       
            
    
                
                    
                
           
          
         
           
                  
                  
       
               
            
       
                   
          
       
                   
               
         
     
       
           
         
          
               
 
               
              
   
           
              
            
         
            
         
            
           
 
 
Focus on Investment Professionals 
The Division continued to prioritize identifying misconduct that occurs in the interaction 
between investment professionals and retail investors. Investment professionals occupy positions 
of tremendous importance to those who entrust them with their children’s college funds, their 
retirement funds, and other savings. 
One such responsibility – long recognized under federal law – is an adviser’s fiduciary obligation 
to disclose to their clients material conflicts of interest. Disclosure of such conflicts remains a 
priority. The importance of such disclosures is illustrated by the Share Class Selection Disclosure 
Initiative (Share Class Initiative) that we concluded during Fiscal Year 2020. Ultimately, this 
initiative resulted in the SEC ordering nearly 100 investment advisory firms that voluntarily self-
reported to the Division to return more than $139 million to investors.
44 
Other potential undisclosed conflicts can include advisers’ use of cash sweep arrangements. Cash 
in advisory accounts is often automatically swept into a money market mutual fund or a bank 
deposit sweep program.  In some cases, an adviser that is either dually-registered or has an 
affiliated broker-dealer has a conflict of interest in recommending one cash investment over 
another because it receives revenue sharing payments from its clearing broker when selecting 
particular cash sweep products. Just as with mutual fund share class selections, advisers 
recommending or choosing between different cash sweep products must make full and fair 
disclosure of these types of conflicts. In bringing settled charges against Fresno, California-based 
SCF Investment Advisors, Inc., the Commission found that SCF failed to disclose conflicts 
related to revenue sharing from cash sweep money market funds.
45 
Another potential area of concern for advisory clients is the transparency of fee structures 
around their accounts. For example, “wrap fee programs” offer accounts in which clients pay an 
asset-based “wrap fee” that covers investment advice and brokerage services, including trade 
execution. In May 2020, the Commission found that Morgan Stanley Smith Barney had 
disseminated marketing and client communications that gave the misleading impression that 
wrap fee clients were not likely to incur additional trade execution costs, even though the firm’s 
order routing practices resulted in some instances in the clients paying additional transaction 
fees that were not visible to them.
46 
In settling the charges, Morgan Stanley agreed to pay a $5 
million penalty and create a Fair Fund to distribute the penalty moneys to harmed investors. 
Initiatives 
Protecting investors remains a critical focus of our Enforcement program. Investor protection 
takes a variety of forms, as illustrated by the below examples. 
COVID-19 Steering Committee 
Recognizing that the pandemic posed significant risks to investors and market integrity across a 
variety of market segments and types of conduct, in late March, we established a Coronavirus 
Steering Committee to centralize and coordinate our efforts. The Steering Committee’s mandate 
was to ensure a consistent Division-wide approach to coronavirus-related matters, ensure 
appropriate allocation of our resources, avoid duplication of efforts, and coordinate as appro-
priate with state and federal agencies. The Steering Committee also worked to proactively 
identify and monitor areas of potential misconduct associated with COVID-19, and to detect 
and address potential misconduct in areas such as insider trading, financial fraud and issuer 
11 

 
 
                
                 
             
    
       
                        
           
         
            
              
        
            
                  
            
            
          
 
 
   
             
                  
         
     
              
         
                
                    
                   
                
         
             
                      
             
 
   
                 
             
            
                         
            
                
                   
           
                           
disclosure, and misconduct by regulated entities and individuals. As a result of our efforts to 
uncover potential wrongdoing in these and other areas, between mid-March and the end of the 
fiscal year the Division opened more than 150 COVID-related inquiries or investigations, many 
of which are ongoing. 
Given the widespread switch to remote work and the increased market volatility, we recognized 
the potential for the misuse of material nonpublic information and, on March 23, 2020, put out a 
public statement addressing our concerns in this regard.
47 
The statement highlighted that material 
nonpublic information was potentially even more valuable amid the dynamic market conditions 
of the pandemic’s early days than under normal market conditions. The statement reminded 
issuers and registrants to follow their disclosure controls and procedures to protect against the 
improper dissemination and use of such information. 
Finally, the Steering Committee also included members of the Division’s Retail Strategy Task 
Force (RSTF) who, in collaboration with the SEC’s Office of Investor Education and Advocacy, 
issued an Investor Alert warning of potential COVID-19-related scams targeting retail investors, 
highlighting specific types of frauds investors should be wary of, and providing specific steps 
that retail investors could take to protect themselves. 
48 
Retail Investor Protection 
Staff across the Division continued to work to protect retail investors from threats apart from 
those related to COVID-19. Cases in this area span a wide range of conduct, and address 
violations that affected a variety of investor populations, including seniors,
49 
the Hispanic 
community,
50 
African immigrants,
51 
Amish and Mennonite community members,
52 
police 
officers and other first responders,
53 
and cadets at the U.S. Air Force Academy.
54 
In addition, staff, and particularly the RSTF, worked to educate vulnerable investors about 
potential scams targeting members of identifiable groups, such as religious or ethnic commu-
nities, the elderly, or the differently abled. For example, in Fiscal Year 2020, the RSTF helped 
create a video designed to teach investors in the Deaf, Hard of Hearing, and Hearing Loss 
communities about how to spot frauds in their communities.
55 
This was tied to the Commission’s 
September 2020 action against a Swedish national living in Thailand who allegedly conducted a 
multi-million dollar online offering fraud that victimized thousands of retail investors world-
wide.
56 
According to the complaint, at least 847 of the investors were members of a community 
for the Deaf that invested more than $2 million in the scheme since 2015 as their retirement 
investment. 
Preserving Market Integrity 
As a number of the Commission’s enforcement actions demonstrate, the Division remains 
focused on uncovering violations at major financial institutions over the last year. Such matters 
are essential to maintaining the integrity of the securities markets. 
One market structure issue that has been a major area of ongoing focus is the “pre-release” of 
American Depository Receipts (ADRs). ADRs are U.S. securities that represent foreign shares of 
a foreign company and require a corresponding number of foreign shares to be held in custody at 
a depositary bank. The practice of pre-release allows ADRs to be issued without the deposit of 
foreign shares, provided the broker receiving them has an agreement with a depositary bank and 
the receiving broker or its customer owns a number of foreign shares that corresponds to the 
12 

 
 
                 
        
             
          
            
         
        
         
       
       
         
          
              
                 
       
       
       
            
         
               
         
             
         
                  
        
       
      
            
                 
          
                 
                  
         
           
     
                      
       
                
         
               
     
                        
        
       
                
 
 
number of shares the ADRs represent. Since late 2018, and continuing through Fiscal Year 2020, 
the Commission has brought enforcement actions against depositary banks and brokers 
comprising some of the world’s largest financial institutions, including JP Morgan Chase, 
Citibank, and Merrill Lynch, for engaging in improper conduct that undermined market integrity 
in connection with the “pre-release” of ADRs. In total, the Commission brought actions against 
15 firms and 4 individuals, ordering more than $432 million in disgorgement and penalties.
57 
This important initiative, which has now concluded, illuminated misconduct in the gateway to 
U.S. markets for issuers from across the world. 
In 2020, the Commission also brought several actions in connection with order routing practices. 
In May 2020, the Commission charged Bloomberg Tradebook LLC with making material mis-
representations and omitting material facts about how the firm handled certain customer trade 
orders.
58 
The Commission found that Tradebook allowed unaffiliated broker-dealers to make 
order routing decisions for certain customer orders, contradicting its marketing materials, which 
represented that orders would be routed by Tradebook’s own “advanced” technology. In August 
2020, the Commission charged affiliated registered investment advisers WBI Investments Inc. 
and Millington Securities Inc. with making material misrepresentations to clients about 
compensation Millington received in an institutional payment for order flow arrangement for 
routing client orders to certain brokerage firms for execution.
59 
Nationally recognized statistical rating organizations (NRSROs), or credit rating agencies, also 
play a critical role in ensuring market integrity. Over the last year, the Commission brought 
several actions addressing issues in the credit rating process. For example, the Commission 
charged Morningstar Credit Ratings LLC with violating a conflict of interest rule designed to 
separate credit ratings and analysis from sales and marketing efforts, finding that Morningstar 
had permitted a wholesale integration of its ratings analysts into its business development 
efforts.
60 
The Commission also instituted two actions against Kroll Bond Rating Agency, Inc. 
(KBRA) relating to the rating of commercial mortgage-backed securities (CMBS) and of 
collateralized loan obligation (CLO) combination notes.
61 
In connection with the CMBS ratings 
matter, the Commission found that KBRA permitted analysts to make adjustments that had a 
material effect on the final ratings, but did not require any analytical method for determining 
when and how those adjustments should be made, and that KBRA’s internal controls failed to 
monitor whether analysts were making adjustments at the loan level, as KBRA’s procedures 
required, or at the portfolio level. With regard to the CLO combo notes matter, the Commission 
found that KBRA’s policies and procedures were not reasonably designed to ensure that KBRA 
rated the notes in accordance with their terms. 
Uncovering and Prosecuting Abusive Trading 
Detecting and punishing those who engage in insider trading, and those who trade on the basis of 
misappropriated information, remain central to our mission. The Commission, often in coordi-
nation with criminal law enforcement authorities, brought a number of actions covering a wide 
array of such abusive trading practices. For example, the Commission charged a former finance 
manager at Amazon.com Inc. and two family members with insider trading in advance of 
Amazon earnings announcements between January 2016 and July 2018.
62 
The Commission also 
charged a former IT administrator at Palo Alto Networks Inc., who allegedly used his IT cre-
dentials and work contacts to obtain highly confidential information about Palo Alto Network’s 
quarterly earnings and financial performance, then traded in the company’s securities based on 
the confidential information and tipped his friends, four of whom were also charged.
63 
13 

 
 
      
       
        
             
           
                
                 
             
               
              
       
                
        
          
         
  
              
                
             
            
                   
         
               
                 
             
         
         
         
       
            
        
       
            
        
                      
       
    
               
        
              
                      
                 
          
 
 
 
In addition to such “classical” insider trading cases, the Commission brought enforcement 
actions against financial professionals for allegedly misappropriating material nonpublic 
information that they and/or others then traded on. In one action, the Commission charged a 
senior index manager at a globally recognized index provider and his friend with perpetrating an 
insider trading scheme that generated more than $900,000 in illegal profits.
64 
The pair allegedly 
purchased call or put options of publicly traded companies hours before public announcements 
that those companies would be added to or removed from a popular stock market index that the 
index manager helped his employer manage, and then liquidated their options positions for a 
substantial profit. And in a series of enforcement actions arising from an alleged international 
insider trading scheme, the Commission charged an investment banker at a large investment 
bank and a New York-based trader,
65 
two former investment bankers and a London-based 
trader,
66 
and two traders based in Switzerland.
67 
These actions, like a number of other significant 
cases involving complex, abusive trading, originated from the Analysis and Detection Center 
housed within the Division’s Market Abuse Unit, which uses data analysis tools to detect 
suspicious trading patterns, such as improbably successful trading across different securities 
over time. 
Notably, parallel criminal actions were filed by separate U.S. Attorney’s Offices in connection 
with each of the four cases mentioned above. This reflects the success of our ongoing efforts to 
coordinate with our criminal law enforcement counterparts as appropriate. Fittingly, Fiscal Year 
2020 began with a Criminal Coordination Conference that the Division hosted on October 3, 
2019. The main goals of this event were to continue to build relationships between the Division 
and our criminal law enforcement counterparts and to strengthen our coordination. 
A critical element in preventing illegal trading is robust corporate controls and compliance 
policies around the use and safeguarding of material nonpublic information. The importance of 
such policies was central to the Co-Directors’ Statement of March 23, 2020, referenced above, 
and it also animated the Commission’s enforcement action against Ares Management LLC, 
a Los Angeles-based private equity firm and registered investment adviser.
68 
In that matter, 
the Commission found that Ares’s compliance policies failed to account for the special 
circumstances presented by having an employee serve on the portfolio company’s board while 
that employee continued to participate in trading decisions regarding the portfolio company. 
Our efforts to curb abusive trading extend beyond insider trading. For example, the Commission 
filed an emergency action and obtained an asset freeze against eighteen traders in a complex 
scheme to manipulate more than 3,000 U.S.-listed securities for more than $31 million in illicit 
profits.
69 
The Commission alleged that the traders, who are primarily based in China, mani-
pulated the prices of thousands of thinly traded securities by creating the false appearance of 
trading interest and activity in those stocks, artificially boosting or depressing stock prices. 
Achieving Results Through Litigation 
The majority of the Commission’s enforcement actions are filed as settled matters, but the 
Division stands ready to litigate matters where necessary to protect investors, markets, and the 
Commission’s interests. Over 40% of the standalone matters the Commission brought in Fiscal 
Year 2020 were filed in whole or in part as litigated actions. These matters, against both entities 
and individuals, span a wide range of misconduct and represent the Division’s commitment of 
resources to litigation when a satisfactory resolution by settlement cannot be reached. 
14 

 
 
             
           
              
              
       
                
       
          
              
             
               
                 
            
           
 
             
        
             
         
                
       
   
            
              
                 
                    
               
      
          
                      
           
       
            
                
        
       
 
 
 
 
The Division had a number of significant wins before juries, in bench trials, and in contested 
administrative and cease-and-desist proceedings in Fiscal Year 2020. In fact, every proceeding 
that the Division litigated to a verdict or decision this year resulted in a win for the Commission. 
The Division’s ability to prevail before a jury on even the most complex fact patterns was on 
display in the Commission’s action against Ukraine-based trading firm Avalon FA Ltd. and its 
principals for allegedly manipulating the U.S. markets hundreds of thousands of times and 
generating more than $25 million in illicit proceeds.
70 
The Commission alleged that Avalon 
engaged in layering, which involved placing and canceling orders to trick others into buying or 
selling stocks at artificial prices, and cross-market manipulation, which involved buying or 
selling stocks to artificially impact options prices. In November 2019, following a three week-
long trial, the jury found Avalon and its principals liable for its unlawful trading schemes. 
Another win came on September 24, 2020, when, after a nine-day bench trial, a New York 
federal judge ordered a former private equity executive liable on the Commission’s charges that 
he had fraudulently spent his clients’ funds on vacations, salon trips, clothing and other personal 
expenses.
71 
The Commission also obtained asset freezes and emergency relief in a number of actions. One 
particularly significant example was the Commission’s October 2019 emergency action against 
Telegram.
72 
The court issued a preliminary injunction barring delivery of the tokens at issue and 
finding that the Commission had shown a substantial likelihood of proving that Telegram’s sales 
were part of a larger scheme to unlawfully distribute “Gram” tokens to the secondary public 
market. Ultimately, the Commission reached a settlement whereby Telegram agreed to return 
more than $1.2 billion to investors.
73 
Further, the Commission also had success at the summary judgment stage. For example, in 
August 2020, the District Court for the Southern District of Florida granted the Commission 
summary judgment in a case charging a Florida-based individual and his company with acting as 
unregistered dealers in the sale of billions of shares of numerous penny stock issuers.
74 
And on 
September 30, 2020, the District Court for the Southern District of New York awarded the 
Commission summary judgment on its charges against Kik Interactive Inc. in connection with 
that company’s 2017 initial coin offering.
75 
The court found that undisputed facts established that 
Kik’s sales of “Kin” tokens were sales of investment contracts, and therefore of securities, and 
that Kik violated the federal securities laws when it conducted an unregistered offering of 
securities that did not qualify for any exemption from registration requirements. The court 
further found that Kik’s private and public token sales were a single integrated offering. 
Through such actions, the Division obtained significant relief on behalf of the Commission and 
investors. These and other cases also remind potential bad actors that the Commission will 
aggressively litigate even the most difficult cases where appropriate. 
15 

 
 
    
 
            
        
             
             
          
                
          
       
       
                     
            
           
       
   
                
   
 
      
             
      
        
        
                  
                                                
                       
                       
                    
               
  
DISCUSSION AND ANALYSIS OF FISCAL YEAR 2020 
Overall Results 
Fiscal Year 2020 was another successful year for the Division of Enforcement, despite the 
unprecedented challenges posed by the global COVID-19 pandemic. Since mid-March, the 
entire Division has been working from home, which has created unique impediments to several 
important aspects of our work, such as taking testimony from live witnesses, gathering evidence, 
and litigating our cases in court. Nevertheless, the Division found ways to recommend meaning-
ful cases to the Commission and to protect the investing public. In the face of great adversity, 
the Commission brought 715 enforcement actions in Fiscal Year 2020. Impressively, the 
Commission brought 492 of these cases after the instituting mandatory telework in mid-March. 
Of the cases brought this fiscal year: 
• 405 were “standalone” actions brought in federal court or as administrative proceedings; 
• 180 were “follow-on” proceedings seeking bars based on the outcome of Commission actions 
or actions by criminal authorities or other regulators; and 
• 130 were proceedings to deregister public companies–typically microcap–that were 
delinquent in their Commission filings.
* 
Notwithstanding the challenges we faced, the total numbers of cases were down only 17% from 
last year. 
Types of Cases 
As the chart below illustrates, the majority of the SEC’s 405 standalone cases in Fiscal Year 
2020 concerned securities offerings (32%), investment advisory and investment company issues 
(21%), and issuer reporting/accounting and auditing (15%) matters. The SEC also continued to 
bring actions relating to broker-dealers (10%), insider trading (8%), and market manipulation 
(5%), as well as other areas such as Public Finance (3%) and FCPA (2%). 
* 
In Fiscal Year 2020, the Commission’s deregistration and/or suspension orders instituted a proceeding as to a 
single issuer. In prior years, such orders typically instituted a proceeding as to two or more, usually unrelated, 
issuers. This change in practice achieves consistency with the Commission’s general practice of issuing separate 
orders for individual respondents except when charges arise from related investigations, and streamlines the process 
relating to contested orders. 
16 

 
 
 
 
                    
     
    
          
               
               
         
          
  
 
 
                 
       
A breakdown of the number and percentage of the types of actions brought in Fiscal Year 2020 
is set forth in the attached appendix. 
Disgorgement and Penalties Ordered 
In Fiscal Year 2020, the Commission obtained record-breaking monetary remedies in enforce-
ment actions. All told, parties in the Commission’s actions and proceedings were ordered to pay 
a total of $3.589 billion in disgorgement of ill-gotten gains. Penalties imposed totaled $1.091 
billion, in line with Fiscal Year 2019’s $1.101 billion penalty total. Total monetary relief ordered 
in Fiscal Year 2020 was $330 million higher than in Fiscal Year 2019, an approximately 
8% increase. 
Money ordered is also high when viewed in terms of the median case: the median amount of 
total money ordered in Fiscal Year 2020 was over $530,000. 
17 

 
 
 
 
                
             
 
 
           
                
             
           
 
 
 
 
 
 
In Fiscal Year 2020, the 5% of cases that involve the largest financial remedies again accounted 
for the majority of all financial remedies the Commission obtained. 
The Commission places a significant priority on returning funds to harmed investors whenever 
possible. Consistent with that goal, the Commission returned $602 million to harmed investors in 
Fiscal Year 2020. These distributions comprised over 800,000 individual payments to investors 
from 91 fair funds and court-appointed administrators. 
18 

 
 
   
                  
        
         
           
            
            
           
                 
          
          
                 
            
          
  
 
 
 
 
 
 
 
Tips, Complaints, and Referrals 
Each year, the Commission receives thousands of tips, complaints, and referrals, or TCRs, that 
need to be reviewed and analyzed by Enforcement staff to identify those that warrant potential 
further investigation or response. Staff quickly triages each TCR to determine whether we should 
open an inquiry or investigation. In Fiscal Year 2020, the Commission received over 23,650 
TCRs, a substantial increase over the approximately 16,850 TCRs received in Fiscal Year 2019. 
Further, the Commission received a majority of these TCRs during the pandemic: between mid-
March and the end of the fiscal year, the Division triaged approximately 16,000 TCRs, a 71% 
increase from the same time period in 2019. We also saw an increase in the number of new 
inquiries and investigations. Overall, we opened 1,181 new inquiries and investigations in Fiscal 
Year 2020, compared to 1,082 in Fiscal Year 2019. From mid-March through the end of the 
fiscal year, we opened over 640 new inquiries/investigations, a 7% increase over the same period 
in Fiscal Year 2019. The staff’s dedication to quickly assessing TCRs and opening new cases is 
extraordinary. In addition, we believe this work has created a strong pipeline for future 
enforcement actions. 
19 

 
 
  
                
        
           
            
                    
                 
             
              
       
              
  
 
 
      
                   
           
            
         
     
                                                
                          
                
                  
      
Whistleblower Program 
Over the past ten years, the whistleblower program has been a critical component of the 
Commission’s efforts to detect wrongdoing and protect investors in the marketplace, particularly 
where fraud is concealed or difficult to detect. Enforcement actions from whistleblower tips have 
resulted in more than $2.5 billion in ordered financial remedies, including more than $1.4 billion 
in disgorgement of which almost $750 million has been, or is scheduled to be, returned to 
harmed investors. Recognizing the importance of rewarding meritorious whistleblowers in a 
timely manner, we have made efforts to streamline and substantially accelerate the evaluation of 
claims for whistleblower awards. These efforts paid off. Fiscal Year 2020 was a record-breaking 
year for the whistleblower program. The Commission issued awards totaling approximately $175 
million to 39 individuals, both greater than any other year in the program’s history. 
Importantly, the Division also issued substantially more preliminary determinations, which set 
forth its assessment of whether a claim should be approved or denied and, if approved, the 
proposed award amount, and final Commission orders of awards and denials.
† 
In Fiscal Year 
2020, the Division issued 315 preliminary determinations, a more than 95% increase over the 
next highest year, and the Commission issued 197 final orders, an approximately 19% increase 
over the next highest year. 
† 
Note that in Fiscal Years 2014 and 2015, a large number of preliminary determinations denials were issued to two 
serial submitters (both of whom were barred from the program), and these preliminary determinations became final 
orders during those same years. Specifically, in Fiscal Year 2014, 144 denials were issued to one claimant and, in 
Fiscal Year 2015, 40 denials were issued to another. 
20 

 
 
 
 
         
          
        
   
 
               
       
              
                     
                     
         
              
  
       
       
                
            
        
               
               
                 
            
      
 
Further, in Fiscal Year 2020, the Commission adopted amendments to the rules governing the 
whistleblower program that were designed to provide greater clarity to whistleblowers and 
increase the program’s transparency and efficiency, including around the review and processing 
of whistleblower award claims. 
Individual Accountability 
Holding individuals accountable is among the Commission’s most effective methods of 
achieving deterrence. Experience teaches that individual accountability drives behavior and can 
also broadly impact corporate culture. In Fiscal Year 2020, 72% of the Commission’s standalone 
actions involved charges against one or more individuals. This percentage is in line with the 
results of the last several fiscal years. The individuals charged in our actions include those at the 
top of the corporate hierarchy—including chief executive officers, chief financial officers, and 
chief operating officers—as well as gatekeepers like accountants, auditors, and attorneys. 
Non-Monetary Relief Obtained 
In every enforcement action, the Division seeks appropriately tailored sanctions that advance 
enforcement goals. In addition to the monetary relief discussed above (disgorgement and 
penalties), there are a variety of potential non-monetary remedies available in the Commission’s 
actions. Non-monetary remedial relief is important to the Commission’s effort to ensure future 
compliance with the securities laws. For example, the Commission may seek undertakings, the 
appointment of independent compliance consultants, and/or conduct-based injunctions to protect 
the investing public on a going-forward basis. In each case, the Division seeks authorization to 
pursue those non-monetary remedies that will have the greatest impact. In Fiscal Year 2020, the 
Division continued to think creatively about how to craft relief to best protect investors. Some of 
these remedies are discussed in more detail below. 
21 

 
 
  
           
                          
       
         
        
                    
  
               
              
              
                
              
             
          
               
    
                  
                    
                  
                
         
        
   
  
                
             
        
                     
           
           
           
             
  
               
              
        
       
   
            
        
          
     
             
      
 
Undertakings 
Undertakings require a defendant to take affirmative steps—either in conjunction with entry of 
the order or in the future—to come into and remain in compliance with the specific terms of a 
court’s order. The Commission also has authority to impose similar obligations on respondents in 
administrative proceedings. Undertakings are a forward-looking remedy, specifically designed 
with an eye toward what happens after settlement. Well-designed undertakings provide unique 
long-term benefits to investors, and are one of the most effective forms of equitable relief in SEC 
enforcement actions. 
Many undertakings require a settling party to retain a compliance consultant or monitor to make 
recommendations to the issuer and report to the staff. In some cases, undertakings may reflect 
different affirmative steps to remediate structural or other problems. Several actions from Fiscal 
Year 2020 illustrate the Division’s use of undertakings that are tailored to remedial objectives 
and specific to the wrongful conduct at issue. For example, in the matter involving VFA’s failure 
to disclose to teachers practices that generated millions of dollars in fees and other financial 
benefits for VFA, VFA agreed to certain undertakings, including capping management fees for 
Florida K-12 teachers participating in 403(b) and 457(b) retirement plans under VFA’s 
management and certain other VFA advisory products.
76 
Another example of tailored undertakings in Fiscal Year 2020 comes from the BitClave PTE 
Ltd. matter, involving an unregistered sale of digital tokens.
77 
As part of the relief obtained, the 
Commission ordered BitClave to transfer all of its digital tokens to a fair fund administrator to 
allow the fund administrator to permanently disable the tokens and take action to remove its 
tokens from digital asset trading platforms. These undertakings seek to remedy the harm from 
the illegal token offering by BitClave and the risks associated with the tokens trading freely 
without proper disclosure. 
Bars and Suspensions Imposed 
Bars and suspensions are also important forms of remedial relief available to the Commission. 
Bars and suspensions remove bad actors from positions where they can engage in future wrong-
doing and thereby cause harm to investors and markets. Accordingly, the Division frequently 
asks the Commission to bar, or suspend for a period of time, wrongdoers from serving as officers 
or directors of public companies, dealing in penny stocks, associating with registered entities 
such as broker-dealers and investment advisers, or appearing or practicing before the 
Commission as accountants or attorneys. Enforcement actions resulted in 477 bars and 
suspensions of wrongdoers in Fiscal Year 2020. 
Trading Suspensions 
The federal securities laws allow the SEC to suspend trading in a security for up to ten business 
days when the SEC determines that a trading suspension is required in the public interest and for 
the protection of investors. In Fiscal Year 2020, the Commission suspended trading in the 
securities of 196 issuers. 
Court-Ordered Asset Freezes 
Court-ordered asset freezes are important to the Commission’s ability to protect investors 
because they prevent alleged wrongdoers from dissipating assets that could be distributed to 
harmed investors. Wrongdoers often attempt to hide assets and/or move them offshore, and the 
Commission’s ability to obtain meaningful financial remedies and to return money to harmed 
investors may therefore depend on the ability to obtain an asset freeze at an early stage. These 
circumstances require seeking federal court action on an emergency basis. 
22 

 
 
         
                     
        
           
           
          
    
 
             
                       
        
           
             
          
         
          
             
       
                     
                           
                   
   
 
 
 
 
 
 
 
 
In Fiscal Year 2020, the Commission obtained 24 court-ordered asset freezes. These actions 
involve a range of misconduct. For example, in the Telegram Group Inc. matter, the Commission 
obtained an asset freeze against two offshore entities that conducted an unregistered digital 
token offering in the U.S. and overseas, raising more than $1.7 billion.
78 
The Commission also 
obtained an asset freeze that halted a series of alleged microcap market manipulation schemes 
aimed at defrauding retail investors.
79 
These matters demonstrate swift action by the 
Commission designed to preserve investor funds. 
Challenges 
The COVID-19 pandemic has disrupted many of the Division’s traditional methods of 
conducting investigations as it works to promote the safety and well-being of its staff while 
bringing meaningful cases to protecting investors. The ability to take live witness testimony, 
conduct in-person Wells meetings, and litigate cases in court, for example, have all been 
impacted. Although these methods cannot be completely replaced, the Division has worked hard 
to find innovative ways to ensure that investigations continue to move efficiently and quickly. 
While under mandatory telework orders, the Division of Enforcement has conducted numerous 
remote testimony sessions through internet-based video platforms, which allow staff to share 
documents with the witness while asking questions. The Division also held Wells meetings by 
video with multimedia presentations. Even courts have begun conducting remote hearings and 
bench trials by video, allowing our trial unit to successfully litigate several important cases as a 
result. As it is uncertain when we will be able to return to our offices and begin live meetings and 
testimony, we will continue to find ways to improve upon our remote capabilities and ways to 
conduct investigations efficiently remotely. 
23 

 
 
    
            
                       
            
      
       
 
  
                
  
               
       
                
     
          
               
          
     
            
  
        
                   
 
       
            
    
          
          
   
        
     
          
  
            
        
   
              
      
                 
   
                     
    
        
        
 
NOTEWORTHY ENFORCEMENT ACTIONS 
The Division’s efforts resulted in many noteworthy enforcement actions in Fiscal Year 2020. 
The matters described below give some sense of the actions the Commission brought in areas of 
the Division’s greatest focus and demonstrate the breadth of the landscape the Division covers. 
In addition to those actions discussed above, significant Commission enforcement actions in 
Fiscal Year 2020 also included charges against the following: 
Financial Institutions 
• Jefferies LLC and ABN AMRO Clearing Chicago LLC for their improper handling of 
“pre-released” American Depositary Receipts.
80 
• Morgan Stanley Smith Barney LLC for providing misleading information to clients in its 
retail wrap fee programs regarding trade execution services and transaction costs.
81 
• Morgan Stanley & Co. LLC for violations of Regulation SHO for failing to correctly net their 
positions and mark their long and short sales.
82 
• Interactive Brokers LLC for repeatedly failing to recognize red flags and file suspicious 
activity reports for U.S. microcap securities trades it executed on behalf of customers.
83 
• Broker-dealers Bluefin Trading LLC and Critical Trading LLC for violating the short tender 
rule in a partial tender offer.
84 
• Broker-dealer SG Americas Securities LLC for failing to provide complete and accurate blue 
sheet trading data.
85 
• Broker-dealer JonesTrading Institutional Services LLC for failing to preserve business-
related text messages exchanged on the personal devices of several of its registered 
representatives.
86 
Issuer Reporting and Disclosure Issues and Auditor Issues 
• RSM LLP for deficiencies in its quality control system related to staffing certain private 
investment fund financial statement audits.
87 
• MetLife, Inc. for violating the books and records and internal accounting controls provisions 
of the federal securities laws relating to two errors in its accounting for reserves associated 
with its annuities business.
88 
• Chicago-area engine manufacturing company Power Solutions International Inc. for 
overstating its revenues by almost $25 million.
89 
• BorgWarner Inc. for materially misstating its financial statements by failing to account for 
certain asbestos liabilities.
90 
• Pennsylvania-based owner and operator of cemeteries and funeral homes StoneMor Partners 
L.P. for failing to adequately disclose material liquidity problems and making misstatements 
in its financial statements.
91 
• Three former executives of Ironclad Performance Wear Corp. for allegedly inflating 
Ironclad’s revenues through manipulative and deceptive accounting gimmicks.
92 
• RCI Hospitality Holdings, Inc. and its CEO and CFO for RCI’s disclosure and controls 
failures concerning executive compensation and related party transactions.
93 
• PLS CPAs and three of its auditors for engaging in improper professional conduct in 
connection with audit reports issued by PLS.
94 
• Silicon Valley-based data storage company Quantum Corporation for internal accounting 
controls violations that resulted in repeated revenue recognition errors from 2015 to 2017.
95 
24 

 
 
  
           
            
           
                  
      
               
     
           
      
 
  
           
   
       
            
     
      
         
       
    
                
         
                    
            
  
              
        
 
                
     
 
            
           
             
        
          
        
                  
       
          
      
    
 
Public Finance Abuse 
• UBS Financial Services Inc. for improperly allocating bonds intended for retail customers to 
parties, known in the industry as “flippers,” who then immediately resold or “flipped” the 
bonds to other broker-dealers at a profit.
96 
• Roosevelt & Cross and two of its registered representatives for circumventing the priority 
given to retail and institutional investors in certain municipal bond offerings.
97 
• A state-funded, nonprofit charter school and its former President for allegedly misleading 
investors in a municipal bond offering.
98 
• Two former executives of Tri-Valley Learning Corporation, which operated two public 
charter schools, for allegedly misleading investors who purchased over $25 million in bonds 
issued by Tri-Valley.
99 
Individual Accountability 
• Two former top executives of Indiana-based trucking company Celadon Group Inc. for their 
alleged participation in an accounting fraud that included concealing losses by buying and 
selling trucks at inflated prices.
100 
• Three former KPMG audit partners for improperly sharing answers to internal training exams 
testing whether audit professionals understood accounting and auditing principles and 
subsequent misconduct related during an investigation of the exam sharing.
101 
• Former Hertz CEO and Chairman for allegedly aiding and abetting the company’s filing of 
inaccurate financial statements and disclosures that included inaccurate accounting for 
various reserve accounts.
102 
• The former CFO of AmTrust Financial Services Inc. for allegedly failing to disclose material 
facts about how the company estimated its insurance losses and reserves.
103 
• Three executives of a California solar panel company for allegedly diverting millions of 
dollars in investor funds earmarked for development of solar panel nanotechnology toward 
personal expenses.
104 
• A supervisor of the securities lending desk at Industrial and Commercial Bank of China 
Financial Services LLC for the improper handling of transactions involving American 
Depositary Receipts.
105 
• The former CEO of an online auction site for his alleged involvement in seeking to prevent 
whistleblowers from communicating with the SEC.
106 
COVID-19 
• An emergency action and asset freeze in an alleged fraudulent scheme that generated more 
than $25 million from sales of multiple microcap companies’ stock, including four 
companies that were the subject of recent SEC trading suspension orders.
107 
• A California-based penny stock trader for allegedly conducting a fraudulent pump-and-dump 
scheme by making hundreds of misleading statements in an online investment forum, 
including that a company had developed an approved blood test for COVID-19.
108 
• Applied Biosciences Corp. for allegedly making false or misleading claims regarding its 
distribution of supposed rapid result finger-prick COVID-19 tests to the general public.
109 
• Turbo Global Partners, Inc. and its CEO for allegedly issuing false and misleading press 
releases regarding the company’s purported partnership to sell thermal scanning equipment 
that would detect individuals with fevers.
110 
25 

 
 
              
                 
      
               
            
 
              
         
            
            
         
          
           
            
             
  
            
             
 
             
   
   
            
               
     
                 
   
             
        
             
       
                
              
    
                
             
          
                 
  
 
 
 
 
 
 
• Praxsyn Corp. and its CEO for allegedly issuing false and misleading press releases claiming 
that Praxsyn was able to acquire and supply large quantities of N95 or similar masks to 
protect wears from the COVID-19 virus.
111 
• The President and Chief Science Officer of Arrayit Corporation for allegedly making false 
and misleading statements concerning Arrayit’s development of a COVID-19 blood test.
112 
Cyber 
• A digital-asset entrepreneur and his company for allegedly defrauding investors in an ICO 
that raised more than $42 million from hundreds of investors.
113 
• NAC Foundation, NAC’s CEO, and a political lobbyist for allegedly defrauding investors in 
an ICO by misrepresenting to investors that they were purchasing tokens that could be 
converted to a digital asset security that was superior to the original bitcoin.
114 
• Blockchain services company BitClave PTE Ltd for conducting an unregistered ICO. As part 
of a settlement, BitClave agreed to pay over $25 million to harmed investors.
115 
• Unikrn Inc., an operator of an online eSports gaming and gambling platform, for conducting 
an unregistered ICO. As part of a settlement, Unikrn agreed to pay $6.1 million to harmed 
investors.
116 
• Boon Tech and its CEO for a fraudulent, unregistered offering of digital asset securities in 
connection with the sale of approximately $5 million in Boon Coins to more than 1,500 
investors.
117 
• Actor Steven Seagal for failing to disclose payments he received for promoting an 
investment an ICO conducted by Bitcoiin2Gen.
118 
Insider Trading 
• A California husband and wife in an alleged multi-million-dollar insider trading scheme 
involving the securities of Sagent Pharmaceuticals, Inc. in advance of an announcement 
about the company’s acquisition.
119 
• Former executives of PetMed Express, Inc. for allegedly trading in advance of market-
moving earnings announcements between 2014 and 2018.
120 
• The former Controller of Aceto Corporation for allegedly trading ahead of the now-bankrupt 
company’s earnings results showing poor sales and a pending impairment charge.
121 
• An investor relations consultant for allegedly trading ahead of at least eleven earnings 
announcements in several public companies between Feb. 2016 and March 2018.
122 
• Two former Rite Aid Corp. employees for allegedly disposing of shares of Rite Aid prior to a 
negative announcement regarding the status of a potential merger between Rite Aid and 
Walgreens Boots Alliance, Inc.
123 
• A former investment adviser for allegedly trading in the securities of COPsync, Inc. stock on 
the basis of material, non-public information he gained while consulting for the company.
124 
• A North Carolina-based actuary for alleged insider trading in the stock of Piedmont Natural 
Gas Company, Inc. on the basis of confidential information about a potential merger with 
Duke Energy Corp.
125 
26 

 
 
     
          
              
   
       
                
   
    
              
       
 
 
                 
               
       
 
                
      
                 
                
    
            
                 
         
       
             
            
           
        
         
                 
    
            
         
                
              
  
                  
               
               
                   
               
                
    
              
           
              
 
Foreign Corrupt Practices Act 
• Herbalife Nutrition Ltd. for violating the books and records and internal accounting 
controls provisions of the FCPA, in connection with payments to Chinese officials made 
by Herbalife’s Chinese subsidiaries.
126 
• Boston-based pharmaceutical company Alexion Pharmaceuticals, Inc. for violating the books 
and records and internal accounting controls provisions of the FCPA by making payments to 
government officials in Turkey and Russia.
127 
• South Carolina-based consumer loan company World Acceptance Corporation for violating 
the anti-bribery, books and records and internal accounting controls provisions of the FCPA 
in connection with bribe payments made to Mexican officials.
128 
• A former executive of a financial services company for allegedly violating the anti-bribery 
provision of the FCPA by orchestrating a bribery scheme to win a government contract in the 
Republic of Ghana.
129 
Criminal Coordination 
• Executives at a healthcare advertising company, who allegedly raised almost half a billion 
dollars from investors by misrepresenting their company’s business track record to 
investors.
130 
In a parallel criminal case, the U.S. Attorney's Office for the Northern District of 
Illinois and Fraud Section of the Department of Justice charged the executives with mail 
fraud, wire fraud, and bank fraud.
131 
• Six individuals and their companies for allegedly coordinating illegal sales and transfer of 
stock.
132 
In a parallel criminal case, the U.S. Attorney’s Office for the Southern District of 
New York charged one individual and his firm with securities fraud.
133 
• A California-based couple for allegedly orchestrating a nearly billion-dollar Ponzi scheme 
promising investors tax credits, lease payments, and profits from the operation of mobile 
solar generators.
134 
In a parallel criminal case, the U.S. Attorney’s Office for the Eastern 
District of California charged both with wire fraud and money laundering.
135 
• A Russian businessman for allegedly creating fraudulent websites that resembled reputable 
financial institutions to solicit funds from individuals seeking CDs with high rates.
136 
In a 
parallel criminal case, the U.S. Attorney’s Office for the District of New Jersey the fraudster 
with wire fraud.
137 
• Trustify Inc and its founder for allegedly lying to investors about the financial standing of the 
business and misappropriating investor funds for personal use.
138 
In a parallel criminal 
action, the U.S. Attorney’s Office for the Eastern District of Virginia and the Fraud Section 
of the Department of Justice charged the founder with wire fraud, securities fraud and money 
laundering.
139 
• A film financier for allegedly defrauding a publicly traded fund of at least $13.8 million and 
using the funds to pay personal expenses.
140 
In a parallel criminal case, the U.S. Attorney’s 
Office for the Southern District of New York charged the financier with wire fraud.
141 
• The president of a real estate development and management company for allegedly running a 
Ponzi scheme that targeted the elderly and misappropriating over $26 million.
142 
In a parallel 
criminal case, the U.S. Attorney's Office for the Northern District of California charged the 
executive with wire fraud. 
143 
• An investment adviser for allegedly running a Ponzi scheme that targeted members of the 
Haitian community.
144 
In a parallel criminal case, the U.S. Attorney’s Office for the Southern 
District of New York charged the adviser with securities and wire fraud.
145 
27 

 
 
  
            
               
           
        
          
  
               
       
             
                    
           
              
        
            
            
  
 
 
  
Other Noteworthy Actions 
• A penny stock dealer who allegedly engaged in the business of purchasing convertible notes 
from penny stock issuers, converting the notes into shares of stock, and selling those newly 
issued shares into the public market, without registering with the Commission as a dealer.
146 
• Abra, a California-based app developer, for offering and selling security-based swaps to 
retail investors without registration and for failing to transact those swaps on a registered 
national exchange.
147 
• A former Georgia state legislator for allegedly defrauding at least 100 investors by making 
misrepresentations to them regarding expected investment returns and misappropriating their 
funds to make Ponzi-like payments to other investors and for personal use.
148 
• Florida-based real estate firm EquiAlt LLC, its CEO, and its Managing Director for an 
alleged fraudulent unregistered securities offering that raised more than $170 million from at 
least 1,100 investors, a number of whom invested their retirement funds.
149 
• A registered broker-dealer and investment adviser, and a company that designs, 
manufacturers, installs, and services fuel cell power plants, for failing to deliver final 
prospectuses to purchasers in connection with the public sale of more than $148 million in 
FuelCell stock.
150 
28 

 
 
 
 
 
 
 
 
 
APPENDIX 
29 

 
 
        
 
 
 
 
 
    
 
      
    
           
          
         
         
          
           
        
         
           
         
          
         
        
          
                
           
              
          
        
               
          
          
           
         
          
                 
          
         
           
          
        
          
         
          
           
         
            
               
          
        
         
          
Case Name Type of Action 
Release 
No. 
Date 
Filed 
BROKER-DEALER 
In the Matter of Moez Ben Mohamed Hedri Follow-on Admin. Proc. 34-87195 10/01/19 
In the Matter of Portfolio Advisors Alliance, Inc. Follow-on Admin. Proc. 34-87238 10/07/19 
In the Matter of Howard J. Allen, III Follow-on Admin. Proc. 34-87239 10/07/19 
In the Matter of Kerri L. Wasserman Follow-on Admin. Proc. 34-87240 10/07/19 
In the Matter of Michael Siva Follow-on Admin. Proc. 34-87245 10/08/19 
In the Matter of Harold Wasserman Follow-on Admin. Proc. 34-87259 10/09/19 
In the Matter of Lek Securities Corporation, et al. Follow-on Admin. Proc. 34-87268 10/10/19 
In the Matter of Domenick Migliorato Stand-alone Admin. Proc. 34-87302 10/15/19 
In the Matter of Richard Andrew Mallion Follow-on Admin. Proc. 34-87334 10/17/19 
In the Matter of Lei (Lily) Lei Follow-on Admin. Proc. 34-87429 10/31/19 
In the Matter of Ira Warkol Follow-on Admin. Proc. 34-87459 11/05/19 
In the Matter of Morgan Stanley Smith Barney, LLC Stand-alone Admin. Proc. 33-10726 11/07/19 
In the Matter of Dale Scott Pearlman Follow-on Admin. Proc. 34-87567 11/18/19 
In the Matter of Michael P. Dunne Follow-on Admin. Proc. 34-87582 11/21/19 
In the Matter of Thomas H. Vetter Follow-on Admin. Proc. 34-87604 11/22/19 
In the Matter of Renwick Haddow Follow-on Admin. Proc. 34-87591 11/22/19 
In the Matter of Michael K. Martin Follow-on Admin. Proc. 34-87616 11/25/19 
In the Matter of Ronald J. Roach Follow-on Admin. Proc. 34-87640 11/27/19 
In the Matter of Jefferies, LLC Stand-alone Admin. Proc. 34-87680 12/09/19 
In the Matter of Ronald R. Roaldsen, Jr. Follow-on Admin. Proc. 34-87751 12/16/19 
In the Matter of Critical Trading, LLC Stand-alone Admin. Proc. 34-87786 12/18/19 
In the Matter of Bluefin Trading, LLC Stand-alone Admin. Proc. 34-87787 12/18/19 
In the Matter of Joseph Ludovico, a/k/a Jay Ludovico Follow-on Admin. Proc. 34-87805 12/19/19 
In the Matter of Richard Johnathan Eden Follow-on Admin. Proc. 34-87827 12/20/19 
In the Matter of Christopher Michael Neumann Follow-on Admin. Proc. 34-87825 12/20/19 
SEC v. Benjamin Mekawy, et al. Civil LR-24702 12/23/19 
In the Matter of Bill Tsai Follow-on Admin. Proc. 34-87840 12/23/19 
In the Matter of Christopher S. Laws Follow-on Admin. Proc. 34-87872 12/30/19 
In the Matter of Ryan K. Dunaske Follow-on Admin. Proc. 34-87878 01/02/20 
In the Matter of Bradley C. Mascho Follow-on Admin. Proc. 34-87904 01/07/20 
In the Matter of J.P. Morgan Securities, LLC Stand-alone Admin. Proc. 33-10741 01/09/20 
In the Matter of Rick D. Mullins Follow-on Admin. Proc. 34-87933 01/10/20 
In the Matter of Jonathan Morrone Follow-on Admin. Proc. 34-87974 01/15/20 
In the Matter of Paul Jurberg Follow-on Admin. Proc. 34-87972 01/15/20 
In the Matter of Brett Hamburger Follow-on Admin. Proc. 34-87975 01/15/20 
In the Matter of Anthony Orth Follow-on Admin. Proc. 34-87973 01/15/20 
SEC v. Thomas Troy Brooks Civil LR-24718 01/15/20 
SEC v. Allan L. Lundervold Civil LR-24719 01/16/20 
In the Matter of Scott Charles Messier Follow-on Admin. Proc. 34-88034 01/24/20 
In the Matter of Jay Zola Scoratow Follow-on Admin. Proc. 34-88035 01/24/20 
In the Matter of Robert S. "Lute" Davis, Jr. Follow-on Admin. Proc. 34-88043 01/27/20 
In the Matter of Aaron R. Andrew Follow-on Admin. Proc. 34-88042 01/27/20 
30 

 
 
 
      
     
                
         
          
         
         
      
    
     
             
         
         
         
              
         
            
        
          
             
           
         
          
                      
          
         
         
         
         
         
               
         
        
                    
                    
          
        
          
           
         
         
          
                   
         
          
          
         
           
          
In the Matter of Gregory W. Anderson Follow-on Admin. Proc. 34-88041 01/27/20 
SEC v. Edward E. Matthes Civil LR-24726 01/28/20 
In the Matter of Donald Anthony Mackenzie Follow-on Admin. Proc. 34-88063 01/28/20 
In the Matter of Richard Fritts Follow-on Admin. Proc. 34-88061 01/28/20 
In the Matter of Gregory A. Koch Follow-on Admin. Proc. 34-88062 01/28/20 
In the Matter of Gary R. Smith Follow-on Admin. Proc. 34-88057 01/28/20 
In the Matter of Paramount Financial Services, Inc., 
d/b/a Live Abundant Follow-on Admin. Proc. 34-88070 01/29/20 
In the Matter of Jeffrey L. Wendel Follow-on Admin. Proc. 34-88073 01/29/20 
In the Matter of Charles N. Nilosek Follow-on Admin. Proc. 34-88071 01/29/20 
In the Matter of Jeffrey Goldman Follow-on Admin. Proc. 34-88072 01/29/20 
In the Matter of Daniel Markel Follow-on Admin. Proc. 34-88104 01/30/20 
In the Matter of Edward E. Matthes Follow-on Admin. Proc. 34-88114 02/03/20 
In the Matter of Gregory Lamont Drake Follow-on Admin. Proc. 34-88116 02/04/20 
In the Matter of Jason David St. Amour Follow-on Admin. Proc. 34-88117 02/04/20 
In the Matter of Glenn Joseph Story Follow-on Admin. Proc. 34-88121 02/05/20 
In the Matter of David Alan Wolfson Follow-on Admin. Proc. 34-88123 02/05/20 
In the Matter of ABN  AMRO Clearing Chicago, LLC Stand-alone Admin. Proc. 34-88139 02/06/20 
In the Matter of Thomas Troy Brooks Follow-on Admin. Proc. 34-88150 02/07/20 
In the Matter of Martin J. Kinchloe Follow-on Admin. Proc. 34-88192 02/13/20 
In the Matter of Brett Pittsenbargar Follow-on Admin. Proc. 34-88290 02/26/20 
SEC v. John D. Fierro, et al. Civil LR-24748 02/26/20 
In the Matter of Yaniv Avnon, et al. Follow-on Admin. Proc. 34-88305 02/28/20 
In the Matter of Daniel B. Vazquez, Sr. Follow-on Admin. Proc. 34-88314 03/03/20 
In the Matter of Dennis M. Farrah Follow-on Admin. Proc. 34-88344 03/09/20 
In the Matter of BMA Securities, LLC Stand-alone Admin. Proc. 34-88371 03/12/20 
In the Matter of Gerald C. Parker Follow-on Admin. Proc. 34-88423 03/19/20 
In the Matter of Anthony B. Brandel, et al. Follow-on Admin. Proc. 34-88463 03/24/20 
SEC v. Justin W. Keener, d/b/a/ JMJ Financial Civil LR-24779 03/24/20 
In the Matter of Bryan Cohen Follow-on Admin. Proc. 34-88506 03/27/20 
In the Matter of Donald J. Fowler Follow-on Admin. Proc. 34-88529 03/31/20 
SEC v. Jonah Engler, a/k/a Jonah Engler-Silberman, et al. Civil LR-24788 03/31/20 
In the Matter of Cantor Fitzgerald & Co. Stand-alone Admin. Proc. 34-88567 04/06/20 
In the Matter of Ronald Hardy Follow-on Admin. Proc. 34-88650 04/15/20 
In the Matter of Sergio Ramirez Follow-on Admin. Proc. 34-88651 04/15/20 
In the Matter of Anthony Vassallo Follow-on Admin. Proc. 34-88652 04/15/20 
In the Matter of James Arthur Young, III Follow-on Admin. Proc. 34-88680 04/17/20 
In the Matter of Stephen Douglas Pizzuti Follow-on Admin. Proc. 34-88732 04/23/20 
In the Matter of Biltmore International Corporation Stand-alone Admin. Proc. 34-88744 04/24/20 
In the Matter of RBC Capital Markets, LLC Stand-alone Admin. Proc. 33-10777 04/24/20 
In the Matter of Anthony C. Ciccone Follow-on Admin. Proc. 34-88751 04/27/20 
In the Matter of Lee C. Schlesinger Follow-on Admin. Proc. 34-88773 04/29/20 
In the Matter of Bloomberg Tradebook, LLC Stand-alone Admin. Proc. 33-10783 05/06/20 
In the Matter of Lawrence E. Hagedorn Follow-on Admin. Proc. 34-88848 05/11/20 
In the Matter of Diane Kaylor Follow-on Admin. Proc. 34-88855 05/11/20 
In the Matter of Wallace Byers Follow-on Admin. Proc. 34-88860 05/12/20 
In the Matter of Sergey Pustelnik, a/k/a Serge Pustelnik Follow-on Admin. Proc. 34-88862 05/13/20 
31 

 
 
 
    
     
           
          
         
          
         
            
           
        
                   
         
          
                    
          
         
         
               
         
          
         
          
        
           
        
            
                  
        
         
                 
          
           
              
        
                  
          
         
          
         
          
         
         
           
     
        
     
           
          
              
In the Matter of Nicholas Fleming, a/k/a "Nick Franklin" Follow-on Admin. Proc. 34-88931 05/21/20 
In the Matter of Paul Ewer Follow-on Admin. Proc. 34-88936 05/22/20 
In the Matter of Robert Gilbert Follow-on Admin. Proc. 34-88937 05/22/20 
In the Matter of Warren A. Davis Follow-on Admin. Proc. 34-88962 05/27/20 
In the Matter of Gibraltar Global Securities, Inc. Follow-on Admin. Proc. 34-88965 05/28/20 
In the Matter of Todd A. Esh Follow-on Admin. Proc. 34-88991 06/02/20 
SEC v. Frederick M. Stow Civil 2020-132 06/11/20 
In the Matter of Michael Douglas Billings, et al. Follow-on Admin. Proc. 34-89144 06/24/20 
In the Matter of SG Americas Securities, LLC Stand-alone Admin. Proc. 34-89143 06/24/20 
In the Matter of Dain F. Stokes Follow-on Admin. Proc. 34-89159 06/25/20 
In the Matter of BNP Paribas Securities Corp. Stand-alone Admin. Proc. 34-89177 06/29/20 
In the Matter of Potamus Trading, LLC, et al. Stand-alone Admin. Proc. 33-10795 06/30/20 
In the Matter of Michael D. Tannen Stand-alone Admin. Proc. 33-10797 07/02/20 
In the Matter of Yong (Michael) Chen Follow-on Admin. Proc. 34-89249 07/08/20 
In the Matter of Jack Alan Abramoff Follow-on Admin. Proc. 34-89336 07/17/20 
In the Matter of Merlyn Curt Geisler Follow-on Admin. Proc. 34-89345 07/20/20 
SEC v. Mark L. Hopkins Civil LR-24856 07/24/20 
In the Matter of Celadon Financial Group, LLC Stand-alone Admin. Proc. 34-89404 07/27/20 
In the Matter of Interactive Brokers, LLC Stand-alone Admin. Proc. 34-89510 08/10/20 
In the Matter of Barbara Desiderio Follow-on Admin. Proc. 34-89522 08/11/20 
In the Matter of Hector Perez Follow-on Admin. Proc. 34-89523 08/11/20 
In the Matter of Joshua Turney Follow-on Admin. Proc. 34-89524 08/11/20 
SEC v. Ross Barish Civil LR-24868 08/13/20 
In the Matter of Garrett Gaylor Stand-alone Admin. Proc. 33-10818 08/13/20 
SEC v. Cecilia Millan, et al. Civil LR-24870 08/18/20 
SEC v. Minish "Joe" Hede, et al. Civil LR-24873 08/21/20 
In the Matter of Steven Pagartanis Follow-on Admin. Proc. 34-89629 08/21/20 
In the Matter of Dale Tenhulzen Follow-on Admin. Proc. 34-89647 08/24/20 
SEC v. Dominic A. Tropiano Civil LR-24878 08/27/20 
In the Matter of Christopher Barone Stand-alone Admin. Proc. 33-10828 08/27/20 
In the Matter of Richard Barone Stand-alone Admin. Proc. 34-89699 08/27/20 
In the Matter of Sean R. Stewart Follow-on Admin. Proc. 34-89720 09/01/20 
In the Matter of Anton Senderov, et al. Follow-on Admin. Proc. 34-89738 09/02/20 
SEC v. John M. Fife, et al. Civil LR-24886 09/03/20 
In the Matter of Steven M. Sexton Follow-on Admin. Proc. 34-89813 09/10/20 
In the Matter of Dominic Tropiano Follow-on Admin. Proc. 34-89829 09/11/20 
In the Matter of Emin Cohen Follow-on Admin. Proc. 34-89857 09/14/20 
In the Matter of Kenneth A. Stromsland Follow-on Admin. Proc. 34-89885 09/16/20 
In the Matter of Navian Capital Securities, LLC, et al. Stand-alone Admin. Proc. 34-89903 09/17/20 
In the Matter of Credit Suisse Securities (USA), LLC Stand-alone Admin. Proc. 34-89947 09/22/20 
In the Matter of JonesTrading Institutional Services, LLC Stand-alone Admin. Proc. 34-89975 09/23/20 
In the Matter of James Vincent Marino Follow-on Admin. Proc. 34-89983 09/24/20 
In the Matter of Emmanuel Kouyoumdjian, 
a/k/a "Manny K" Follow-on Admin. Proc. 34-89980 09/24/20 
In the Matter of Morgan Wilshire Securities, Inc. Stand-alone Admin. Proc. 34-89979 09/24/20 
In the Matter of Dana J. Bradley Follow-on Admin. Proc. 34-90013 09/25/20 
In the Matter of Marlin S. Hershey Follow-on Admin. Proc. 34-90009 09/25/20 
32 

 
 
 
    
     
          
          
         
          
         
          
                
    
  
      
    
          
         
                      
        
         
      
   
     
          
        
         
           
     
      
          
                 
          
         
        
           
         
     
     
     
         
                
          
         
         
         
        
                  
                
          
         
          
          
                 
         
In the Matter of Casimer Anthony Polanchek Follow-on Admin. Proc. 34-90030 09/28/20 
In the Matter of Brian Buckley Follow-on Admin. Proc. 34-90029 09/28/20 
In the Matter of Benjamin Mekawy Follow-on Admin. Proc. 34-90032 09/28/20 
In the Matter of Jeffrey Stebbins Follow-on Admin. Proc. 34-90040 09/29/20 
In the Matter of Gerald Allan Eaton Follow-on Admin. Proc. 34-90053 09/30/20 
In the Matter of Milton J. Dosal, Jr. Follow-on Admin. Proc. 34-90051 09/30/20 
In the Matter of Morgan Stanley & Co., LLC Stand-alone Admin. Proc. 34-90046 09/30/20 
In the Matter of Benjamin Durant, III Follow-on Admin. Proc. 34-90056 09/30/20 
DELINQUENT FILINGS 
In the Matter of BlueFire Renewables, Inc., et al. Stand-alone Admin. Proc. 34-87923 01/09/20 
In the Matter of CannaSys, Inc., et al. Stand-alone Admin. Proc. 34-87925 01/09/20 
In the Matter of Debt Resolve, Inc., et al. Stand-alone Admin. Proc. 34-87931 01/09/20 
In the Matter of Danka Business Systems, PLC Stand-alone Admin. Proc. 34-87922 01/09/20 
In the Matter of Franklin Scientific, Inc., et al. Stand-alone Admin. Proc. 34-87916 01/09/20 
In the Matter of Trimerica Energy Corporation, 
f/k/a Treaty Energy Corporation Stand-alone Admin. Proc. 34-87938 01/10/20 
In the Matter of Toshoan Holdings, Inc., et al. Stand-alone Admin. Proc. 34-87940 01/10/20 
In the Matter of United City Corp., et al. Stand-alone Admin. Proc. 34-87936 01/10/20 
In the Matter of GroGenesis, Inc., et al. Stand-alone Admin. Proc. 34-87949 01/13/20 
In the Matter of Piedmont Mining Company, Inc., et al. Stand-alone Admin. Proc. 34-87954 01/13/20 
In the Matter of Conversion Services International, 
Inc., et al. Stand-alone Admin. Proc. 34-87945 01/13/20 
In the Matter of Primera Foods Corporation, et al. Stand-alone Admin. Proc. 34-87947 01/13/20 
In the Matter of Mongolia Holdings, Inc., et al. Stand-alone Admin. Proc. 34-87961 01/14/20 
In the Matter of MediaWorx, Inc., et al. Stand-alone Admin. Proc. 34-87966 01/14/20 
In the Matter of Genoil, Inc., et al. Stand-alone Admin. Proc. 34-87979 01/15/20 
In the Matter of Great Basin Scientific, Inc. Stand-alone Admin. Proc. 34-87983 01/15/20 
In the Matter of Medical Innovation Holdings, Inc. Stand-alone Admin. Proc. 34-87996 01/16/20 
In the Matter of Soupman, Inc., et al. Stand-alone Admin. Proc. 34-87999 01/16/20 
In the Matter of Medigreen Holdings Corporation, 
a/k/a Rapid Fire Marketing, Inc. Stand-alone Admin. Proc. 34-88024 01/23/20 
In the Matter of Attis Industries, Inc. Stand-alone Admin. Proc. 34-88338 03/05/20 
In the Matter of Endless Charge, Inc. Stand-alone Admin. Proc. 34-88489 03/26/20 
In the Matter of PositiveID Corporation Stand-alone Admin. Proc. 34-88480 03/26/20 
In the Matter of Cybrdi, Inc. Stand-alone Admin. Proc. 34-88544 04/02/20 
In the Matter of American Realty Funds Corporation Stand-alone Admin. Proc. 34-88935 05/22/20 
In the Matter of Consorteum Holdings, Inc., et al. Stand-alone Admin. Proc. 34-89183 06/29/20 
In the Matter of Santa Fe Gold Corporation, et al. Stand-alone Admin. Proc. 34-89181 06/29/20 
In the Matter of Cyclone Power Technologies, Inc., et al. Stand-alone Admin. Proc. 34-89198 06/30/20 
In the Matter of Eos Petro, Inc., et al. Stand-alone Admin. Proc. 34-89204 06/30/20 
In the Matter of ERBA Diagnostics, Inc., et al. Stand-alone Admin. Proc. 34-89208 07/01/20 
In the Matter of Gilla, Inc., et al. Stand-alone Admin. Proc. 34-89210 07/01/20 
In the Matter of HypGen, Inc., et al. Stand-alone Admin. Proc. 34-89229 07/06/20 
In the Matter of Notis Global, Inc., et al. Stand-alone Admin. Proc. 34-89231 07/06/20 
In the Matter of Cür Media, Inc., et al. Stand-alone Admin. Proc. 34-89243 07/07/20 
In the Matter of Protalex, Inc., et al. Stand-alone Admin. Proc. 34-89245 07/07/20 
33 

 
 
 
    
     
                  
      
             
          
         
         
          
            
           
          
        
          
         
                 
          
          
           
        
          
        
         
           
         
         
           
          
         
              
         
        
           
        
        
            
         
          
                 
     
    
     
          
          
          
         
             
   
    
     
           
In the Matter of Sirrus Corp., et al. Stand-alone Admin. Proc. 34-89251 07/08/20 
In the Matter of Spotlight Innovation, Inc., et al. Stand-alone Admin. Proc. 34-89253 07/08/20 
In the Matter of Trans-Pacific Aerospace 
Company, Inc., et al. Stand-alone Admin. Proc. 34-89276 07/09/20 
In the Matter of Sky Resort International Limited, et al. Stand-alone Admin. Proc. 34-89278 07/09/20 
In the Matter of Synthonics Technologies, Inc. Stand-alone Admin. Proc. 34-89280 07/09/20 
In the Matter of Aspen Marine Group, Inc., et al. Stand-alone Admin. Proc. 34-89283 07/09/20 
In the Matter of EliteSoft Global, Inc., et al. Stand-alone Admin. Proc. 34-89284 07/09/20 
In the Matter of Wonhe High-Tech International, Inc. Stand-alone Admin. Proc. 34-89298 07/13/20 
In the Matter of World Moto, Inc. Stand-alone Admin. Proc. 34-89300 07/13/20 
In the Matter of Hidden Forest Acquisition Corp., et al. Stand-alone Admin. Proc. 34-89294 07/13/20 
In the Matter of Ultimate Products Corporation, et al. Stand-alone Admin. Proc. 34-89295 07/13/20 
In the Matter of Randolph Acquisitions, Inc. Stand-alone Admin. Proc. 34-89477 08/05/20 
In the Matter of Digiliti Money Group, Inc. Stand-alone Admin. Proc. 34-89644 08/24/20 
In the Matter of THT Heat Transfer Technology, Inc. Stand-alone Admin. Proc. 34-89642 08/24/20 
In the Matter of Agora Holdings, Inc. Stand-alone Admin. Proc. 34-89660 08/25/20 
In the Matter of All Marketing Solutions, Inc. Stand-alone Admin. Proc. 34-89665 08/25/20 
In the Matter of Billion Holding, Inc. Stand-alone Admin. Proc. 34-89650 08/25/20 
In the Matter of Celebiddy, Inc. Stand-alone Admin. Proc. 34-89649 08/25/20 
In the Matter of MC Informatics, Inc. Stand-alone Admin. Proc. 34-89648 08/25/20 
In the Matter of Spindle, Inc. Stand-alone Admin. Proc. 34-89680 08/26/20 
In the Matter of ForeverGreen Worldwide Corporation Stand-alone Admin. Proc. 34-89681 08/26/20 
In the Matter of ICTV Brands, Inc. Stand-alone Admin. Proc. 34-89688 08/27/20 
In the Matter of InventaBioTech, Inc. Stand-alone Admin. Proc. 34-89690 08/27/20 
In the Matter of WeedClub, Inc. Stand-alone Admin. Proc. 34-89696 08/27/20 
In the Matter of American Blockchain Biochar Corporation Stand-alone Admin. Proc. 34-89697 08/27/20 
In the Matter of Terra Telecommunications Corp. Stand-alone Admin. Proc. 34-89698 08/27/20 
In the Matter of Affiliated Food Stores, Inc. Stand-alone Admin. Proc. 34-89701 08/27/20 
In the Matter of GrandBanc, Inc. Stand-alone Admin. Proc. 34-89702 08/27/20 
In the Matter of Northsight Capital, Inc. Stand-alone Admin. Proc. 34-89714 08/31/20 
In the Matter of Oncolix, Inc. Stand-alone Admin. Proc. 34-89716 08/31/20 
In the Matter of US VR Global.com, Inc. Stand-alone Admin. Proc. 34-89726 09/01/20 
In the Matter of Green Technology Solutions, Inc. Stand-alone Admin. Proc. 34-89728 09/01/20 
In the Matter of Unifunds Limited Stand-alone Admin. Proc. 34-89742 09/02/20 
In the Matter of Rorine International Holding Corporation Stand-alone Admin. Proc. 34-89744 09/02/20 
In the Matter of Token Communities, Ltd. Stand-alone Admin. Proc. 34-89762 09/03/20 
In the Matter of AFH Acquisition IX, Inc. Stand-alone Admin. Proc. 34-89791 09/09/20 
In the Matter of American Gene Engineer Corp. Stand-alone Admin. Proc. 34-89815 09/10/20 
In the Matter of Armada Enterprises, LP, 
n/k/a BIM Homes, Inc. Stand-alone Admin. Proc. 34-89814 09/10/20 
In the Matter of Atlas Resources Series 33-2013, L.P. Stand-alone Admin. Proc. 34-89806 09/10/20 
In the Matter of Awareness for Teens, Inc. Stand-alone Admin. Proc. 34-89807 09/10/20 
In the Matter of Benaiah Holdings Group, Inc. Stand-alone Admin. Proc. 34-89808 09/10/20 
In the Matter of G.I. Joe's, Inc. Stand-alone Admin. Proc. 34-89810 09/10/20 
In the Matter of GRG, Inc.,  n/k/a EFT Holdings, Inc. Stand-alone Admin. Proc. 34-89811 09/10/20 
In the Matter of Gulf Biomedical Corporation, n/k/a 
Southern Star Energy Corporation Stand-alone Admin. Proc. 34-89812 09/10/20 
In the Matter of HD View 360, Inc. Stand-alone Admin. Proc. 34-89803 09/10/20 
34 

 
 
      
  
     
       
       
         
     
     
     
          
        
         
            
          
        
          
         
                
         
          
                
           
     
   
     
          
          
          
           
          
          
                
          
          
               
          
         
         
           
          
        
         
        
            
          
          
             
        
          
         
             
        
In the Matter of Hollywood Entertainment Edu 
Holdings, Inc. Stand-alone Admin. Proc. 34-89804 09/10/20 
In the Matter of IHO-Agro International, Inc., 
n/k/a Grandwon Corp. Stand-alone Admin. Proc. 34-89821 09/10/20 
In the Matter of Krystal Industries, Inc. Stand-alone Admin. Proc. 34-89805 09/10/20 
In the Matter of Clontech Laboratories, Inc., 
n/k/a Takara Bio USA, Inc. Stand-alone Admin. Proc. 34-89837 09/11/20 
In the Matter of Escondido Innovations, Inc. Stand-alone Admin. Proc. 34-89838 09/11/20 
In the Matter of Franklin Hill Acquisition Corporation Stand-alone Admin. Proc. 34-89839 09/11/20 
In the Matter of REACH Genetics, Inc. Stand-alone Admin. Proc. 34-89840 09/11/20 
In the Matter of Royale Globe Holding, Inc. Stand-alone Admin. Proc. 34-89841 09/11/20 
In the Matter of Samdrew IX, Inc. Stand-alone Admin. Proc. 34-89842 09/11/20 
In the Matter of Life Critical Care Corporation Stand-alone Admin. Proc. 34-89851 09/14/20 
In the Matter of PeakSoft Multinet Corp. Stand-alone Admin. Proc. 34-89852 09/14/20 
In the Matter of Quest Entertainment Corp. Stand-alone Admin. Proc. 34-89853 09/14/20 
In the Matter of Samdrew VII, Inc. Stand-alone Admin. Proc. 34-89881 09/15/20 
In the Matter of Steri-Oss, Inc. Stand-alone Admin. Proc. 34-89882 09/15/20 
In the Matter of Smartag International, Inc. Stand-alone Admin. Proc. 34-89887 09/16/20 
In the Matter of Vape Holdings, Inc. Stand-alone Admin. Proc. 34-89892 09/16/20 
In the Matter of ExeLED Holdings, Inc. Stand-alone Admin. Proc. 34-89894 09/16/20 
In the Matter of Worldtek Corp., 
f/k/a Lundell Technologies, Inc. Stand-alone Admin. Proc. 34-89889 09/16/20 
In the Matter of Source Media, Inc. Stand-alone Admin. Proc. 34-89890 09/16/20 
In the Matter of Epoxy, Inc. Stand-alone Admin. Proc. 34-89904 09/17/20 
In the Matter of Ezy Cloud Holding, Inc. Stand-alone Admin. Proc. 34-89906 09/17/20 
In the Matter of Players Network, Inc. Stand-alone Admin. Proc. 34-89908 09/17/20 
In the Matter of The General Chemical Group, Inc. Stand-alone Admin. Proc. 34-89910 09/17/20 
In the Matter of Perkins Oil & Gas, Inc. Stand-alone Admin. Proc. 34-89918 09/18/20 
In the Matter of The MIIX Group, Incorporated Stand-alone Admin. Proc. 34-89919 09/18/20 
In the Matter of V3 Semiconductor, Inc. Stand-alone Admin. Proc. 34-89916 09/18/20 
In the Matter of Energy Conversion Services, Inc. Stand-alone Admin. Proc. 34-89917 09/18/20 
In the Matter of iHealthcare, Inc. Stand-alone Admin. Proc. 34-89921 09/18/20 
In the Matter of Tri Clean Enterprises, Inc. Stand-alone Admin. Proc. 34-89922 09/18/20 
In the Matter of HK eBus Corporation Stand-alone Admin. Proc. 34-89938 09/21/20 
In the Matter of Zenergy Brands, Inc. Stand-alone Admin. Proc. 34-89940 09/21/20 
In the Matter of Integral Technologies, Inc. Stand-alone Admin. Proc. 34-89943 09/21/20 
In the Matter of Progreen US, Inc. Stand-alone Admin. Proc. 34-89945 09/21/20 
In the Matter of Genesis Financial, Inc. Stand-alone Admin. Proc. 34-89953 09/22/20 
In the Matter of International Leaders Capital Corporation Stand-alone Admin. Proc. 34-89955 09/22/20 
In the Matter of Core Lithium Corp. Stand-alone Admin. Proc. 34-89957 09/22/20 
In the Matter of Vortex Blockchain Technologies, Inc. Stand-alone Admin. Proc. 34-89959 09/22/20 
In the Matter of Travco, Inc. Stand-alone Admin. Proc. 34-89950 09/22/20 
In the Matter of STRATABASE Stand-alone Admin. Proc. 34-89951 09/22/20 
In the Matter of TSLC I, Inc. Stand-alone Admin. Proc. 34-89965 09/23/20 
In the Matter of LHI Acquisition Corporation Stand-alone Admin. Proc. 34-89966 09/23/20 
In the Matter of the DLD Group, Inc. Stand-alone Admin. Proc. 34-89986 09/24/20 
In the Matter of the ID Perfumes, Inc. Stand-alone Admin. Proc. 34-89988 09/24/20 
In the Matter of the HS3 Technologies, Inc. Stand-alone Admin. Proc. 34-89978 09/24/20 
In the Matter of the LegacyXChange, Inc. Stand-alone Admin. Proc. 34-89981 09/24/20 
35 

 
 
 
      
     
     
        
         
          
            
          
 
    
 
 
      
    
           
            
          
          
               
         
          
         
         
                
    
  
      
    
                 
                 
                 
            
                  
           
           
                
               
        
                 
                  
            
          
         
                 
         
         
         
          
           
           
         
                  
In the Matter of the I-Wellness Marketing Group, Inc. Stand-alone Admin. Proc. 34-89992 09/24/20 
In the Matter of Custom Protection Services, Inc., 
f/k/a PowerChannel, Inc. Stand-alone Admin. Proc. 34-89985 09/24/20 
In the Matter of Spring Pharmaceutical Group, Inc. Stand-alone Admin. Proc. 34-89990 09/24/20 
In the Matter of HK Apollo Motors Corporation Stand-alone Admin. Proc. 34-90011 09/25/20 
In the Matter of Big Time Holdings, Inc. Stand-alone Admin. Proc. 34-90012 09/25/20 
In the Matter of Vitro Diagnostics, Inc. Stand-alone Admin. Proc. 34-90047 09/29/20 
FOREIGN CORRUPT PRACTICES ACT 
SEC v. Jerry Li Civil LR-24666 11/14/19 
SEC v. Telefonaktiebolaget LM Ericsson Civil 2019-254 12/06/19 
In the Matter of Tim Leissner Stand-alone Admin. Proc. 34-87750 12/16/19 
In the Matter of Cardinal Health, Inc. Stand-alone Admin. Proc. 34-88303 02/28/20 
SEC v. Asante K. Berko Civil LR-24794 04/13/20 
In the Matter of Eni S.p.A. Stand-alone Admin. Proc. 34-88679 04/17/20 
In the Matter of Novartis AG Stand-alone Admin. Proc. 34-89149 06/25/20 
In the Matter of Alexion Pharmaceuticals, Inc. Stand-alone Admin. Proc. 34-89214 07/02/20 
In the Matter of World Acceptance Corporation Stand-alone Admin. Proc. 34-89489 08/06/20 
In the Matter of Herbalife Nutrition, Ltd. Stand-alone Admin. Proc. 34-89704 08/28/20 
INSIDER TRADING 
SEC v. Bryan Cohen, et al. Civil LR-24649 10/18/19 
SEC v. Benjamin Taylor, et al. Civil LR-24650 10/22/19 
SEC v. John Special, et al. Civil LR-24690 12/12/19 
SEC v. John Kenneth Davidson Civil LR-24690 12/12/19 
SEC v. Janardhan Nellore, et al. Civil LR-24693 12/17/19 
SEC v. Songjiang Wang Civil LR-24697 12/20/19 
In the Matter of Michael Mindlin Stand-alone Admin. Proc. 34-87934 01/10/20 
SEC v. Jon L. Aronson, et al. Civil LR-24742 02/14/20 
SEC v. Bradley C. Davis Civil LR-24750 02/20/20 
In the Matter of Charles F. Kerwin Stand-alone Admin. Proc. 34-88274 02/24/20 
SEC v. Tomer Feingold, et al. Civil LR-24761 03/03/20 
SEC v. Scott O. Hirsch, et al. Civil LR-24772 03/17/20 
SEC v. David M. Mahan Civil LR-24782 03/26/20 
In the Matter of Benjamin Kirkland Stand-alone Admin. Proc. 34-88498 03/27/20 
In the Matter of Wei Duan Stand-alone Admin. Proc. 33-10778 04/30/20 
SEC v. Zhuobin Hong, et al. Civil LR-24810 05/04/20 
In the Matter of Jana Faith Kiena, CPA Stand-alone Admin. Proc. 34-89023 06/05/20 
In the Matter of DanDan Wu Stand-alone Admin. Proc. 34-89178 06/29/20 
In the Matter of Joseph Zhang Stand-alone Admin. Proc. 34-89350 07/21/20 
In the Matter of Edmond Leung Stand-alone Admin. Proc. 34-89352 07/21/20 
SEC v. Jack Brewer Civil LR-24863 08/06/20 
SEC v. Sepehr Sarshar Civil LR-24876 08/25/20 
In the Matter of Yue Li Stand-alone Admin. Proc. 34-89757 09/03/20 
SEC v. Richard M. Kirsch, et al. Civil LR-24892 09/10/20 
36 

 
 
             
                
             
                  
               
             
          
          
                 
    
  
 
      
    
        
         
         
         
           
  
    
             
         
          
           
                 
          
  
 
 
             
                 
         
          
               
          
           
        
         
        
          
    
    
          
                   
          
          
             
        
         
    
       
     
         
         
In the Matter of Craig P. Moyes Stand-alone Admin. Proc. 34-89816 09/10/20 
SEC v. Steven J. Sheinfeld Civil LR-24903 09/17/20 
SEC v. Robert Hoddes Jacobs Civil LR-24908 09/21/20 
SEC v. Yinghang "James" Yang, et al. Civil LR-24909 09/21/20 
SEC v. Edward T. Kelly Civil LR-24912 09/23/20 
SEC v. Eric M. Hill Civil LR-24919 09/25/20 
In the Matter of Christopher D. Bachinski Stand-alone Admin. Proc. 34-90015 09/25/20 
In the Matter of Rachelle A. Thatcher Stand-alone Admin. Proc. 34-90016 09/25/20 
SEC v. Laksha Bohra, et al. Civil LR-24923 09/28/20 
INVESTMENT ADVISERS / INVESTMENT 
COMPANIES 
In the Matter of Donald Toomer, Jr. Follow-on Admin. Proc. 34-87326 10/17/19 
In the Matter of Thomas D. Conrad, Jr. Follow-on Admin. Proc. IA-5404 10/22/19 
In the Matter of Cameron G. High Follow-on Admin. Proc. 34-87426 10/31/19 
In the Matter of James T. Booth Follow-on Admin. Proc. 34-87447 11/01/19 
SEC v. Bolton Securities Corporation, d/b/a Bolton Global 
Asset Management Civil LR-24660 11/04/19 
SEC v. International Investment Group, LLC Civil 2019-244 11/21/19 
In the Matter of Channing Capital Management, LLC Stand-alone Admin. Proc. IA-5412 11/22/19 
In the Matter of International Investment Group, LLC Follow-on Admin. Proc. IA-5414 11/26/19 
SEC v. Lester Burroughs Civil LR-24681 12/04/19 
In the Matter of Kornitzer Capital Management, Inc., et al. Stand-alone Admin. Proc. IA-5416 12/10/19 
In the Matter of Randall S. Goulding Follow-on Admin. Proc. IA-5417 & 12/13/19 
34-88155 
SEC v. Suneet Singal, et al. Civil LR-24691 12/13/19 
SEC v. Keith Springer, et al. Civil LR-24695 12/19/19 
In the Matter of Stephen Condon Peters Follow-on Admin. Proc. IA-5425 01/06/20 
In the Matter of Lester W. Burroughs Follow-on Admin. Proc. 34-87967 01/14/20 
SEC v. Edward S. Walczak Civil 2020-21 01/27/20 
In the Matter of Catalyst Capital Advisors, LLC, et al. Stand-alone Admin. Proc. IA-5436 01/27/20 
In the Matter of Barton W. Stuck Follow-on Admin. Proc. IA-5439 01/31/20 
In the Matter of Cannell Capital, LLC Stand-alone Admin. Proc. IA-5441 02/04/20 
In the Matter of Jay Costa Kelter Follow-on Admin. Proc. IA-5442 02/06/20 
In the Matter of Joseph A. Meyer, Jr Follow-on Admin. Proc. 34-88153 02/07/20 
SEC v. Criterion Wealth Management Insurance 
Services, Inc., et al. Civil LR-24738 02/12/20 
In the Matter of BPU Investment Management, Inc. Stand-alone Admin. Proc. 34-88202 02/13/20 
SEC v. Kinetic Investment Group, LLC, et al. Civil LR-24767 02/20/20 
In the Matter of Marcus Boggs Follow-on Admin. Proc. 34-88256 02/21/20 
In the Matter of Lone Star Value Management, LLC, et al. Stand-alone Admin. Proc. IA-5448 02/24/20 
SEC v. Dionne Van Zyl Civil LR-24747 02/25/20 
In the Matter of Steven E. Fishman Stand-alone Admin. Proc. IA-5450 02/27/20 
In the Matter of Wells Fargo Clearing Services, LLC, et al. Stand-alone Admin. Proc. 34-88295 02/27/20 
In the Matter of Fortress Investment 
Management, LLC, et al. Stand-alone Admin. Proc. IA-5452 02/27/20 
In the Matter of Sica Wealth Management, LLC, et al. Stand-alone Admin. Proc. IA-5453 02/27/20 
In the Matter of Eric D. Lyons Follow-on Admin. Proc. IA-5458 03/04/20 
37 

 
 
 
      
     
          
           
                     
                     
           
          
                     
                
          
           
          
            
       
             
         
            
          
          
          
          
                
         
          
          
          
                    
        
         
         
         
       
           
          
            
        
        
            
           
                  
         
         
         
           
        
        
          
In the Matter of E. Herbert Hafen Follow-on Admin. Proc. 34-88316 03/04/20 
In the Matter of Motty Mizrahi Follow-on Admin. Proc. IA-5457 03/04/20 
In the Matter of Bruce C. Worthington Follow-on Admin. Proc. 34-88347 03/10/20 
SEC v. Stacey L. Beane, et al. Civil LR-24769 03/12/20 
SEC v. Bradley C. Reifler, et al. Civil LR-24768 03/12/20 
In the Matter of Naya Ventures, LLC, et al. Stand-alone Admin. Proc. IA-5461 03/12/20 
In the Matter of HSBC Securities (USA), Inc. Stand-alone Admin. Proc. 34-88387 03/16/20 
SEC v. Brandon E. Copeland, et al. Civil LR-24773 03/18/20 
SEC v. Donald H. Hunter Civil LR-24780 03/24/20 
In the Matter of Nicholas J. Genovese Follow-on Admin. Proc. IA-5468 03/24/20 
In the Matter of Adam Matthew Root Follow-on Admin. Proc. IA-5471 04/01/20 
In the Matter of Geoffrey J. Thompson Follow-on Admin. Proc. IA-5474 04/07/20 
In the Matter of Cozad Asset Management, Inc. Stand-alone Admin. Proc. IA-5477 04/17/20 
In the Matter of Merrill Lynch, Pierce 
Fenner & Smith, Incorporated Stand-alone Admin. Proc. IA-5479 04/17/20 
In the Matter of Eagle Strategies, LLC Stand-alone Admin. Proc. IA-5480 04/17/20 
In the Matter of Old Ironsides Energy, LLC Stand-alone Admin. Proc. IA-5478 04/17/20 
In the Matter of Monomoy Capital Management, L.P. Stand-alone Admin. Proc. IA-5485 04/22/20 
In the Matter of N. Scott Gillis, CPA Follow-on Admin. Proc. IA-5484 04/22/20 
In the Matter of Robert J. Jesenik Follow-on Admin. Proc. IA-5482 04/22/20 
In the Matter of Brian A. Oliver Follow-on Admin. Proc. IA-5483 04/22/20 
SEC v. Donald J. Kellen Civil LR-24808 04/28/20 
In the Matter of Semper Capital Management, L.P. Stand-alone Admin. Proc. IA-5489 04/28/20 
In the Matter of Everest Capital, LLC, et al. Stand-alone Admin. Proc. IA-5491 04/30/20 
In the Matter of Monsoon Capital, LLC, et al. Stand-alone Admin. Proc. IA-5490 04/30/20 
In the Matter of Barry R. Bekkedam Follow-on Admin. Proc. IA-5497 05/05/20 
SEC v. TCA Fund Management Group Corp., et al. Civil LR-24815 05/11/20 
In the Matter of Stacy L. Beane Follow-on Admin. Proc. IA-5501 05/12/20 
In the Matter of Justin N. Deckert Follow-on Admin. Proc. IA-5500 05/12/20 
In the Matter of Travis Laska Follow-on Admin. Proc. IA-5502 05/12/20 
In the Matter of Morgan Stanley Smith Barney, LLC Stand-alone Admin. Proc. 34-88856 05/12/20 
SEC v. Ambassador Advisors, LLC, et al. Civil LR-24817 05/13/20 
In the Matter of TSP Capital Management Group, LLC Stand-alone Admin. Proc. IA-5508 05/22/20 
In the Matter of William Andrew Hightower Follow-on Admin. Proc. 34-88941 05/26/20 
In the Matter of Ares Management, LLC Stand-alone Admin. Proc. IA-5510 05/26/20 
In the Matter of Syed Arham Arbab Follow-on Admin. Proc. IA-5511 05/27/20 
In the Matter of Oxbow Advisors, LLC Stand-alone Admin. Proc. IA-5512 05/29/20 
In the Matter of U.S. Bancorp Investments, Inc. Stand-alone Admin. Proc. 34-88976 06/01/20 
In the Matter of William Vescio Stand-alone Admin. Proc. 33-10789 06/02/20 
SEC v. E*Hedge Securities, Inc., et al. Civil LR-24825 06/03/20 
In the Matter of Douglas Leighton Follow-on Admin. Proc. IA-5519 06/05/20 
In the Matter of Tamara Steele Follow-on Admin. Proc. 34-89021 06/05/20 
In the Matter of Louis Navellier, et al. Follow-on Admin. Proc. IA-5520 06/12/20 
In the Matter of Richard T. Diver Follow-on Admin. Proc. IA-5522 06/16/20 
In the Matter of Sultan S. Issa Follow-on Admin. Proc. IA-5524 06/17/20 
In the Matter of Gregory Alan Smith Follow-on Admin. Proc. IA-5527 06/26/20 
In the Matter of John Christopher Polit Follow-on Admin. Proc. 34-89171 06/29/20 
38 

 
 
 
   
     
          
         
         
           
           
        
         
     
       
           
           
            
         
         
         
         
          
                
            
         
                   
         
          
                     
         
                 
        
                
          
          
         
          
            
                   
          
         
         
        
              
           
      
        
     
         
          
         
           
          
In the Matter of Frank Bianco Follow-on Admin. Proc. IA-5529 06/30/20 
In the Matter of Neil Burkholz Follow-on Admin. Proc. IA-5530 07/01/20 
In the Matter of Franklin Advisers, Inc., et al. Stand-alone Admin. Proc. IA-33919 07/02/20 
In the Matter of Benjamin Alderson Follow-on Admin. Proc. IA-5536 07/09/20 
In the Matter of BNB Wealth Management, LLC Stand-alone Admin. Proc. IA-5535 07/09/20 
In the Matter of Temenos Advisory, Inc. Follow-on Admin. Proc. IA-5540 07/14/20 
In the Matter of George L. Taylor Follow-on Admin. Proc. 34-89314 07/14/20 
In the Matter of Dionne Van Zyl Follow-on Admin. Proc. IA-5541 07/16/20 
In the Matter of First Western Capital 
Management Company Stand-alone Admin. Proc. IA-5543 07/16/20 
In the Matter of Robert Russel Tweed Follow-on Admin. Proc. 34-89332 07/16/20 
SEC v. David Hu Civil 2020-157 07/17/20 
SEC v. Michael Barry Carter Civil 2020-158 07/20/20 
In the Matter of Carlos Renato Cano Stand-alone Admin. Proc. 33-10806 07/22/20 
In the Matter of VALIC Financial Advisors, Inc. Stand-alone Admin. Proc. 34-89407 07/28/20 
In the Matter of VALIC Financial Advisors, Inc. Stand-alone Admin. Proc. 34-89405 07/28/20 
In the Matter of Birinyi Associates, Inc. Stand-alone Admin. Proc. IA-5555 07/31/20 
In the Matter of WBI Investments, Inc., et al. Stand-alone Admin. Proc. 34-89481 08/05/20 
In the Matter of Rialto Capital Management, LLC Stand-alone Admin. Proc. IA-5558 08/07/20 
SEC v. Brendan Matthew Ross Civil LR-24865 08/11/20 
In the Matter of SCF Investment Advisors, Inc. Stand-alone Admin. Proc. IA-5560 08/13/20 
SEC v.  David  C.  Coggins, et al. Civil LR-24877 08/19/20 
In the Matter of NPB Financial Group, LLC Stand-alone Admin. Proc. 34-89624 08/20/20 
In the Matter of Patrick Morgan Schiro Follow-on Admin. Proc. IA-5564 08/24/20 
SEC v. Mark J. Boucher, et al. Civil LR-24875 08/25/20 
In the Matter of Aldo Marchena Follow-on Admin. Proc. IA-5566 08/27/20 
SEC v. Matthew O. Clason Civil LR-24881 09/01/20 
In the Matter of Signature Financial Services, Ltd. Stand-alone Admin. Proc. IA-5571 09/03/20 
SEC v. Steven D. Rodemer Civil LR-24891 09/03/20 
In the Matter of Vladislav Khalupsky Follow-on Admin. Proc. IA-5570 09/03/20 
In the Matter of SQN Capital Management, LLC Stand-alone Admin. Proc. IA-5573 09/04/20 
In the Matter of Alexander S. Gould Stand-alone Admin. Proc. IA-5574 09/08/20 
In the Matter of Graham, Bordelon, Golson & Gilbert, Inc. Stand-alone Admin. Proc. IA-5576 09/10/20 
SEC v. Hai Khoa Dang Civil LR-24890 09/10/20 
SEC v. RRBB Asset Management, LLC, et al. Civil LR-24894 09/10/20 
In the Matter of William D. King, CPA Stand-alone Admin. Proc. 34-89848 09/11/20 
In the Matter of Steven D. Rodemer Follow-on Admin. Proc. 34-89843 09/11/20 
In the Matter of John Geraci Follow-on Admin. Proc. IA-5580 09/14/20 
In the Matter of Coordinated Capital Securities, Inc. Stand-alone Admin. Proc. 34-89900 09/17/20 
In the Matter of Steven Fitzgerald Brown Follow-on Admin. Proc. IA-5583 09/17/20 
In the Matter of Gilder Gagnon Howe & Co., LLC, et al. Stand-alone Admin. Proc. IA-5582 09/17/20 
In the Matter of Northern Trust Hedge Fund 
Services, LLC, et al. Stand-alone Admin. Proc. IA-5585 09/18/20 
In the Matter of Keyport Venture Advisors, LLC, et al. Stand-alone Admin. Proc. IA-5584 09/18/20 
In the Matter of Palmer Square Capital Management, LLC Stand-alone Admin. Proc. IA-5586 09/21/20 
In the Matter of Steven Rosen Stand-alone Admin. Proc. 33-10851 09/24/20 
In the Matter of Michael Vernon Stand-alone Admin. Proc. 33-10849 09/24/20 
In the Matter of Platinum Wealth Partners, Inc., et al. Stand-alone Admin. Proc. 33-10852 09/24/20 
39 

 
 
        
                   
                   
           
         
        
         
              
                
         
           
         
            
    
  
 
   
    
           
          
          
              
                 
                 
            
              
           
         
        
               
         
           
        
                  
         
          
           
                 
         
           
                      
         
                   
           
        
     
         
     
           
          
In the Matter of Finser International Corporation, et al. Stand-alone Admin. Proc. IA-5593 09/24/20 
SEC v. Oscar Haynes Morris, Jr., et al. Civil LR-24916 09/24/20 
SEC v. Lindner Capital Advisors, Inc., et al. Civil LR-24922 09/25/20 
In the Matter of Hancock Whitney Investment Services, Inc. Stand-alone Admin. Proc. 34-90004 09/25/20 
In the Matter of Sabra Capital Partners, LLC, et al. Stand-alone Admin. Proc. IA-5594 09/25/20 
In the Matter of Creative Financial Designs, Inc. Stand-alone Admin. Proc. 34-90014 09/25/20 
In the Matter of Gary Edward Haynes Follow-on Admin. Proc. IA-5597 09/28/20 
SEC v. Clifton Curtis Sneed, Jr. Civil LR-24924 09/28/20 
SEC v. Corbin L. Lambert Civil LR-24925 09/28/20 
In the Matter of David C. Coggins Follow-on Admin. Proc. IA-5598 09/29/20 
In the Matter of Transamerica Asset Management, Inc. Stand-alone Admin. Proc. IA-5599 09/30/20 
In the Matter of Great Plains Trust Company, Inc. Stand-alone Admin. Proc. 33-10869 09/30/20 
In the Matter of Meredith A. Simmons, Esq. Stand-alone Admin. Proc. 34-90061 09/30/20 
ISSUER REPORTING / AUDITING AND 
ACCOUNTING 
In the Matter of Northwest Biotherapeutics, Inc. Stand-alone Admin. Proc. 34-87281 10/10/19 
In the Matter of John Busshaus, CPA Follow-on Admin. Proc. 33-10718 10/11/19 
In the Matter of UQM Technologies, Inc. Stand-alone Admin. Proc. 33-10719 10/11/19 
In the Matter of Calumet Specialty Products Partners, L.P. Stand-alone Admin. Proc. 34-87611 11/25/19 
SEC v. MiMedx Group, Inc., et al. Civil LR-24678 11/26/19 
SEC v. Bobby Peavler, et al. Civil LR-24683 12/05/19 
SEC v. Iconix Brand Group, Inc. Civil LR-24682 12/05/19 
SEC v. Neil R. Cole, et al. Civil LR-24682 12/05/19 
In the Matter of Warren Clamen, CPA Stand-alone Admin. Proc. 33-10730 12/05/19 
In the Matter of Jatindar Kapur, CPA Stand-alone Admin. Proc. 33-10731 12/05/19 
In the Matter of StoneMor Partners, L.P., et al. Stand-alone Admin. Proc. 34-87732 12/12/19 
In the Matter of MetLife, Inc. Stand-alone Admin. Proc. 34-87793 12/18/19 
In the Matter of Quantum Corporation Stand-alone Admin. Proc. 34-87812 12/20/19 
In the Matter of Robert A. Karmann, CPA Follow-on Admin. Proc. 34-87884 01/03/20 
In the Matter of Gregory L. Kelly, Esq. Follow-on Admin. Proc. 34-87968 01/15/20 
SEC v. Hill International, Inc., et al. Civil LR-24720 01/16/20 
In the Matter of DIAGEO plc Stand-alone Admin. Proc. 33-10756 02/19/20 
In the Matter of Wells Fargo & Company Stand-alone Admin. Proc. 34-88257 02/21/20 
In the Matter of RSM US, LLP, f/k/a/ McGladrey LLP Stand-alone Admin. Proc. 34-88287 02/26/20 
SEC v. SCANA Corporation, et al. Civil LR-24751 02/27/20 
In the Matter of David G. Dreslin, CPA Follow-on Admin. Proc. 34-88377 03/12/20 
In the Matter of Ronald Emma, CPA Follow-on Admin. Proc. 34-88432 03/20/20 
SEC v. Jeffrey D. Cordes, et al. Civil LR-24792 04/08/20 
In the Matter of Brian Robert Sodi, CPA Follow-on Admin. Proc. 34-88686 04/17/20 
In the Matter of Brian L. Ferdinand Stand-alone Admin. Proc. 33-10775 04/22/20 
In the Matter of Brian M. Storms Stand-alone Admin. Proc. 34-88724 04/22/20 
In the Matter of Kenneth D. Shifrin, CPA Stand-alone Admin. Proc. 34-88723 04/22/20 
In the Matter of PLS, CPA, A Professional Corporation, 
a/k/a PLS CPAs, et al. Stand-alone Admin. Proc. 34-88739 04/24/20 
In the Matter of William M. Aisenberg, CPA Follow-on Admin. Proc. 34-88763 04/28/20 
In the Matter of Todd H. Takeyasu, CA Follow-on Admin. Proc. 34-88791 05/01/20 
40 

 
 
 
              
     
          
          
        
        
                  
                   
          
          
         
    
  
     
          
              
         
          
               
          
                
         
          
            
    
    
     
    
        
          
         
                   
             
      
       
     
          
         
                
           
         
         
          
        
         
                
         
          
               
          
          
            
    
In the Matter of Jeffery A. Curran, CA Follow-on Admin. Proc. 34-88808 05/05/20 
In the Matter of Timothy Daly, CPA Stand-alone Admin. Proc. 34-88895 05/18/20 
In the Matter of Michael Bellach, CPA Stand-alone Admin. Proc. 34-88896 05/18/20 
In the Matter of John Donovan, CPA Stand-alone Admin. Proc. 34-88897 05/18/20 
In the Matter of Christopher D. Larson, CPA Follow-on Admin. Proc. 34-88998 06/03/20 
In the Matter of Argo Group International Holdings, Ltd. Stand-alone Admin. Proc. 34-89009 06/04/20 
SEC v. AmTrust Financial Services, Inc., et al. Civil LR-24838 06/17/20 
In the Matter of VEREIT, Inc. Stand-alone Admin. Proc. 33-10793 06/23/20 
In the Matter of Michelle Dipp Stand-alone Admin. Proc. 33-10794 06/30/20 
In the Matter of Paul J. Konigsberg Follow-on Admin. Proc. 34-89326 07/15/20 
In the Matter of Valeant Pharmaceuticals International, 
Inc., n/k/a Bausch Health Companies, Inc. Stand-alone Admin. Proc. 33-10809 07/31/20 
In the Matter of J. Michael Pearson Stand-alone Admin. Proc. 33-10810 07/31/20 
In the Matter of Howard B. Schiller Stand-alone Admin. Proc. 33-10811 07/31/20 
In the Matter of Tanya R. Carro, CPA Stand-alone Admin. Proc. 33-10812 07/31/20 
In the Matter of Brian Dee Matlock, CPA Stand-alone Admin. Proc. 34-89552 08/13/20 
SEC v. Mark P. Frissora Civil LR-24869 08/13/20 
In the Matter of Super Micro Computer, Inc. Stand-alone Admin. Proc. 33-10822 08/25/20 
In the Matter of Howard Hideshima Stand-alone Admin. Proc. 34-89657 08/25/20 
In the Matter of Charles Liang Stand-alone Admin. Proc. 34-89658 08/25/20 
In the Matter of BorgWarner, Inc. Stand-alone Admin. Proc. 34-89677 08/26/20 
In the Matter of Henry Seth Brock, CPA Follow-on Admin. Proc. 34-89861 09/14/20 
In the Matter of the Registration Statement of Loyal 
Source Market Services, Inc. Stand-alone Admin. Proc. 33-10844 09/18/20 
In the Matter of the Registration Statement of 
Crest Radius, Inc. Stand-alone Admin. Proc. 33-10843 09/18/20 
In the Matter of RCI Hospitality Holdings, Inc., et al. Stand-alone Admin. Proc. 34-89935 09/21/20 
In the Matter of Steven L. Jenkins, CPA Stand-alone Admin. Proc. 34-89936 09/21/20 
SEC v. Revolution Lighting Technologies, Inc., et al. Civil LR-24915 09/24/20 
In the Matter of Power Solutions International, Inc. Stand-alone Admin. Proc. 34-89984 09/24/20 
In the Matter of Bayerische Motoren Werke 
Aktiengesellschaft, et al. Stand-alone Admin. Proc. 33-10850 09/24/20 
In the Matter of James L. Thompson, CPA Stand-alone Admin. Proc. 34-90008 09/25/20 
In the Matter of Lam D. Ha, CPA Stand-alone Admin. Proc. 34-90010 09/25/20 
SEC v. Frank G. Mueller Civil LR-24917 09/25/20 
In the Matter of Precigen, Inc., f/k/a Intrexon Corporation Stand-alone Admin. Proc. 34-89997 09/25/20 
In the Matter of Aeon Global Health Corp. Stand-alone Admin. Proc. 34-90003 09/25/20 
In the Matter of Fiat Chrysler Automobiles N.V. Stand-alone Admin. Proc. 34-90031 09/28/20 
In the Matter of Interface, Inc., et al. Stand-alone Admin. Proc. 33-10854 09/28/20 
In the Matter of Fulton Financial Corporation Stand-alone Admin. Proc. 34-90017 09/28/20 
In the Matter of Manitex International, Inc. Stand-alone Admin. Proc. 33-10860 09/29/20 
In the Matter of Andrew Rooke Stand-alone Admin. Proc. 33-10861 09/29/20 
In the Matter of Michael Schneider, CPA Stand-alone Admin. Proc. 33-10863 09/29/20 
In the Matter of Stephen Harrison Stand-alone Admin. Proc. 33-10862 09/29/20 
SEC v. Akazoo S. A. Civil None 09/30/20 
In the Matter of HP, Inc. Stand-alone Admin. Proc. 33-10868 09/30/20 
In the Matter of BGC Partners, Inc. Stand-alone Admin. Proc. 33-10867 09/30/20 
In the Matter of Hilton Worldwide Holdings, Inc. Stand-alone Admin. Proc. 34-90052 09/30/20 
41 

 
 
  
  
 
  
    
                 
                 
         
           
                 
           
          
           
                     
         
                 
                 
                 
                   
                
               
          
          
          
          
            
                 
           
           
        
             
                  
                  
    
 
     
    
         
          
               
                  
                  
          
    
    
  
 
  
    
          
          
          
          
    
MARKET MANIPULATION 
SEC v. Jeffrey Auerbach, et al. Civil LR-24637 10/04/19 
SEC v. Shuang Chen, et al. Civil LR-24648 10/15/19 
In the Matter of Michael J. Woodford, Esq. Follow-on Admin. Proc. 34-87764 12/16/19 
SEC v. Steve M. Bajic, et al. Civil LR-24712 01/02/20 
SEC v. Kenneth Ciapala, et al. Civil LR-24712 01/02/20 
SEC v. Ulrik Debo Civil LR-24705 01/02/20 
In the Matter of Luke Christopher Zouvas, Esq. Follow-on Admin. Proc. 34-87899 01/07/20 
In the Matter of Benjamin L. Bunker, Esq. Stand-alone Admin. Proc. 33-10748 01/23/20 
SEC v. Alex C. Procopio, et  al. Civil LR-24730 01/29/20 
In the Matter of Faiyaz Dean Follow-on Admin. Proc. 34-88270 02/24/20 
SEC v. Bernard Findley, et al. Civil LR-24781 03/25/20 
SEC v. Douglas Leighton, et al. Civil LR-24791 04/07/20 
SEC v. Praxsyn Corporation, et al. Civil LR-24807 04/28/20 
SEC v. Turbo Global Partners, Inc., et al. Civil LR-24820 05/14/20 
SEC v. Gomes, et al. Civil LR-24839 06/09/20 
SEC v. Jason C. Nielsen Civil LR-24832 06/09/20 
In the Matter of Diane J. Harrison, Esq. Follow-on Admin. Proc. 34-89094 06/18/20 
In the Matter of Matthew Ledvina, Esq. Follow-on Admin. Proc. 34-89111 06/22/20 
In the Matter of Nicholas Mejia Scrivener Stand-alone Admin. Proc. 34-89517 08/10/20 
In the Matter of Milan K. Patel, Esq. Follow-on Admin. Proc. 34-89568 08/14/20 
SEC v. Peter DiChiara Civil LR-24884 09/03/20 
SEC v. Ongkaruck Sripetch, et al. Civil 2020-218 09/21/20 
SEC v. Todd Zinkwich Civil LR-24920 09/24/20 
SEC v. Ronald Phillips Civil None 09/28/20 
In the Matter of J.P. Morgan Securities, LLC Stand-alone Admin. Proc. 33-10858 09/29/20 
SEC v. Drew Morgan Ciccarelli Civil LR-24940 09/30/20 
SEC v. Patrick Jevon Johnson, et al. Civil LR-24937 09/30/20 
SEC v. Joel Stohlman, et al. Civil LR-24935 09/30/20 
MISCELLANEOUS 
In the Matter of Gordon Caplan, Esq. Follow-on Admin. Proc. 34-88119 02/05/20 
In the Matter of Richard Jeffrey Rubin Stand-alone Admin. Proc. 34-88258 02/21/20 
In the Matter of Thomas J. Craft, Jr. Stand-alone Admin. Proc. 34-88280 02/25/20 
In the Matter of 1Globe Capital, LLC, et al. Stand-alone Admin. Proc. 34-88864 05/13/20 
SEC v. Vu Anh Nguyen, et al. Civil LR-24864 08/11/20 
In the Matter of WCAS Management Corporation Stand-alone Admin. Proc. 34-89914 09/17/20 
NATL REC STAT RATING ORG (NRSRO) 
In the Matter of Sebastin Pinto-Thomaz Follow-on Admin. Proc. 34-87504 11/12/19 
In the Matter of Morningstar Credit Ratings, LLC Stand-alone Admin. Proc. 34-88880 05/15/20 
In the Matter of Kroll Bond Rating Agency, LLC Stand-alone Admin. Proc. 34-90036 09/29/20 
In the Matter of Kroll Bond Rating Agency, LLC Stand-alone Admin. Proc. 34-90037 09/29/20 
42 

 
 
 
   
     
    
                
                  
         
               
        
        
                   
           
         
                   
          
          
    
 
  
 
  
    
                  
            
              
                 
             
                  
         
         
            
                    
                  
                 
                 
                  
                      
            
                  
                     
                 
                
                
         
                 
             
                
                  
                      
            
                  
                  
PUBLIC FINANCE ABUSE 
In the Matter of Boenning & Scattergood, Inc., et al. Stand-alone Admin. Proc. 34-88662 04/16/20 
SEC v. William Alfred Batchelor, et al. Civil LR-24806 04/27/20 
In the Matter of Jerry E. Orellana Stand-alone Admin. Proc. 34-88784 04/30/20 
In the Matter of William S. Costas Stand-alone Admin. Proc. 34-89346 07/20/20 
In the Matter of John J. Marvin Stand-alone Admin. Proc. 34-89347 07/20/20 
In the Matter of UBS Financial Services, Inc. Stand-alone Admin. Proc. 34-89348 07/20/20 
In the Matter of Roosevelt & Cross, Inc. Stand-alone Admin. Proc. 33-10837 09/14/20 
In the Matter of Thomas Vigorito Stand-alone Admin. Proc. 33-10838 09/14/20 
In the Matter of William W. Welsh Stand-alone Admin. Proc. 33-10839 09/14/20 
SEC v. Park View School, Inc. et al. Civil 2020-208 09/14/20 
In the Matter of Eliseo Sampayo Stand-alone Admin. Proc. 34-89961 09/22/20 
In the Matter of Funding the Gap, LLC, et al. Stand-alone Admin. Proc. 34-90002 09/25/20 
SECURITIES OFFERING 
SEC v. Anton Senderov, et al. Civil LR-24641 10/09/19 
SEC v. Richard Andrew Mallion Civil LR-24642 10/10/19 
SEC v. Telegram Group, Inc., et al. Civil 2019-212 10/11/19 
SEC v. Joseph Bayliss, et al. Civil LR-24651 10/22/19 
In the Matter of XBT Corp Sarl, d/b/a First Global Credit Stand-alone Admin. Proc. 33-10723 10/31/19 
SEC v. Richard Johnathan Eden, et al. Civil LR-24657 10/31/19 
In the Matter of Jan D. Atlas, Esq. Follow-on Admin. Proc. 34-87446 11/01/19 
In the Matter of Bethany Liou, et al. Stand-alone Admin. Proc. 33-10725 11/04/19 
SEC v. Dale Scott Pearlman Civil LR-24657 11/04/19 
SEC v. Ruless Pierre, a/k/a Rules Pierre, et al. Civil LR-24670 11/06/19 
SEC v. KRM Services, LLC, et al. Civil LR-24662 11/08/19 
SEC v. Rishi Shah, et al. Civil LR-24675 11/14/19 
SEC v. Neil Burkholz, et al. Civil LR-24669 11/14/19 
SEC v. NIT Enterprises, Inc., et al. Civil LR-24679 11/21/19 
SEC v. Conrad A. Coggeshall, et al. Civil LR-24673 11/22/19 
SEC v. Brett Pittsenbargar, et al. Civil LR-24676 11/25/19 
SEC v. Nanotech Engineering, Inc., et al. Civil LR-24688 12/05/19 
SEC v. Palm Beach Atlantic Financial Group, LLC, et al. Civil LR-24689 12/11/19 
SEC v. Eran Eyal, et al. Civil 2019-259 12/11/19 
SEC v. Robert A. Karmann Civil LR-24692 12/17/19 
SEC v. Sam A. Antar Civil LR-24694 12/17/19 
In the Matter of Blockchain of Things, Inc. Stand-alone Admin. Proc. 33-10736 12/18/19 
SEC v. Edward Espinal, et al. Civil LR-24708 12/19/19 
SEC v. Todays Growth Consultant, Inc., et al. Civil LR-24717 12/27/19 
SEC v. Steven A. Schwartz Civil LR-24707 01/06/20 
SEC v. ARO Equity, LLC, et al. Civil LR-24710 01/08/20 
SEC v. Donald G. Blakstad, et al. Civil LR-24711 01/08/20 
In the Matter of John James Sheehan, Jr. Stand-alone Admin. Proc. 33-10742 01/10/20 
SEC v. Gregory Lamont Drake, et al. Civil LR-24718 01/15/20 
SEC v. Scott Charles Messier, et al. Civil LR-24718 01/15/20 
43 

 
 
 
       
    
                    
             
                  
                     
             
               
                  
                 
            
           
          
         
         
                  
                
                  
                  
                     
                 
            
                 
                   
                     
            
               
              
                 
                 
         
     
        
     
         
            
                 
                     
          
                
     
  
     
            
                   
                   
           
         
         
                   
                 
SEC v. Daniel Markel Civil LR-24721 01/17/20 
SEC v. Boaz Manor, a/k/a Shaun MacDonald, et al. Civil 2020-12 01/17/20 
SEC v. Guy Scott Griffithe, et al. Civil LR-24722 01/21/20 
SEC v. Sergii "Sergey" Grybniak, et al. Civil LR-24723 01/21/20 
SEC v. Jeffrey P. Carpoff, et al. Civil LR-24724 01/24/20 
SEC v. Michael Douglas Billings, et al. Civil LR-24731 01/28/20 
SEC v. Philip E. Riehl Civil LR-24728 01/29/20 
SEC v. Mark Nicholas Pyatt, et al. Civil LR-24741 02/10/20 
SEC v. Brian Davison, et al. Civil LR-24740 02/11/20 
SEC v. Michael W. Ackerman Civil LR-24737 02/11/20 
In the Matter of Marc A. Celello, Esq. Follow-on Admin. Proc. 34-88205 02/13/20 
In the Matter of Enigma MPC Stand-alone Admin. Proc. 33-10755 02/19/20 
In the Matter of Steven Seagal Stand-alone Admin. Proc. 33-10760 02/27/20 
In the Matter of Shawn Severson Stand-alone Admin. Proc. 33-10761 02/28/20 
SEC v. Christopher Joseph Bongiorno, et al. Civil LR-24754 02/28/20 
SEC v. Brook Church-Koegel, et al. Civil LR-24759 03/05/20 
SEC v. Joe Leland Tarver, et al. Civil LR-24777 03/10/20 
SEC v. Denis Georgiyevich Sotnikov, et al. Civil LR-24770 03/13/20 
SEC v. Meta 1 Coin Trust, et al. Civil LR-24775 03/16/20 
SEC v. Todd Lahr, et al. Civil LR-24778 03/24/20 
SEC v. Adam Matthew Root Civil LR-24783 03/26/20 
SEC v. Teshuater, LLC, et al. Civil LR-24787 04/02/20 
SEC v. OwnZones Media Network, Inc., et al. Civil LR-24786 04/02/20 
SEC v. Matthew S. Hilliard, et al. Civil LR-24797 04/16/20 
SEC v. Phillip W. Conley Civil LR-24798 04/16/20 
SEC v. Steven L. Brickner Civil LR-24800 04/21/20 
SEC v. Renew Spinal Care, Inc., et al. Civil LR-24802 04/22/20 
SEC v. Phillip Hudnall, et al. Civil LR-24803 04/23/20 
SEC v. Dropil, Inc., et al. Civil LR-24804 04/23/20 
In the Matter of Jeffrey G. Klein Follow-on Admin. Proc. 34-88747 04/24/20 
In the Matter of American Bondholders 
Foundation, LLC, et al. Stand-alone Admin. Proc. 33-10779 04/30/20 
In the Matter of Wendy Lieberman Kirkland, et al. Stand-alone Admin. Proc. 34-88797 05/01/20 
SEC v. CAN Capital, Inc. Civil LR-24811 05/04/20 
SEC v. Damon Elliott, et al. Civil LR-24813 05/06/20 
SEC v. Daniel F. Putnam, et al. Civil LR-24829 05/07/20 
SEC v.  Clinton Maurice Tucker, II Civil LR-24814 05/11/20 
SEC v. Ronald D. Swanson Civil LR-24818 05/14/20 
In the Matter of Ronald D. Swanson, a/k/a Ronald D. 
Swanson-Cerna Follow-on Admin. Proc. 34-88865 05/14/20 
SEC v. Applied Biosciences Corp. Civil LR-24819 05/14/20 
SEC v. Paul Russell Montgomery, Jr., et al. Civil LR-24821 05/18/20 
SEC v. Paul Horton Smith, Sr., et al. Civil LR-24822 05/19/20 
SEC v. William Sadleir Civil LR-24824 05/22/20 
SEC v. Robert W. Wilson Civil LR-24823 05/26/20 
In the Matter of BitClave PTE, Ltd. Stand-alone Admin. Proc. 33-10788 05/28/20 
SEC v. Hvizdzak Capital Management, LLC, et al. Civil 2020-137 06/16/20 
SEC v. Vassilios Trikantzopoulos, et al. Civil LR-24840 06/18/20 
44 

 
 
            
                  
            
         
                 
         
          
                  
     
             
     
                 
         
           
        
    
                     
                     
            
                  
                 
        
                  
                            
                   
                   
                
         
         
          
            
               
             
                
           
   
    
        
                     
                        
          
        
         
            
                     
                 
                   
          
         
             
                      
               
In the Matter of Todd H. Lahr, Esq. Follow-on Admin. Proc. 34-89139 06/24/20 
SEC v. NAC Foundation, LLC, et al. Civil 2020-145 06/25/20 
SEC v. Jack Alan Abramoff Civil 2020-145 06/25/20 
In the Matter of David Rumsey Stand-alone Admin. Proc. 33-10796 07/01/20 
SEC v. Matthew Benjamin, et al. Civil LR-24846 07/01/20 
In the Matter of Ralph C. Greaves, Esq. Follow-on Admin. Proc. 34-89221 07/06/20 
In the Matter of Plutus Financial, Inc., d/b/a Abra, et al. Stand-alone Admin. Proc. 33-10801 07/13/20 
SEC v. Thunderbird Power Corp., et al. Civil LR-24853 07/14/20 
In the Matter of Abetterfincialplan.com, LLC, 
d/b/a A Better Financial Plan, et al. Stand-alone Admin. Proc. 33-10802 07/14/20 
SEC v. YouPlus, Inc., et al. Civil LR-24854 07/20/20 
In the Matter of Irth Communications, LLC, et al. Stand-alone Admin. Proc. 33-10805 07/22/20 
SEC v. Complete Business Solutions Group, Inc., 
d/b/a PAR Funding, et al. Civil LR-24860 07/24/20 
SEC v. Daniel K. Boice, et al. Civil 2020-162 07/24/20 
SEC v. Anthony Todd Johnson, a/k/a Todd Johnson, et al. Civil LR-24857 07/28/20 
SEC v. Clarence Dean Alford Civil 2020-168 07/30/20 
SEC v. Victor Lee Farias, et al. Civil LR-24861 07/30/20 
SEC v. Dale Tenhulzen, et al. Civil LR-24866 08/13/20 
In the Matter of Kelvin Boon, LLC, et al. Stand-alone Admin. Proc. 33-10817 08/13/20 
SEC v. Dennis M. Jali, et al. Civil 2020-198 08/28/20 
SEC v. Gary S. Wykle, a/k/a Gary S. Wyckel, et al. Civil LR-24882 08/31/20 
SEC v. John Brian McLane, Jr., et al. Civil LR-24880 08/31/20 
SEC v. Sexton Advisory Group, Inc., et al. Civil LR-24883 09/02/20 
SEC v. Geoffrey J. Thompson Civil LR-24887 09/03/20 
In the Matter of Covalent Collective, Inc. Stand-alone Admin. Proc. 33-10833 09/03/20 
In the Matter of National Financial Services, LLC Stand-alone Admin. Proc. 33-10832 09/03/20 
In the Matter of FuelCell Energy, Inc. Stand-alone Admin. Proc. 33-10831 09/03/20 
SEC v. Steven Fitzgerald Brown Civil LR-24888 09/03/20 
SEC v. Daniel R. Kamensky Civil 2020-203 09/03/20 
SEC v. Kirk Sperry, et al. Civil LR-24889 09/09/20 
SEC v. FLiK, et al. Civil LR-24899 09/10/20 
SEC v. Remington Chase, a/k/a William Westwood, 
a/k/a William Elliott Civil LR-24895 09/11/20 
In the Matter of Clifford Harris, Jr. Stand-alone Admin. Proc. 33-10836 09/11/20 
SEC v. Gary F. Pryor, et al. Civil LR-24898 09/14/20 
SEC v. The Estate of Richard Ventrilla, et al. Civil LR-24901 09/14/20 
In the Matter of Frederick Mintz Follow-on Admin. Proc. 34-89872 09/15/20 
In the Matter of Alan Fraade Follow-on Admin. Proc. 34-89873 09/15/20 
In the Matter of Unikrn, Inc. Stand-alone Admin. Proc. 33-10841 09/15/20 
SEC v. Scott Allen Fries Civil LR-24902 09/17/20 
SEC v. Adam P. Rogas, et al. Civil LR-24905 09/17/20 
SEC v. Milton J. Dosal, Jr. Civil LR-24907 09/21/20 
SEC v. Verley Lee Sembritzky, Jr., et al. Civil LR-24910 09/22/20 
In the Matter of Daniel C. Masters Stand-alone Admin. Proc. 33-10847 09/23/20 
In the Matter of Alan J. Kau Stand-alone Admin. Proc. 33-10848 09/23/20 
SEC v. James M. Rudnick Civil LR-24914 09/24/20 
SEC v. Craig A. Zabala, et al. Civil LR-24913 09/24/20 
In the Matter of SoluTech, Inc., et al. Stand-alone Admin. Proc. 33-10853 09/25/20 
45 

 
 
           
          
          
          
             
                   
                        
             
                       
            
           
       
    
               
      
    
     
                  
                 
            
    
 
  
 
  
    
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SEC v. Mark Schena Civil 2020-224 09/25/20 
In the Matter of Raymond Allan Fine Stand-alone Admin. Proc. 33-10855 09/28/20 
In the Matter of David Taylor Stand-alone Admin. Proc. 33-10856 09/28/20 
In the Matter of Scott Eugene Bachman Stand-alone Admin. Proc. 33-10857 09/28/20 
SEC v. Andrew Dale Ledbetter, Esq. Civil LR-24926 09/29/20 
SEC v. Mason D. Newman, a/k/a Barry Weiss Civil LR-24936 09/29/20 
SEC v. Christian J. Baquerizo, a/k/a "Teddy Stone", et al. Civil LR-24936 09/29/20 
SEC v. Todd W. Mixon Civil LR-24931 09/29/20 
SEC v. Thomas J. Gity, Sr., et al. Civil LR-24930 09/29/20 
SEC v. Sebastian Silea, et al. Civil LR-24929 09/29/20 
SEC v. Roger Nils-Jonas Karlsson, a/k/a Euclid Diodorus, 
Steve Heyden, Joshua Millard, and Lars Georgsson Civil LR-24932 09/29/20 
SEC v. Lewis I. Wallach Civil LR-24928 09/29/20 
In the Matter of Salt Blockchain Inc., 
f/k/a Salt Lending Holdings, Inc. Stand-alone Admin. Proc. 33-10865 09/30/20 
SEC v. Robert McCabe, et al. Civil LR-24934 09/30/20 
SEC v. Rand Heckler, et al. Civil LR-24938 09/30/20 
SEC v. Michael Staisil Civil LR-24933 09/30/20 
TRANSFER AGENT 
In the Matter of VStock Transfer, LLC Stand-alone Admin. Proc. 34-89687 08/27/20 
46 

 
 
 
                       
             
             
    
                    
         
         
         
            
               
          
       
                
  
           
             
             
        
         
         
              
     
            
           
               
     
            
             
  
           
        
            
           
               
 
             
            
  
             
              
           
              
          
            
         
            
              
            
           
                     
      
            
         
             
        
                
           
 
 
 
ENDNOTES 
1 
Press Release 2020-38, Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its 
Largest Business Unit (Feb. 21, 2020), available at https://www.sec.gov/news/press-release/2020-38 
2 
Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 2019), 
available at https://www.sec.gov/news/press-release/2019-212 
3 
Press Release 2020-146, Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle 
SEC Charges (June 26, 2020), available at https://www.sec.gov/news/press-release/2020-146 
4 
Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 
5 
Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 
Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 
6 
Press Release 2020-44, SEC Charges South Carolina Energy Companies, Former Executives With Defrauding 
Investors (Feb.27, 2020), available at https://www.sec.gov/news/press-release/2020-44 
7 
Press Release 2020-144, SEC Charges Novartis AG with FCPA Violations (June 25, 2020), available at 
https://www.sec.gov/news/press-release/2020-144
8 
Press Release 2019-254, SEC Charges Multinational Telecommunications Company With FCPA Violations 
(Dec. 6, 2019), available at https://www.sec.gov/news/press-release/2019-254 
9 
Press Release 2020-233, J.P. Morgan Securities Admits to Manipulative Trading in U.S. Treasuries (Sept. 29, 
2020), available at https://www.sec.gov/news/press-release/2020-233 
10 
Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 
11 
Press Release 2019-260, SEC Charges Former Goldman Sachs Executive With FCPA Violations (Dec. 16, 
2019), available at https://www.sec.gov/news/press-release/2019-260 
12 
Press Release 2019-251, SEC Charges Iconix Brand Group and Former Top Executives With Accounting 
Fraud (Dec. 5, 2019), available at https://www.sec.gov/news/press-release/2019-251 
13 
Press Release 2020-115, SEC Charges Three Former Audit Partners for Exam Sharing Misconduct (May 18, 
2010), available at https://www.sec.gov/news/press-release/2020-115 
14 
Press Release 2020-164, SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to 
Promote Services to Florida Educators (July 28, 2020), available at https://www.sec.gov/news/press-release/2020-
164 
15 
Press Release 2020-43, SEC Charges Wells Fargo In Connection With Investment Recommendation 
Practices (Feb. 27, 2020), available at https://www.sec.gov/news/press-release/2020-43 
16 
Press Release 2020-240, SEC Whistleblower Program Ends Record-Setting Fiscal Year With Four Additional 
Awards (Sept. 30, 2020), available at https://www.sec.gov/news/press-release/2020-240 
17 
Press Release 2020-266, SEC Issues Record $114 Million Whistleblower Award (Oct. 22, 2020), available at 
https://www.sec.gov/news/press-release/2020-266
18 
Press Release 2020-204, SEC Announces Final Distribution in WG Trading Investment Fraud, Totaling Over 
$1 Billion Returned to Harmed Investors (Sept. 11, 2020), available at https://www.sec.gov/news/press-
release/2020-204
19 
Our average was 24.1 months, second-fastest in the last five years, behind only 2019. 
20 
Press Release 2020-203, SEC Charges Fund Manager for Fraud in Securities Offering in Neiman Marcus 
Bankruptcy (Sept. 3, 2020), available at https://www.sec.gov/news/press-release/2020-203 
21 
Press Release 2020-127, Insurance Company Settles SEC Charges for Failing to Disclose Executive Perks 
(June 4, 2020), available at https://www.sec.gov/news/press-release/2020-127 
22 
Press Release 2020-242, SEC Charges Hospitality Company for Failing to Disclose Executive Perks (Sept. 
30, 2020), available at https://www.sec.gov/news/press-release/2020-242 
23 
Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 
Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 
24 
Administrative Proceeding File No. 3-20105, Denver Investment Adviser Settles Charges for Disclosure 
Failures (Sept. 30, 2020), available at https://www.sec.gov/enforce/ia-5599-s 
25 
Press Release 2020-226, SEC Charges Companies, Former Executives as Part of Risk-Based Initiative (Sept. 
28, 2020), available at https://www.sec.gov/news/press-release/2020-226 
26 
Press Release 2020-242, SEC Charges Hospitality Company for Failing to Disclose Executive Perks (Sept. 
30, 2020), available at https://www.sec.gov/news/press-release/2020-242 
27 
Press Release 2020-221, SEC Charges Lighting Products Company and Four Executives With Accounting 
Violations (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-221 
28 
Press Release 2020-190, SEC Charges Super Micro and Former CFO in Connection with Widespread 
Accounting Violations (Aug. 25, 2020), available at https://www.sec.gov/news/press-release/2020-190 
47 

 
 
 
                
                
            
           
            
      
             
       
               
         
            
        
  
              
    
          
         
            
         
                
     
                       
         
            
                 
         
            
             
           
  
             
       
             
     
               
               
                           
          
          
           
                
         
 
                  
    
                      
        
                  
     
             
    
              
         
             
         
              
     
 
 
29 
Press Release 2020-222, Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle 
Charges of Accounting Fraud (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-222 
30 
Press Release 2019-251, SEC Charges Iconix Brand Group and Former Top Executives With Accounting 
Fraud (Dec. 5, 2019), available at https://www.sec.gov/news/press-release/2019-251 
31 
Litigation Release No. 24678, SEC Charges Biotech Company and Executives with Accounting Fraud (Nov. 
26, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24678.htm 
32 
Press Release 2020-237, SEC Charges Manitex International and Three Former Senior Executives With 
Accounting Fraud (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-237 
33 
Press Release 2019-241, SEC Charges Former Top Executives of Healthcare Advertising Company With 
$487 Million Fraud (Nov. 25, 2019), available at https://www.sec.gov/news/press-release/2019-241 
34 
Litigation Release No. 24720, SEC Charges Construction Management Consulting Company and Former 
Employees with Accounting Fraud (Jan. 17, 2020), available at 
https://www.sec.gov/litigation/litreleases/2020/lr24720.htm
35 
Press Release 2020-36, SEC Charges Global Alcohol Producer with Disclosure Failures (Feb. 19, 2020), 
available at https://www.sec.gov/news/press-release/2020-36 
36 
Press Release 2020-44, SEC Charges South Carolina Energy Companies, Former Executives With 
Defrauding Investors (Feb. 27, 2020), available at https://www.sec.gov/news/press-release/2020-44 
37 
Press Release 2020-230, Fiat Chrysler Agrees to Pay $9.5 Million Penalty for Disclosure Violations (Sept. 
28, 2020), available at https://www.sec.gov/news/press-release/2020-230 
38 
Press Release 2020-241, SEC Charges HP Inc. With Disclosure Violations and Control Failures (Sept. 30, 
2020), available at https://www.sec.gov/news/press-release/2020-241 
39 
Press Release 2020-38, Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its 
Largest Business Unit (Feb. 21, 2020), available at https://www.sec.gov/news/press-release/2020-38 
40 
Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 
Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 
41 
Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 
42 
Administrative Proceeding File No. 3-20107, SEC Charges BGC Partners with Making False and Misleading 
Disclosures Concerning a Key Non-GAAP Financial Measure (Sept. 30, 2020), available at 
https://www.sec.gov/enforce/33-10867-s 
43 
Administrative Proceeding File No. 3-19831, SEC Settles Fraud Charges with Vereit (June 23, 2020), 
available at https://www.sec.gov/enforce/33-10793-s 
44 
Press Release 2020-90, SEC Orders Three Self-Reporting Advisory Firms to Reimburse Investors (Apr. 17, 
2020), available at https://www.sec.gov/news/press-release/2020-90 
45 
Press Release 2020-182, Advisory Firm Settles Charges of Defrauding Investors, Agrees to Refund Allegedly 
Ill   -Gotten Gains to Harmed Clients (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-182 
(the same firm was also charged for failing to disclose conflicts related to its selection of fee-paying classes of 
mutual funds, which it had not self-reported under the Share Class Initiative). 
46 
Press Release 2020-109, SEC Charges Morgan Stanley Smith Barney With Providing Misleading Information 
to Retail Clients (May 12, 2020), available at https://www.sec.gov/news/press-release/2020-109 
47 
Public Statement, Statement from Stephanie Avakian and Steven Peikin, Co-Directors of the SEC’s Division 
of Enforcement, Regarding Market Integrity (Mar. 23, 2020), available at https://www.sec.gov/news/public-
statement/statement-enforcement-co-directors-market-integrity
48 
Investor Alert: Look Out for Coronavirus-Related Investment Scams (Feb. 4, 2020, updated Sept. 28, 2020), 
available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_coronavirus 
49 
Press Release 2020-132, SEC Charges Broker Who Defrauded Seniors Out of Almost $1 Million (June 12, 
2020), available at https://www.sec.gov/news/press-release/2020-132 
50 
Press Release 2019-271, SEC Files Charges in Ponzi Scheme Targeting Hispanic Community (Dec. 19, 
2019), available at https://www.sec.gov/news/press-release/2019-271 
51 
Press Release 2020-198, SEC Charges Ponzi Scheme Targeting African Immigrants (Aug. 28, 2020), 
available at https://www.sec.gov/news/press-release/2020-198 
52 
Press Release 2020-26, SEC Brings Charges Against Fraud Targeting Amish and Mennonite Investors (Jan. 
31, 2020), available at https://www.sec.gov/news/press-release/2020-26 
53 
Press Release 2020-167, SEC Charges CEO and Company With Defrauding First Responders and Others Out 
of Millions (July 30, 2020), available at https://www.sec.gov/news/press-release/2020-167 
54 
Press Release 2020-216, SEC Charges Ponzi Scheme Targeting U.S. Military Service Members (Sept. 21, 
2020), available at https://www.sec.gov/news/press-release/2020-216 
48 

 
 
 
                      
          
  
            
         
  
                      
             
    
           
     
              
            
                
       
           
              
  
             
     
                    
       
               
    
              
         
                 
           
             
               
              
      
               
        
                 
    
                   
       
            
        
                    
         
               
     
              
         
            
         
  
                   
          
           
        
            
            
  
 
 
 
 
55 
Video, SEC Fireside Chat: A Video and Q&A About Red Flags of Investment Fraud Affecting the Deaf, 
Hard of Hearing and Hearing Loss Communities (Sept. 29, 2020), available at https://www.sec.gov/news/sec-
videos/protecting-hearing-loss-communities-fraud
56 
Press Release 2020-232, SEC Charges Swedish National with Global Scheme Defrauding Retail Investors, 
Including Deaf Community Members (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-
232 
57 
Press Release 2020-29, ABN AMRO Clearing Chicago Charged With Improper Handling of ADRs (Feb. 6, 
2020), available at https://www.sec.gov/news/press-release/2020-29; see also SEC Enforcement of Pre-Released 
ADRs, available at https://www.sec.gov/adr-enforcement 
58 
Press Release 2020-104, SEC Charges Bloomberg Tradebook for Order Routing Misrepresentations (May 6, 
2020), available at https://www.sec.gov/news/press-release/2020-104 
59 
Press Release 2020-175, SEC Charges Affiliated Advisers for Misrepresentations About Payment for Order 
Flow Arrangements (Aug. 5, 2020), available at https://www.sec.gov/news/press-release/2020-175 
60 
Press Release 2020-112, SEC Orders Credit Rating Agency to Pay $3.5 Million for Conflicts of Interest 
Violations (May 15, 2020), available at https://www.sec.gov/news/press-release/2020-112 
61 
Press Release 2020-235, SEC Charges Ratings Agency With Internal Controls Failures in Connection With 
Ratings of CMBS and CLO Combo Notes (Sept. 29, 2020), available at https://www.sec.gov/news/press-
release/2020-235
62 
Press Release 2020-228, SEC Charges Amazon Finance Manager and Family With Insider Trading (Sept. 28, 
2020), available at https://www.sec.gov/news/press-release/2020-228 
63 
Press Release 2019-261, Silicon Valley IT Administrator and Friends Charged in Multimillion Dollar Insider 
Trading Ring (Dec.17, 2019), available at https://www.sec.gov/news/press-release/2019-261 
64 
Press Release 2020-217, SEC Charges Index Manager and Friend With Insider Trading (Sept. 21, 2020), 
available at https://www.sec.gov/news/press-release/2020-217 
65 
Litigation Release No. 24649, SEC Obtains Asset Freeze and Charges Banker and Trader in International 
Insider Trading Scheme (Oct. 18, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24649.htm 
66 
Litigation Release No. 24650, SEC Charges Two Bankers and Trader in Serial International Insider Trading 
Scheme (Oct. 22, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24650.htm 
67 
Litigation Release No. 24761, SEC Charges Two Additional Traders in International Insider Trading Scheme 
(Mar. 6, 2020), available at https://www.sec.gov/ /litreleases/2020/lr24761.htm 
68 
Press Release 2020-123, Private Equity Firm Ares Management LLC Charged With Compliance Failures 
(May 26, 2020), available at https://www.sec.gov/news/press-release/2020-123 
69 
Press Release, 2019-216, SEC Charges 18 Traders in $31 Million Stock Manipulation Scheme (Oct. 16, 
2019), available at https://www.sec.gov/news/press-release/2019-216 
70 
Press Release 2019-236 SEC Wins Jury Trial in Layering, Manipulative Trading Case (Nov. 12, 2019), 
available at https://www.sec.gov/news/press-release/2019-236 
71 
See Administrative Proceeding File No. 3-20139, In the Matter of Mohammed Ali Rashid (October 26, 2020), 
available at https://www.sec.gov/litigation/admin/2020/ia-5620.pdf 
72 
Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 
2019), available at https://www.sec.gov/news/press-release/2019-212 
73 
Press Release 2020-146, Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle 
SEC Charges (June 26, 2020), available at https://www.sec.gov/news/press-release/2020-146 
74 
Litigation Release No. 24871, SEC Wins Summary Judgment Against Florida Unregistered Dealers (Aug. 20, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24871.htm 
75 
Press Release 2020-262, SEC Obtains Final Judgment Against Kik Interactive For Unregistered Offering 
(Oct.21, 2020), available at https://www.sec.gov/news/press-release/2020-262 
76 
Press Release 2020-164, SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to 
Promoted Services to Florida Educators (July 28, 2020), available at https://www.sec.gov/news/press-release/2020-
164 
77 
Press Release 2020-124, Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to 
Investors (May 28, 2020), available at https://www.sec.gov/news/press-release/2020-124 
78 
Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 
2019), available at https://www.sec.gov/news/press-release/2019-212 
79 
Press Release 2020-218, SEC Obtains Emergency Asset Freeze, Charges Ring of Microcap Stock 
Manipulators Targeting Retail Investors (Sept. 23, 2020), available at https://www.sec.gov/news/press-release/2020-
218 
49 

 
 
 
                         
         
             
  
           
        
                      
          
            
         
             
         
                 
            
           
         
             
       
                  
        
               
                
                 
         
                  
               
                 
             
           
              
  
            
          
           
           
             
         
                
                  
  
             
          
              
               
                 
   
               
     
              
        
  
           
        
                  
    
            
       
            
             
 
80 
Press Release 2019-256, Jefferies to Pay Nearly $4 Million for Improper Handling of ADRs (Dec. 9, 2019), 
available at https://www.sec.gov/news/press-release/2019-256; Press Release 2019-268, ABM AMRO Clearing 
Charged with Improper Handling of ADRs (Dec. 18, 2019), available at https://www.sec.gov/news/press-
release/2019-256
81 
Press Release 2020-109, SEC Charges Morgan Stanley Smith Barney with Providing Misleading Information 
to Retail Clients (May 12, 2020), available at https://www.sec.gov/news/press-release/2020-109 
82 
Press Release 2020-238, Morgan Stanley Agrees to Pay $5 Million for Reg SHO Violations in Prime 
Brokerage Swaps Business (Sept. 30, 2020), available at https://www.sec.gov/news/press-release/2020-238 
83 
Press Release 2020-178, SEC Charges Interactive Brokers with Repeatedly Failing to File Suspicious 
Activity Reports (Aug. 10, 2020), available at https://www.sec.gov/news/press-release/2020-178 
84 
Press Release 2019-268, SEC Charges Broker-Dealers With Illicitly Profiting in Partial Tender Offer (Dec. 
18, 2019), available at https://www.sec.gov/news/press-release/2019-268 
85 
Press Release 2020-142, SG Americas to Pay $3.1 Million to Settle Charges of Providing Deficient Blue 
Sheet Data (June 24, 2020), available at https://www.sec.gov/news/press-release/2020-142 
86 
Administrative Proceeding File No. 3-20050, SEC Charges Broker-Dealer with Failing to Preserve Required 
Electronic Records (Sept. 23, 2020), available at https://www.sec.gov/enforce/34-89975-s 
87 
Administrative Proceeding File No. 3-19710, SEC Charges Audit Firm for Improper Professional Conduct 
(Feb. 26, 2020), available at https://www.sec.gov/enforce/34-88287-s 
88 
Press Release 2019-269, MetLife to Pay $10 Million for Longstanding Internal Control Failures (Dec. 18, 
2019), available at https://www.sec.gov/news/press-release/2019-269 
89 
Press Release 2020-222, Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle 
Charges of Accounting Fraud (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-222 
90 
Press Release 2020-195, SEC Charges BorgWarner for Materially Misstating its Financial Statements (Aug. 
26, 2020), available at https://www.sec.gov/news/press-release/2020-195 
91 
Administrative Proceeding File No. 3-19616, SEC Charges Cemetery and Funeral Home Operator and Its 
General Partner with Disclosure Failures (Dec. 12, 2019), available at https://www.sec.gov/enforce/34-87732-s 
92 
Litigation Release No. 24792, SEC Charges Former Executives of Apparel Company with Accounting Fraud 
(Apr. 8, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24792.htm 
93 
Administrative Proceeding File Nos. 3-20035 and 3-20036, SEC Charges Texas Company, Executives, and 
Former Board Member with Disclosure Failures (Sept. 21, 2020), available at https://www.sec.gov/enforce/34-
89935-s 
94 
Administrative Proceeding File No. 19767, Audit Firm Charged with Back-Dating Audit Work Papers 
Provided to SEC and PCAOB (Apr. 24, 2020), available at https://www.sec.gov/enforce/34-88739-s 
95 
Administrative Proceeding File No. 3-19626, SEC Charges Quantum with Internal Accounting Controls 
Failures (Dec. 20, 2019), available at https://www.sec.gov/enforce/34-87812-s 
96 
Press Release 2020-159, UBS to Pay $10 Million for Violating Rules Which Give Priority to Retail Investors 
in Municipal Offerings (July 20, 2020), available at https://www.sec.gov/news/press-release/2020-159 
97 
Administrative Proceeding File Nos. 3-19996, 3-19997, and 3-19998, SEC Charges Roosevelt & Cross and 
Two of its Salespeople for Retail Order Period Misconduct in Municipal Offerings (Sept. 14, 2020), available at 
https://www.sec.gov/enforce/33-10837-s
98 
Press Release 2020-208, SEC Charges Charter School Operator and its Former President With Fraudulent 
Municipal Bond Offering (Sept. 14, 2020), available at https://www.sec.gov/news/press-release/2020-208 
99 
Litigation Release No. 24806, SEC Charges Two California Charter School Officials with Misleading 
Investors in Bond Offering (Apr. 27, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24806.htm 
100 
Press Release 2019-253, SEC Charges Trucking Executives with Accounting Fraud (Dec. 5, 2019), available 
at https://www.sec.gov/news/press-release/2019-253
101 
Press Release 2020-115, SEC Charges Three Former Audit Partners for Exam Sharing Misconduct (May 18, 
2010), available at https://www.sec.gov/news/press-release/2020-115 
102 
Press Release 2020-183, SEC Charges Hertz’s Former CEO with Aiding and Abetting Company’s Financial 
Reporting and Disclosure Violations (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-
103 
Press Release 2020-135, Insurance Company and Former CFO Charged with Faulty Loss Reserve 
Disclosures (June 17, 2020), available at https://www.sec.gov/news/press-release/2020-135 
104 
Press Release 2019-258, SEC Obtains Asset Freeze to Halt Alleged Offering Fraud (Dec. 10, 2019), 
available at https://www.sec.gov/news/press-release/2019-258 
105 
Press Release 2019-214, Supervisor Charged for Role in Brokerage Firm’s Improper Handling of ADRs 
(Oct. 15, 2019), available at https://www.sec.gov/news/press-release/2019-214 
106 
Press Release 2019-227, SEC Charges Issuer and CEO with Violating Whistleblower Protection Laws to 
Silence Investor Complaints (Nov. 4, 2019), available at https://www.sec.gov/news/press-release/2019-227 
50 
183 

 
 
 
            
        
          
                
               
        
  
                
  
                
              
  
               
       
                  
        
                   
          
                 
            
                
         
            
         
              
       
              
     
                
           
              
        
             
            
             
 
                 
     
              
    
                 
  
               
    
                
    
                 
           
              
           
              
          
  
                    
    
                      
                
  
 
 
107 
Press Release 2020-131, SEC Charges Microcap Fraud Scheme Participants Attempting to Capitalize on the 
COVID-19 Pandemic (June 11, 2020), available at https://www.sec.gov/news/press-release/2020-131 
108 
Press Release 2020-128, SEC Charges California Trader Engaged in Manipulative Trading Scheme 
Involving COVID-19 Claims (June 9, 2020), available at https://www.sec.gov/news/press-release/2020-128 
109 
Press Release 2020-111, SEC Charges Companies and CEO for Misleading COVID-19 Claims (May 14, 
2020), available at https://www.sec.gov/news/press-release/2020-111 
110 
Id. 
111 
Press Release 2020-97, SEC Charges Company and CEO for COVID-19 Scam (Apr. 28, 2020), available at 
https://www.sec.gov/news/press-release/2020-97
112 
Press Release, 2020-224. SEC Charges Top Executive of California Microcap Company for Misleading 
Claims Concerning COVID-19 Test and Financial Statements (Sept. 25, 2020), available at 
https://www.sec.gov/news/press-release/2020-224
113 
Press Release 2019-259, SEC Charges Founder, Digital Asset Issuer with Fraudulent ICO (Dec 11, 2019), 
available at https://www.sec.gov/news/press-release/2019-259 
114 
Press Release 2020-145, SEC Charges Issuer, CEO, and Lobbyist With Defrauding Investors in AML 
BitCoin (June 25, 2020), available at https://www.sec.gov/news/press-release/2020-145 
115 
Press Release 2020-124, Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to 
Investors (May 28, 2020), available at https://www.sec.gov/news/press-release/2020-124 
116 
Press Release 2020-211, Unregistered ICO Issuer Agrees to Disable Tokens and Pay Penalty for Distribution 
to Harmed Investors (Sept. 15, 2020), available at https://www.sec.gov/news/press-release/2020-211 
117 
Press Release 2020-181, SEC Charges Issuer and CEO With Misrepresenting Platform Technology in 
Fraudulent ICO (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-181 
118 
Press Release 2020-42, Actor Steven Seagal Charged With Unlawfully Touting Digital Asset Offering (Feb. 
27, 2020), available at https://www.sec.gov/news/press-release/2020-42 
119 
Litigation Release No. 24810, SEC Charges Husband and Wife in Insider Trading Scheme (May 5, 2020), 
available at https://www.sec.gov/litigation/litreleases/2020/lr24810.htm 
120 
Litigation Release No. 24892, SEC Charges Two Former Petmed Executives with Insider Trading (Sept. 10, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24892.htm 
121 
Litigation Release No. 24912, SEC Charges Former Controller of Now-Bankrupt Company with Insider 
Trading (Sept. 23, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24912.htm 
122 
Litigation Release No. 24908, SEC Charges Investor Relations Consultant with Insider Trading (Sept. 21, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24908.htm 
123 
Litigation Release No. 24782, SEC Charges Pharmacy Chain Employee with Insider Trading (March 26, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24782.htm; Litigation Release No. 24903, SEC 
Charges Pharmacy Chain Employee with Insider Trading (Sept. 17, 2020), available at 
https://www.sec.gov/litigation/litreleases/2020/lr24903.htm
124 
Litigation Release No. 24863, SEC Charges Former Investment Adviser with Insider Trading (Aug. 6, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24863.htm 
125 
Litigation Release No. 24919, SEC Charges North Carolina Man with Insider Trading (Sept. 25, 2020), 
available at https://www.sec.gov/litigation/litreleases/2020/lr24919.htm 
126 
Press Release 2020-197, SEC Charges Herbalife With FCPA Violations (Aug. 28, 2020), available at 
https://www.sec.gov/news/press-release/2020-197
127 
Press Release 2020-149, SEC Charges Alexion Pharmaceuticals with FCPA Violations (July 2, 2020), 
available at https://www.sec.gov/news/press-release/2020-149 
128 
Press Release 2020-177. SEC Charges Consumer Loan Company with FCPA Violations (Aug. 6, 2020), 
available at https://www.sec.gov/news/press-release/2020-177 
129 
Litigation Release No. 24794, SEC Charges Former Executive of Financial Services Company with FCPA 
Violations, (Apr. 13, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24794.htm 
130 
Press Release 2019-241, SEC Charges Former Top Executives of Healthcare Advertising Company With 
$487 Million Fraud (Nov. 25, 2019), available at https://www.sec.gov/news/press-release/2019-241 
131 
Press Release (USAO ND Ill), Former Executives and Employees of Health Technology Company Outcome 
Health Charged in $1 Billion Fraud Scheme (Nov. 25, 2019), available at https://www.justice.gov/usao-
ndil/pr/former-executives-and-employees-health-technology-company-outcome-health-charged-1
132 
Press Release 2020-1, SEC Charges Six Individuals in International Microcap Fraud Schemes (Jan. 2, 2020), 
available at https://www.sec.gov/news/press-release/2020-1 
133 
Press Release (USAO SDNY), Swiss Asset Management Firm And Its Owner Charged In Manhattan Federal 
Court For Orchestrating Stock Manipulation Scheme (Jan. 2, 2020), available at https://www.justice.gov/usao-
sdny/pr/swiss-asset-management-firm-and-its-owner-charged-manhattan-federal-court-orchestrating 
51 

 
 
 
                  
        
                   
                
  
  
                
               
  
               
         
  
                
        
               
        
  
              
            
             
         
  
                
            
              
       
  
             
             
       
             
  
             
  
            
         
                  
           
          
             
            
              
61 
134 
Press Release 2020-18, SEC Charges Husband and Wife with Nearly $1 Billion Ponzi Scheme (Jan. 24, 
2020), available at https://www.sec.gov/news/press-release/2020-18 
135 
Press Release (USAO ED Cal), Top Executives Plead Guilty to Participating in a Billion Dollar Ponzi 
Scheme—the Biggest Criminal Fraud Scheme in the History of the Eastern District of California (Jan. 24, 2020), 
available at https://www.justice.gov/usao-edca/pr/top-executives-plead-guilty-participating-billion-dollar-ponzi-
scheme-biggest-criminal 
136 
Press Release 2020-61, SEC Charges Russian National for Defrauding Older Investors of Over $26 Million 
in Phony Certificates of Deposit Scam (Mar. 13, 2020), available at https://www.sec.gov/news/press-release/2020-
137 
Press Release (USAO DNJ), Florida Man Charged With Money Laundering In $30 Million Wire Fraud 
Scheme (Mar. 13, 2020), available at https://www.justice.gov/usao-nj/pr/florida-man-charged-money-laundering-
30-million-wire-fr aud-scheme 
138 
Press Release 2020-162, SEC Charges Trustify Inc. and Founder in $18.5 Million Offering Fraud (July 24, 
2020), available at https://www.sec.gov/news/press-release/2020-162 
139 
Press Release (USAO ED Va), Former CEO and Founder of Technology Company Charged in Investment 
Fraud Scheme (July 24, 2020), available at https://www.justice.gov/usao-edva/pr/former-ceo-and-founder-
technology-company-charged-investment-fraud-scheme
140 
Press Release 2020-122, SEC Charges Owner of Film Distribution Company with Defrauding Publicly 
Traded Fund (May 22, 2020), available at https://www.sec.gov/news/press-release/2020-122 
141 
Press Release (USAO SDNY), Former Chairman And CEO Of Movie Production Company Arrested On 
Fraud Charges (May 22, 2020), available at https://www.justice.gov/usao-sdny/pr/former-chairman-and-ceo-movie-
production-company-arrested-fraud-charges
142 
Press Release 2020-236, SEC Charges Former Real Estate Executive With Misappropriating $26 Million in 
Ponzi Scheme (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-236 
143 
Press Release (USAO ND Cal), Los Angeles Man Charged with Running $350 Million Ponzi Scheme (Sept. 
29, 2020), available at https://www.justice.gov/usao-ndca/pr/los-angeles-man-charged-running-350-million-ponzi-
scheme 
144 
Press Release 2019-234, SEC Charges Adviser for Running Ponzi Scheme Targeting Haitian Community 
(Nov. 6, 2019), available at https://www.sec.gov/news/press-release/2019-234 
145 
Press Release (USAO SDNY), Rockland County Man Charged With Multimillion-Dollar Ponzi And 
Embezzlement Schemes (Nov. 6, 2019), available at https://www.justice.gov/usao-sdny/pr/rockland-county-man-
charged-running-multimillion-dollar-ponzi-and-embezzlement-schemes
146 
Press Release 2020-72, SEC Charges Unregistered Penny Stock Dealer (Mar. 24, 2020), available at 
https://www.sec.gov/news/press-release/2020-72 
147 
Press Release 2020-153, SEC Charges App Developer for Unregistered Security-Based Swap Transactions 
(July 13, 2020), available at https://www.sec.gov/news/press-release/2020-153 
148 
Press Release 2020-168, SEC Charges Former Georgia State Legislator With Defrauding Investors in Ponzi 
Scheme (July 30, 2020), available at https://www.sec.gov/news/press-release/2020-168 
149 
Press Release 2020-35, SEC Charges Real Estate Company and Executives With Defrauding Retail 
Investors, Obtains Emergency Relief (Feb. 18, 2020), available at https://www.sec.gov/news/press-release/2020-35 
150 
Administrative Proceeding File No. 3-19957, SEC Charges Broker-Dealer and Issuer with Shelf Offering 
Violations (Sept. 3, 2020), available at https://www.sec.gov/enforce/33-10831-s 
52 

DISCLAIMER 
This is a report of the staff of the U.S. Securities and Exchange Commission. The Commission 
has expressed no view regarding the analysis, findings, or conclusions contained herein. 

Report available on the Web at https://www.sec.gov/reports 

i 

https://www.sec.gov/reports


 

 

 

     

   

        
     
   

     
       

     
       

    
    

      
      

    
    

    
   

     

   

   

 

 
 

 

 

 

 

 

CONTENTS 

MESSAGE FROM THE DIRECTOR........................................................................................... 1 

INTRODUCTION........................................................................................................................ 9 

Focus on Financial Fraud and Issuer Disclosure .................................................................... 9 
Focus on Investment Professionals ...................................................................................... 11 
Initiatives .............................................................................................................................. 11 
Preserving Market Integrity ................................................................................................... 12 
Uncovering and Prosecuting Abusive Trading ...................................................................... 13 
Achieving Results Through Litigation.................................................................................... 14 

DISCUSSION AND ANALYSIS OF FISCAL YEAR 2020.......................................................... 16 

Overall Results ..................................................................................................................... 16 
Types of Cases..................................................................................................................... 16 
Disgorgement and Penalties Ordered................................................................................... 17 
Tips, Complaints, and Referrals............................................................................................ 19 
Whistleblower Program......................................................................................................... 20 
Individual Accountability ....................................................................................................... 21 
Non-Monetary Relief Obtained ............................................................................................. 21 
Challenges ........................................................................................................................... 23 

NOTEWORTHY ENFORCEMENT ACTIONS........................................................................... 24 

APPENDIX ............................................................................................................................... 29 

ENDNOTES ............................................................................................................................. 47 

ii 



 

 

 

 

iii 



 

 

 

   
        

            
        

    
       

      
        

      
   

      
      

      
      

       
         
    

                 
            

           
      

              
         

          
        

        
   

             
             

          
           
             

                  
     

            
             

              
             

            
  

          
          
            

         
        

MESSAGE FROM THE DIRECTOR 
I am pleased to share the Division of Enforcement’s annual report for 
Fiscal Year 2020. And what a year it was. Like everyone, the 
challenges we faced – and continue to face – were unexpected and 
beyond imagination. In response to these extraordinary challenges, 
the women and men of the Enforcement Division rose to the occasion 
and achieved extraordinary results. In the midst of massive change, 
one thing remained the same: we continued to vigorously enforce the 
federal securities laws to protect investors and maintain the integrity 
of the markets. 

In Fiscal Year 2020, the Division continued to investigate and 
recommend actions addressing conduct that spanned the securities 
markets, including conduct involving financial fraud, insider trading, 
offering fraud, Foreign Corrupt Practices Act violations, misconduct 

by broker-dealers and investment advisers, and more. Based on this work, the Commission 
brought hundreds of enforcement actions and secured meaningful remedies to protect investors 
and our markets against wrongdoing. 

But the real story of 2020 was COVID-19. It colored so much of the last half of the year – what 
we focused on, investigations we opened, actions we recommended, how we did our work, 
where we did our work, and how we allocated our resources. By mid-March, the entire Division 
had transitioned to mandatory telework and essentially all of our operations were conducted 
remotely. Despite the shift in working conditions – and the still-ongoing efforts to adapt to those 
conditions – we quickly dedicated substantial resources to address the emerging threats presented 
by COVID-19 and the ensuing dynamic market conditions. At the same time, we continued to 
focus on the multitude of existing and new non-COVID-related enforcement issues arising in the 
normal course. We confronted these challenges head on and, in so doing, remained steadfast in 
our mission to protect investors. 

This year also put a spotlight on issues of diversity, equity, and inclusion. Across the 
Enforcement Division, we addressed these issues directly. Together with our partners in the 
Office of Minority and Women Inclusion and the Office of the Chairman, we facilitated many 
large and small group discussions across the country in an effort to educate ourselves and each 
other about the issues and challenges we face. The effort and willingness to communicate openly 
is the first step. We will continue to tackle these issues and make changes that will benefit all of 
us in the Division of Enforcement. 

Lastly, Steve Peikin, my co-director for more than three years, stepped down in August. The job 
has not been the same without him. But with endings come beginnings, and I am pleased to 
welcome Marc Berger as Deputy Director. Marc brings a dozen years of experience as a federal 
prosecutor as well as almost three years of leading the Commission’s New York Regional 
Office. All of us in Enforcement are incredibly fortunate that Marc has agreed to join me in 
leading the Division. 

I am proud of everything the Division accomplished this last fiscal year. This report presents 
these accomplishments, highlights some of our most significant achievements, and discusses 
areas of strategic change. In this report, we have tried to illustrate the critical role the 
Enforcement Division plays in advancing the Commission’s mandate to protect investors, 
maintain fair, orderly, and efficient markets, and facilitate capital formation. 

1 



 

 

 

 

           
       

        
          

           
         

             
       

        
       

         
        

              
         

        
      

       
       

    

                  
              

     

           
         

           
               

          

            
           
         

              
     

               
          

            
        

       
          

            
   

 

COVID-19 

Like our colleagues across the Commission, we in the Division of Enforcement have focused 
significant time and resources responding to challenges created by the global pandemic. 

First, we quickly committed substantial resources to protecting retail investors by actively 
looking for misconduct. In March, we formed a Coronavirus Steering Committee to oversee this 
effort by coordinating investigations relating to a wide variety of potential misconduct in the 
areas of microcap, insider trading, and financial fraud and issuer disclosure. 

One important result from this approach was our quick investigative work in identifying and 
then recommending trading suspensions to the Commission. In March and April alone, the 
Commission suspended trading in the securities of two dozen issuers where there were questions 
regarding the accuracy and adequacy of information related to COVID-19 that those issuers 
injected into the marketplace, including claims about potential COVID-19 treatments, the 
manufacture and sale of personal protection equipment, and disaster-response capabilities. 

All told, from mid-March through the end of the fiscal year, the Division’s Office of Market 
Intelligence triaged approximately 16,000 tips, complaints, and referrals (a roughly 71% increase 
over the same time period last year), and the Division opened more than 150 COVID-related 
inquiries and investigations and recommended several COVID-related fraud actions to the 
Commission. We think this triage and investigative work, and the resulting Commission trading 
suspensions and fraud actions, meaningfully changed the landscape for investors during a period 
of significant market uncertainty. 

Second, a big part of our year was learning how to do our job in new ways. In the early months 
of the pandemic, many of us spent the bulk of our time focused on learning and guiding our staff 
how to effectively do our job remotely. 

But we moved past that initial period of uncertainty and ultimately achieved a remarkable level 
of success, including bringing more than 700 enforcement cases during the fiscal year. Viewed 
against the backdrop of COVID-19, this was an extraordinary accomplishment. I am proud that 
we were able to do so much in the face of so many challenges. This success is a testament to the 
tenacity, ingenuity, and drive of the staff of the Enforcement Division. 

How we conducted our work has certainly changed. Investigations were impacted as we – 
and lawyers across the defense bar – figured out how to modify our approaches to normal 
investigative steps. For example, while investigations are now advancing much more smoothly, 
it was several months before we took the first remote testimony and, even now, it remains a 
learning process in terms of best practices. 

To highlight a few examples of the ingenuity and drive of our staff, a group took the lead on 
working to change and adjust our processes - figuring out how to take testimony and depositions 
remotely, how to provide and show exhibits, and how to do test runs with witnesses and counsel. 
People pitched in in various new ways, including by volunteering to help on the Steering 
Committee. And many staff redirected newly-freed-up time elsewhere, including by taking on 
whistleblower claims and distributions to injured investors, or strategically pivoting to cases and 
aspects of investigations that could be advanced while we were finding ways to adjust to the 
move away from in-person work. 

2 



 

 

 

                  
           

              
           

        

            
          

         
        

         

             
         

       
          

         
             

     
          

             
 

      
        

      
           

        
           

          
         

      

          
          

         

            
      

        
           

 

             
         

         
  

Ultimately, in the midst of COVID-19, it was a year of contrasts. While the number of cases the 
Commission filed was down as compared to last year, the financial remedies ordered set a new 
high. Similarly, the number and amount of whistleblower awards exceeded prior years – in fact, 
awards issued in 2020 accounted for roughly 37% of the total number of individuals awarded 
over the entire life of the whistleblower program. 

COVID-19 made Fiscal Year 2020 the most challenging year in recent memory. But the Division 
demonstrated its agility and its commitment to the SEC’s mission as it moved quickly to address 
the ongoing crisis. This rapid response protected investors and helped preserve the integrity of 
our markets. 

Detecting, Remedying, and Punishing Misconduct by Issuers and Registrants 

A cornerstone of our enforcement program is ensuring that entities are held accountable for their 
misconduct. In Fiscal Year 2020, the Commission brought actions against financial institutions, 
automobile and engine manufacturers, and technology, telecommunications, and pharmaceutical 
companies, to name a few. The following subset of cases is illustrative: 

• Wells Fargo & Co. In a settled action, the Commission found that Wells Fargo misled 
investors about the success of its core business strategy at a time when it was opening 
unauthorized or fraudulent accounts for unknowing customers and selling unnecessary 
products that went unused. Wells Fargo was ordered to pay the SEC a $500 million civil 
penalty as part of a combined $3 billion settlement with the SEC and the Department of 
Justice.1 

• Telegram Group Inc. The Commission filed an emergency action and obtained a temporary 
restraining order against Telegram and its wholly-owned subsidiary TON Issuer Inc. for 
allegedly operating an unregistered offering of digital tokens called “Grams” in violation of 
the federal securities laws.2 On the Commission’s motion, the court issued a preliminary 
injunction barring the delivery of Grams and finding that the Commission had shown a 
substantial likelihood of proving that Telegram’s sales were part of a larger scheme to 
unlawfully distribute the Grams to the secondary public market. Following this decision, the 
defendants agreed to settle the action and were ordered to return more than $1.2 billion to 
investors and to pay an $18.5 million civil penalty.3 

• Bausch Health, formerly Valeant Pharmaceuticals. In a settled action, the Commission found 
that Valeant improperly recognized revenue and made misleading disclosures in SEC filings 
and earnings presentations. Bausch was ordered to pay a $45 million civil penalty.4 

• BMW AG. In a settled action, the Commission found that BMW and two of its U.S. 
subsidiaries disclosed inaccurate and misleading information about BMW’s retail sales 
volume in the U.S. while raising approximately $18 billion from investors in several 
corporate bond offerings. The three companies were ordered to pay a joint penalty of $18 
million.5 

• SCANA Corp. In a litigated action, the Commission charged SCANA Corp., two of its former 
top executives, and South Carolina Electric & Gas Co. with allegedly defrauding investors by 
making false and misleading statements about a nuclear power plant expansion that was 
ultimately abandoned.6 

3 



 

 

 

             
        
          

        
   

        
          

          
             

    

         
        

          
              

         
      

   

         
        

          
           

          
          
            

          
          

              
          

  

      

              
            

          
              

         
           

              
 

 

 

 

• Novartis AG. In a settled action, the Commission found that local subsidiaries or affiliates of 
Novartis or its former subsidiary Alcon Inc. engaged in bribery schemes in South Korea, 
Vietnam, and Greece. Novartis paid over $112 million to settle charges that it violated the 
books and records and internal accounting controls provisions of the Foreign Corrupt 
Practices Act (FCPA).7 

• Telefonaktiebolaget LM Ericsson. In a settled action, the Commission alleged that Ericson 
engaged in a large-scale bribery scheme involving the use of sham consultants to secretly 
funnel money to government officials in multiple countries. In resolving this matter, Ericsson 
was ordered to pay more than $1 billion to the SEC and the Department of Justice and to 
install an independent compliance monitor.8 

• J.P. Morgan Securities LLC. In a settled action, the Commission found that J.P. Morgan 
fraudulently engaged in manipulative trading of U.S. Treasury securities. J.P. Morgan 
admitted the findings in the SEC’s order, and was ordered to pay disgorgement of $10 
million and a civil penalty of $25 million to settle the action. The Department of Justice and 
the Commodity Futures Trading Commission resolved parallel matters against J.P. Morgan 
Chase & Co. and certain of its affiliates.9 

Holding Individuals Accountable 

We have long recognized that individual accountability is critical to an effective enforcement 
program. Institutions act through their employees, and holding culpable individuals responsible 
for wrongdoing is essential to achieving our goals of general and specific deterrence and 
protecting investors by removing bad actors from our markets. The SEC’s actions over the past 
year illustrate the premium we place on establishing individual liability where appropriate. In 
Fiscal Year 2020, the Commission charged individuals in 72% of the standalone enforcement 
actions it brought. Those charged include individuals at the top of the corporate hierarchy, 
including numerous CEOs and CFOs, as well as accountants, auditors, and other gatekeepers. 
Just by way of example, former executives of Valeant Pharmaceuticals,10 Goldman Sachs Group 
Inc.,11 and Iconix Brand Group Inc.,12 as well as former audit partners of KPMG LLP,13 were 
charged with a range of violations, including fraud, reporting, books and records, and internal 
accounting controls. 

Continued Focus on Retail Investors 

Protecting retail investors continued to be a focus in 2020. Over the last year, we brought several 
cases involving the conduct of investment professionals as it relates to retail investors. For 
example, as part of the Chairman’s Teachers’ Initiative, the Commission charged VALIC 
Financial Advisors Inc. (VFA) for failing to disclose that its parent company paid a for-profit 
company owned by the Florida K-12 teachers’ unions to promote VFA’s products and services to 
those teachers.14 As part of resolving this matter, VFA agreed to cap advisory fees for certain 
groups of teachers in VFA programs, which will result in significant savings for thousands of 
teachers. 

4 

https://teachers.14


 

 

 

       
      

         
          

         
  

    

           
            

             
          

           
  

    
              

       
            

            
        

          
         

         
            

                
          

             
            

            
         

     

       
          
       

 

          
      

            
          

       
       

         
    

 
 
 

The Commission also filed an action against Wells Fargo for failing reasonably to supervise 
investment advisers and registered representatives who recommended complex, high-volatility 
single-inverse ETFs to retail investors, and for lacking adequate compliance policies and 
procedures with respect to the suitability of those recommendations.15 As part of the resolution 
of that matter, the Commission imposed a penalty of $35 million, which will be distributed to 
investors. 

Bringing About Strategic Change 

In Fiscal Year 2020, the Division continued to focus on bringing impactful cases in areas of 
importance to the protection of investors. To do this more efficiently and effectively, we made a 
number of strategic changes in how we operate. This has led to continued improvement in 
several key areas, most notably our handling of whistleblower claims; our distributions to 
harmed investors; the pace of our investigations; and communicating the benefits of cooperating 
with our investigations. 

Record Year for Whistleblowers 
Fiscal Year 2020 was a record year for the Whistleblower Program. Since the program was 
established in 2011, whistleblower tips have resulted in numerous high-quality enforcement 
actions, and, as of the end of Fiscal Year 2020, the Commission had awarded 106 individuals 
approximately $562 million. In last year’s annual report we stated that we were working to 
streamline and substantially accelerate the evaluation of claims for whistleblower awards. I am 
pleased to report that these process improvements yielded considerable results. In Fiscal Year 
2020, we substantially increased the rate at which whistleblower claims were evaluated and 
awards were issued. As a result, the Commission issued approximately $175 million in total 
awards to 39 individuals.16 This represents a 200% increase in number of individuals awarded in 
a single year over the next-highest year. In Fiscal Year 2020, there was also a record number of 
preliminary determinations, which set forth the assessment of the Division’s Claims Review 
Staff regarding whether a claim should be approved or denied and, if approved, the proposed 
award amount, as well as final Commission orders of awards and denials. In the brief time since 
the Fiscal Year ended, the Whistleblower Program has continued to achieve new milestones, as 
the Commission issued the largest award in its history – approximately $114 million to a single 
whistleblower – on October 22, 2020.17 

Commitment to Returning Money to Harmed Investors 
Distributing money to harmed investors remains a core component of the Commission’s investor 
protection mission. In Fiscal Year 2020, the Commission distributed more than $600 million to 
harmed investors. 

To further build upon improvements in distributing money to investors, we created the Office of 
Bankruptcy, Collections, Distributions, and Receiverships within the Division of Enforcement. 
This new office is led by Nichola Timmons, who previously led our Distributions Group. 
Ms. Timmons will, among other things, oversee the processes through which the Commission 
collects outstanding monetary judgments in district court and bankruptcy proceedings, monitors 
the work of court-appointed receivers, and returns money to harmed investors through distri-
butions. By centralizing existing functions, we expect to achieve additional efficiencies and 
maximize results for investors. 

5 

https://individuals.16
https://recommendations.15


 

 

 

            
         

          
      

       
        

         

     
            

         
               
           
             
        

      

           
         

         
      

             
            

        
         

       
         

        
     

        
             

          

  
        
       

          
        

         

         
          

       
            

        
        

              
     

 
  

A recent final distribution by a receiver worth highlighting is that made in connection with the 
WG Trading Investment fraud.18 In total, this distribution returned more than $1 billion to 
affected investors after the Commission years ago charged Paul Greenwood, Steven Walsh, and 
their affiliated WG Trading entities with orchestrating a brazen investment fraud involving the 
misappropriation of investor assets. The Commission obtained emergency relief and, ultimately, 
judgments against the defendants. Through this receivership and distribution, harmed investors 
have received payments totaling 100% of their net principal investments. 

Accelerating the Pace of Investigations 
In Fiscal Year 2020, we continued to focus on shortening the amount of time it takes to complete 
investigations and recommend enforcement actions. Our actions have the greatest impact when 
filed as close in time to the conduct as possible. Our median time to file this past year was 21.6 
months – a five-year best.19 An example of swift action is the Commission’s recently-filed 
district court action against the co-chair of the unsecured creditors committee in the Neiman 
Marcus Group Ltd. LLC Chapter 11 bankruptcy proceedings.20 The Commission filed its action 
within five weeks of the alleged misconduct. 

More specifically, we have also seen improvements in the length of time it takes to bring 
financial fraud and issuer disclosure cases. In appropriate cases, we are increasing staffing, 
working to more efficiently triage issues, making more targeted requests at the outset, 
substantively engaging early in an investigation with relevant parties, and leveraging 
cooperation. These changes have had the desired effect: in Fiscal Year 2020, we reduced the 
average amount of time it takes to complete these investigations from 37 months to 34 months. 
Some notable examples include settled charges against a Bermuda-based insurance company for 
failing to fully disclose perquisites and benefits provided to its former chief executive officer, 
brought fifteen months after the Division opened an investigation,21 and a settled action against 
Hilton Worldwide Holdings Inc. addressing similar violations, brought roughly eight months 
after the Division began its investigation.22 This is particularly meaningful given COVID-related 
challenges – both because regrouping amid mandatory telework necessarily slowed 
investigations and because we reallocated resources to address near-term investor protection 
concerns related to COVID-19. We will continue to look for ways to accelerate the pace of these 
investigations and we expect to see additional improvement in the near and long term. 

Rewarding Cooperation 
One way to substantially accelerate an investigation is through meaningful cooperation. In Fiscal 
Year 2020, we continued to focus on rewarding cooperation and providing greater transparency 
into how the Commission considers and weighs cooperation credit. Below are two examples for 
consideration – in one the Commission ordered a reduced penalty in recognition of substantial 
cooperation and in the other the Commission determined to not impose a penalty at all. 

In the Commission’s action against BMW, the Commission imposed a reduced civil penalty 
against BMW in recognition of its extensive cooperation, especially in light of COVID-19 
challenges.23 Despite considerable constraints, including travel restrictions, work-from-home 
orders, and office closures, BMW gathered and made available a large volume of information in 
response to document, information, and data requests. BMW also made multiple current and 
former employees available for interviews, and provided presentations and narrative submissions 
that highlighted critical facts. Due in large part to this cooperation, we were able to complete this 
case within 12 months of opening it. 

6 

https://challenges.23
https://investigation.22
https://proceedings.20
https://fraud.18


 

 

 

       
         

          
       

           
  

      

            
            

          
          

          
         

        

             
                

          
          

           
         

        

        

              
               
        

               
          

             
        

     

            
             

         
        

          
          
       

       
          

  
 
 
  

In the Commission’s action against Transamerica Asset Management, Inc., a registered 
investment adviser based in Denver, Colorado, the Commission did not impose a penalty where 
Transamerica self-reported the conduct, took prompt steps to remediate the violations, and 
cooperated with the staff’s investigation.24 We recognize the value in communicating such 
examples of meaningful cooperation and we will continue to look for opportunities to improve 
our messaging going forward. 

The Impact of SEC v. Liu 

In Fiscal Year 2020, the Division was faced with another impactful Supreme Court decision. 
In June 2020, the Supreme Court in SEC v. Liu affirmed the authority of courts to order 
disgorgement through their power to order “equitable relief” under Section 21(d)(5) of the 
Exchange Act. This was an important decision for the Commission. However, it also imposed 
some limitations and left open some questions. The Court held that disgorgement should reflect 
net profits, and that “legitimate” expenses should generally be backed out. The Court also 
emphasized the importance of returning disgorged funds to harmed investors. 

The Division continues to evaluate the impact of this decision and how the questions that the 
Court left open will affect us going forward. As a result, there have been and will continue to be 
changes in the balance between the penalties and disgorgement that the Division seeks and 
recommends to the Commission. Among other things, we may recommend higher penalties in 
some cases where the statutory scheme permits us to do so. The Division’s recommendations 
will be consistent with the Court’s decision, while continuing to seek the relief necessary to 
achieve our mission of protecting investors and maintaining market integrity. 

Measuring the Results of Fiscal Year 2020 

As I have said many times, statistics can never present a full picture of the effectiveness of an 
enforcement program. To see this full picture requires a review of the nature and quality of our 
enforcement actions, and an understanding of the market conditions in which they occurred and 
the impact they have had. This was true in Fiscal Year 2019, when the Commission filed a near-
record number of enforcement actions despite a near-total cessation of enforcement activity for 
more than one month that was caused by a lapse in appropriations. And it remains true this year, 
as we faced COVID-related challenges and added new enforcement efforts to our existing 
responsibilities, and obtained significant results in both areas. 

However, statistics do have value, and a variety of metrics underscore that the Division 
continued to achieve great things on behalf of investors in Fiscal Year 2020. In the face of so 
many unprecedented challenges, the Commission brought 715 enforcement actions – 405 of 
which were “standalone” actions. Seventy-two percent of these standalone actions included 
charges against one or more individuals. The Commission also obtained more than 475 bars or 
suspensions against market participants and suspended trading in the securities of 196 issuers. 
In addition, the Division triaged approximately 23,650 tips, complaints, and referrals and opened 
close to 1,200 new inquiries and investigations. Finally, the Commission obtained judgments and 
orders totaling approximately $4.68 billion in disgorgement and penalties – the highest amount 
on record. 

7 

https://investigation.24


 

 

 

              
              

        
        

     
      

     
          

                  
      

 
 

   

   
    

    
   

But the greatest of our achievements this year was the everyday work of the women and men of 
the Enforcement Division. The fact that they kept going. That they did their jobs. That they kept 
protecting investors. Through the darkness of late March and early April, through school 
closures, through work-from-home, through illnesses and worse. Since mid-March, these women 
and men recommended 492 enforcement actions and 36 COVID-related trading suspensions, 
opened approximately 640 inquiries and investigations (over 150 of which were COVID-
related), received and triaged approximately 16,000 TCRs, conducted numerous remote 
interviews, testimonies and depositions, and conducted (and won) one virtual trial. That we 
all kept going is the success of 2020. I could not be more proud of my colleagues and what 
we achieved together in Fiscal Year 2020. 

Sincerely, 

Stephanie Avakian 
Director, Division of Enforcement 
U.S. Securities and Exchange Commission 
November 2, 2020 

8 



 

 

 

 
          

          
        

          
         

         
            

   

     

        
          
       

      

        
       

           
        

      
           

         
         

      
         

      

          
          

    

          
          

           
         

            
   

           
          

      

           
       

        

INTRODUCTION 
The Division of Enforcement’s efforts to deter misconduct and punish securities law violators 
are critical to protecting millions of investors and instilling confidence in the U.S. securities 
markets. Each year, the Division recommends, and the Commission brings, hundreds of 
enforcement actions against individuals and entities for fraud and other misconduct and secures 
remedies that protect investors by punishing misconduct, deterring wrongdoing, removing bad 
actors from our markets, and, where possible, compensating harmed investors. This report 
summarizes some of the major accomplishments and key priorities of the Division over the last 
fiscal year. 

Focus on Financial Fraud and Issuer Disclosure 

Integrity and accuracy in financial statements and issuer disclosures are critical to the 
functioning of our capital markets. During the last fiscal year, the Division maintained its 
ongoing focus on identifying and investigating securities laws violations involving different 
components of the financial reporting process. 

In addition to traditional case sources, the Division took a proactive, risk-based analytic 
approach to identifying potential violations, which resulted in several important actions. For 
example, the Division’s EPS (Earnings Per Share) Initiative uses risk-based data analytics to 
uncover potential accounting and disclosure violations caused by, among other things, earnings 
management practices to mask unexpectedly weak performances. Investigations under the EPS 
Initiative resulted in settled actions against Interface Inc. and two of its former executives, and 
against Fulton Financial Corporation, for improper accounting practices that resulted in the 
reporting of quarterly EPS that met or exceeded analyst consensus estimates.25 The Division also 
used risk-based data analytics to uncover potential violations related to corporate perquisites, 
which led to a settled enforcement action against Hilton Worldwide Holdings Inc. for failing to 
fully disclose perquisites and personal benefits provided to executive officers.26 

The Division’s financial fraud and issuer disclosure focus remained on matters involving 
financial statement misstatements and the executives responsible for the violations. For example, 
the Commission brought actions against: 

• Revolution Lighting Technologies, Inc. and four executives, including the CEO and former 
CFO, for allegedly falsely inflating its reported revenues over a four-year period;27 

• Super Micro Computer, Inc. and its former CFO for prematurely recognizing revenue and 
understating expense over a period of at least three years;28 

• Power Solutions International Inc. and three individuals, for the fraudulent overstatement of 
revenues by nearly $25 million;29 

• Iconix Brand Group Inc. and its former CEO and COO for allegedly devising a fraudulent 
scheme to create fictitious revenue, allowing Iconix to meet or beat Wall Street analysts’ 
consensus estimates in the second and third quarters of 2014;30 

• MiMedx Group Inc. its former CEO, CFO and COO for allegedly defrauding investors by 
misstating the company’s revenue and attempting to cover up their misconduct by misleading 
the company’s auditor, audit committee and outside lawyers;31 

9 

https://officers.26
https://estimates.25


 

 

           
         
     

          
        

     
 

       
       

            
            

      
      

          
       

          
        

          
        

            
          

           

          
      
 

               
           

    

          
        

        
       

        
             

     

         
       

  

         
       

 

• Manitex International, Inc. and its former COO, former Controller and CFO, and General 
Manager of a subsidiary for engaging in two accounting fraud schemes that resulted in the 
issuance of materially misstated financial statements;32 

• Outcome Health, a private healthcare advertising company, and four former executives with 
alleged fraud in raising nearly half a billion dollars by falsely portraying the company as an 
overwhelming success to investors, clients, and auditors; and33 

• Hill International, Inc., a Pennsylvania-based construction management consulting company, 
and two of its former executives for allegedly engaging in fraudulent accounting practices.34 

Accurate corporate disclosures that include material information about an issuer’s condition lie at 
the heart of our securities laws. Last fiscal year, the Commission confirmed the importance of 
such disclosures with several cases charging issuers with materially misleading and incomplete 
disclosures. In February 2020, the Commission announced settled charges against alcohol 
producer Diageo plc for failing to make required disclosures of known trends relating to the 
shipments of unneeded products by its North American subsidiary to distributors.35 In the same 
month, the Commission charged SCANA Corp., two of its former top executives, and South 
Carolina Electric & Gas Co. with allegedly defrauding investors by making false and misleading 
statements about a nuclear power plant expansion that was ultimately abandoned.36 Similar 
disclosure issues animated the Commission’s settled action against Fiat Chrysler Automobiles 
N.V. for misleading disclosures about an internal audit of its emissions control systems.37 

Further, the Commission settled with HP Inc. for misleading investors by failing to disclose the 
impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets.38 

Another priority for the Division is recommending actions against issuers that distort non-GAAP 
metrics, key performance indicators, and related disclosures. The Commission brought actions 
against: 

• Wells Fargo & Co. for misleading investors about the success of its core business strategy at 
a time when it was opening unauthorized or fraudulent accounts for unknowing customers 
and selling unnecessary products that went unused;39 

• BMW AG and two of its U.S. subsidiaries for disclosing inaccurate and misleading 
information about BMW’s retail sales volume in the U.S.;40 

• Bausch Health, formerly Quebec, Canada-based Valeant Pharmaceuticals, and three former 
executives for improper revenue recognition and misleading disclosures in SEC filings and 
earnings presentations, including by touting double-digit same store organic growth, a non-
GAAP financial measure, when much of that growth came from sales to a mail order 
pharmacy Valeant helped establish, fund and subsidize;41 

• BCG Partners, Inc. for allegedly false and misleading disclosures concerning how it 
calculated a key non-GAAP financial measure, which it called post-tax distributable 
earnings;42 and 

• Publicly-traded real estate investment trust VEREIT, Inc., formerly known as American 
Realty Capital Properties, Inc., with intentionally overstating a key performance metric.43 

10 

https://metric.43
https://targets.38
https://systems.37
https://abandoned.36
https://distributors.35
https://practices.34


 

 

   

       
       

            
    

           
            

          
           
          

         

        
          

            
       

         
         

       
          

          
       

             
            

         
     

       
           

         
          

          

 

          
         

   
         

           
         

       
         

         
         

           
 
 

Focus on Investment Professionals 

The Division continued to prioritize identifying misconduct that occurs in the interaction 
between investment professionals and retail investors. Investment professionals occupy positions 
of tremendous importance to those who entrust them with their children’s college funds, their 
retirement funds, and other savings. 

One such responsibility – long recognized under federal law – is an adviser’s fiduciary obligation 
to disclose to their clients material conflicts of interest. Disclosure of such conflicts remains a 
priority. The importance of such disclosures is illustrated by the Share Class Selection Disclosure 
Initiative (Share Class Initiative) that we concluded during Fiscal Year 2020. Ultimately, this 
initiative resulted in the SEC ordering nearly 100 investment advisory firms that voluntarily self-
reported to the Division to return more than $139 million to investors.44 

Other potential undisclosed conflicts can include advisers’ use of cash sweep arrangements. Cash 
in advisory accounts is often automatically swept into a money market mutual fund or a bank 
deposit sweep program. In some cases, an adviser that is either dually-registered or has an 
affiliated broker-dealer has a conflict of interest in recommending one cash investment over 
another because it receives revenue sharing payments from its clearing broker when selecting 
particular cash sweep products. Just as with mutual fund share class selections, advisers 
recommending or choosing between different cash sweep products must make full and fair 
disclosure of these types of conflicts. In bringing settled charges against Fresno, California-based 
SCF Investment Advisors, Inc., the Commission found that SCF failed to disclose conflicts 
related to revenue sharing from cash sweep money market funds.45 

Another potential area of concern for advisory clients is the transparency of fee structures 
around their accounts. For example, “wrap fee programs” offer accounts in which clients pay an 
asset-based “wrap fee” that covers investment advice and brokerage services, including trade 
execution. In May 2020, the Commission found that Morgan Stanley Smith Barney had 
disseminated marketing and client communications that gave the misleading impression that 
wrap fee clients were not likely to incur additional trade execution costs, even though the firm’s 
order routing practices resulted in some instances in the clients paying additional transaction 
fees that were not visible to them.46 In settling the charges, Morgan Stanley agreed to pay a $5 
million penalty and create a Fair Fund to distribute the penalty moneys to harmed investors. 

Initiatives 

Protecting investors remains a critical focus of our Enforcement program. Investor protection 
takes a variety of forms, as illustrated by the below examples. 

COVID-19 Steering Committee 
Recognizing that the pandemic posed significant risks to investors and market integrity across a 
variety of market segments and types of conduct, in late March, we established a Coronavirus 
Steering Committee to centralize and coordinate our efforts. The Steering Committee’s mandate 
was to ensure a consistent Division-wide approach to coronavirus-related matters, ensure 
appropriate allocation of our resources, avoid duplication of efforts, and coordinate as appro-
priate with state and federal agencies. The Steering Committee also worked to proactively 
identify and monitor areas of potential misconduct associated with COVID-19, and to detect 
and address potential misconduct in areas such as insider trading, financial fraud and issuer 

11 

https://funds.45
https://investors.44


 

 

           
           

          
    

       
               

           
         

            
           

     

         
            

         
         

         

   
             
             

         
     

           

         
          

              
           

             
       

          
              

             
 

   

            
          

         

                
         

           
             

         
               

disclosure, and misconduct by regulated entities and individuals. As a result of our efforts to 
uncover potential wrongdoing in these and other areas, between mid-March and the end of the 
fiscal year the Division opened more than 150 COVID-related inquiries or investigations, many 
of which are ongoing. 

Given the widespread switch to remote work and the increased market volatility, we recognized 
the potential for the misuse of material nonpublic information and, on March 23, 2020, put out a 
public statement addressing our concerns in this regard.47 The statement highlighted that material 
nonpublic information was potentially even more valuable amid the dynamic market conditions 
of the pandemic’s early days than under normal market conditions. The statement reminded 
issuers and registrants to follow their disclosure controls and procedures to protect against the 
improper dissemination and use of such information. 

Finally, the Steering Committee also included members of the Division’s Retail Strategy Task 
Force (RSTF) who, in collaboration with the SEC’s Office of Investor Education and Advocacy, 
issued an Investor Alert warning of potential COVID-19-related scams targeting retail investors, 
highlighting specific types of frauds investors should be wary of, and providing specific steps 
that retail investors could take to protect themselves. 48 

Retail Investor Protection 
Staff across the Division continued to work to protect retail investors from threats apart from 
those related to COVID-19. Cases in this area span a wide range of conduct, and address 
violations that affected a variety of investor populations, including seniors,49 the Hispanic 
community,50 African immigrants,51 Amish and Mennonite community members,52 police 
officers and other first responders,53 and cadets at the U.S. Air Force Academy.54 

In addition, staff, and particularly the RSTF, worked to educate vulnerable investors about 
potential scams targeting members of identifiable groups, such as religious or ethnic commu-
nities, the elderly, or the differently abled. For example, in Fiscal Year 2020, the RSTF helped 
create a video designed to teach investors in the Deaf, Hard of Hearing, and Hearing Loss 
communities about how to spot frauds in their communities.55 This was tied to the Commission’s 
September 2020 action against a Swedish national living in Thailand who allegedly conducted a 
multi-million dollar online offering fraud that victimized thousands of retail investors world-
wide.56 According to the complaint, at least 847 of the investors were members of a community 
for the Deaf that invested more than $2 million in the scheme since 2015 as their retirement 
investment. 

Preserving Market Integrity 

As a number of the Commission’s enforcement actions demonstrate, the Division remains 
focused on uncovering violations at major financial institutions over the last year. Such matters 
are essential to maintaining the integrity of the securities markets. 

One market structure issue that has been a major area of ongoing focus is the “pre-release” of 
American Depository Receipts (ADRs). ADRs are U.S. securities that represent foreign shares of 
a foreign company and require a corresponding number of foreign shares to be held in custody at 
a depositary bank. The practice of pre-release allows ADRs to be issued without the deposit of 
foreign shares, provided the broker receiving them has an agreement with a depositary bank and 
the receiving broker or its customer owns a number of foreign shares that corresponds to the 

12 

https://communities.55
https://Academy.54
https://regard.47


 

 

              
        

          
          

         
         

        
         

       
       

         
       

          
          

       
       

       
         

      
            
         

          
         

          
        

       
      

          
             

          
           
            
         

        

     

            
       

           
         
         

     
             

        
       

             

 
 

number of shares the ADRs represent. Since late 2018, and continuing through Fiscal Year 2020, 
the Commission has brought enforcement actions against depositary banks and brokers 
comprising some of the world’s largest financial institutions, including JP Morgan Chase, 
Citibank, and Merrill Lynch, for engaging in improper conduct that undermined market integrity 
in connection with the “pre-release” of ADRs. In total, the Commission brought actions against 
15 firms and 4 individuals, ordering more than $432 million in disgorgement and penalties.57 

This important initiative, which has now concluded, illuminated misconduct in the gateway to 
U.S. markets for issuers from across the world. 

In 2020, the Commission also brought several actions in connection with order routing practices. 
In May 2020, the Commission charged Bloomberg Tradebook LLC with making material mis-
representations and omitting material facts about how the firm handled certain customer trade 
orders.58 The Commission found that Tradebook allowed unaffiliated broker-dealers to make 
order routing decisions for certain customer orders, contradicting its marketing materials, which 
represented that orders would be routed by Tradebook’s own “advanced” technology. In August 
2020, the Commission charged affiliated registered investment advisers WBI Investments Inc. 
and Millington Securities Inc. with making material misrepresentations to clients about 
compensation Millington received in an institutional payment for order flow arrangement for 
routing client orders to certain brokerage firms for execution.59 

Nationally recognized statistical rating organizations (NRSROs), or credit rating agencies, also 
play a critical role in ensuring market integrity. Over the last year, the Commission brought 
several actions addressing issues in the credit rating process. For example, the Commission 
charged Morningstar Credit Ratings LLC with violating a conflict of interest rule designed to 
separate credit ratings and analysis from sales and marketing efforts, finding that Morningstar 
had permitted a wholesale integration of its ratings analysts into its business development 
efforts.60 The Commission also instituted two actions against Kroll Bond Rating Agency, Inc. 
(KBRA) relating to the rating of commercial mortgage-backed securities (CMBS) and of 
collateralized loan obligation (CLO) combination notes.61 In connection with the CMBS ratings 
matter, the Commission found that KBRA permitted analysts to make adjustments that had a 
material effect on the final ratings, but did not require any analytical method for determining 
when and how those adjustments should be made, and that KBRA’s internal controls failed to 
monitor whether analysts were making adjustments at the loan level, as KBRA’s procedures 
required, or at the portfolio level. With regard to the CLO combo notes matter, the Commission 
found that KBRA’s policies and procedures were not reasonably designed to ensure that KBRA 
rated the notes in accordance with their terms. 

Uncovering and Prosecuting Abusive Trading 

Detecting and punishing those who engage in insider trading, and those who trade on the basis of 
misappropriated information, remain central to our mission. The Commission, often in coordi-
nation with criminal law enforcement authorities, brought a number of actions covering a wide 
array of such abusive trading practices. For example, the Commission charged a former finance 
manager at Amazon.com Inc. and two family members with insider trading in advance of 
Amazon earnings announcements between January 2016 and July 2018.62 The Commission also 
charged a former IT administrator at Palo Alto Networks Inc., who allegedly used his IT cre-
dentials and work contacts to obtain highly confidential information about Palo Alto Network’s 
quarterly earnings and financial performance, then traded in the company’s securities based on 
the confidential information and tipped his friends, four of whom were also charged.63 

13 

https://charged.63
https://Amazon.com
https://notes.61
https://efforts.60
https://execution.59
https://orders.58
https://penalties.57


 

 

      
       

        
        
           

          
            

           
          

         
       

           
        

          
         

  

           
             

          
         

             
         

            
           

          
         

         
         

       
         

        
       

            
        

             
       

    

            
        

           
             

           
      

 
 
 

In addition to such “classical” insider trading cases, the Commission brought enforcement 
actions against financial professionals for allegedly misappropriating material nonpublic 
information that they and/or others then traded on. In one action, the Commission charged a 
senior index manager at a globally recognized index provider and his friend with perpetrating an 
insider trading scheme that generated more than $900,000 in illegal profits.64 The pair allegedly 
purchased call or put options of publicly traded companies hours before public announcements 
that those companies would be added to or removed from a popular stock market index that the 
index manager helped his employer manage, and then liquidated their options positions for a 
substantial profit. And in a series of enforcement actions arising from an alleged international 
insider trading scheme, the Commission charged an investment banker at a large investment 
bank and a New York-based trader,65 two former investment bankers and a London-based 
trader,66 and two traders based in Switzerland.67 These actions, like a number of other significant 
cases involving complex, abusive trading, originated from the Analysis and Detection Center 
housed within the Division’s Market Abuse Unit, which uses data analysis tools to detect 
suspicious trading patterns, such as improbably successful trading across different securities 
over time. 

Notably, parallel criminal actions were filed by separate U.S. Attorney’s Offices in connection 
with each of the four cases mentioned above. This reflects the success of our ongoing efforts to 
coordinate with our criminal law enforcement counterparts as appropriate. Fittingly, Fiscal Year 
2020 began with a Criminal Coordination Conference that the Division hosted on October 3, 
2019. The main goals of this event were to continue to build relationships between the Division 
and our criminal law enforcement counterparts and to strengthen our coordination. 

A critical element in preventing illegal trading is robust corporate controls and compliance 
policies around the use and safeguarding of material nonpublic information. The importance of 
such policies was central to the Co-Directors’ Statement of March 23, 2020, referenced above, 
and it also animated the Commission’s enforcement action against Ares Management LLC, 
a Los Angeles-based private equity firm and registered investment adviser.68 In that matter, 
the Commission found that Ares’s compliance policies failed to account for the special 
circumstances presented by having an employee serve on the portfolio company’s board while 
that employee continued to participate in trading decisions regarding the portfolio company. 

Our efforts to curb abusive trading extend beyond insider trading. For example, the Commission 
filed an emergency action and obtained an asset freeze against eighteen traders in a complex 
scheme to manipulate more than 3,000 U.S.-listed securities for more than $31 million in illicit 
profits.69 The Commission alleged that the traders, who are primarily based in China, mani-
pulated the prices of thousands of thinly traded securities by creating the false appearance of 
trading interest and activity in those stocks, artificially boosting or depressing stock prices. 

Achieving Results Through Litigation 

The majority of the Commission’s enforcement actions are filed as settled matters, but the 
Division stands ready to litigate matters where necessary to protect investors, markets, and the 
Commission’s interests. Over 40% of the standalone matters the Commission brought in Fiscal 
Year 2020 were filed in whole or in part as litigated actions. These matters, against both entities 
and individuals, span a wide range of misconduct and represent the Division’s commitment of 
resources to litigation when a satisfactory resolution by settlement cannot be reached. 

14 

https://profits.69
https://adviser.68
https://Switzerland.67
https://profits.64


 

 

          
        

           
            

       
          

       
       

        
          

           

           
            

           
 

          
        

          
         

           
       

   

         
           

          
           

            
      

          
             

        
       

          

         
        

       

 

 
 

 

The Division had a number of significant wins before juries, in bench trials, and in contested 
administrative and cease-and-desist proceedings in Fiscal Year 2020. In fact, every proceeding 
that the Division litigated to a verdict or decision this year resulted in a win for the Commission. 
The Division’s ability to prevail before a jury on even the most complex fact patterns was on 
display in the Commission’s action against Ukraine-based trading firm Avalon FA Ltd. and its 
principals for allegedly manipulating the U.S. markets hundreds of thousands of times and 
generating more than $25 million in illicit proceeds.70 The Commission alleged that Avalon 
engaged in layering, which involved placing and canceling orders to trick others into buying or 
selling stocks at artificial prices, and cross-market manipulation, which involved buying or 
selling stocks to artificially impact options prices. In November 2019, following a three week-
long trial, the jury found Avalon and its principals liable for its unlawful trading schemes. 

Another win came on September 24, 2020, when, after a nine-day bench trial, a New York 
federal judge ordered a former private equity executive liable on the Commission’s charges that 
he had fraudulently spent his clients’ funds on vacations, salon trips, clothing and other personal 
expenses.71 

The Commission also obtained asset freezes and emergency relief in a number of actions. One 
particularly significant example was the Commission’s October 2019 emergency action against 
Telegram.72 The court issued a preliminary injunction barring delivery of the tokens at issue and 
finding that the Commission had shown a substantial likelihood of proving that Telegram’s sales 
were part of a larger scheme to unlawfully distribute “Gram” tokens to the secondary public 
market. Ultimately, the Commission reached a settlement whereby Telegram agreed to return 
more than $1.2 billion to investors.73 

Further, the Commission also had success at the summary judgment stage. For example, in 
August 2020, the District Court for the Southern District of Florida granted the Commission 
summary judgment in a case charging a Florida-based individual and his company with acting as 
unregistered dealers in the sale of billions of shares of numerous penny stock issuers.74 And on 
September 30, 2020, the District Court for the Southern District of New York awarded the 
Commission summary judgment on its charges against Kik Interactive Inc. in connection with 
that company’s 2017 initial coin offering.75 The court found that undisputed facts established that 
Kik’s sales of “Kin” tokens were sales of investment contracts, and therefore of securities, and 
that Kik violated the federal securities laws when it conducted an unregistered offering of 
securities that did not qualify for any exemption from registration requirements. The court 
further found that Kik’s private and public token sales were a single integrated offering. 

Through such actions, the Division obtained significant relief on behalf of the Commission and 
investors. These and other cases also remind potential bad actors that the Commission will 
aggressively litigate even the most difficult cases where appropriate. 

15 

https://offering.75
https://issuers.74
https://investors.73
https://Telegram.72
https://expenses.71
https://proceeds.70


 

 

    

 

            
        

          
          

       
             
          

       
       

            

         
        

       
   

             
   

 

   

             
      

        
        

            

                                                

               
               

              
               

  

DISCUSSION AND ANALYSIS OF FISCAL YEAR 2020 

Overall Results 

Fiscal Year 2020 was another successful year for the Division of Enforcement, despite the 
unprecedented challenges posed by the global COVID-19 pandemic. Since mid-March, the 
entire Division has been working from home, which has created unique impediments to several 
important aspects of our work, such as taking testimony from live witnesses, gathering evidence, 
and litigating our cases in court. Nevertheless, the Division found ways to recommend meaning-
ful cases to the Commission and to protect the investing public. In the face of great adversity, 
the Commission brought 715 enforcement actions in Fiscal Year 2020. Impressively, the 
Commission brought 492 of these cases after the instituting mandatory telework in mid-March. 
Of the cases brought this fiscal year: 

• 405 were “standalone” actions brought in federal court or as administrative proceedings; 

• 180 were “follow-on” proceedings seeking bars based on the outcome of Commission actions 
or actions by criminal authorities or other regulators; and 

• 130 were proceedings to deregister public companies–typically microcap–that were 
delinquent in their Commission filings.* 

Notwithstanding the challenges we faced, the total numbers of cases were down only 17% from 
last year. 

Types of Cases 

As the chart below illustrates, the majority of the SEC’s 405 standalone cases in Fiscal Year 
2020 concerned securities offerings (32%), investment advisory and investment company issues 
(21%), and issuer reporting/accounting and auditing (15%) matters. The SEC also continued to 
bring actions relating to broker-dealers (10%), insider trading (8%), and market manipulation 
(5%), as well as other areas such as Public Finance (3%) and FCPA (2%). 

* In Fiscal Year 2020, the Commission’s deregistration and/or suspension orders instituted a proceeding as to a 
single issuer. In prior years, such orders typically instituted a proceeding as to two or more, usually unrelated, 
issuers. This change in practice achieves consistency with the Commission’s general practice of issuing separate 
orders for individual respondents except when charges arise from related investigations, and streamlines the process 
relating to contested orders. 

16A breakdown of the number and percentage of the types of actions brought in Fiscal Year 2020 
is set forth in the attached appendix. 

Disgorgement and Penalties Ordered 

In Fiscal Year 2020, the Commission obtained record-breaking monetary remedies in enforce-
ment actions. All told, parties in the Commission’s actions and proceedings were ordered to pay 
a total of $3.589 billion in disgorgement of ill-gotten gains. Penalties imposed totaled $1.091 
billion, in line with Fiscal Year 2019’s $1.101 billion penalty total. Total monetary relief ordered 
in Fiscal Year 2020 was $330 million higher than in Fiscal Year 2019, an approximately 
8% increase. 

Money ordered is also high when viewed in terms of the median case: the median amount of 
total money ordered in Fiscal Year 2020 was over $530,000. 

17 



 

 

 

 

             
          

 

 
         

          
          

       

 

 

 

 

 

 

In Fiscal Year 2020, the 5% of cases that involve the largest financial remedies again accounted 
for the majority of all financial remedies the Commission obtained. 

The Commission places a significant priority on returning funds to harmed investors whenever 
possible. Consistent with that goal, the Commission returned $602 million to harmed investors in 
Fiscal Year 2020. These distributions comprised over 800,000 individual payments to investors 
from 91 fair funds and court-appointed administrators. 

18 



 

 

   

            
        

         
        

          
         

         
              
          

          
               

         
          

  
 

 

 

 

 

 

 

Tips, Complaints, and Referrals 

Each year, the Commission receives thousands of tips, complaints, and referrals, or TCRs, that 
need to be reviewed and analyzed by Enforcement staff to identify those that warrant potential 
further investigation or response. Staff quickly triages each TCR to determine whether we should 
open an inquiry or investigation. In Fiscal Year 2020, the Commission received over 23,650 
TCRs, a substantial increase over the approximately 16,850 TCRs received in Fiscal Year 2019. 
Further, the Commission received a majority of these TCRs during the pandemic: between mid-
March and the end of the fiscal year, the Division triaged approximately 16,000 TCRs, a 71% 
increase from the same time period in 2019. We also saw an increase in the number of new 
inquiries and investigations. Overall, we opened 1,181 new inquiries and investigations in Fiscal 
Year 2020, compared to 1,082 in Fiscal Year 2019. From mid-March through the end of the 
fiscal year, we opened over 640 new inquiries/investigations, a 7% increase over the same period 
in Fiscal Year 2019. The staff’s dedication to quickly assessing TCRs and opening new cases is 
extraordinary. In addition, we believe this work has created a strong pipeline for future 
enforcement actions. 

19 



 

 

  

             
        

           
         
           

         
          

            
       

           
  

 

 
      

            
        

          
         
     

                                                

                 
             
               
      

Whistleblower Program 

Over the past ten years, the whistleblower program has been a critical component of the 
Commission’s efforts to detect wrongdoing and protect investors in the marketplace, particularly 
where fraud is concealed or difficult to detect. Enforcement actions from whistleblower tips have 
resulted in more than $2.5 billion in ordered financial remedies, including more than $1.4 billion 
in disgorgement of which almost $750 million has been, or is scheduled to be, returned to 
harmed investors. Recognizing the importance of rewarding meritorious whistleblowers in a 
timely manner, we have made efforts to streamline and substantially accelerate the evaluation of 
claims for whistleblower awards. These efforts paid off. Fiscal Year 2020 was a record-breaking 
year for the whistleblower program. The Commission issued awards totaling approximately $175 
million to 39 individuals, both greater than any other year in the program’s history. 

Importantly, the Division also issued substantially more preliminary determinations, which set 
forth its assessment of whether a claim should be approved or denied and, if approved, the 
proposed award amount, and final Commission orders of awards and denials.† In Fiscal Year 
2020, the Division issued 315 preliminary determinations, a more than 95% increase over the 
next highest year, and the Commission issued 197 final orders, an approximately 19% increase 
over the next highest year. 

† Note that in Fiscal Years 2014 and 2015, a large number of preliminary determinations denials were issued to two 
serial submitters (both of whom were barred from the program), and these preliminary determinations became final 
orders during those same years. Specifically, in Fiscal Year 2014, 144 denials were issued to one claimant and, in 
Fiscal Year 2015, 40 denials were issued to another. 

20 



 

 

 

 
         

          
        

   

 

         
       

           
            
               
         

           

  

       
       

           
         

        
         

         
              

         
      

 

Further, in Fiscal Year 2020, the Commission adopted amendments to the rules governing the 
whistleblower program that were designed to provide greater clarity to whistleblowers and 
increase the program’s transparency and efficiency, including around the review and processing 
of whistleblower award claims. 

Individual Accountability 

Holding individuals accountable is among the Commission’s most effective methods of 
achieving deterrence. Experience teaches that individual accountability drives behavior and can 
also broadly impact corporate culture. In Fiscal Year 2020, 72% of the Commission’s standalone 
actions involved charges against one or more individuals. This percentage is in line with the 
results of the last several fiscal years. The individuals charged in our actions include those at the 
top of the corporate hierarchy—including chief executive officers, chief financial officers, and 
chief operating officers—as well as gatekeepers like accountants, auditors, and attorneys. 

Non-Monetary Relief Obtained 

In every enforcement action, the Division seeks appropriately tailored sanctions that advance 
enforcement goals. In addition to the monetary relief discussed above (disgorgement and 
penalties), there are a variety of potential non-monetary remedies available in the Commission’s 
actions. Non-monetary remedial relief is important to the Commission’s effort to ensure future 
compliance with the securities laws. For example, the Commission may seek undertakings, the 
appointment of independent compliance consultants, and/or conduct-based injunctions to protect 
the investing public on a going-forward basis. In each case, the Division seeks authorization to 
pursue those non-monetary remedies that will have the greatest impact. In Fiscal Year 2020, the 
Division continued to think creatively about how to craft relief to best protect investors. Some of 
these remedies are discussed in more detail below. 

21 



 

 

  
         

               
       

       
        

              
  

          
           

           
             

           
          

          
            

    

            
              

           
            
         

        
   

  
          
          

        
             

        
        

        
       

  
             
            

        
    

   
         

        
          

     
          

      
 

Undertakings 
Undertakings require a defendant to take affirmative steps—either in conjunction with entry of 
the order or in the future—to come into and remain in compliance with the specific terms of a 
court’s order. The Commission also has authority to impose similar obligations on respondents in 
administrative proceedings. Undertakings are a forward-looking remedy, specifically designed 
with an eye toward what happens after settlement. Well-designed undertakings provide unique 
long-term benefits to investors, and are one of the most effective forms of equitable relief in SEC 
enforcement actions. 

Many undertakings require a settling party to retain a compliance consultant or monitor to make 
recommendations to the issuer and report to the staff. In some cases, undertakings may reflect 
different affirmative steps to remediate structural or other problems. Several actions from Fiscal 
Year 2020 illustrate the Division’s use of undertakings that are tailored to remedial objectives 
and specific to the wrongful conduct at issue. For example, in the matter involving VFA’s failure 
to disclose to teachers practices that generated millions of dollars in fees and other financial 
benefits for VFA, VFA agreed to certain undertakings, including capping management fees for 
Florida K-12 teachers participating in 403(b) and 457(b) retirement plans under VFA’s 
management and certain other VFA advisory products.76 

Another example of tailored undertakings in Fiscal Year 2020 comes from the BitClave PTE 
Ltd. matter, involving an unregistered sale of digital tokens.77 As part of the relief obtained, the 
Commission ordered BitClave to transfer all of its digital tokens to a fair fund administrator to 
allow the fund administrator to permanently disable the tokens and take action to remove its 
tokens from digital asset trading platforms. These undertakings seek to remedy the harm from 
the illegal token offering by BitClave and the risks associated with the tokens trading freely 
without proper disclosure. 

Bars and Suspensions Imposed 
Bars and suspensions are also important forms of remedial relief available to the Commission. 
Bars and suspensions remove bad actors from positions where they can engage in future wrong-
doing and thereby cause harm to investors and markets. Accordingly, the Division frequently 
asks the Commission to bar, or suspend for a period of time, wrongdoers from serving as officers 
or directors of public companies, dealing in penny stocks, associating with registered entities 
such as broker-dealers and investment advisers, or appearing or practicing before the 
Commission as accountants or attorneys. Enforcement actions resulted in 477 bars and 
suspensions of wrongdoers in Fiscal Year 2020. 

Trading Suspensions 
The federal securities laws allow the SEC to suspend trading in a security for up to ten business 
days when the SEC determines that a trading suspension is required in the public interest and for 
the protection of investors. In Fiscal Year 2020, the Commission suspended trading in the 
securities of 196 issuers. 

Court-Ordered Asset Freezes 
Court-ordered asset freezes are important to the Commission’s ability to protect investors 
because they prevent alleged wrongdoers from dissipating assets that could be distributed to 
harmed investors. Wrongdoers often attempt to hide assets and/or move them offshore, and the 
Commission’s ability to obtain meaningful financial remedies and to return money to harmed 
investors may therefore depend on the ability to obtain an asset freeze at an early stage. These 
circumstances require seeking federal court action on an emergency basis. 

22 

https://tokens.77
https://products.76


 

 

         
             

        
        

        
          

    

 

          
           

        
           

         
          
         
       

         
       

             
               

             
   

 

 

 

 

 

 

 
 

In Fiscal Year 2020, the Commission obtained 24 court-ordered asset freezes. These actions 
involve a range of misconduct. For example, in the Telegram Group Inc. matter, the Commission 
obtained an asset freeze against two offshore entities that conducted an unregistered digital 
token offering in the U.S. and overseas, raising more than $1.7 billion.78 The Commission also 
obtained an asset freeze that halted a series of alleged microcap market manipulation schemes 
aimed at defrauding retail investors.79 These matters demonstrate swift action by the 
Commission designed to preserve investor funds. 

Challenges 

The COVID-19 pandemic has disrupted many of the Division’s traditional methods of 
conducting investigations as it works to promote the safety and well-being of its staff while 
bringing meaningful cases to protecting investors. The ability to take live witness testimony, 
conduct in-person Wells meetings, and litigate cases in court, for example, have all been 
impacted. Although these methods cannot be completely replaced, the Division has worked hard 
to find innovative ways to ensure that investigations continue to move efficiently and quickly. 
While under mandatory telework orders, the Division of Enforcement has conducted numerous 
remote testimony sessions through internet-based video platforms, which allow staff to share 
documents with the witness while asking questions. The Division also held Wells meetings by 
video with multimedia presentations. Even courts have begun conducting remote hearings and 
bench trials by video, allowing our trial unit to successfully litigate several important cases as a 
result. As it is uncertain when we will be able to return to our offices and begin live meetings and 
testimony, we will continue to find ways to improve upon our remote capabilities and ways to 
conduct investigations efficiently remotely. 

23 

https://investors.79
https://billion.78


 

 

    
         
              

            

      
       

 
  

             
  

        
       

             
     

          
          

          
     

            
  

        
         

 

       
            

    
          

          
   

        
     

          
  

         
        
   

           
      

             
   

              
    

        
        

 

NOTEWORTHY ENFORCEMENT ACTIONS 
The Division’s efforts resulted in many noteworthy enforcement actions in Fiscal Year 2020. 
The matters described below give some sense of the actions the Commission brought in areas of 
the Division’s greatest focus and demonstrate the breadth of the landscape the Division covers. 

In addition to those actions discussed above, significant Commission enforcement actions in 
Fiscal Year 2020 also included charges against the following: 

Financial Institutions 
• Jefferies LLC and ABN AMRO Clearing Chicago LLC for their improper handling of 

“pre-released” American Depositary Receipts.80 

• Morgan Stanley Smith Barney LLC for providing misleading information to clients in its 
retail wrap fee programs regarding trade execution services and transaction costs.81 

• Morgan Stanley & Co. LLC for violations of Regulation SHO for failing to correctly net their 
positions and mark their long and short sales.82 

• Interactive Brokers LLC for repeatedly failing to recognize red flags and file suspicious 
activity reports for U.S. microcap securities trades it executed on behalf of customers.83 

• Broker-dealers Bluefin Trading LLC and Critical Trading LLC for violating the short tender 
rule in a partial tender offer.84 

• Broker-dealer SG Americas Securities LLC for failing to provide complete and accurate blue 
sheet trading data.85 

• Broker-dealer JonesTrading Institutional Services LLC for failing to preserve business-
related text messages exchanged on the personal devices of several of its registered 
representatives.86 

Issuer Reporting and Disclosure Issues and Auditor Issues 
• RSM LLP for deficiencies in its quality control system related to staffing certain private 

investment fund financial statement audits.87 

• MetLife, Inc. for violating the books and records and internal accounting controls provisions 
of the federal securities laws relating to two errors in its accounting for reserves associated 
with its annuities business.88 

• Chicago-area engine manufacturing company Power Solutions International Inc. for 
overstating its revenues by almost $25 million.89 

• BorgWarner Inc. for materially misstating its financial statements by failing to account for 
certain asbestos liabilities.90 

• Pennsylvania-based owner and operator of cemeteries and funeral homes StoneMor Partners 
L.P. for failing to adequately disclose material liquidity problems and making misstatements 
in its financial statements.91 

• Three former executives of Ironclad Performance Wear Corp. for allegedly inflating 
Ironclad’s revenues through manipulative and deceptive accounting gimmicks.92 

• RCI Hospitality Holdings, Inc. and its CEO and CFO for RCI’s disclosure and controls 
failures concerning executive compensation and related party transactions.93 

• PLS CPAs and three of its auditors for engaging in improper professional conduct in 
connection with audit reports issued by PLS.94 

• Silicon Valley-based data storage company Quantum Corporation for internal accounting 
controls violations that resulted in repeated revenue recognition errors from 2015 to 2017.95 

24 

https://transactions.93
https://gimmicks.92
https://statements.91
https://liabilities.90
https://million.89
https://business.88
https://audits.87
https://representatives.86
https://offer.84
https://customers.83
https://sales.82
https://costs.81
https://Receipts.80


 

 

  
           

         
      

           
      

           
     

        
      

 

  
        

   
    

            
     

      
         

       
    

             
         

            
         

  
           

        
 

             
     

 
         

        
          

        
       

      
           

       
          

      
    

 

Public Finance Abuse 
• UBS Financial Services Inc. for improperly allocating bonds intended for retail customers to 

parties, known in the industry as “flippers,” who then immediately resold or “flipped” the 
bonds to other broker-dealers at a profit.96 

• Roosevelt & Cross and two of its registered representatives for circumventing the priority 
given to retail and institutional investors in certain municipal bond offerings.97 

• A state-funded, nonprofit charter school and its former President for allegedly misleading 
investors in a municipal bond offering.98 

• Two former executives of Tri-Valley Learning Corporation, which operated two public 
charter schools, for allegedly misleading investors who purchased over $25 million in bonds 
issued by Tri-Valley.99 

Individual Accountability 
• Two former top executives of Indiana-based trucking company Celadon Group Inc. for their 

alleged participation in an accounting fraud that included concealing losses by buying and 
selling trucks at inflated prices.100 

• Three former KPMG audit partners for improperly sharing answers to internal training exams 
testing whether audit professionals understood accounting and auditing principles and 
subsequent misconduct related during an investigation of the exam sharing.101 

• Former Hertz CEO and Chairman for allegedly aiding and abetting the company’s filing of 
inaccurate financial statements and disclosures that included inaccurate accounting for 
various reserve accounts.102 

• The former CFO of AmTrust Financial Services Inc. for allegedly failing to disclose material 
facts about how the company estimated its insurance losses and reserves.103 

• Three executives of a California solar panel company for allegedly diverting millions of 
dollars in investor funds earmarked for development of solar panel nanotechnology toward 
personal expenses.104 

• A supervisor of the securities lending desk at Industrial and Commercial Bank of China 
Financial Services LLC for the improper handling of transactions involving American 
Depositary Receipts.105 

• The former CEO of an online auction site for his alleged involvement in seeking to prevent 
whistleblowers from communicating with the SEC.106 

COVID-19 
• An emergency action and asset freeze in an alleged fraudulent scheme that generated more 

than $25 million from sales of multiple microcap companies’ stock, including four 
companies that were the subject of recent SEC trading suspension orders.107 

• A California-based penny stock trader for allegedly conducting a fraudulent pump-and-dump 
scheme by making hundreds of misleading statements in an online investment forum, 
including that a company had developed an approved blood test for COVID-19.108 

• Applied Biosciences Corp. for allegedly making false or misleading claims regarding its 
distribution of supposed rapid result finger-prick COVID-19 tests to the general public.109 

• Turbo Global Partners, Inc. and its CEO for allegedly issuing false and misleading press 
releases regarding the company’s purported partnership to sell thermal scanning equipment 
that would detect individuals with fevers.110 

25 

https://Tri-Valley.99
https://offering.98
https://offerings.97
https://profit.96


 

 

          
           

      
            

       

 
           

      
            

        
         

          
         

         
        

  
          

       
 

         
   

   
         

         
     

           
   

          
        

          
       

             
         

    
             

          
          

            
  

 
 
 
 
 
 

• Praxsyn Corp. and its CEO for allegedly issuing false and misleading press releases claiming 
that Praxsyn was able to acquire and supply large quantities of N95 or similar masks to 
protect wears from the COVID-19 virus.111 

• The President and Chief Science Officer of Arrayit Corporation for allegedly making false 
and misleading statements concerning Arrayit’s development of a COVID-19 blood test.112 

Cyber 
• A digital-asset entrepreneur and his company for allegedly defrauding investors in an ICO 

that raised more than $42 million from hundreds of investors.113 

• NAC Foundation, NAC’s CEO, and a political lobbyist for allegedly defrauding investors in 
an ICO by misrepresenting to investors that they were purchasing tokens that could be 
converted to a digital asset security that was superior to the original bitcoin.114 

• Blockchain services company BitClave PTE Ltd for conducting an unregistered ICO. As part 
of a settlement, BitClave agreed to pay over $25 million to harmed investors.115 

• Unikrn Inc., an operator of an online eSports gaming and gambling platform, for conducting 
an unregistered ICO. As part of a settlement, Unikrn agreed to pay $6.1 million to harmed 
investors.116 

• Boon Tech and its CEO for a fraudulent, unregistered offering of digital asset securities in 
connection with the sale of approximately $5 million in Boon Coins to more than 1,500 
investors.117 

• Actor Steven Seagal for failing to disclose payments he received for promoting an 
investment an ICO conducted by Bitcoiin2Gen.118 

Insider Trading 
• A California husband and wife in an alleged multi-million-dollar insider trading scheme 

involving the securities of Sagent Pharmaceuticals, Inc. in advance of an announcement 
about the company’s acquisition.119 

• Former executives of PetMed Express, Inc. for allegedly trading in advance of market-
moving earnings announcements between 2014 and 2018.120 

• The former Controller of Aceto Corporation for allegedly trading ahead of the now-bankrupt 
company’s earnings results showing poor sales and a pending impairment charge.121 

• An investor relations consultant for allegedly trading ahead of at least eleven earnings 
announcements in several public companies between Feb. 2016 and March 2018.122 

• Two former Rite Aid Corp. employees for allegedly disposing of shares of Rite Aid prior to a 
negative announcement regarding the status of a potential merger between Rite Aid and 
Walgreens Boots Alliance, Inc.123 

• A former investment adviser for allegedly trading in the securities of COPsync, Inc. stock on 
the basis of material, non-public information he gained while consulting for the company.124 

• A North Carolina-based actuary for alleged insider trading in the stock of Piedmont Natural 
Gas Company, Inc. on the basis of confidential information about a potential merger with 
Duke Energy Corp.125 

26 



 

 

     
          

           
   

       
         
   

    
           

      
            

           
    

 
         

      
              

          
    

         
              

         
       

          
            

        
        

         
              

    
            

         
             

           
  

          
            

            
            

          
             
    

           
           

           

 

Foreign Corrupt Practices Act 
• Herbalife Nutrition Ltd. for violating the books and records and internal accounting 

controls provisions of the FCPA, in connection with payments to Chinese officials made 
by Herbalife’s Chinese subsidiaries.126 

• Boston-based pharmaceutical company Alexion Pharmaceuticals, Inc. for violating the books 
and records and internal accounting controls provisions of the FCPA by making payments to 
government officials in Turkey and Russia.127 

• South Carolina-based consumer loan company World Acceptance Corporation for violating 
the anti-bribery, books and records and internal accounting controls provisions of the FCPA 
in connection with bribe payments made to Mexican officials.128 

• A former executive of a financial services company for allegedly violating the anti-bribery 
provision of the FCPA by orchestrating a bribery scheme to win a government contract in the 
Republic of Ghana.129 

Criminal Coordination 
• Executives at a healthcare advertising company, who allegedly raised almost half a billion 

dollars from investors by misrepresenting their company’s business track record to 
investors.130 In a parallel criminal case, the U.S. Attorney's Office for the Northern District of 
Illinois and Fraud Section of the Department of Justice charged the executives with mail 
fraud, wire fraud, and bank fraud.131 

• Six individuals and their companies for allegedly coordinating illegal sales and transfer of 
stock.132 In a parallel criminal case, the U.S. Attorney’s Office for the Southern District of 
New York charged one individual and his firm with securities fraud.133 

• A California-based couple for allegedly orchestrating a nearly billion-dollar Ponzi scheme 
promising investors tax credits, lease payments, and profits from the operation of mobile 
solar generators.134 In a parallel criminal case, the U.S. Attorney’s Office for the Eastern 
District of California charged both with wire fraud and money laundering.135 

• A Russian businessman for allegedly creating fraudulent websites that resembled reputable 
financial institutions to solicit funds from individuals seeking CDs with high rates.136 In a 
parallel criminal case, the U.S. Attorney’s Office for the District of New Jersey the fraudster 
with wire fraud.137 

• Trustify Inc and its founder for allegedly lying to investors about the financial standing of the 
business and misappropriating investor funds for personal use.138 In a parallel criminal 
action, the U.S. Attorney’s Office for the Eastern District of Virginia and the Fraud Section 
of the Department of Justice charged the founder with wire fraud, securities fraud and money 
laundering.139 

• A film financier for allegedly defrauding a publicly traded fund of at least $13.8 million and 
using the funds to pay personal expenses.140 In a parallel criminal case, the U.S. Attorney’s 
Office for the Southern District of New York charged the financier with wire fraud.141 

• The president of a real estate development and management company for allegedly running a 
Ponzi scheme that targeted the elderly and misappropriating over $26 million.142 In a parallel 
criminal case, the U.S. Attorney's Office for the Northern District of California charged the 
executive with wire fraud. 143 

• An investment adviser for allegedly running a Ponzi scheme that targeted members of the 
Haitian community.144 In a parallel criminal case, the U.S. Attorney’s Office for the Southern 
District of New York charged the adviser with securities and wire fraud.145 

27 



 

 

  
         

            
         

      
          

  
           

       
          

            
        

         
        

            
         

  
 

 

  

Other Noteworthy Actions 
• A penny stock dealer who allegedly engaged in the business of purchasing convertible notes 

from penny stock issuers, converting the notes into shares of stock, and selling those newly 
issued shares into the public market, without registering with the Commission as a dealer.146 

• Abra, a California-based app developer, for offering and selling security-based swaps to 
retail investors without registration and for failing to transact those swaps on a registered 
national exchange.147 

• A former Georgia state legislator for allegedly defrauding at least 100 investors by making 
misrepresentations to them regarding expected investment returns and misappropriating their 
funds to make Ponzi-like payments to other investors and for personal use.148 

• Florida-based real estate firm EquiAlt LLC, its CEO, and its Managing Director for an 
alleged fraudulent unregistered securities offering that raised more than $170 million from at 
least 1,100 investors, a number of whom invested their retirement funds.149 

• A registered broker-dealer and investment adviser, and a company that designs, 
manufacturers, installs, and services fuel cell power plants, for failing to deliver final 
prospectuses to purchasers in connection with the public sale of more than $148 million in 
FuelCell stock.150 

28 



 

 

 

 

 

 

 

 

 

APPENDIX 

29 



 

 

      
 

 
 

     
       

    
           
          
         
         
          
           
        
         
           
         
          
         
        
          
            
           
           
          
        
            
          
          
           
         
          

          
          
         
           
          
        
          
         
          
           
         

         
         

          
        
         
          

Case Name Type of Action Release 
No. 

Date 
Filed 

BROKER-DEALER 

In the Matter of Moez Ben Mohamed Hedri Follow-on Admin. Proc. 34-87195 10/01/19 
In the Matter of Portfolio Advisors Alliance, Inc. Follow-on Admin. Proc. 34-87238 10/07/19 
In the Matter of Howard J. Allen, III Follow-on Admin. Proc. 34-87239 10/07/19 
In the Matter of Kerri L. Wasserman Follow-on Admin. Proc. 34-87240 10/07/19 
In the Matter of Michael Siva Follow-on Admin. Proc. 34-87245 10/08/19 
In the Matter of Harold Wasserman Follow-on Admin. Proc. 34-87259 10/09/19 
In the Matter of Lek Securities Corporation, et al. Follow-on Admin. Proc. 34-87268 10/10/19 
In the Matter of Domenick Migliorato Stand-alone Admin. Proc. 34-87302 10/15/19 
In the Matter of Richard Andrew Mallion Follow-on Admin. Proc. 34-87334 10/17/19 
In the Matter of Lei (Lily) Lei Follow-on Admin. Proc. 34-87429 10/31/19 
In the Matter of Ira Warkol Follow-on Admin. Proc. 34-87459 11/05/19 
In the Matter of Morgan Stanley Smith Barney, LLC Stand-alone Admin. Proc. 33-10726 11/07/19 
In the Matter of Dale Scott Pearlman Follow-on Admin. Proc. 34-87567 11/18/19 
In the Matter of Michael P. Dunne Follow-on Admin. Proc. 34-87582 11/21/19 
In the Matter of Thomas H. Vetter Follow-on Admin. Proc. 34-87604 11/22/19 
In the Matter of Renwick Haddow Follow-on Admin. Proc. 34-87591 11/22/19 
In the Matter of Michael K. Martin Follow-on Admin. Proc. 34-87616 11/25/19 
In the Matter of Ronald J. Roach Follow-on Admin. Proc. 34-87640 11/27/19 
In the Matter of Jefferies, LLC Stand-alone Admin. Proc. 34-87680 12/09/19 
In the Matter of Ronald R. Roaldsen, Jr. Follow-on Admin. Proc. 34-87751 12/16/19 
In the Matter of Critical Trading, LLC Stand-alone Admin. Proc. 34-87786 12/18/19 
In the Matter of Bluefin Trading, LLC Stand-alone Admin. Proc. 34-87787 12/18/19 
In the Matter of Joseph Ludovico, a/k/a Jay Ludovico Follow-on Admin. Proc. 34-87805 12/19/19 
In the Matter of Richard Johnathan Eden Follow-on Admin. Proc. 34-87827 12/20/19 
In the Matter of Christopher Michael Neumann Follow-on Admin. Proc. 34-87825 12/20/19 
SEC v. Benjamin Mekawy, et al. Civil LR-24702 12/23/19 
In the Matter of Bill Tsai Follow-on Admin. Proc. 34-87840 12/23/19 
In the Matter of Christopher S. Laws Follow-on Admin. Proc. 34-87872 12/30/19 
In the Matter of Ryan K. Dunaske Follow-on Admin. Proc. 34-87878 01/02/20 
In the Matter of Bradley C. Mascho Follow-on Admin. Proc. 34-87904 01/07/20 
In the Matter of J.P. Morgan Securities, LLC Stand-alone Admin. Proc. 33-10741 01/09/20 
In the Matter of Rick D. Mullins Follow-on Admin. Proc. 34-87933 01/10/20 
In the Matter of Jonathan Morrone Follow-on Admin. Proc. 34-87974 01/15/20 
In the Matter of Paul Jurberg Follow-on Admin. Proc. 34-87972 01/15/20 
In the Matter of Brett Hamburger Follow-on Admin. Proc. 34-87975 01/15/20 
In the Matter of Anthony Orth Follow-on Admin. Proc. 34-87973 01/15/20 
SEC v. Thomas Troy Brooks Civil LR-24718 01/15/20 
SEC v. Allan L. Lundervold Civil LR-24719 01/16/20 
In the Matter of Scott Charles Messier Follow-on Admin. Proc. 34-88034 01/24/20 
In the Matter of Jay Zola Scoratow Follow-on Admin. Proc. 34-88035 01/24/20 
In the Matter of Robert S. "Lute" Davis, Jr. Follow-on Admin. Proc. 34-88043 01/27/20 
In the Matter of Aaron R. Andrew Follow-on Admin. Proc. 34-88042 01/27/20 

30 

https://www.sec.gov/litigation/admin/2019/34-87195.pdf
https://www.sec.gov/litigation/admin/2019/34-87238.pdf
https://www.sec.gov/litigation/admin/2019/34-87239.pdf
https://www.sec.gov/litigation/admin/2019/34-87240.pdf
https://www.sec.gov/litigation/admin/2019/34-87245.pdf
https://www.sec.gov/litigation/admin/2019/34-87259.pdf
https://www.sec.gov/litigation/admin/2019/34-87268.pdf
https://www.sec.gov/litigation/admin/2019/34-87302.pdf
https://www.sec.gov/litigation/admin/2019/34-87334.pdf
https://www.sec.gov/litigation/admin/2019/34-87429.pdf
https://www.sec.gov/litigation/admin/2019/34-87459.pdf
https://www.sec.gov/litigation/admin/2019/33-10726.pdf
https://www.sec.gov/litigation/admin/2019/34-87567.pdf
https://www.sec.gov/litigation/admin/2019/34-87582.pdf
https://www.sec.gov/litigation/admin/2019/34-87604.pdf
https://www.sec.gov/litigation/admin/2019/34-87591.pdf
https://www.sec.gov/litigation/admin/2019/34-87616.pdf
https://www.sec.gov/litigation/admin/2019/34-87640.pdf
https://www.sec.gov/litigation/admin/2019/34-87680.pdf
https://www.sec.gov/litigation/admin/2019/34-87751.pdf
https://www.sec.gov/litigation/admin/2019/34-87786.pdf
https://www.sec.gov/litigation/admin/2019/34-87787.pdf
https://www.sec.gov/litigation/admin/2019/34-87805.pdf
https://www.sec.gov/litigation/admin/2019/34-87827.pdf
https://www.sec.gov/litigation/admin/2019/34-87825.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24702.htm
https://www.sec.gov/litigation/admin/2019/34-87840.pdf
https://www.sec.gov/litigation/admin/2019/34-87872.pdf
https://www.sec.gov/litigation/admin/2020/34-87878.pdf
https://www.sec.gov/litigation/admin/2020/34-87904.pdf
https://www.sec.gov/litigation/admin/2020/33-10741.pdf
https://www.sec.gov/litigation/admin/2020/34-87933.pdf
https://www.sec.gov/litigation/admin/2020/34-87974.pdf
https://www.sec.gov/litigation/admin/2020/34-87972.pdf
https://www.sec.gov/litigation/admin/2020/34-87975.pdf
https://www.sec.gov/litigation/admin/2020/34-87973.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24718.htm
https://www.sec.gov/litigation/litreleases/2020/lr24719.htm
https://www.sec.gov/litigation/admin/2020/34-88034.pdf
https://www.sec.gov/litigation/admin/2020/34-88035.pdf
https://www.sec.gov/litigation/admin/2020/34-88043.pdf
https://www.sec.gov/litigation/admin/2020/34-88042.pdf


 

 

 
           

          
         
          
         
         
      

         
          
         
         
         
           
         
            
        
          
             
           
         
          

           
          
         
         
         
         
         

            
         
        

             
             
          
        
          
           
         
         
          
            
         
          
          
         
           
          

In the Matter of Gregory W. Anderson Follow-on Admin. Proc. 34-88041 01/27/20 
SEC v. Edward E. Matthes Civil LR-24726 01/28/20 
In the Matter of Donald Anthony Mackenzie Follow-on Admin. Proc. 34-88063 01/28/20 
In the Matter of Richard Fritts Follow-on Admin. Proc. 34-88061 01/28/20 
In the Matter of Gregory A. Koch Follow-on Admin. Proc. 34-88062 01/28/20 
In the Matter of Gary R. Smith Follow-on Admin. Proc. 34-88057 01/28/20 
In the Matter of Paramount Financial Services, Inc., 
d/b/a Live Abundant Follow-on Admin. Proc. 34-88070 01/29/20 
In the Matter of Jeffrey L. Wendel Follow-on Admin. Proc. 34-88073 01/29/20 
In the Matter of Charles N. Nilosek Follow-on Admin. Proc. 34-88071 01/29/20 
In the Matter of Jeffrey Goldman Follow-on Admin. Proc. 34-88072 01/29/20 
In the Matter of Daniel Markel Follow-on Admin. Proc. 34-88104 01/30/20 
In the Matter of Edward E. Matthes Follow-on Admin. Proc. 34-88114 02/03/20 
In the Matter of Gregory Lamont Drake Follow-on Admin. Proc. 34-88116 02/04/20 
In the Matter of Jason David St. Amour Follow-on Admin. Proc. 34-88117 02/04/20 
In the Matter of Glenn Joseph Story Follow-on Admin. Proc. 34-88121 02/05/20 
In the Matter of David Alan Wolfson Follow-on Admin. Proc. 34-88123 02/05/20 
In the Matter of ABN AMRO Clearing Chicago, LLC Stand-alone Admin. Proc. 34-88139 02/06/20 
In the Matter of Thomas Troy Brooks Follow-on Admin. Proc. 34-88150 02/07/20 
In the Matter of Martin J. Kinchloe Follow-on Admin. Proc. 34-88192 02/13/20 
In the Matter of Brett Pittsenbargar Follow-on Admin. Proc. 34-88290 02/26/20 
SEC v. John D. Fierro, et al. Civil LR-24748 02/26/20 
In the Matter of Yaniv Avnon, et al. Follow-on Admin. Proc. 34-88305 02/28/20 
In the Matter of Daniel B. Vazquez, Sr. Follow-on Admin. Proc. 34-88314 03/03/20 
In the Matter of Dennis M. Farrah Follow-on Admin. Proc. 34-88344 03/09/20 
In the Matter of BMA Securities, LLC Stand-alone Admin. Proc. 34-88371 03/12/20 
In the Matter of Gerald C. Parker Follow-on Admin. Proc. 34-88423 03/19/20 
In the Matter of Anthony B. Brandel, et al. Follow-on Admin. Proc. 34-88463 03/24/20 
SEC v. Justin W. Keener, d/b/a/ JMJ Financial Civil LR-24779 03/24/20 
In the Matter of Bryan Cohen Follow-on Admin. Proc. 34-88506 03/27/20 
In the Matter of Donald J. Fowler Follow-on Admin. Proc. 34-88529 03/31/20 
SEC v. Jonah Engler, a/k/a Jonah Engler-Silberman, et al. Civil LR-24788 03/31/20 
In the Matter of Cantor Fitzgerald & Co. Stand-alone Admin. Proc. 34-88567 04/06/20 
In the Matter of Ronald Hardy Follow-on Admin. Proc. 34-88650 04/15/20 
In the Matter of Sergio Ramirez Follow-on Admin. Proc. 34-88651 04/15/20 
In the Matter of Anthony Vassallo Follow-on Admin. Proc. 34-88652 04/15/20 
In the Matter of James Arthur Young, III Follow-on Admin. Proc. 34-88680 04/17/20 
In the Matter of Stephen Douglas Pizzuti Follow-on Admin. Proc. 34-88732 04/23/20 
In the Matter of Biltmore International Corporation Stand-alone Admin. Proc. 34-88744 04/24/20 
In the Matter of RBC Capital Markets, LLC Stand-alone Admin. Proc. 33-10777 04/24/20 
In the Matter of Anthony C. Ciccone Follow-on Admin. Proc. 34-88751 04/27/20 
In the Matter of Lee C. Schlesinger Follow-on Admin. Proc. 34-88773 04/29/20 
In the Matter of Bloomberg Tradebook, LLC Stand-alone Admin. Proc. 33-10783 05/06/20 
In the Matter of Lawrence E. Hagedorn Follow-on Admin. Proc. 34-88848 05/11/20 
In the Matter of Diane Kaylor Follow-on Admin. Proc. 34-88855 05/11/20 
In the Matter of Wallace Byers Follow-on Admin. Proc. 34-88860 05/12/20 
In the Matter of Sergey Pustelnik, a/k/a Serge Pustelnik Follow-on Admin. Proc. 34-88862 05/13/20 

31 

https://www.sec.gov/litigation/admin/2020/34-88041.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24726.htm
https://www.sec.gov/litigation/admin/2020/34-88063.pdf
https://www.sec.gov/litigation/admin/2020/34-88061.pdf
https://www.sec.gov/litigation/admin/2020/34-88062.pdf
https://www.sec.gov/litigation/admin/2020/34-88057.pdf
https://www.sec.gov/litigation/admin/2020/34-88070.pdf
https://www.sec.gov/litigation/admin/2020/34-88073.pdf
https://www.sec.gov/litigation/admin/2020/34-88071.pdf
https://www.sec.gov/litigation/admin/2020/34-88072.pdf
https://www.sec.gov/litigation/admin/2020/34-88104.pdf
https://www.sec.gov/litigation/admin/2020/34-88114.pdf
https://www.sec.gov/litigation/admin/2020/34-88116.pdf
https://www.sec.gov/litigation/admin/2020/34-88117.pdf
https://www.sec.gov/litigation/admin/2020/34-88121.pdf
https://www.sec.gov/litigation/admin/2020/34-88123.pdf
https://www.sec.gov/litigation/admin/2020/34-88139.pdf
https://www.sec.gov/litigation/admin/2020/34-88150.pdf
https://www.sec.gov/litigation/admin/2020/34-88192.pdf
https://www.sec.gov/litigation/admin/2020/34-88290.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24748.htm
https://www.sec.gov/litigation/admin/2020/34-88305.pdf
https://www.sec.gov/litigation/admin/2020/34-88314.pdf
https://www.sec.gov/litigation/admin/2020/34-88344.pdf
https://www.sec.gov/litigation/admin/2020/34-88371.pdf
https://www.sec.gov/litigation/admin/2020/34-88423.pdf
https://www.sec.gov/litigation/admin/2020/34-88463.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24779.htm
https://www.sec.gov/litigation/admin/2020/34-88506.pdf
https://www.sec.gov/litigation/admin/2020/34-88529.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24788.htm
https://www.sec.gov/litigation/admin/2020/34-88567.pdf
https://www.sec.gov/litigation/admin/2020/34-88650.pdf
https://www.sec.gov/litigation/admin/2020/34-88651.pdf
https://www.sec.gov/litigation/admin/2020/34-88652.pdf
https://www.sec.gov/litigation/admin/2020/34-88680.pdf
https://www.sec.gov/litigation/admin/2020/34-88732.pdf
https://www.sec.gov/litigation/admin/2020/34-88744.pdf
https://www.sec.gov/litigation/admin/2020/33-10777.pdf
https://www.sec.gov/litigation/admin/2020/34-88751.pdf
https://www.sec.gov/litigation/admin/2020/34-88773.pdf
https://www.sec.gov/litigation/admin/2020/33-10783.pdf
https://www.sec.gov/litigation/admin/2020/34-88848.pdf
https://www.sec.gov/litigation/admin/2020/34-88855.pdf
https://www.sec.gov/litigation/admin/2020/34-88860.pdf
https://www.sec.gov/litigation/admin/2020/34-88862.pdf


 

 

 
         
           
          
         
          
         

         
           
        
            
         
          
            
          
         
         

         
         
          
         
          
        

        
        

         
           

        
         

          
          
           
           
        

           
          
         
          
         
          
         
         
           
     

         
           
          
           

In the Matter of Nicholas Fleming, a/k/a "Nick Franklin" Follow-on Admin. Proc. 34-88931 05/21/20 
In the Matter of Paul Ewer Follow-on Admin. Proc. 34-88936 05/22/20 
In the Matter of Robert Gilbert Follow-on Admin. Proc. 34-88937 05/22/20 
In the Matter of Warren A. Davis Follow-on Admin. Proc. 34-88962 05/27/20 
In the Matter of Gibraltar Global Securities, Inc. Follow-on Admin. Proc. 34-88965 05/28/20 
In the Matter of Todd A. Esh Follow-on Admin. Proc. 34-88991 06/02/20 
SEC v. Frederick M. Stow Civil 2020-132 06/11/20 
In the Matter of Michael Douglas Billings, et al. Follow-on Admin. Proc. 34-89144 06/24/20 
In the Matter of SG Americas Securities, LLC Stand-alone Admin. Proc. 34-89143 06/24/20 
In the Matter of Dain F. Stokes Follow-on Admin. Proc. 34-89159 06/25/20 
In the Matter of BNP Paribas Securities Corp. Stand-alone Admin. Proc. 34-89177 06/29/20 
In the Matter of Potamus Trading, LLC, et al. Stand-alone Admin. Proc. 33-10795 06/30/20 
In the Matter of Michael D. Tannen Stand-alone Admin. Proc. 33-10797 07/02/20 
In the Matter of Yong (Michael) Chen Follow-on Admin. Proc. 34-89249 07/08/20 
In the Matter of Jack Alan Abramoff Follow-on Admin. Proc. 34-89336 07/17/20 
In the Matter of Merlyn Curt Geisler Follow-on Admin. Proc. 34-89345 07/20/20 
SEC v. Mark L. Hopkins Civil LR-24856 07/24/20 
In the Matter of Celadon Financial Group, LLC Stand-alone Admin. Proc. 34-89404 07/27/20 
In the Matter of Interactive Brokers, LLC Stand-alone Admin. Proc. 34-89510 08/10/20 
In the Matter of Barbara Desiderio Follow-on Admin. Proc. 34-89522 08/11/20 
In the Matter of Hector Perez Follow-on Admin. Proc. 34-89523 08/11/20 
In the Matter of Joshua Turney Follow-on Admin. Proc. 34-89524 08/11/20 
SEC v. Ross Barish Civil LR-24868 08/13/20 
In the Matter of Garrett Gaylor Stand-alone Admin. Proc. 33-10818 08/13/20 
SEC v. Cecilia Millan, et al. Civil LR-24870 08/18/20 
SEC v. Minish "Joe" Hede, et al. Civil LR-24873 08/21/20 
In the Matter of Steven Pagartanis Follow-on Admin. Proc. 34-89629 08/21/20 
In the Matter of Dale Tenhulzen Follow-on Admin. Proc. 34-89647 08/24/20 
SEC v. Dominic A. Tropiano Civil LR-24878 08/27/20 
In the Matter of Christopher Barone Stand-alone Admin. Proc. 33-10828 08/27/20 
In the Matter of Richard Barone Stand-alone Admin. Proc. 34-89699 08/27/20 
In the Matter of Sean R. Stewart Follow-on Admin. Proc. 34-89720 09/01/20 
In the Matter of Anton Senderov, et al. Follow-on Admin. Proc. 34-89738 09/02/20 
SEC v. John M. Fife, et al. Civil LR-24886 09/03/20 
In the Matter of Steven M. Sexton Follow-on Admin. Proc. 34-89813 09/10/20 
In the Matter of Dominic Tropiano Follow-on Admin. Proc. 34-89829 09/11/20 
In the Matter of Emin Cohen Follow-on Admin. Proc. 34-89857 09/14/20 
In the Matter of Kenneth A. Stromsland Follow-on Admin. Proc. 34-89885 09/16/20 
In the Matter of Navian Capital Securities, LLC, et al. Stand-alone Admin. Proc. 34-89903 09/17/20 
In the Matter of Credit Suisse Securities (USA), LLC Stand-alone Admin. Proc. 34-89947 09/22/20 
In the Matter of JonesTrading Institutional Services, LLC Stand-alone Admin. Proc. 34-89975 09/23/20 
In the Matter of James Vincent Marino Follow-on Admin. Proc. 34-89983 09/24/20 
In the Matter of Emmanuel Kouyoumdjian, 
a/k/a "Manny K" Follow-on Admin. Proc. 34-89980 09/24/20 
In the Matter of Morgan Wilshire Securities, Inc. Stand-alone Admin. Proc. 34-89979 09/24/20 
In the Matter of Dana J. Bradley Follow-on Admin. Proc. 34-90013 09/25/20 
In the Matter of Marlin S. Hershey Follow-on Admin. Proc. 34-90009 09/25/20 

32 

https://www.sec.gov/litigation/admin/2020/34-88931.pdf
https://www.sec.gov/litigation/admin/2020/34-88936.pdf
https://www.sec.gov/litigation/admin/2020/34-88937.pdf
https://www.sec.gov/litigation/admin/2020/34-88962.pdf
https://www.sec.gov/litigation/admin/2020/34-88965.pdf
https://www.sec.gov/litigation/admin/2020/34-88991.pdf
https://www.sec.gov/news/press-release/2020-132
https://www.sec.gov/litigation/admin/2020/34-89144.pdf
https://www.sec.gov/litigation/admin/2020/34-89143.pdf
https://www.sec.gov/litigation/admin/2020/34-89159.pdf
https://www.sec.gov/litigation/admin/2020/34-89177.pdf
https://www.sec.gov/litigation/admin/2020/33-10795.pdf
https://www.sec.gov/litigation/admin/2020/33-10797.pdf
https://www.sec.gov/litigation/admin/2020/34-89249.pdf
https://www.sec.gov/litigation/admin/2020/34-89336.pdf
https://www.sec.gov/litigation/admin/2020/34-89345.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24856.htm
https://www.sec.gov/litigation/admin/2020/34-89404.pdf
https://www.sec.gov/litigation/admin/2020/34-89510.pdf
https://www.sec.gov/litigation/admin/2020/34-89522.pdf
https://www.sec.gov/litigation/admin/2020/34-89523.pdf
https://www.sec.gov/litigation/admin/2020/34-89524.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24868.htm
https://www.sec.gov/litigation/admin/2020/33-10818.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24870.htm
https://www.sec.gov/litigation/litreleases/2020/lr24873.htm
https://www.sec.gov/litigation/admin/2020/34-89629.pdf
https://www.sec.gov/litigation/admin/2020/34-89647.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24878.htm
https://www.sec.gov/litigation/admin/2020/33-10828.pdf
https://www.sec.gov/litigation/admin/2020/34-89699.pdf
https://www.sec.gov/litigation/admin/2020/34-89720.pdf
https://www.sec.gov/litigation/admin/2020/34-89738.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24886.htm
https://www.sec.gov/litigation/admin/2020/34-89813.pdf
https://www.sec.gov/litigation/admin/2020/34-89829.pdf
https://www.sec.gov/litigation/admin/2020/34-89857.pdf
https://www.sec.gov/litigation/admin/2020/34-89885.pdf
https://www.sec.gov/litigation/admin/2020/34-89903.pdf
https://www.sec.gov/litigation/admin/2020/34-89947.pdf
https://www.sec.gov/litigation/admin/2020/34-89975.pdf
https://www.sec.gov/litigation/admin/2020/34-89983.pdf
https://www.sec.gov/litigation/admin/2020/34-89980.pdf
https://www.sec.gov/litigation/admin/2020/34-89979.pdf
https://www.sec.gov/litigation/admin/2020/34-90013.pdf
https://www.sec.gov/litigation/admin/2020/34-90009.pdf


 

 

 
         
          
          
         
          
         
          
            

    
        

    
          
         
              
        
         
      

        
          
        
         
           
     

      
          
             
          
         
        
           
         
     

          
         
            
          
         
         
         
        
              
            
          
         
          
          
             
         

In the Matter of Casimer Anthony Polanchek Follow-on Admin. Proc. 34-90030 09/28/20 
In the Matter of Brian Buckley Follow-on Admin. Proc. 34-90029 09/28/20 
In the Matter of Benjamin Mekawy Follow-on Admin. Proc. 34-90032 09/28/20 
In the Matter of Jeffrey Stebbins Follow-on Admin. Proc. 34-90040 09/29/20 
In the Matter of Gerald Allan Eaton Follow-on Admin. Proc. 34-90053 09/30/20 
In the Matter of Milton J. Dosal, Jr. Follow-on Admin. Proc. 34-90051 09/30/20 
In the Matter of Morgan Stanley & Co., LLC Stand-alone Admin. Proc. 34-90046 09/30/20 
In the Matter of Benjamin Durant, III Follow-on Admin. Proc. 34-90056 09/30/20 

DELINQUENT FILINGS 

In the Matter of BlueFire Renewables, Inc., et al. Stand-alone Admin. Proc. 34-87923 01/09/20 
In the Matter of CannaSys, Inc., et al. Stand-alone Admin. Proc. 34-87925 01/09/20 
In the Matter of Debt Resolve, Inc., et al. Stand-alone Admin. Proc. 34-87931 01/09/20 
In the Matter of Danka Business Systems, PLC Stand-alone Admin. Proc. 34-87922 01/09/20 
In the Matter of Franklin Scientific, Inc., et al. Stand-alone Admin. Proc. 34-87916 01/09/20 
In the Matter of Trimerica Energy Corporation, 
f/k/a Treaty Energy Corporation Stand-alone Admin. Proc. 34-87938 01/10/20 
In the Matter of Toshoan Holdings, Inc., et al. Stand-alone Admin. Proc. 34-87940 01/10/20 
In the Matter of United City Corp., et al. Stand-alone Admin. Proc. 34-87936 01/10/20 
In the Matter of GroGenesis, Inc., et al. Stand-alone Admin. Proc. 34-87949 01/13/20 
In the Matter of Piedmont Mining Company, Inc., et al. Stand-alone Admin. Proc. 34-87954 01/13/20 
In the Matter of Conversion Services International, 
Inc., et al. Stand-alone Admin. Proc. 34-87945 01/13/20 
In the Matter of Primera Foods Corporation, et al. Stand-alone Admin. Proc. 34-87947 01/13/20 
In the Matter of Mongolia Holdings, Inc., et al. Stand-alone Admin. Proc. 34-87961 01/14/20 
In the Matter of MediaWorx, Inc., et al. Stand-alone Admin. Proc. 34-87966 01/14/20 
In the Matter of Genoil, Inc., et al. Stand-alone Admin. Proc. 34-87979 01/15/20 
In the Matter of Great Basin Scientific, Inc. Stand-alone Admin. Proc. 34-87983 01/15/20 
In the Matter of Medical Innovation Holdings, Inc. Stand-alone Admin. Proc. 34-87996 01/16/20 
In the Matter of Soupman, Inc., et al. Stand-alone Admin. Proc. 34-87999 01/16/20 
In the Matter of Medigreen Holdings Corporation, 
a/k/a Rapid Fire Marketing, Inc. Stand-alone Admin. Proc. 34-88024 01/23/20 
In the Matter of Attis Industries, Inc. Stand-alone Admin. Proc. 34-88338 03/05/20 
In the Matter of Endless Charge, Inc. Stand-alone Admin. Proc. 34-88489 03/26/20 
In the Matter of PositiveID Corporation Stand-alone Admin. Proc. 34-88480 03/26/20 
In the Matter of Cybrdi, Inc. Stand-alone Admin. Proc. 34-88544 04/02/20 
In the Matter of American Realty Funds Corporation Stand-alone Admin. Proc. 34-88935 05/22/20 
In the Matter of Consorteum Holdings, Inc., et al. Stand-alone Admin. Proc. 34-89183 06/29/20 
In the Matter of Santa Fe Gold Corporation, et al. Stand-alone Admin. Proc. 34-89181 06/29/20 
In the Matter of Cyclone Power Technologies, Inc., et al. Stand-alone Admin. Proc. 34-89198 06/30/20 
In the Matter of Eos Petro, Inc., et al. Stand-alone Admin. Proc. 34-89204 06/30/20 
In the Matter of ERBA Diagnostics, Inc., et al. Stand-alone Admin. Proc. 34-89208 07/01/20 
In the Matter of Gilla, Inc., et al. Stand-alone Admin. Proc. 34-89210 07/01/20 
In the Matter of HypGen, Inc., et al. Stand-alone Admin. Proc. 34-89229 07/06/20 
In the Matter of Notis Global, Inc., et al. Stand-alone Admin. Proc. 34-89231 07/06/20 
In the Matter of Cür Media, Inc., et al. Stand-alone Admin. Proc. 34-89243 07/07/20 
In the Matter of Protalex, Inc., et al. Stand-alone Admin. Proc. 34-89245 07/07/20 

33 

https://www.sec.gov/litigation/admin/2020/34-90030.pdf
https://www.sec.gov/litigation/admin/2020/34-90029.pdf
https://www.sec.gov/litigation/admin/2020/34-90032.pdf
https://www.sec.gov/litigation/admin/2020/34-90040.pdf
https://www.sec.gov/litigation/admin/2020/34-90053.pdf
https://www.sec.gov/litigation/admin/2020/34-90051.pdf
https://www.sec.gov/litigation/admin/2020/34-90046.pdf
https://www.sec.gov/litigation/admin/2020/34-90056.pdf
https://www.sec.gov/litigation/admin/2020/34-87923.pdf
https://www.sec.gov/litigation/admin/2020/34-87925.pdf
https://www.sec.gov/litigation/admin/2020/34-87931.pdf
https://www.sec.gov/litigation/admin/2020/34-87922.pdf
https://www.sec.gov/litigation/admin/2020/34-87916.pdf
https://www.sec.gov/litigation/admin/2020/34-87938.pdf
https://www.sec.gov/litigation/admin/2020/34-87940.pdf
https://www.sec.gov/litigation/admin/2020/34-87936.pdf
https://www.sec.gov/litigation/admin/2020/34-87949.pdf
https://www.sec.gov/litigation/admin/2020/34-87954.pdf
https://www.sec.gov/litigation/admin/2020/34-87945.pdf
https://www.sec.gov/litigation/admin/2020/34-87947.pdf
https://www.sec.gov/litigation/admin/2020/34-87961.pdf
https://www.sec.gov/litigation/admin/2020/34-87966.pdf
https://www.sec.gov/litigation/admin/2020/34-87979.pdf
https://www.sec.gov/litigation/admin/2020/34-87983.pdf
https://www.sec.gov/litigation/admin/2020/34-87996.pdf
https://www.sec.gov/litigation/admin/2020/34-87999.pdf
https://www.sec.gov/litigation/admin/2020/34-88024.pdf
https://www.sec.gov/litigation/admin/2020/34-88338.pdf
https://www.sec.gov/litigation/admin/2020/34-88489.pdf
https://www.sec.gov/litigation/admin/2020/34-88480.pdf
https://www.sec.gov/litigation/admin/2020/34-88544.pdf
https://www.sec.gov/litigation/admin/2020/34-88935.pdf
https://www.sec.gov/litigation/admin/2020/34-89183.pdf
https://www.sec.gov/litigation/admin/2020/34-89181.pdf
https://www.sec.gov/litigation/admin/2020/34-89198.pdf
https://www.sec.gov/litigation/admin/2020/34-89204.pdf
https://www.sec.gov/litigation/admin/2020/34-89208.pdf
https://www.sec.gov/litigation/admin/2020/34-89210.pdf
https://www.sec.gov/litigation/admin/2020/34-89229.pdf
https://www.sec.gov/litigation/admin/2020/34-89231.pdf
https://www.sec.gov/litigation/admin/2020/34-89243.pdf
https://www.sec.gov/litigation/admin/2020/34-89245.pdf


 

 

 
         
              
      

         
          
         
         
          
            
           
          
        
          
         
             
          
          
           
        
          
        
         
           
         
         
           
          
         
          
         
        
           
        
        
            
         
          
             
     

         
          
          
          
         
             

   
         

           

In the Matter of Sirrus Corp., et al. Stand-alone Admin. Proc. 34-89251 07/08/20 
In the Matter of Spotlight Innovation, Inc., et al. Stand-alone Admin. Proc. 34-89253 07/08/20 
In the Matter of Trans-Pacific Aerospace 
Company, Inc., et al. Stand-alone Admin. Proc. 34-89276 07/09/20 
In the Matter of Sky Resort International Limited, et al. Stand-alone Admin. Proc. 34-89278 07/09/20 
In the Matter of Synthonics Technologies, Inc. Stand-alone Admin. Proc. 34-89280 07/09/20 
In the Matter of Aspen Marine Group, Inc., et al. Stand-alone Admin. Proc. 34-89283 07/09/20 
In the Matter of EliteSoft Global, Inc., et al. Stand-alone Admin. Proc. 34-89284 07/09/20 
In the Matter of Wonhe High-Tech International, Inc. Stand-alone Admin. Proc. 34-89298 07/13/20 
In the Matter of World Moto, Inc. Stand-alone Admin. Proc. 34-89300 07/13/20 
In the Matter of Hidden Forest Acquisition Corp., et al. Stand-alone Admin. Proc. 34-89294 07/13/20 
In the Matter of Ultimate Products Corporation, et al. Stand-alone Admin. Proc. 34-89295 07/13/20 
In the Matter of Randolph Acquisitions, Inc. Stand-alone Admin. Proc. 34-89477 08/05/20 
In the Matter of Digiliti Money Group, Inc. Stand-alone Admin. Proc. 34-89644 08/24/20 
In the Matter of THT Heat Transfer Technology, Inc. Stand-alone Admin. Proc. 34-89642 08/24/20 
In the Matter of Agora Holdings, Inc. Stand-alone Admin. Proc. 34-89660 08/25/20 
In the Matter of All Marketing Solutions, Inc. Stand-alone Admin. Proc. 34-89665 08/25/20 
In the Matter of Billion Holding, Inc. Stand-alone Admin. Proc. 34-89650 08/25/20 
In the Matter of Celebiddy, Inc. Stand-alone Admin. Proc. 34-89649 08/25/20 
In the Matter of MC Informatics, Inc. Stand-alone Admin. Proc. 34-89648 08/25/20 
In the Matter of Spindle, Inc. Stand-alone Admin. Proc. 34-89680 08/26/20 
In the Matter of ForeverGreen Worldwide Corporation Stand-alone Admin. Proc. 34-89681 08/26/20 
In the Matter of ICTV Brands, Inc. Stand-alone Admin. Proc. 34-89688 08/27/20 
In the Matter of InventaBioTech, Inc. Stand-alone Admin. Proc. 34-89690 08/27/20 
In the Matter of WeedClub, Inc. Stand-alone Admin. Proc. 34-89696 08/27/20 
In the Matter of American Blockchain Biochar Corporation Stand-alone Admin. Proc. 34-89697 08/27/20 
In the Matter of Terra Telecommunications Corp. Stand-alone Admin. Proc. 34-89698 08/27/20 
In the Matter of Affiliated Food Stores, Inc. Stand-alone Admin. Proc. 34-89701 08/27/20 
In the Matter of GrandBanc, Inc. Stand-alone Admin. Proc. 34-89702 08/27/20 
In the Matter of Northsight Capital, Inc. Stand-alone Admin. Proc. 34-89714 08/31/20 
In the Matter of Oncolix, Inc. Stand-alone Admin. Proc. 34-89716 08/31/20 
In the Matter of US VR Global.com, Inc. Stand-alone Admin. Proc. 34-89726 09/01/20 
In the Matter of Green Technology Solutions, Inc. Stand-alone Admin. Proc. 34-89728 09/01/20 
In the Matter of Unifunds Limited Stand-alone Admin. Proc. 34-89742 09/02/20 
In the Matter of Rorine International Holding Corporation Stand-alone Admin. Proc. 34-89744 09/02/20 
In the Matter of Token Communities, Ltd. Stand-alone Admin. Proc. 34-89762 09/03/20 
In the Matter of AFH Acquisition IX, Inc. Stand-alone Admin. Proc. 34-89791 09/09/20 
In the Matter of American Gene Engineer Corp. Stand-alone Admin. Proc. 34-89815 09/10/20 
In the Matter of Armada Enterprises, LP, 
n/k/a BIM Homes, Inc. Stand-alone Admin. Proc. 34-89814 09/10/20 
In the Matter of Atlas Resources Series 33-2013, L.P. Stand-alone Admin. Proc. 34-89806 09/10/20 
In the Matter of Awareness for Teens, Inc. Stand-alone Admin. Proc. 34-89807 09/10/20 
In the Matter of Benaiah Holdings Group, Inc. Stand-alone Admin. Proc. 34-89808 09/10/20 
In the Matter of G.I. Joe's, Inc. Stand-alone Admin. Proc. 34-89810 09/10/20 
In the Matter of GRG, Inc., n/k/a EFT Holdings, Inc. Stand-alone Admin. Proc. 34-89811 09/10/20 

In the Matter of Gulf Biomedical Corporation, n/k/a 
Southern Star Energy Corporation Stand-alone Admin. Proc. 34-89812 09/10/20 
In the Matter of HD View 360, Inc. Stand-alone Admin. Proc. 34-89803 09/10/20 

34 

https://www.sec.gov/litigation/admin/2020/34-89251.pdf
https://www.sec.gov/litigation/admin/2020/34-89253.pdf
https://www.sec.gov/litigation/admin/2020/34-89276.pdf
https://www.sec.gov/litigation/admin/2020/34-89278.pdf
https://www.sec.gov/litigation/admin/2020/34-89280.pdf
https://www.sec.gov/litigation/admin/2020/34-89283.pdf
https://www.sec.gov/litigation/admin/2020/34-89284.pdf
https://www.sec.gov/litigation/admin/2020/34-89298.pdf
https://www.sec.gov/litigation/admin/2020/34-89300.pdf
https://www.sec.gov/litigation/admin/2020/34-89294.pdf
https://www.sec.gov/litigation/admin/2020/34-89295.pdf
https://www.sec.gov/litigation/admin/2020/34-89477.pdf
https://www.sec.gov/litigation/admin/2020/34-89644.pdf
https://www.sec.gov/litigation/admin/2020/34-89642.pdf
https://www.sec.gov/litigation/admin/2020/34-89660.pdf
https://www.sec.gov/litigation/admin/2020/34-89665.pdf
https://www.sec.gov/litigation/admin/2020/34-89650.pdf
https://www.sec.gov/litigation/admin/2020/34-89649.pdf
https://www.sec.gov/litigation/admin/2020/34-89648.pdf
https://www.sec.gov/litigation/admin/2020/34-89680.pdf
https://www.sec.gov/litigation/admin/2020/34-89681.pdf
https://www.sec.gov/litigation/admin/2020/34-89688.pdf
https://www.sec.gov/litigation/admin/2020/34-89690.pdf
https://www.sec.gov/litigation/admin/2020/34-89696.pdf
https://www.sec.gov/litigation/admin/2020/34-89697.pdf
https://www.sec.gov/litigation/admin/2020/34-89698.pdf
https://www.sec.gov/litigation/admin/2020/34-89701.pdf
https://www.sec.gov/litigation/admin/2020/34-89702.pdf
https://www.sec.gov/litigation/admin/2020/34-89714.pdf
https://www.sec.gov/litigation/admin/2020/34-89716.pdf
https://www.sec.gov/litigation/admin/2020/34-89726.pdf
https://www.sec.gov/litigation/admin/2020/34-89728.pdf
https://www.sec.gov/litigation/admin/2020/34-89742.pdf
https://www.sec.gov/litigation/admin/2020/34-89744.pdf
https://www.sec.gov/litigation/admin/2020/34-89762.pdf
https://www.sec.gov/litigation/admin/2020/34-89791.pdf
https://www.sec.gov/litigation/admin/2020/34-89815.pdf
https://www.sec.gov/litigation/admin/2020/34-89814.pdf
https://www.sec.gov/litigation/admin/2020/34-89806.pdf
https://www.sec.gov/litigation/admin/2020/34-89807.pdf
https://www.sec.gov/litigation/admin/2020/34-89808.pdf
https://www.sec.gov/litigation/admin/2020/34-89810.pdf
https://www.sec.gov/litigation/admin/2020/34-89811.pdf
https://www.sec.gov/litigation/admin/2020/34-89812.pdf
https://www.sec.gov/litigation/admin/2020/34-89803.pdf


 

 

      
       

       
       

         
     

          
          
        
         
            
          
        
          
         
            
         
          
            
           
     

        
          
          
          
           
          
          
            
          
          
           
          
         
         
           
          
        
         
        
            
          
          
           
        
          
         
             
        

In the Matter of Hollywood Entertainment Edu 
Holdings, Inc. Stand-alone Admin. Proc. 34-89804 09/10/20 
In the Matter of IHO-Agro International, Inc., 
n/k/a Grandwon Corp. Stand-alone Admin. Proc. 34-89821 09/10/20 
In the Matter of Krystal Industries, Inc. Stand-alone Admin. Proc. 34-89805 09/10/20 
In the Matter of Clontech Laboratories, Inc., 
n/k/a Takara Bio USA, Inc. Stand-alone Admin. Proc. 34-89837 09/11/20 
In the Matter of Escondido Innovations, Inc. Stand-alone Admin. Proc. 34-89838 09/11/20 
In the Matter of Franklin Hill Acquisition Corporation Stand-alone Admin. Proc. 34-89839 09/11/20 
In the Matter of REACH Genetics, Inc. Stand-alone Admin. Proc. 34-89840 09/11/20 
In the Matter of Royale Globe Holding, Inc. Stand-alone Admin. Proc. 34-89841 09/11/20 
In the Matter of Samdrew IX, Inc. Stand-alone Admin. Proc. 34-89842 09/11/20 
In the Matter of Life Critical Care Corporation Stand-alone Admin. Proc. 34-89851 09/14/20 
In the Matter of PeakSoft Multinet Corp. Stand-alone Admin. Proc. 34-89852 09/14/20 
In the Matter of Quest Entertainment Corp. Stand-alone Admin. Proc. 34-89853 09/14/20 
In the Matter of Samdrew VII, Inc. Stand-alone Admin. Proc. 34-89881 09/15/20 
In the Matter of Steri-Oss, Inc. Stand-alone Admin. Proc. 34-89882 09/15/20 
In the Matter of Smartag International, Inc. Stand-alone Admin. Proc. 34-89887 09/16/20 
In the Matter of Vape Holdings, Inc. Stand-alone Admin. Proc. 34-89892 09/16/20 
In the Matter of ExeLED Holdings, Inc. Stand-alone Admin. Proc. 34-89894 09/16/20 
In the Matter of Worldtek Corp., 
f/k/a Lundell Technologies, Inc. Stand-alone Admin. Proc. 34-89889 09/16/20 
In the Matter of Source Media, Inc. Stand-alone Admin. Proc. 34-89890 09/16/20 
In the Matter of Epoxy, Inc. Stand-alone Admin. Proc. 34-89904 09/17/20 
In the Matter of Ezy Cloud Holding, Inc. Stand-alone Admin. Proc. 34-89906 09/17/20 
In the Matter of Players Network, Inc. Stand-alone Admin. Proc. 34-89908 09/17/20 
In the Matter of The General Chemical Group, Inc. Stand-alone Admin. Proc. 34-89910 09/17/20 
In the Matter of Perkins Oil & Gas, Inc. Stand-alone Admin. Proc. 34-89918 09/18/20 
In the Matter of The MIIX Group, Incorporated Stand-alone Admin. Proc. 34-89919 09/18/20 
In the Matter of V3 Semiconductor, Inc. Stand-alone Admin. Proc. 34-89916 09/18/20 
In the Matter of Energy Conversion Services, Inc. Stand-alone Admin. Proc. 34-89917 09/18/20 
In the Matter of iHealthcare, Inc. Stand-alone Admin. Proc. 34-89921 09/18/20 
In the Matter of Tri Clean Enterprises, Inc. Stand-alone Admin. Proc. 34-89922 09/18/20 
In the Matter of HK eBus Corporation Stand-alone Admin. Proc. 34-89938 09/21/20 
In the Matter of Zenergy Brands, Inc. Stand-alone Admin. Proc. 34-89940 09/21/20 
In the Matter of Integral Technologies, Inc. Stand-alone Admin. Proc. 34-89943 09/21/20 
In the Matter of Progreen US, Inc. Stand-alone Admin. Proc. 34-89945 09/21/20 
In the Matter of Genesis Financial, Inc. Stand-alone Admin. Proc. 34-89953 09/22/20 
In the Matter of International Leaders Capital Corporation Stand-alone Admin. Proc. 34-89955 09/22/20 
In the Matter of Core Lithium Corp. Stand-alone Admin. Proc. 34-89957 09/22/20 
In the Matter of Vortex Blockchain Technologies, Inc. Stand-alone Admin. Proc. 34-89959 09/22/20 
In the Matter of Travco, Inc. Stand-alone Admin. Proc. 34-89950 09/22/20 
In the Matter of STRATABASE Stand-alone Admin. Proc. 34-89951 09/22/20 
In the Matter of TSLC I, Inc. Stand-alone Admin. Proc. 34-89965 09/23/20 
In the Matter of LHI Acquisition Corporation Stand-alone Admin. Proc. 34-89966 09/23/20 
In the Matter of the DLD Group, Inc. Stand-alone Admin. Proc. 34-89986 09/24/20 
In the Matter of the ID Perfumes, Inc. Stand-alone Admin. Proc. 34-89988 09/24/20 
In the Matter of the HS3 Technologies, Inc. Stand-alone Admin. Proc. 34-89978 09/24/20 
In the Matter of the LegacyXChange, Inc. Stand-alone Admin. Proc. 34-89981 09/24/20 

35 

https://www.sec.gov/litigation/admin/2020/34-89804.pdf
https://www.sec.gov/litigation/admin/2020/34-89821.pdf
https://www.sec.gov/litigation/admin/2020/34-89805.pdf
https://www.sec.gov/litigation/admin/2020/34-89837.pdf
https://www.sec.gov/litigation/admin/2020/34-89838.pdf
https://www.sec.gov/litigation/admin/2020/34-89839.pdf
https://www.sec.gov/litigation/admin/2020/34-89840.pdf
https://www.sec.gov/litigation/admin/2020/34-89841.pdf
https://www.sec.gov/litigation/admin/2020/34-89842.pdf
https://www.sec.gov/litigation/admin/2020/34-89851.pdf
https://www.sec.gov/litigation/admin/2020/34-89852.pdf
https://www.sec.gov/litigation/admin/2020/34-89853.pdf
https://www.sec.gov/litigation/admin/2020/34-89881.pdf
https://www.sec.gov/litigation/admin/2020/34-89882.pdf
https://www.sec.gov/litigation/admin/2020/34-89887.pdf
https://www.sec.gov/litigation/admin/2020/34-89892.pdf
https://www.sec.gov/litigation/admin/2020/34-89894.pdf
https://www.sec.gov/litigation/admin/2020/34-89889.pdf
https://www.sec.gov/litigation/admin/2020/34-89890.pdf
https://www.sec.gov/litigation/admin/2020/34-89904.pdf
https://www.sec.gov/litigation/admin/2020/34-89906.pdf
https://www.sec.gov/litigation/admin/2020/34-89908.pdf
https://www.sec.gov/litigation/admin/2020/34-89910.pdf
https://www.sec.gov/litigation/admin/2020/34-89918.pdf
https://www.sec.gov/litigation/admin/2020/34-89919.pdf
https://www.sec.gov/litigation/admin/2020/34-89916.pdf
https://www.sec.gov/litigation/admin/2020/34-89917.pdf
https://www.sec.gov/litigation/admin/2020/34-89921.pdf
https://www.sec.gov/litigation/admin/2020/34-89922.pdf
https://www.sec.gov/litigation/admin/2020/34-89938.pdf
https://www.sec.gov/litigation/admin/2020/34-89940.pdf
https://www.sec.gov/litigation/admin/2020/34-89943.pdf
https://www.sec.gov/litigation/admin/2020/34-89945.pdf
https://www.sec.gov/litigation/admin/2020/34-89953.pdf
https://www.sec.gov/litigation/admin/2020/34-89955.pdf
https://www.sec.gov/litigation/admin/2020/34-89957.pdf
https://www.sec.gov/litigation/admin/2020/34-89959.pdf
https://www.sec.gov/litigation/admin/2020/34-89950.pdf
https://www.sec.gov/litigation/admin/2020/34-89951.pdf
https://www.sec.gov/litigation/admin/2020/34-89965.pdf
https://www.sec.gov/litigation/admin/2020/34-89966.pdf
https://www.sec.gov/litigation/admin/2020/34-89986.pdf
https://www.sec.gov/litigation/admin/2020/34-89988.pdf
https://www.sec.gov/litigation/admin/2020/34-89978.pdf
https://www.sec.gov/litigation/admin/2020/34-89981.pdf


 

 

 
           
     

        
         
          
            
          

     
 

       

    
        
         

          
          

         
         
          
         
         
            

    
        

    
          
          
          
         
           
        

           
          
         

        
          
           
         

          
         

          
         
         
         
          

        
        

         
           

In the Matter of the I-Wellness Marketing Group, Inc. Stand-alone Admin. Proc. 34-89992 09/24/20 
In the Matter of Custom Protection Services, Inc., 
f/k/a PowerChannel, Inc. Stand-alone Admin. Proc. 34-89985 09/24/20 
In the Matter of Spring Pharmaceutical Group, Inc. Stand-alone Admin. Proc. 34-89990 09/24/20 
In the Matter of HK Apollo Motors Corporation Stand-alone Admin. Proc. 34-90011 09/25/20 
In the Matter of Big Time Holdings, Inc. Stand-alone Admin. Proc. 34-90012 09/25/20 
In the Matter of Vitro Diagnostics, Inc. Stand-alone Admin. Proc. 34-90047 09/29/20 

FOREIGN CORRUPT PRACTICES ACT 

SEC v. Jerry Li Civil LR-24666 11/14/19 
SEC v. Telefonaktiebolaget LM Ericsson Civil 2019-254 12/06/19 
In the Matter of Tim Leissner Stand-alone Admin. Proc. 34-87750 12/16/19 
In the Matter of Cardinal Health, Inc. Stand-alone Admin. Proc. 34-88303 02/28/20 
SEC v. Asante K. Berko Civil LR-24794 04/13/20 
In the Matter of Eni S.p.A. Stand-alone Admin. Proc. 34-88679 04/17/20 
In the Matter of Novartis AG Stand-alone Admin. Proc. 34-89149 06/25/20 
In the Matter of Alexion Pharmaceuticals, Inc. Stand-alone Admin. Proc. 34-89214 07/02/20 
In the Matter of World Acceptance Corporation Stand-alone Admin. Proc. 34-89489 08/06/20 
In the Matter of Herbalife Nutrition, Ltd. Stand-alone Admin. Proc. 34-89704 08/28/20 

INSIDER TRADING 

SEC v. Bryan Cohen, et al. Civil LR-24649 10/18/19 
SEC v. Benjamin Taylor, et al. Civil LR-24650 10/22/19 
SEC v. John Special, et al. Civil LR-24690 12/12/19 
SEC v. John Kenneth Davidson Civil LR-24690 12/12/19 
SEC v. Janardhan Nellore, et al. Civil LR-24693 12/17/19 
SEC v. Songjiang Wang Civil LR-24697 12/20/19 
In the Matter of Michael Mindlin Stand-alone Admin. Proc. 34-87934 01/10/20 
SEC v. Jon L. Aronson, et al. Civil LR-24742 02/14/20 
SEC v. Bradley C. Davis Civil LR-24750 02/20/20 
In the Matter of Charles F. Kerwin Stand-alone Admin. Proc. 34-88274 02/24/20 
SEC v. Tomer Feingold, et al. Civil LR-24761 03/03/20 
SEC v. Scott O. Hirsch, et al. Civil LR-24772 03/17/20 
SEC v. David M. Mahan Civil LR-24782 03/26/20 
In the Matter of Benjamin Kirkland Stand-alone Admin. Proc. 34-88498 03/27/20 
In the Matter of Wei Duan Stand-alone Admin. Proc. 33-10778 04/30/20 
SEC v. Zhuobin Hong, et al. Civil LR-24810 05/04/20 
In the Matter of Jana Faith Kiena, CPA Stand-alone Admin. Proc. 34-89023 06/05/20 
In the Matter of DanDan Wu Stand-alone Admin. Proc. 34-89178 06/29/20 
In the Matter of Joseph Zhang Stand-alone Admin. Proc. 34-89350 07/21/20 
In the Matter of Edmond Leung Stand-alone Admin. Proc. 34-89352 07/21/20 
SEC v. Jack Brewer Civil LR-24863 08/06/20 
SEC v. Sepehr Sarshar Civil LR-24876 08/25/20 
In the Matter of Yue Li Stand-alone Admin. Proc. 34-89757 09/03/20 
SEC v. Richard M. Kirsch, et al. Civil LR-24892 09/10/20 

36 

https://www.sec.gov/litigation/admin/2020/34-89992.pdf
https://www.sec.gov/litigation/admin/2020/34-89985.pdf
https://www.sec.gov/litigation/admin/2020/34-89990.pdf
https://www.sec.gov/litigation/admin/2020/34-90011.pdf
https://www.sec.gov/litigation/admin/2020/34-90012.pdf
https://www.sec.gov/litigation/admin/2020/34-90047.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24666.htm
https://www.sec.gov/news/press-release/2019-254
https://www.sec.gov/litigation/admin/2019/34-87750.pdf
https://www.sec.gov/litigation/admin/2020/34-88303.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24794.htm
https://www.sec.gov/litigation/admin/2020/34-88679.pdf
https://www.sec.gov/litigation/admin/2020/34-89149.pdf
https://www.sec.gov/litigation/admin/2020/34-89214.pdf
https://www.sec.gov/litigation/admin/2020/34-89489.pdf
https://www.sec.gov/litigation/admin/2020/34-89704.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24649.htm
https://www.sec.gov/litigation/litreleases/2019/lr24650.htm
https://www.sec.gov/litigation/litreleases/2019/lr24690.htm
https://www.sec.gov/litigation/litreleases/2019/lr24690.htm
https://www.sec.gov/litigation/litreleases/2019/lr24693.htm
https://www.sec.gov/litigation/litreleases/2019/lr24697.htm
https://www.sec.gov/litigation/admin/2020/34-87934.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24742.htm
https://www.sec.gov/litigation/litreleases/2020/lr24750.htm
https://www.sec.gov/litigation/admin/2020/34-88274.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24761.htm
https://www.sec.gov/litigation/litreleases/2020/lr24772.htm
https://www.sec.gov/litigation/litreleases/2020/lr24782.htm
https://www.sec.gov/litigation/admin/2020/34-88498.pdf
https://www.sec.gov/litigation/admin/2020/33-10778.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24810.htm
https://www.sec.gov/litigation/admin/2020/34-89023.pdf
https://www.sec.gov/litigation/admin/2020/34-89178.pdf
https://www.sec.gov/litigation/admin/2020/34-89350.pdf
https://www.sec.gov/litigation/admin/2020/34-89352.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24863.htm
https://www.sec.gov/litigation/litreleases/2020/lr24876.htm
https://www.sec.gov/litigation/admin/2020/34-89757.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24892.htmIn the Matter of Craig P. Moyes Stand-alone Admin. Proc. 34-89816 09/10/20 
SEC v. Steven J. Sheinfeld Civil LR-24903 09/17/20 
SEC v. Robert Hoddes Jacobs Civil LR-24908 09/21/20 
SEC v. Yinghang "James" Yang, et al. Civil LR-24909 09/21/20 
SEC v. Edward T. Kelly Civil LR-24912 09/23/20 
SEC v. Eric M. Hill Civil LR-24919 09/25/20 
In the Matter of Christopher D. Bachinski Stand-alone Admin. Proc. 34-90015 09/25/20 
In the Matter of Rachelle A. Thatcher Stand-alone Admin. Proc. 34-90016 09/25/20 
SEC v. Laksha Bohra, et al. Civil LR-24923 09/28/20 

INVESTMENT ADVISERS / INVESTMENT 
COMPANIES 

In the Matter of Donald Toomer, Jr. Follow-on Admin. Proc. 34-87326 10/17/19 
In the Matter of Thomas D. Conrad, Jr. Follow-on Admin. Proc. IA-5404 10/22/19 
In the Matter of Cameron G. High Follow-on Admin. Proc. 34-87426 10/31/19 
In the Matter of James T. Booth Follow-on Admin. Proc. 34-87447 11/01/19 
SEC v. Bolton Securities Corporation, d/b/a Bolton Global 
Asset Management Civil LR-24660 11/04/19 
SEC v. International Investment Group, LLC Civil 2019-244 11/21/19 
In the Matter of Channing Capital Management, LLC Stand-alone Admin. Proc. IA-5412 11/22/19 
In the Matter of International Investment Group, LLC Follow-on Admin. Proc. IA-5414 11/26/19 
SEC v. Lester Burroughs Civil LR-24681 12/04/19 
In the Matter of Kornitzer Capital Management, Inc., et al. Stand-alone Admin. Proc. IA-5416 12/10/19 
In the Matter of Randall S. Goulding Follow-on Admin. Proc. IA-5417 & 12/13/19 

34-88155 
SEC v. Suneet Singal, et al. Civil LR-24691 12/13/19 
SEC v. Keith Springer, et al. Civil LR-24695 12/19/19 
In the Matter of Stephen Condon Peters Follow-on Admin. Proc. IA-5425 01/06/20 
In the Matter of Lester W. Burroughs Follow-on Admin. Proc. 34-87967 01/14/20 
SEC v. Edward S. Walczak Civil 2020-21 01/27/20 
In the Matter of Catalyst Capital Advisors, LLC, et al. Stand-alone Admin. Proc. IA-5436 01/27/20 
In the Matter of Barton W. Stuck Follow-on Admin. Proc. IA-5439 01/31/20 
In the Matter of Cannell Capital, LLC Stand-alone Admin. Proc. IA-5441 02/04/20 
In the Matter of Jay Costa Kelter Follow-on Admin. Proc. IA-5442 02/06/20 
In the Matter of Joseph A. Meyer, Jr Follow-on Admin. Proc. 34-88153 02/07/20 
SEC v. Criterion Wealth Management Insurance 
Services, Inc., et al. Civil LR-24738 02/12/20 
In the Matter of BPU Investment Management, Inc. Stand-alone Admin. Proc. 34-88202 02/13/20 
SEC v. Kinetic Investment Group, LLC, et al. Civil LR-24767 02/20/20 
In the Matter of Marcus Boggs Follow-on Admin. Proc. 34-88256 02/21/20 
In the Matter of Lone Star Value Management, LLC, et al. Stand-alone Admin. Proc. IA-5448 02/24/20 
SEC v. Dionne Van Zyl Civil LR-24747 02/25/20 
In the Matter of Steven E. Fishman Stand-alone Admin. Proc. IA-5450 02/27/20 
In the Matter of Wells Fargo Clearing Services, LLC, et al. Stand-alone Admin. Proc. 34-88295 02/27/20 
In the Matter of Fortress Investment 
Management, LLC, et al. Stand-alone Admin. Proc. IA-5452 02/27/20 
In the Matter of Sica Wealth Management, LLC, et al. Stand-alone Admin. Proc. IA-5453 02/27/20 
In the Matter of Eric D. Lyons Follow-on Admin. Proc. IA-5458 03/04/20 

37 

https://www.sec.gov/litigation/admin/2020/34-89816.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24903.htm
https://www.sec.gov/litigation/litreleases/2020/lr24908.htm
https://www.sec.gov/litigation/litreleases/2020/lr24909.htm
https://www.sec.gov/litigation/litreleases/2020/lr24912.htm
https://www.sec.gov/litigation/litreleases/2020/lr24919.htm
https://www.sec.gov/litigation/admin/2020/34-90015.pdf
https://www.sec.gov/litigation/admin/2020/34-90016.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24923.htm
https://www.sec.gov/litigation/admin/2019/34-87326.pdf
https://www.sec.gov/litigation/admin/2019/ia-5404.pdf
https://www.sec.gov/litigation/admin/2019/34-87426.pdf
https://www.sec.gov/litigation/admin/2019/34-87447.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24660.htm
https://www.sec.gov/news/press-release/2019-244
https://www.sec.gov/litigation/admin/2019/ia-5412.pdf
https://www.sec.gov/litigation/admin/2019/ia-5414.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24681.htm
https://www.sec.gov/litigation/admin/2019/ia-5416.pdf
https://www.sec.gov/litigation/admin/2019/ia-5417.pdf
https://www.sec.gov/litigation/admin/2020/34-88155.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24691.htm
https://www.sec.gov/litigation/litreleases/2019/lr24695.htm
https://www.sec.gov/litigation/admin/2020/ia-5424.pdf
https://www.sec.gov/litigation/admin/2020/34-87967.pdf
https://www.sec.gov/news/press-release/2020-21
https://www.sec.gov/litigation/admin/2020/ia-5436.pdf
https://www.sec.gov/litigation/admin/2020/ia-5439.pdf
https://www.sec.gov/litigation/admin/2020/ia-5441.pdf
https://www.sec.gov/litigation/admin/2020/ia-5442.pdf
https://www.sec.gov/litigation/admin/2020/34-88153.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24738.htm
https://www.sec.gov/litigation/admin/2020/34-88202.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24767.htm
https://www.sec.gov/litigation/admin/2020/34-88256.pdf
https://www.sec.gov/litigation/admin/2020/ia-5448.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24747.htm
https://www.sec.gov/litigation/admin/2020/ia-5450.pdf
https://www.sec.gov/litigation/admin/2020/34-88295.pdf
https://www.sec.gov/litigation/admin/2020/ia-5452.pdf
https://www.sec.gov/litigation/admin/2020/ia-5453.pdf
https://www.sec.gov/litigation/admin/2020/ia-5458.pdf


 

 

 
           
          
           

           
           

           
          

           
         

          
           
          
            
       

          
         
            
          
          
          
          

          
         
          
          
          

             
        
         
         
         

       
           
          
            
        
        
            
           

           
         
         
         
           
        
        
          

In the Matter of E. Herbert Hafen Follow-on Admin. Proc. 34-88316 03/04/20 
In the Matter of Motty Mizrahi Follow-on Admin. Proc. IA-5457 03/04/20 
In the Matter of Bruce C. Worthington Follow-on Admin. Proc. 34-88347 03/10/20 
SEC v. Stacey L. Beane, et al. Civil LR-24769 03/12/20 
SEC v. Bradley C. Reifler, et al. Civil LR-24768 03/12/20 
In the Matter of Naya Ventures, LLC, et al. Stand-alone Admin. Proc. IA-5461 03/12/20 
In the Matter of HSBC Securities (USA), Inc. Stand-alone Admin. Proc. 34-88387 03/16/20 
SEC v. Brandon E. Copeland, et al. Civil LR-24773 03/18/20 
SEC v. Donald H. Hunter Civil LR-24780 03/24/20 
In the Matter of Nicholas J. Genovese Follow-on Admin. Proc. IA-5468 03/24/20 
In the Matter of Adam Matthew Root Follow-on Admin. Proc. IA-5471 04/01/20 
In the Matter of Geoffrey J. Thompson Follow-on Admin. Proc. IA-5474 04/07/20 
In the Matter of Cozad Asset Management, Inc. Stand-alone Admin. Proc. IA-5477 04/17/20 
In the Matter of Merrill Lynch, Pierce 
Fenner & Smith, Incorporated Stand-alone Admin. Proc. IA-5479 04/17/20 
In the Matter of Eagle Strategies, LLC Stand-alone Admin. Proc. IA-5480 04/17/20 
In the Matter of Old Ironsides Energy, LLC Stand-alone Admin. Proc. IA-5478 04/17/20 
In the Matter of Monomoy Capital Management, L.P. Stand-alone Admin. Proc. IA-5485 04/22/20 
In the Matter of N. Scott Gillis, CPA Follow-on Admin. Proc. IA-5484 04/22/20 
In the Matter of Robert J. Jesenik Follow-on Admin. Proc. IA-5482 04/22/20 
In the Matter of Brian A. Oliver Follow-on Admin. Proc. IA-5483 04/22/20 
SEC v. Donald J. Kellen Civil LR-24808 04/28/20 
In the Matter of Semper Capital Management, L.P. Stand-alone Admin. Proc. IA-5489 04/28/20 
In the Matter of Everest Capital, LLC, et al. Stand-alone Admin. Proc. IA-5491 04/30/20 
In the Matter of Monsoon Capital, LLC, et al. Stand-alone Admin. Proc. IA-5490 04/30/20 
In the Matter of Barry R. Bekkedam Follow-on Admin. Proc. IA-5497 05/05/20 
SEC v. TCA Fund Management Group Corp., et al. Civil LR-24815 05/11/20 
In the Matter of Stacy L. Beane Follow-on Admin. Proc. IA-5501 05/12/20 
In the Matter of Justin N. Deckert Follow-on Admin. Proc. IA-5500 05/12/20 
In the Matter of Travis Laska Follow-on Admin. Proc. IA-5502 05/12/20 
In the Matter of Morgan Stanley Smith Barney, LLC Stand-alone Admin. Proc. 34-88856 05/12/20 
SEC v. Ambassador Advisors, LLC, et al. Civil LR-24817 05/13/20 
In the Matter of TSP Capital Management Group, LLC Stand-alone Admin. Proc. IA-5508 05/22/20 
In the Matter of William Andrew Hightower Follow-on Admin. Proc. 34-88941 05/26/20 
In the Matter of Ares Management, LLC Stand-alone Admin. Proc. IA-5510 05/26/20 
In the Matter of Syed Arham Arbab Follow-on Admin. Proc. IA-5511 05/27/20 
In the Matter of Oxbow Advisors, LLC Stand-alone Admin. Proc. IA-5512 05/29/20 
In the Matter of U.S. Bancorp Investments, Inc. Stand-alone Admin. Proc. 34-88976 06/01/20 
In the Matter of William Vescio Stand-alone Admin. Proc. 33-10789 06/02/20 
SEC v. E*Hedge Securities, Inc., et al. Civil LR-24825 06/03/20 
In the Matter of Douglas Leighton Follow-on Admin. Proc. IA-5519 06/05/20 
In the Matter of Tamara Steele Follow-on Admin. Proc. 34-89021 06/05/20 
In the Matter of Louis Navellier, et al. Follow-on Admin. Proc. IA-5520 06/12/20 
In the Matter of Richard T. Diver Follow-on Admin. Proc. IA-5522 06/16/20 
In the Matter of Sultan S. Issa Follow-on Admin. Proc. IA-5524 06/17/20 
In the Matter of Gregory Alan Smith Follow-on Admin. Proc. IA-5527 06/26/20 
In the Matter of John Christopher Polit Follow-on Admin. Proc. 34-89171 06/29/20 

38 

https://www.sec.gov/litigation/admin/2020/34-88316.pdf
https://www.sec.gov/litigation/admin/2020/ia-5457.pdf
https://www.sec.gov/litigation/admin/2020/34-88347.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24769.htm
https://www.sec.gov/litigation/litreleases/2020/lr24768.htm
https://www.sec.gov/litigation/admin/2020/ia-5461.pdf
https://www.sec.gov/litigation/admin/2020/34-88387.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24773.htm
https://www.sec.gov/litigation/litreleases/2020/lr24780.htm
https://www.sec.gov/litigation/admin/2020/ia-5468.pdf
https://www.sec.gov/litigation/admin/2020/ia-5471.pdf
https://www.sec.gov/litigation/admin/2020/ia-5474.pdf
https://www.sec.gov/litigation/admin/2020/ia-5477.pdf
https://www.sec.gov/litigation/admin/2020/ia-5479.pdf
https://www.sec.gov/litigation/admin/2020/ia-5480.pdf
https://www.sec.gov/litigation/admin/2020/ia-5478.pdf
https://www.sec.gov/litigation/admin/2020/ia-5485.pdf
https://www.sec.gov/litigation/admin/2020/ia-5484.pdf
https://www.sec.gov/litigation/admin/2020/ia-5482.pdf
https://www.sec.gov/litigation/admin/2020/ia-5483.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24808.htm
https://www.sec.gov/litigation/admin/2020/ia-5489.pdf
https://www.sec.gov/litigation/admin/2020/ia-5491.pdf
https://www.sec.gov/litigation/admin/2020/ia-5490.pdf
https://www.sec.gov/litigation/admin/2020/ia-5497.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24815.htm
https://www.sec.gov/litigation/admin/2020/ia-5501.pdf
https://www.sec.gov/litigation/admin/2020/ia-5500.pdf
https://www.sec.gov/litigation/admin/2020/ia-5502.pdf
https://www.sec.gov/litigation/admin/2020/34-88856.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24817.htm
https://www.sec.gov/litigation/admin/2020/ia-5508.pdf
https://www.sec.gov/litigation/admin/2020/34-88941.pdf
https://www.sec.gov/litigation/admin/2020/ia-5510.pdf
https://www.sec.gov/litigation/admin/2020/ia-5511.pdf
https://www.sec.gov/litigation/admin/2020/ia-5512.pdf
https://www.sec.gov/litigation/admin/2020/34-88976.pdf
https://www.sec.gov/litigation/admin/2020/33-10789.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24825.htm
https://www.sec.gov/litigation/admin/2020/ia-5519.pdf
https://www.sec.gov/litigation/admin/2020/34-89021.pdf
https://www.sec.gov/litigation/admin/2020/ia-5520.pdf
https://www.sec.gov/litigation/admin/2020/ia-5522.pdf
https://www.sec.gov/litigation/admin/2020/ia-5524.pdf
https://www.sec.gov/litigation/admin/2020/ia-5527.pdf
https://www.sec.gov/litigation/admin/2020/34-89171.pdf


 

 

 
        
          
         
         
           
           
        
         
     

       
           

        
         

         
         
         
         
          
            

         
         

           
         
          

           
         

          
        

         
          
          
         
          

         
            

          
         
         
        

          
           
      

         
         
          
         
           
          

In the Matter of Frank Bianco Follow-on Admin. Proc. IA-5529 06/30/20 
In the Matter of Neil Burkholz Follow-on Admin. Proc. IA-5530 07/01/20 
In the Matter of Franklin Advisers, Inc., et al. Stand-alone Admin. Proc. IA-33919 07/02/20 
In the Matter of Benjamin Alderson Follow-on Admin. Proc. IA-5536 07/09/20 
In the Matter of BNB Wealth Management, LLC Stand-alone Admin. Proc. IA-5535 07/09/20 
In the Matter of Temenos Advisory, Inc. Follow-on Admin. Proc. IA-5540 07/14/20 
In the Matter of George L. Taylor Follow-on Admin. Proc. 34-89314 07/14/20 
In the Matter of Dionne Van Zyl Follow-on Admin. Proc. IA-5541 07/16/20 
In the Matter of First Western Capital 
Management Company Stand-alone Admin. Proc. IA-5543 07/16/20 
In the Matter of Robert Russel Tweed Follow-on Admin. Proc. 34-89332 07/16/20 
SEC v. David Hu Civil 2020-157 07/17/20 
SEC v. Michael Barry Carter Civil 2020-158 07/20/20 
In the Matter of Carlos Renato Cano Stand-alone Admin. Proc. 33-10806 07/22/20 
In the Matter of VALIC Financial Advisors, Inc. Stand-alone Admin. Proc. 34-89407 07/28/20 
In the Matter of VALIC Financial Advisors, Inc. Stand-alone Admin. Proc. 34-89405 07/28/20 
In the Matter of Birinyi Associates, Inc. Stand-alone Admin. Proc. IA-5555 07/31/20 
In the Matter of WBI Investments, Inc., et al. Stand-alone Admin. Proc. 34-89481 08/05/20 
In the Matter of Rialto Capital Management, LLC Stand-alone Admin. Proc. IA-5558 08/07/20 
SEC v. Brendan Matthew Ross Civil LR-24865 08/11/20 
In the Matter of SCF Investment Advisors, Inc. Stand-alone Admin. Proc. IA-5560 08/13/20 
SEC v. David C. Coggins, et al. Civil LR-24877 08/19/20 
In the Matter of NPB Financial Group, LLC Stand-alone Admin. Proc. 34-89624 08/20/20 
In the Matter of Patrick Morgan Schiro Follow-on Admin. Proc. IA-5564 08/24/20 
SEC v. Mark J. Boucher, et al. Civil LR-24875 08/25/20 
In the Matter of Aldo Marchena Follow-on Admin. Proc. IA-5566 08/27/20 
SEC v. Matthew O. Clason Civil LR-24881 09/01/20 
In the Matter of Signature Financial Services, Ltd. Stand-alone Admin. Proc. IA-5571 09/03/20 
SEC v. Steven D. Rodemer Civil LR-24891 09/03/20 
In the Matter of Vladislav Khalupsky Follow-on Admin. Proc. IA-5570 09/03/20 
In the Matter of SQN Capital Management, LLC Stand-alone Admin. Proc. IA-5573 09/04/20 
In the Matter of Alexander S. Gould Stand-alone Admin. Proc. IA-5574 09/08/20 
In the Matter of Graham, Bordelon, Golson & Gilbert, Inc. Stand-alone Admin. Proc. IA-5576 09/10/20 
SEC v. Hai Khoa Dang Civil LR-24890 09/10/20 
SEC v. RRBB Asset Management, LLC, et al. Civil LR-24894 09/10/20 
In the Matter of William D. King, CPA Stand-alone Admin. Proc. 34-89848 09/11/20 
In the Matter of Steven D. Rodemer Follow-on Admin. Proc. 34-89843 09/11/20 
In the Matter of John Geraci Follow-on Admin. Proc. IA-5580 09/14/20 
In the Matter of Coordinated Capital Securities, Inc. Stand-alone Admin. Proc. 34-89900 09/17/20 
In the Matter of Steven Fitzgerald Brown Follow-on Admin. Proc. IA-5583 09/17/20 
In the Matter of Gilder Gagnon Howe & Co., LLC, et al. Stand-alone Admin. Proc. IA-5582 09/17/20 
In the Matter of Northern Trust Hedge Fund 
Services, LLC, et al. Stand-alone Admin. Proc. IA-5585 09/18/20 
In the Matter of Keyport Venture Advisors, LLC, et al. Stand-alone Admin. Proc. IA-5584 09/18/20 
In the Matter of Palmer Square Capital Management, LLC Stand-alone Admin. Proc. IA-5586 09/21/20 
In the Matter of Steven Rosen Stand-alone Admin. Proc. 33-10851 09/24/20 
In the Matter of Michael Vernon Stand-alone Admin. Proc. 33-10849 09/24/20 
In the Matter of Platinum Wealth Partners, Inc., et al. Stand-alone Admin. Proc. 33-10852 09/24/20 

39 

https://www.sec.gov/litigation/admin/2020/ia-5529.pdf
https://www.sec.gov/litigation/admin/2020/ia-5530.pdf
https://www.sec.gov/litigation/admin/2020/ia-5531.pdf
https://www.sec.gov/litigation/admin/2020/ia-5536.pdf
https://www.sec.gov/litigation/admin/2020/ia-5535.pdf
https://www.sec.gov/litigation/admin/2020/ia-5540.pdf
https://www.sec.gov/litigation/admin/2020/34-89314.pdf
https://www.sec.gov/litigation/admin/2020/ia-5541.pdf
https://www.sec.gov/litigation/admin/2020/ia-5543.pdf
https://www.sec.gov/litigation/admin/2020/34-89332.pdf
https://www.sec.gov/news/press-release/2020-157
https://www.sec.gov/news/press-release/2020-158
https://www.sec.gov/litigation/admin/2020/33-10806.pdf
https://www.sec.gov/litigation/admin/2020/34-89407.pdf
https://www.sec.gov/litigation/admin/2020/34-89405.pdf
https://www.sec.gov/litigation/admin/2020/ia-5555.pdf
https://www.sec.gov/litigation/admin/2020/34-89481.pdf
https://www.sec.gov/litigation/admin/2020/ia-5558.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24865.htm
https://www.sec.gov/litigation/admin/2020/ia-5560.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24877.htm
https://www.sec.gov/litigation/admin/2020/34-89624.pdf
https://www.sec.gov/litigation/admin/2020/ia-5564.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24875.htm
https://www.sec.gov/litigation/admin/2020/ia-5566.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24881.htm
https://www.sec.gov/litigation/admin/2020/ia-5571.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24891.htm
https://www.sec.gov/litigation/admin/2020/ia-5570.pdf
https://www.sec.gov/litigation/admin/2020/ia-5573.pdf
https://www.sec.gov/litigation/admin/2020/ia-5574.pdf
https://www.sec.gov/litigation/admin/2020/ia-5576.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24890.htm
https://www.sec.gov/litigation/litreleases/2020/lr24894.htm
https://www.sec.gov/litigation/admin/2020/34-89848.pdf
https://www.sec.gov/litigation/admin/2020/34-89843.pdf
https://www.sec.gov/litigation/admin/2020/ia-5580.pdf
https://www.sec.gov/litigation/admin/2020/34-89900.pdf
https://www.sec.gov/litigation/admin/2020/ia-5583.pdf
https://www.sec.gov/litigation/admin/2020/ia-5582.pdf
https://www.sec.gov/litigation/admin/2020/ia-5585.pdf
https://www.sec.gov/litigation/admin/2020/ia-5584.pdf
https://www.sec.gov/litigation/admin/2020/ia-5586.pdf
https://www.sec.gov/litigation/admin/2020/33-10851.pdf
https://www.sec.gov/litigation/admin/2020/33-10849.pdf
https://www.sec.gov/litigation/admin/2020/33-10852.pdf


 

 

        
            
            

           
         
        
         

           
          

         
           
         
            

    
  

    
    

           
          
          
              

          
          
         
           

           
         
        
           
         
           
        

           
         
          
           

          
         
           

           
         
            
           
        
     

          
           
          

In the Matter of Finser International Corporation, et al. Stand-alone Admin. Proc. IA-5593 09/24/20 
SEC v. Oscar Haynes Morris, Jr., et al. Civil LR-24916 09/24/20 
SEC v. Lindner Capital Advisors, Inc., et al. Civil LR-24922 09/25/20 
In the Matter of Hancock Whitney Investment Services, Inc. Stand-alone Admin. Proc. 34-90004 09/25/20 
In the Matter of Sabra Capital Partners, LLC, et al. Stand-alone Admin. Proc. IA-5594 09/25/20 
In the Matter of Creative Financial Designs, Inc. Stand-alone Admin. Proc. 34-90014 09/25/20 
In the Matter of Gary Edward Haynes Follow-on Admin. Proc. IA-5597 09/28/20 
SEC v. Clifton Curtis Sneed, Jr. Civil LR-24924 09/28/20 
SEC v. Corbin L. Lambert Civil LR-24925 09/28/20 
In the Matter of David C. Coggins Follow-on Admin. Proc. IA-5598 09/29/20 
In the Matter of Transamerica Asset Management, Inc. Stand-alone Admin. Proc. IA-5599 09/30/20 
In the Matter of Great Plains Trust Company, Inc. Stand-alone Admin. Proc. 33-10869 09/30/20 
In the Matter of Meredith A. Simmons, Esq. Stand-alone Admin. Proc. 34-90061 09/30/20 

ISSUER REPORTING / AUDITING AND 
ACCOUNTING 

In the Matter of Northwest Biotherapeutics, Inc. Stand-alone Admin. Proc. 34-87281 10/10/19 
In the Matter of John Busshaus, CPA Follow-on Admin. Proc. 33-10718 10/11/19 
In the Matter of UQM Technologies, Inc. Stand-alone Admin. Proc. 33-10719 10/11/19 
In the Matter of Calumet Specialty Products Partners, L.P. Stand-alone Admin. Proc. 34-87611 11/25/19 
SEC v. MiMedx Group, Inc., et al. Civil LR-24678 11/26/19 
SEC v. Bobby Peavler, et al. Civil LR-24683 12/05/19 
SEC v. Iconix Brand Group, Inc. Civil LR-24682 12/05/19 
SEC v. Neil R. Cole, et al. Civil LR-24682 12/05/19 
In the Matter of Warren Clamen, CPA Stand-alone Admin. Proc. 33-10730 12/05/19 
In the Matter of Jatindar Kapur, CPA Stand-alone Admin. Proc. 33-10731 12/05/19 
In the Matter of StoneMor Partners, L.P., et al. Stand-alone Admin. Proc. 34-87732 12/12/19 
In the Matter of MetLife, Inc. Stand-alone Admin. Proc. 34-87793 12/18/19 
In the Matter of Quantum Corporation Stand-alone Admin. Proc. 34-87812 12/20/19 
In the Matter of Robert A. Karmann, CPA Follow-on Admin. Proc. 34-87884 01/03/20 
In the Matter of Gregory L. Kelly, Esq. Follow-on Admin. Proc. 34-87968 01/15/20 
SEC v. Hill International, Inc., et al. Civil LR-24720 01/16/20 
In the Matter of DIAGEO plc Stand-alone Admin. Proc. 33-10756 02/19/20 
In the Matter of Wells Fargo & Company Stand-alone Admin. Proc. 34-88257 02/21/20 
In the Matter of RSM US, LLP, f/k/a/ McGladrey LLP Stand-alone Admin. Proc. 34-88287 02/26/20 
SEC v. SCANA Corporation, et al. Civil LR-24751 02/27/20 
In the Matter of David G. Dreslin, CPA Follow-on Admin. Proc. 34-88377 03/12/20 
In the Matter of Ronald Emma, CPA Follow-on Admin. Proc. 34-88432 03/20/20 
SEC v. Jeffrey D. Cordes, et al. Civil LR-24792 04/08/20 
In the Matter of Brian Robert Sodi, CPA Follow-on Admin. Proc. 34-88686 04/17/20 
In the Matter of Brian L. Ferdinand Stand-alone Admin. Proc. 33-10775 04/22/20 
In the Matter of Brian M. Storms Stand-alone Admin. Proc. 34-88724 04/22/20 
In the Matter of Kenneth D. Shifrin, CPA Stand-alone Admin. Proc. 34-88723 04/22/20 
In the Matter of PLS, CPA, A Professional Corporation, 
a/k/a PLS CPAs, et al. Stand-alone Admin. Proc. 34-88739 04/24/20 
In the Matter of William M. Aisenberg, CPA Follow-on Admin. Proc. 34-88763 04/28/20 
In the Matter of Todd H. Takeyasu, CA Follow-on Admin. Proc. 34-88791 05/01/20 

40 

https://www.sec.gov/litigation/admin/2020/ia-5593.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24916.htm
https://www.sec.gov/litigation/litreleases/2020/lr24922.htm
https://www.sec.gov/litigation/admin/2020/34-90004.pdf
https://www.sec.gov/litigation/admin/2020/ia-5594.pdf
https://www.sec.gov/litigation/admin/2020/34-90014.pdf
https://www.sec.gov/litigation/admin/2020/ia-5597.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24924.htm
https://www.sec.gov/litigation/litreleases/2020/lr24925.htm
https://www.sec.gov/litigation/admin/2020/ia-5598.pdf
https://www.sec.gov/litigation/admin/2020/ia-5599.pdf
https://www.sec.gov/litigation/admin/2020/33-10869.pdf
https://www.sec.gov/litigation/admin/2020/34-90061.pdf
https://www.sec.gov/litigation/admin/2019/34-87281.pdf
https://www.sec.gov/litigation/admin/2019/33-10718.pdf
https://www.sec.gov/litigation/admin/2019/33-10719.pdf
https://www.sec.gov/litigation/admin/2019/34-87611.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24678.htm
https://www.sec.gov/litigation/litreleases/2019/lr24683.htm
https://www.sec.gov/litigation/litreleases/2019/lr24682.htm
https://www.sec.gov/litigation/litreleases/2019/lr24682.htm
https://www.sec.gov/litigation/admin/2019/33-10730.pdf
https://www.sec.gov/litigation/admin/2019/33-10731.pdf
https://www.sec.gov/litigation/admin/2019/34-87732.pdf
https://www.sec.gov/litigation/admin/2019/34-87793.pdf
https://www.sec.gov/litigation/admin/2019/34-87812.pdf
https://www.sec.gov/litigation/admin/2020/34-87884.pdf
https://www.sec.gov/litigation/admin/2020/34-87968.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24720.htm
https://www.sec.gov/litigation/admin/2020/33-10756.pdf
https://www.sec.gov/litigation/admin/2020/34-88257.pdf
https://www.sec.gov/litigation/admin/2020/34-88287.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24751.htm
https://www.sec.gov/litigation/admin/2020/34-88377.pdf
https://www.sec.gov/litigation/admin/2020/34-88432.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24792.htm
https://www.sec.gov/litigation/admin/2020/34-88686.pdf
https://www.sec.gov/litigation/admin/2020/33-10775.pdf
https://www.sec.gov/litigation/admin/2020/34-88724.pdf
https://www.sec.gov/litigation/admin/2020/34-88723.pdf
https://www.sec.gov/litigation/admin/2020/34-88739.pdf
https://www.sec.gov/litigation/admin/2020/34-88763.pdf
https://www.sec.gov/litigation/admin/2020/34-88791.pdf


 

 

 
            
          
          
        
        
              

            
          
          
         

    
       

          
           
         
          

         
          
            
         
          
            
    

         
    

        
          
         

            
             
      

        
          
         

         
           
         
         
          
        
         
            
         
          

         
          
          
            

    

In the Matter of Jeffery A. Curran, CA Follow-on Admin. Proc. 34-88808 05/05/20 
In the Matter of Timothy Daly, CPA Stand-alone Admin. Proc. 34-88895 05/18/20 
In the Matter of Michael Bellach, CPA Stand-alone Admin. Proc. 34-88896 05/18/20 
In the Matter of John Donovan, CPA Stand-alone Admin. Proc. 34-88897 05/18/20 
In the Matter of Christopher D. Larson, CPA Follow-on Admin. Proc. 34-88998 06/03/20 
In the Matter of Argo Group International Holdings, Ltd. Stand-alone Admin. Proc. 34-89009 06/04/20 
SEC v. AmTrust Financial Services, Inc., et al. Civil LR-24838 06/17/20 
In the Matter of VEREIT, Inc. Stand-alone Admin. Proc. 33-10793 06/23/20 
In the Matter of Michelle Dipp Stand-alone Admin. Proc. 33-10794 06/30/20 
In the Matter of Paul J. Konigsberg Follow-on Admin. Proc. 34-89326 07/15/20 

In the Matter of Valeant Pharmaceuticals International, 
Inc., n/k/a Bausch Health Companies, Inc. Stand-alone Admin. Proc. 33-10809 07/31/20 
In the Matter of J. Michael Pearson Stand-alone Admin. Proc. 33-10810 07/31/20 
In the Matter of Howard B. Schiller Stand-alone Admin. Proc. 33-10811 07/31/20 
In the Matter of Tanya R. Carro, CPA Stand-alone Admin. Proc. 33-10812 07/31/20 
In the Matter of Brian Dee Matlock, CPA Stand-alone Admin. Proc. 34-89552 08/13/20 
SEC v. Mark P. Frissora Civil LR-24869 08/13/20 
In the Matter of Super Micro Computer, Inc. Stand-alone Admin. Proc. 33-10822 08/25/20 
In the Matter of Howard Hideshima Stand-alone Admin. Proc. 34-89657 08/25/20 
In the Matter of Charles Liang Stand-alone Admin. Proc. 34-89658 08/25/20 
In the Matter of BorgWarner, Inc. Stand-alone Admin. Proc. 34-89677 08/26/20 
In the Matter of Henry Seth Brock, CPA Follow-on Admin. Proc. 34-89861 09/14/20 
In the Matter of the Registration Statement of Loyal 
Source Market Services, Inc. Stand-alone Admin. Proc. 33-10844 09/18/20 
In the Matter of the Registration Statement of 
Crest Radius, Inc. Stand-alone Admin. Proc. 33-10843 09/18/20 
In the Matter of RCI Hospitality Holdings, Inc., et al. Stand-alone Admin. Proc. 34-89935 09/21/20 
In the Matter of Steven L. Jenkins, CPA Stand-alone Admin. Proc. 34-89936 09/21/20 
SEC v. Revolution Lighting Technologies, Inc., et al. Civil LR-24915 09/24/20 
In the Matter of Power Solutions International, Inc. Stand-alone Admin. Proc. 34-89984 09/24/20 
In the Matter of Bayerische Motoren Werke 
Aktiengesellschaft, et al. Stand-alone Admin. Proc. 33-10850 09/24/20 
In the Matter of James L. Thompson, CPA Stand-alone Admin. Proc. 34-90008 09/25/20 
In the Matter of Lam D. Ha, CPA Stand-alone Admin. Proc. 34-90010 09/25/20 
SEC v. Frank G. Mueller Civil LR-24917 09/25/20 
In the Matter of Precigen, Inc., f/k/a Intrexon Corporation Stand-alone Admin. Proc. 34-89997 09/25/20 
In the Matter of Aeon Global Health Corp. Stand-alone Admin. Proc. 34-90003 09/25/20 
In the Matter of Fiat Chrysler Automobiles N.V. Stand-alone Admin. Proc. 34-90031 09/28/20 
In the Matter of Interface, Inc., et al. Stand-alone Admin. Proc. 33-10854 09/28/20 
In the Matter of Fulton Financial Corporation Stand-alone Admin. Proc. 34-90017 09/28/20 
In the Matter of Manitex International, Inc. Stand-alone Admin. Proc. 33-10860 09/29/20 
In the Matter of Andrew Rooke Stand-alone Admin. Proc. 33-10861 09/29/20 
In the Matter of Michael Schneider, CPA Stand-alone Admin. Proc. 33-10863 09/29/20 
In the Matter of Stephen Harrison Stand-alone Admin. Proc. 33-10862 09/29/20 
SEC v. Akazoo S. A. Civil None 09/30/20 
In the Matter of HP, Inc. Stand-alone Admin. Proc. 33-10868 09/30/20 
In the Matter of BGC Partners, Inc. Stand-alone Admin. Proc. 33-10867 09/30/20 
In the Matter of Hilton Worldwide Holdings, Inc. Stand-alone Admin. Proc. 34-90052 09/30/20 

41 

https://www.sec.gov/litigation/admin/2020/34-88808.pdf
https://www.sec.gov/litigation/admin/2020/34-88895.pdf
https://www.sec.gov/litigation/admin/2020/34-88896.pdf
https://www.sec.gov/litigation/admin/2020/34-88897.pdf
https://www.sec.gov/litigation/admin/2020/34-88998.pdf
https://www.sec.gov/litigation/admin/2020/34-89009.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24838.htm
https://www.sec.gov/litigation/admin/2020/33-10793.pdf
https://www.sec.gov/litigation/admin/2020/33-10794.pdf
https://www.sec.gov/litigation/admin/2020/34-89326.pdf
https://www.sec.gov/litigation/admin/2020/33-10809.pdf
https://www.sec.gov/litigation/admin/2020/33-10810.pdf
https://www.sec.gov/litigation/admin/2020/33-10811.pdf
https://www.sec.gov/litigation/admin/2020/33-10812.pdf
https://www.sec.gov/litigation/admin/2020/34-89552.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24869.htm
https://www.sec.gov/litigation/admin/2020/33-10822.pdf
https://www.sec.gov/litigation/admin/2020/34-89657.pdf
https://www.sec.gov/litigation/admin/2020/34-89658.pdf
https://www.sec.gov/litigation/admin/2020/34-89677.pdf
https://www.sec.gov/litigation/admin/2020/34-89861.pdf
https://www.sec.gov/litigation/admin/2020/33-10844.pdf
https://www.sec.gov/litigation/admin/2020/33-10843.pdf
https://www.sec.gov/litigation/admin/2020/34-89935.pdf
https://www.sec.gov/litigation/admin/2020/34-89936.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24915.htm
https://www.sec.gov/litigation/admin/2020/34-89984.pdf
https://www.sec.gov/litigation/admin/2020/33-10850.pdf
https://www.sec.gov/litigation/admin/2020/34-90008.pdf
https://www.sec.gov/litigation/admin/2020/34-90010.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24917.htm
https://www.sec.gov/litigation/admin/2020/34-89997.pdf
https://www.sec.gov/litigation/admin/2020/34-90003.pdf
https://www.sec.gov/litigation/admin/2020/34-90031.pdf
https://www.sec.gov/litigation/admin/2020/33-10854.pdf
https://www.sec.gov/litigation/admin/2020/34-90017.pdf
https://www.sec.gov/litigation/admin/2020/33-10860.pdf
https://www.sec.gov/litigation/admin/2020/33-10861.pdf
https://www.sec.gov/litigation/admin/2020/33-10863.pdf
https://www.sec.gov/litigation/admin/2020/33-10862.pdf
https://www.sec.gov/litigation/admin/2020/33-10868.pdf
https://www.sec.gov/litigation/admin/2020/33-10867.pdf
https://www.sec.gov/litigation/admin/2020/34-90052.pdf


 

 

       

    
          
          

         
           
          
        

          
           

           
         

          
          
          
            
         
         

          
          
          
          

         
          
        
        

        
          
           
           

    
      

    
         
          
           
              

           
          

    
         

    
          
          
          
          

    

MARKET MANIPULATION 

SEC v. Jeffrey Auerbach, et al. Civil LR-24637 10/04/19 
SEC v. Shuang Chen, et al. Civil LR-24648 10/15/19 
In the Matter of Michael J. Woodford, Esq. Follow-on Admin. Proc. 34-87764 12/16/19 
SEC v. Steve M. Bajic, et al. Civil LR-24712 01/02/20 
SEC v. Kenneth Ciapala, et al. Civil LR-24712 01/02/20 
SEC v. Ulrik Debo Civil LR-24705 01/02/20 
In the Matter of Luke Christopher Zouvas, Esq. Follow-on Admin. Proc. 34-87899 01/07/20 
In the Matter of Benjamin L. Bunker, Esq. Stand-alone Admin. Proc. 33-10748 01/23/20 
SEC v. Alex C. Procopio, et al. Civil LR-24730 01/29/20 
In the Matter of Faiyaz Dean Follow-on Admin. Proc. 34-88270 02/24/20 
SEC v. Bernard Findley, et al. Civil LR-24781 03/25/20 
SEC v. Douglas Leighton, et al. Civil LR-24791 04/07/20 
SEC v. Praxsyn Corporation, et al. Civil LR-24807 04/28/20 
SEC v. Turbo Global Partners, Inc., et al. Civil LR-24820 05/14/20 
SEC v. Gomes, et al. Civil LR-24839 06/09/20 
SEC v. Jason C. Nielsen Civil LR-24832 06/09/20 
In the Matter of Diane J. Harrison, Esq. Follow-on Admin. Proc. 34-89094 06/18/20 
In the Matter of Matthew Ledvina, Esq. Follow-on Admin. Proc. 34-89111 06/22/20 
In the Matter of Nicholas Mejia Scrivener Stand-alone Admin. Proc. 34-89517 08/10/20 
In the Matter of Milan K. Patel, Esq. Follow-on Admin. Proc. 34-89568 08/14/20 
SEC v. Peter DiChiara Civil LR-24884 09/03/20 
SEC v. Ongkaruck Sripetch, et al. Civil 2020-218 09/21/20 
SEC v. Todd Zinkwich Civil LR-24920 09/24/20 
SEC v. Ronald Phillips Civil None 09/28/20 
In the Matter of J.P. Morgan Securities, LLC Stand-alone Admin. Proc. 33-10858 09/29/20 
SEC v. Drew Morgan Ciccarelli Civil LR-24940 09/30/20 
SEC v. Patrick Jevon Johnson, et al. Civil LR-24937 09/30/20 
SEC v. Joel Stohlman, et al. Civil LR-24935 09/30/20 

MISCELLANEOUS 

In the Matter of Gordon Caplan, Esq. Follow-on Admin. Proc. 34-88119 02/05/20 
In the Matter of Richard Jeffrey Rubin Stand-alone Admin. Proc. 34-88258 02/21/20 
In the Matter of Thomas J. Craft, Jr. Stand-alone Admin. Proc. 34-88280 02/25/20 
In the Matter of 1Globe Capital, LLC, et al. Stand-alone Admin. Proc. 34-88864 05/13/20 
SEC v. Vu Anh Nguyen, et al. Civil LR-24864 08/11/20 
In the Matter of WCAS Management Corporation Stand-alone Admin. Proc. 34-89914 09/17/20 

NATL REC STAT RATING ORG (NRSRO) 

In the Matter of Sebastin Pinto-Thomaz Follow-on Admin. Proc. 34-87504 11/12/19 
In the Matter of Morningstar Credit Ratings, LLC Stand-alone Admin. Proc. 34-88880 05/15/20 
In the Matter of Kroll Bond Rating Agency, LLC Stand-alone Admin. Proc. 34-90036 09/29/20 
In the Matter of Kroll Bond Rating Agency, LLC Stand-alone Admin. Proc. 34-90037 09/29/20 

42 

https://www.sec.gov/litigation/litreleases/2019/lr24637.htm
https://www.sec.gov/litigation/litreleases/2019/lr24648.htm
https://www.sec.gov/litigation/admin/2019/34-87764.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24712.htm
https://www.sec.gov/litigation/litreleases/2020/lr24712.htm
https://www.sec.gov/litigation/litreleases/2020/lr24705.htm
https://www.sec.gov/litigation/admin/2020/34-87899.pdf
https://www.sec.gov/litigation/admin/2020/33-10748.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24730.htm
https://www.sec.gov/litigation/admin/2020/34-88270.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24781.htm
https://www.sec.gov/litigation/litreleases/2020/lr24791.htm
https://www.sec.gov/litigation/litreleases/2020/lr24807.htm
https://www.sec.gov/litigation/litreleases/2020/lr24820.htm
https://www.sec.gov/litigation/litreleases/2020/lr24839.htm
https://www.sec.gov/litigation/litreleases/2020/lr24832.htm
https://www.sec.gov/litigation/admin/2020/34-89094.pdf
https://www.sec.gov/litigation/admin/2020/34-89111.pdf
https://www.sec.gov/litigation/admin/2020/34-89517.pdf
https://www.sec.gov/litigation/admin/2020/34-89568.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24884.htm
https://www.sec.gov/news/press-release/2020-218
https://www.sec.gov/litigation/litreleases/2020/lr24920.htm
https://www.sec.gov/litigation/admin/2020/33-10858.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24940.htm
https://www.sec.gov/litigation/litreleases/2020/lr24937.htm
https://www.sec.gov/litigation/litreleases/2020/lr24935.htm
https://www.sec.gov/litigation/admin/2020/34-88119.pdf
https://www.sec.gov/litigation/admin/2020/34-88258.pdf
https://www.sec.gov/litigation/admin/2020/34-88280.pdf
https://www.sec.gov/litigation/admin/2020/34-88864.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24864.htm
https://www.sec.gov/litigation/admin/2020/34-89914.pdf
https://www.sec.gov/litigation/admin/2019/34-87504.pdf
https://www.sec.gov/litigation/admin/2020/34-88880.pdf
https://www.sec.gov/litigation/admin/2020/34-90036.pdf
https://www.sec.gov/litigation/admin/2020/34-90037.pdf


 

 

 
        

    
             

           
         
            
        
        
            
           
         

            
          
          

    
      

    
           
         
           
          

             
           

         
         

         
             
           
           
          
           
           
         
           
              
          
         
         

         
          
          
         
           
           

            
           
           

PUBLIC FINANCE ABUSE 

In the Matter of Boenning & Scattergood, Inc., et al. Stand-alone Admin. Proc. 34-88662 04/16/20 
SEC v. William Alfred Batchelor, et al. Civil LR-24806 04/27/20 
In the Matter of Jerry E. Orellana Stand-alone Admin. Proc. 34-88784 04/30/20 
In the Matter of William S. Costas Stand-alone Admin. Proc. 34-89346 07/20/20 
In the Matter of John J. Marvin Stand-alone Admin. Proc. 34-89347 07/20/20 
In the Matter of UBS Financial Services, Inc. Stand-alone Admin. Proc. 34-89348 07/20/20 
In the Matter of Roosevelt & Cross, Inc. Stand-alone Admin. Proc. 33-10837 09/14/20 
In the Matter of Thomas Vigorito Stand-alone Admin. Proc. 33-10838 09/14/20 
In the Matter of William W. Welsh Stand-alone Admin. Proc. 33-10839 09/14/20 
SEC v. Park View School, Inc. et al. Civil 2020-208 09/14/20 
In the Matter of Eliseo Sampayo Stand-alone Admin. Proc. 34-89961 09/22/20 
In the Matter of Funding the Gap, LLC, et al. Stand-alone Admin. Proc. 34-90002 09/25/20 

SECURITIES OFFERING 

SEC v. Anton Senderov, et al. Civil LR-24641 10/09/19 
SEC v. Richard Andrew Mallion Civil LR-24642 10/10/19 
SEC v. Telegram Group, Inc., et al. Civil 2019-212 10/11/19 
SEC v. Joseph Bayliss, et al. Civil LR-24651 10/22/19 
In the Matter of XBT Corp Sarl, d/b/a First Global Credit Stand-alone Admin. Proc. 33-10723 10/31/19 
SEC v. Richard Johnathan Eden, et al. Civil LR-24657 10/31/19 
In the Matter of Jan D. Atlas, Esq. Follow-on Admin. Proc. 34-87446 11/01/19 
In the Matter of Bethany Liou, et al. Stand-alone Admin. Proc. 33-10725 11/04/19 
SEC v. Dale Scott Pearlman Civil LR-24657 11/04/19 
SEC v. Ruless Pierre, a/k/a Rules Pierre, et al. Civil LR-24670 11/06/19 
SEC v. KRM Services, LLC, et al. Civil LR-24662 11/08/19 
SEC v. Rishi Shah, et al. Civil LR-24675 11/14/19 
SEC v. Neil Burkholz, et al. Civil LR-24669 11/14/19 
SEC v. NIT Enterprises, Inc., et al. Civil LR-24679 11/21/19 
SEC v. Conrad A. Coggeshall, et al. Civil LR-24673 11/22/19 
SEC v. Brett Pittsenbargar, et al. Civil LR-24676 11/25/19 
SEC v. Nanotech Engineering, Inc., et al. Civil LR-24688 12/05/19 
SEC v. Palm Beach Atlantic Financial Group, LLC, et al. Civil LR-24689 12/11/19 
SEC v. Eran Eyal, et al. Civil 2019-259 12/11/19 
SEC v. Robert A. Karmann Civil LR-24692 12/17/19 
SEC v. Sam A. Antar Civil LR-24694 12/17/19 
In the Matter of Blockchain of Things, Inc. Stand-alone Admin. Proc. 33-10736 12/18/19 
SEC v. Edward Espinal, et al. Civil LR-24708 12/19/19 
SEC v. Todays Growth Consultant, Inc., et al. Civil LR-24717 12/27/19 
SEC v. Steven A. Schwartz Civil LR-24707 01/06/20 
SEC v. ARO Equity, LLC, et al. Civil LR-24710 01/08/20 
SEC v. Donald G. Blakstad, et al. Civil LR-24711 01/08/20 
In the Matter of John James Sheehan, Jr. Stand-alone Admin. Proc. 33-10742 01/10/20 
SEC v. Gregory Lamont Drake, et al. Civil LR-24718 01/15/20 
SEC v. Scott Charles Messier, et al. Civil LR-24718 01/15/20 

43 

https://www.sec.gov/litigation/admin/2020/34-88662.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24806.htm
https://www.sec.gov/litigation/admin/2020/34-88784.pdf
https://www.sec.gov/litigation/admin/2020/34-89346.pdf
https://www.sec.gov/litigation/admin/2020/34-89347.pdf
https://www.sec.gov/litigation/admin/2020/34-89348.pdf
https://www.sec.gov/litigation/admin/2020/33-10837.pdf
https://www.sec.gov/litigation/admin/2020/33-10838.pdf
https://www.sec.gov/litigation/admin/2020/33-10839.pdf
https://www.sec.gov/news/press-release/2020-208
https://www.sec.gov/litigation/admin/2020/34-89961.pdf
https://www.sec.gov/litigation/admin/2020/34-90002.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24641.htm
https://www.sec.gov/litigation/litreleases/2019/lr24642.htm
https://www.sec.gov/news/press-release/2019-212
https://www.sec.gov/litigation/litreleases/2019/lr24651.htm
https://www.sec.gov/litigation/admin/2019/33-10723.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24657.htm
https://www.sec.gov/litigation/admin/2019/34-87446.pdf
https://www.sec.gov/litigation/admin/2019/33-10725.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24657.htm
https://www.sec.gov/litigation/litreleases/2019/lr24670.htm
https://www.sec.gov/litigation/litreleases/2019/lr24662.htm
https://www.sec.gov/litigation/litreleases/2019/lr24675.htm
https://www.sec.gov/litigation/litreleases/2019/lr24669.htm
https://www.sec.gov/litigation/litreleases/2019/lr24679.htm
https://www.sec.gov/litigation/litreleases/2019/lr24673.htm
https://www.sec.gov/litigation/litreleases/2019/lr24676.htm
https://www.sec.gov/litigation/litreleases/2019/lr24688.htm
https://www.sec.gov/litigation/litreleases/2019/lr24689.htm
https://www.sec.gov/news/press-release/2019-259
https://www.sec.gov/litigation/litreleases/2019/lr24692.htm
https://www.sec.gov/litigation/litreleases/2019/lr24694.htm
https://www.sec.gov/litigation/admin/2019/33-10736.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24708.htm
https://www.sec.gov/litigation/litreleases/2020/lr24717.htm
https://www.sec.gov/litigation/litreleases/2020/lr24707.htm
https://www.sec.gov/litigation/litreleases/2020/lr24710.htm
https://www.sec.gov/litigation/litreleases/2020/lr24711.htm
https://www.sec.gov/litigation/admin/2020/33-10742.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24718.htm
https://www.sec.gov/litigation/litreleases/2020/lr24718.htm


 

 

 
        
             
          
           
           
          
         
           
          
         

           
          
         
         

           
          
           
           
            
          
         
          
            
           
         
         
           
          
          

         
     

         
         

         
          
           
          
         

     
       

         
            
            
        
         

         
            
          

SEC v. Daniel Markel Civil LR-24721 01/17/20 
SEC v. Boaz Manor, a/k/a Shaun MacDonald, et al. Civil 2020-12 01/17/20 
SEC v. Guy Scott Griffithe, et al. Civil LR-24722 01/21/20 
SEC v. Sergii "Sergey" Grybniak, et al. Civil LR-24723 01/21/20 
SEC v. Jeffrey P. Carpoff, et al. Civil LR-24724 01/24/20 
SEC v. Michael Douglas Billings, et al. Civil LR-24731 01/28/20 
SEC v. Philip E. Riehl Civil LR-24728 01/29/20 
SEC v. Mark Nicholas Pyatt, et al. Civil LR-24741 02/10/20 
SEC v. Brian Davison, et al. Civil LR-24740 02/11/20 
SEC v. Michael W. Ackerman Civil LR-24737 02/11/20 
In the Matter of Marc A. Celello, Esq. Follow-on Admin. Proc. 34-88205 02/13/20 
In the Matter of Enigma MPC Stand-alone Admin. Proc. 33-10755 02/19/20 
In the Matter of Steven Seagal Stand-alone Admin. Proc. 33-10760 02/27/20 
In the Matter of Shawn Severson Stand-alone Admin. Proc. 33-10761 02/28/20 
SEC v. Christopher Joseph Bongiorno, et al. Civil LR-24754 02/28/20 
SEC v. Brook Church-Koegel, et al. Civil LR-24759 03/05/20 
SEC v. Joe Leland Tarver, et al. Civil LR-24777 03/10/20 
SEC v. Denis Georgiyevich Sotnikov, et al. Civil LR-24770 03/13/20 
SEC v. Meta 1 Coin Trust, et al. Civil LR-24775 03/16/20 
SEC v. Todd Lahr, et al. Civil LR-24778 03/24/20 
SEC v. Adam Matthew Root Civil LR-24783 03/26/20 
SEC v. Teshuater, LLC, et al. Civil LR-24787 04/02/20 
SEC v. OwnZones Media Network, Inc., et al. Civil LR-24786 04/02/20 
SEC v. Matthew S. Hilliard, et al. Civil LR-24797 04/16/20 
SEC v. Phillip W. Conley Civil LR-24798 04/16/20 
SEC v. Steven L. Brickner Civil LR-24800 04/21/20 
SEC v. Renew Spinal Care, Inc., et al. Civil LR-24802 04/22/20 
SEC v. Phillip Hudnall, et al. Civil LR-24803 04/23/20 
SEC v. Dropil, Inc., et al. Civil LR-24804 04/23/20 
In the Matter of Jeffrey G. Klein Follow-on Admin. Proc. 34-88747 04/24/20 
In the Matter of American Bondholders 
Foundation, LLC, et al. Stand-alone Admin. Proc. 33-10779 04/30/20 
In the Matter of Wendy Lieberman Kirkland, et al. Stand-alone Admin. Proc. 34-88797 05/01/20 
SEC v. CAN Capital, Inc. Civil LR-24811 05/04/20 
SEC v. Damon Elliott, et al. Civil LR-24813 05/06/20 
SEC v. Daniel F. Putnam, et al. Civil LR-24829 05/07/20 
SEC v. Clinton Maurice Tucker, II Civil LR-24814 05/11/20 
SEC v. Ronald D. Swanson Civil LR-24818 05/14/20 
In the Matter of Ronald D. Swanson, a/k/a Ronald D. 
Swanson-Cerna Follow-on Admin. Proc. 34-88865 05/14/20 
SEC v. Applied Biosciences Corp. Civil LR-24819 05/14/20 
SEC v. Paul Russell Montgomery, Jr., et al. Civil LR-24821 05/18/20 
SEC v. Paul Horton Smith, Sr., et al. Civil LR-24822 05/19/20 
SEC v. William Sadleir Civil LR-24824 05/22/20 
SEC v. Robert W. Wilson Civil LR-24823 05/26/20 
In the Matter of BitClave PTE, Ltd. Stand-alone Admin. Proc. 33-10788 05/28/20 
SEC v. Hvizdzak Capital Management, LLC, et al. Civil 2020-137 06/16/20 
SEC v. Vassilios Trikantzopoulos, et al. Civil LR-24840 06/18/20 

44 

https://www.sec.gov/litigation/litreleases/2020/lr24721.htm
https://www.sec.gov/news/press-release/2020-12
https://www.sec.gov/litigation/litreleases/2020/lr24722.htm
https://www.sec.gov/litigation/litreleases/2020/lr24723.htm
https://www.sec.gov/litigation/litreleases/2020/lr24724.htm
https://www.sec.gov/litigation/litreleases/2020/lr24731.htm
https://www.sec.gov/litigation/litreleases/2020/lr24728.htm
https://www.sec.gov/litigation/litreleases/2020/lr24741.htm
https://www.sec.gov/litigation/litreleases/2020/lr24740.htm
https://www.sec.gov/litigation/litreleases/2020/lr24737.htm
https://www.sec.gov/litigation/admin/2020/34-88205.pdf
https://www.sec.gov/litigation/admin/2020/33-10755.pdf
https://www.sec.gov/litigation/admin/2020/33-10760.pdf
https://www.sec.gov/litigation/admin/2020/33-10761.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24754.htm
https://www.sec.gov/litigation/litreleases/2020/lr24759.htm
https://www.sec.gov/litigation/litreleases/2020/lr24777.htm
https://www.sec.gov/litigation/litreleases/2020/lr24770.htm
https://www.sec.gov/litigation/litreleases/2020/lr24775.htm
https://www.sec.gov/litigation/litreleases/2020/lr24778.htm
https://www.sec.gov/litigation/litreleases/2020/lr24783.htm
https://www.sec.gov/litigation/litreleases/2020/lr24787.htm
https://www.sec.gov/litigation/litreleases/2020/lr24786.htm
https://www.sec.gov/litigation/litreleases/2020/lr24797.htm
https://www.sec.gov/litigation/litreleases/2020/lr24798.htm
https://www.sec.gov/litigation/litreleases/2020/lr24800.htm
https://www.sec.gov/litigation/litreleases/2020/lr24802.htm
https://www.sec.gov/litigation/litreleases/2020/lr24803.htm
https://www.sec.gov/litigation/litreleases/2020/lr24804.htm
https://www.sec.gov/litigation/admin/2020/34-88747.pdf
https://www.sec.gov/litigation/admin/2020/33-10779.pdf
https://www.sec.gov/litigation/admin/2020/34-88797.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24811.htm
https://www.sec.gov/litigation/litreleases/2020/lr24813.htm
https://www.sec.gov/litigation/litreleases/2020/lr24829.htm
https://www.sec.gov/litigation/litreleases/2020/lr24814.htm
https://www.sec.gov/litigation/litreleases/2020/lr24818.htm
https://www.sec.gov/litigation/admin/2020/34-88865.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24819.htm
https://www.sec.gov/litigation/litreleases/2020/lr24821.htm
https://www.sec.gov/litigation/litreleases/2020/lr24822.htm
https://www.sec.gov/litigation/litreleases/2020/lr24824.htm
https://www.sec.gov/litigation/litreleases/2020/lr24823.htm
https://www.sec.gov/litigation/admin/2020/33-10788.pdf
https://www.sec.gov/news/press-release/2020-137
https://www.sec.gov/litigation/litreleases/2020/lr24840.htm


 

 

            
           
         

         
          

         
          

           
     

            
          

         
        

         
           
              
         
           
          

        
           
               
            
            
          

         
         
          

         
         
          
         
        

       
        

           
             

          
        
         

         
           
           
            

          
         

          
           

           

In the Matter of Todd H. Lahr, Esq. Follow-on Admin. Proc. 34-89139 06/24/20 
SEC v. NAC Foundation, LLC, et al. Civil 2020-145 06/25/20 
SEC v. Jack Alan Abramoff Civil 2020-145 06/25/20 
In the Matter of David Rumsey Stand-alone Admin. Proc. 33-10796 07/01/20 
SEC v. Matthew Benjamin, et al. Civil LR-24846 07/01/20 
In the Matter of Ralph C. Greaves, Esq. Follow-on Admin. Proc. 34-89221 07/06/20 
In the Matter of Plutus Financial, Inc., d/b/a Abra, et al. Stand-alone Admin. Proc. 33-10801 07/13/20 
SEC v. Thunderbird Power Corp., et al. Civil LR-24853 07/14/20 
In the Matter of Abetterfincialplan.com, LLC, 
d/b/a A Better Financial Plan, et al. Stand-alone Admin. Proc. 33-10802 07/14/20 
SEC v. YouPlus, Inc., et al. Civil LR-24854 07/20/20 
In the Matter of Irth Communications, LLC, et al. Stand-alone Admin. Proc. 33-10805 07/22/20 
SEC v. Complete Business Solutions Group, Inc., 
d/b/a PAR Funding, et al. Civil LR-24860 07/24/20 
SEC v. Daniel K. Boice, et al. Civil 2020-162 07/24/20 
SEC v. Anthony Todd Johnson, a/k/a Todd Johnson, et al. Civil LR-24857 07/28/20 
SEC v. Clarence Dean Alford Civil 2020-168 07/30/20 
SEC v. Victor Lee Farias, et al. Civil LR-24861 07/30/20 
SEC v. Dale Tenhulzen, et al. Civil LR-24866 08/13/20 
In the Matter of Kelvin Boon, LLC, et al. Stand-alone Admin. Proc. 33-10817 08/13/20 
SEC v. Dennis M. Jali, et al. Civil 2020-198 08/28/20 
SEC v. Gary S. Wykle, a/k/a Gary S. Wyckel, et al. Civil LR-24882 08/31/20 
SEC v. John Brian McLane, Jr., et al. Civil LR-24880 08/31/20 
SEC v. Sexton Advisory Group, Inc., et al. Civil LR-24883 09/02/20 
SEC v. Geoffrey J. Thompson Civil LR-24887 09/03/20 
In the Matter of Covalent Collective, Inc. Stand-alone Admin. Proc. 33-10833 09/03/20 
In the Matter of National Financial Services, LLC Stand-alone Admin. Proc. 33-10832 09/03/20 
In the Matter of FuelCell Energy, Inc. Stand-alone Admin. Proc. 33-10831 09/03/20 
SEC v. Steven Fitzgerald Brown Civil LR-24888 09/03/20 
SEC v. Daniel R. Kamensky Civil 2020-203 09/03/20 
SEC v. Kirk Sperry, et al. Civil LR-24889 09/09/20 
SEC v. FLiK, et al. Civil LR-24899 09/10/20 
SEC v. Remington Chase, a/k/a William Westwood, 
a/k/a William Elliott Civil LR-24895 09/11/20 
In the Matter of Clifford Harris, Jr. Stand-alone Admin. Proc. 33-10836 09/11/20 
SEC v. Gary F. Pryor, et al. Civil LR-24898 09/14/20 
SEC v. The Estate of Richard Ventrilla, et al. Civil LR-24901 09/14/20 
In the Matter of Frederick Mintz Follow-on Admin. Proc. 34-89872 09/15/20 
In the Matter of Alan Fraade Follow-on Admin. Proc. 34-89873 09/15/20 
In the Matter of Unikrn, Inc. Stand-alone Admin. Proc. 33-10841 09/15/20 
SEC v. Scott Allen Fries Civil LR-24902 09/17/20 
SEC v. Adam P. Rogas, et al. Civil LR-24905 09/17/20 
SEC v. Milton J. Dosal, Jr. Civil LR-24907 09/21/20 
SEC v. Verley Lee Sembritzky, Jr., et al. Civil LR-24910 09/22/20 
In the Matter of Daniel C. Masters Stand-alone Admin. Proc. 33-10847 09/23/20 
In the Matter of Alan J. Kau Stand-alone Admin. Proc. 33-10848 09/23/20 
SEC v. James M. Rudnick Civil LR-24914 09/24/20 
SEC v. Craig A. Zabala, et al. Civil LR-24913 09/24/20 
In the Matter of SoluTech, Inc., et al. Stand-alone Admin. Proc. 33-10853 09/25/20 

45 

https://www.sec.gov/litigation/admin/2020/34-89139.pdf
https://www.sec.gov/news/press-release/2020-145
https://www.sec.gov/news/press-release/2020-145
https://www.sec.gov/litigation/admin/2020/33-10796.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24846.htm
https://www.sec.gov/litigation/admin/2020/34-89221.pdf
https://www.sec.gov/litigation/admin/2020/33-10801.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24853.htm
https://www.sec.gov/litigation/admin/2020/33-10802.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24854.htm
https://www.sec.gov/litigation/admin/2020/33-10805.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24860.htm
https://www.sec.gov/news/press-release/2020-162
https://www.sec.gov/litigation/litreleases/2020/lr24857.htm
https://www.sec.gov/news/press-release/2020-168
https://www.sec.gov/litigation/litreleases/2020/lr24861.htm
https://www.sec.gov/litigation/litreleases/2020/lr24866.htm
https://www.sec.gov/litigation/admin/2020/33-10817.pdf
https://www.sec.gov/news/press-release/2020-198
https://www.sec.gov/litigation/litreleases/2020/lr24882.htm
https://www.sec.gov/litigation/litreleases/2020/lr24880.htm
https://www.sec.gov/litigation/litreleases/2020/lr24883.htm
https://www.sec.gov/litigation/litreleases/2020/lr24887.htm
https://www.sec.gov/litigation/admin/2020/33-10833.pdf
https://www.sec.gov/litigation/admin/2020/33-10832.pdf
https://www.sec.gov/litigation/admin/2020/33-10831.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24888.htm
https://www.sec.gov/news/press-release/2020-203
https://www.sec.gov/litigation/litreleases/2020/lr24889.htm
https://www.sec.gov/litigation/litreleases/2020/lr24899.htm
https://www.sec.gov/litigation/litreleases/2020/lr24895.htm
https://www.sec.gov/litigation/admin/2020/33-10836.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24898.htm
https://www.sec.gov/litigation/litreleases/2020/lr24901.htm
https://www.sec.gov/litigation/admin/2020/34-89872.pdf
https://www.sec.gov/litigation/admin/2020/34-89873.pdf
https://www.sec.gov/litigation/admin/2020/33-10841.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24902.htm
https://www.sec.gov/litigation/litreleases/2020/lr24905.htm
https://www.sec.gov/litigation/litreleases/2020/lr24907.htm
https://www.sec.gov/litigation/litreleases/2020/lr24910.htm
https://www.sec.gov/litigation/admin/2020/33-10847.pdf
https://www.sec.gov/litigation/admin/2020/33-10848.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24914.htm
https://www.sec.gov/litigation/litreleases/2020/lr24913.htm
https://www.sec.gov/litigation/admin/2020/33-10853.pdf


 

 

        
          
          
          

          
            
              
          
             
         

        
           

          
      

         
           
          
         

    
      

    
         

 
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

SEC v. Mark Schena Civil 2020-224 09/25/20 
In the Matter of Raymond Allan Fine Stand-alone Admin. Proc. 33-10855 09/28/20 
In the Matter of David Taylor Stand-alone Admin. Proc. 33-10856 09/28/20 
In the Matter of Scott Eugene Bachman Stand-alone Admin. Proc. 33-10857 09/28/20 
SEC v. Andrew Dale Ledbetter, Esq. Civil LR-24926 09/29/20 
SEC v. Mason D. Newman, a/k/a Barry Weiss Civil LR-24936 09/29/20 
SEC v. Christian J. Baquerizo, a/k/a "Teddy Stone", et al. Civil LR-24936 09/29/20 
SEC v. Todd W. Mixon Civil LR-24931 09/29/20 
SEC v. Thomas J. Gity, Sr., et al. Civil LR-24930 09/29/20 
SEC v. Sebastian Silea, et al. Civil LR-24929 09/29/20 

SEC v. Roger Nils-Jonas Karlsson, a/k/a Euclid Diodorus, 
Steve Heyden, Joshua Millard, and Lars Georgsson Civil LR-24932 09/29/20 
SEC v. Lewis I. Wallach Civil LR-24928 09/29/20 
In the Matter of Salt Blockchain Inc., 
f/k/a Salt Lending Holdings, Inc. Stand-alone Admin. Proc. 33-10865 09/30/20 
SEC v. Robert McCabe, et al. Civil LR-24934 09/30/20 
SEC v. Rand Heckler, et al. Civil LR-24938 09/30/20 
SEC v. Michael Staisil Civil LR-24933 09/30/20 

TRANSFER AGENT 

In the Matter of VStock Transfer, LLC Stand-alone Admin. Proc. 34-89687 08/27/20 

46 

https://www.sec.gov/news/press-release/2020-224
https://www.sec.gov/litigation/admin/2020/33-10855.pdf
https://www.sec.gov/litigation/admin/2020/33-10856.pdf
https://www.sec.gov/litigation/admin/2020/33-10857.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24926.htm
https://www.sec.gov/litigation/litreleases/2020/lr24936.htm
https://www.sec.gov/litigation/litreleases/2020/lr24936.htm
https://www.sec.gov/litigation/litreleases/2020/lr24931.htm
https://www.sec.gov/litigation/litreleases/2020/lr24930.htm
https://www.sec.gov/litigation/litreleases/2020/lr24929.htm
https://www.sec.gov/litigation/litreleases/2020/lr24932.htm
https://www.sec.gov/litigation/litreleases/2020/lr24928.htm
https://www.sec.gov/litigation/admin/2020/33-10865.pdf
https://www.sec.gov/litigation/litreleases/2020/lr24934.htm
https://www.sec.gov/litigation/litreleases/2020/lr24938.htm
https://www.sec.gov/litigation/litreleases/2020/lr24933.htm
https://www.sec.gov/litigation/admin/2020/34-89687.pdf


 

 

 

                
          

             
    

              
         
         

         
            

            
          

       
                

  
           
       
             
     
         

         
              
     
            
        
               
     
            

          
  

           
        

            
        

               
 

             
         

  
             
              

        
              

       
            

      
            

           
            

        
               

      
            

      
             

        
             

        
 

 

 
ENDNOTES 

1 Press Release 2020-38, Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its 
Largest Business Unit (Feb. 21, 2020), available at https://www.sec.gov/news/press-release/2020-38 

2 Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 2019), 
available at https://www.sec.gov/news/press-release/2019-212 

3 Press Release 2020-146, Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle 
SEC Charges (June 26, 2020), available at https://www.sec.gov/news/press-release/2020-146 

4 Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 

5 Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 
Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 

6 Press Release 2020-44, SEC Charges South Carolina Energy Companies, Former Executives With Defrauding 
Investors (Feb.27, 2020), available at https://www.sec.gov/news/press-release/2020-44 

7 Press Release 2020-144, SEC Charges Novartis AG with FCPA Violations (June 25, 2020), available at 
https://www.sec.gov/news/press-release/2020-144

8 Press Release 2019-254, SEC Charges Multinational Telecommunications Company With FCPA Violations 
(Dec. 6, 2019), available at https://www.sec.gov/news/press-release/2019-254 

9 Press Release 2020-233, J.P. Morgan Securities Admits to Manipulative Trading in U.S. Treasuries (Sept. 29, 
2020), available at https://www.sec.gov/news/press-release/2020-233 

10 Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 

11 Press Release 2019-260, SEC Charges Former Goldman Sachs Executive With FCPA Violations (Dec. 16, 
2019), available at https://www.sec.gov/news/press-release/2019-260 

12 Press Release 2019-251, SEC Charges Iconix Brand Group and Former Top Executives With Accounting 
Fraud (Dec. 5, 2019), available at https://www.sec.gov/news/press-release/2019-251 

13 Press Release 2020-115, SEC Charges Three Former Audit Partners for Exam Sharing Misconduct (May 18, 
2010), available at https://www.sec.gov/news/press-release/2020-115 

14 Press Release 2020-164, SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to 
Promote Services to Florida Educators (July 28, 2020), available at https://www.sec.gov/news/press-release/2020-
164 

15 Press Release 2020-43, SEC Charges Wells Fargo In Connection With Investment Recommendation 
Practices (Feb. 27, 2020), available at https://www.sec.gov/news/press-release/2020-43 

16 Press Release 2020-240, SEC Whistleblower Program Ends Record-Setting Fiscal Year With Four Additional 
Awards (Sept. 30, 2020), available at https://www.sec.gov/news/press-release/2020-240 

17 Press Release 2020-266, SEC Issues Record $114 Million Whistleblower Award (Oct. 22, 2020), available at 
https://www.sec.gov/news/press-release/2020-266

18 Press Release 2020-204, SEC Announces Final Distribution in WG Trading Investment Fraud, Totaling Over 
$1 Billion Returned to Harmed Investors (Sept. 11, 2020), available at https://www.sec.gov/news/press-
release/2020-204

19 Our average was 24.1 months, second-fastest in the last five years, behind only 2019. 
20 Press Release 2020-203, SEC Charges Fund Manager for Fraud in Securities Offering in Neiman Marcus 

Bankruptcy (Sept. 3, 2020), available at https://www.sec.gov/news/press-release/2020-203 
21 Press Release 2020-127, Insurance Company Settles SEC Charges for Failing to Disclose Executive Perks 

(June 4, 2020), available at https://www.sec.gov/news/press-release/2020-127 
22 Press Release 2020-242, SEC Charges Hospitality Company for Failing to Disclose Executive Perks (Sept. 

30, 2020), available at https://www.sec.gov/news/press-release/2020-242 
23 Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 

Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 
24 Administrative Proceeding File No. 3-20105, Denver Investment Adviser Settles Charges for Disclosure 

Failures (Sept. 30, 2020), available at https://www.sec.gov/enforce/ia-5599-s 
25 Press Release 2020-226, SEC Charges Companies, Former Executives as Part of Risk-Based Initiative (Sept. 

28, 2020), available at https://www.sec.gov/news/press-release/2020-226 
26 Press Release 2020-242, SEC Charges Hospitality Company for Failing to Disclose Executive Perks (Sept. 

30, 2020), available at https://www.sec.gov/news/press-release/2020-242 
27 Press Release 2020-221, SEC Charges Lighting Products Company and Four Executives With Accounting 

Violations (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-221 
28 Press Release 2020-190, SEC Charges Super Micro and Former CFO in Connection with Widespread 

Accounting Violations (Aug. 25, 2020), available at https://www.sec.gov/news/press-release/2020-190 

47 

https://www.sec.gov/news/press-release/2020-190
https://www.sec.gov/news/press-release/2020-221
https://www.sec.gov/news/press-release/2020-242
https://www.sec.gov/news/press-release/2020-226
https://www.sec.gov/enforce/ia-5599-s
https://www.sec.gov/news/press-release/2020-223
https://www.sec.gov/news/press-release/2020-242
https://www.sec.gov/news/press-release/2020-127
https://www.sec.gov/news/press-release/2020-203
https://www.sec.gov/news/press
https://www.sec.gov/news/press-release/2020-266
https://www.sec.gov/news/press-release/2020-240
https://www.sec.gov/news/press-release/2020-43
https://www.sec.gov/news/press-release/2020
https://www.sec.gov/news/press-release/2020-115
https://www.sec.gov/news/press-release/2019-251
https://www.sec.gov/news/press-release/2019-260
https://www.sec.gov/news/press-release/2020-169
https://www.sec.gov/news/press-release/2020-233
https://www.sec.gov/news/press-release/2019-254
https://www.sec.gov/news/press-release/2020-144
https://www.sec.gov/news/press-release/2020-44
https://www.sec.gov/news/press-release/2020-223
https://www.sec.gov/news/press-release/2020-169
https://www.sec.gov/news/press-release/2020-146
https://www.sec.gov/news/press-release/2019-212
https://www.sec.gov/news/press-release/2020-38


 

 

 

             
          

            
        
            

      
             

       
            

         
            

        
  

              
    

          
         

            
      

                
     
                

         
            

           
         

         
             

           
  

             
    

             
     
            

         
                 

          
          

        
             

         
 

               
    

               
     
               
     
             

    
              

      
             

         
              
     

 
 

29 Press Release 2020-222, Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle 
Charges of Accounting Fraud (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-222 

30 Press Release 2019-251, SEC Charges Iconix Brand Group and Former Top Executives With Accounting 
Fraud (Dec. 5, 2019), available at https://www.sec.gov/news/press-release/2019-251 

31 Litigation Release No. 24678, SEC Charges Biotech Company and Executives with Accounting Fraud (Nov. 
26, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24678.htm 

32 Press Release 2020-237, SEC Charges Manitex International and Three Former Senior Executives With 
Accounting Fraud (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-237 

33 Press Release 2019-241, SEC Charges Former Top Executives of Healthcare Advertising Company With 
$487 Million Fraud (Nov. 25, 2019), available at https://www.sec.gov/news/press-release/2019-241 

34 Litigation Release No. 24720, SEC Charges Construction Management Consulting Company and Former 
Employees with Accounting Fraud (Jan. 17, 2020), available at 
https://www.sec.gov/litigation/litreleases/2020/lr24720.htm

35 Press Release 2020-36, SEC Charges Global Alcohol Producer with Disclosure Failures (Feb. 19, 2020), 
available at https://www.sec.gov/news/press-release/2020-36 

36 Press Release 2020-44, SEC Charges South Carolina Energy Companies, Former Executives With 
Defrauding Investors (Feb. 27, 2020), available at https://www.sec.gov/news/press-release/2020-44 

37 Press Release 2020-230, Fiat Chrysler Agrees to Pay $9.5 Million Penalty for Disclosure Violations (Sept. 
28, 2020), available at https://www.sec.gov/news/press-release/2020-230 

38 Press Release 2020-241, SEC Charges HP Inc. With Disclosure Violations and Control Failures (Sept. 30, 
2020), available at https://www.sec.gov/news/press-release/2020-241 

39 Press Release 2020-38, Wells Fargo to Pay $500 Million for Misleading Investors About the Success of Its 
Largest Business Unit (Feb. 21, 2020), available at https://www.sec.gov/news/press-release/2020-38 

40 Press Release 2020-223, SEC Charges BMW for Disclosing Inaccurate and Misleading Retail Sales 
Information to Bond Investors (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-223 

41 Press Release 2020-169, Pharmaceutical Company and Former Executives Charged With Misleading 
Financial Disclosures (July 31, 2020), available at https://www.sec.gov/news/press-release/2020-169 

42 Administrative Proceeding File No. 3-20107, SEC Charges BGC Partners with Making False and Misleading 
Disclosures Concerning a Key Non-GAAP Financial Measure (Sept. 30, 2020), available at 
https://www.sec.gov/enforce/33-10867-s 

43 Administrative Proceeding File No. 3-19831, SEC Settles Fraud Charges with Vereit (June 23, 2020), 
available at https://www.sec.gov/enforce/33-10793-s 

44 Press Release 2020-90, SEC Orders Three Self-Reporting Advisory Firms to Reimburse Investors (Apr. 17, 
2020), available at https://www.sec.gov/news/press-release/2020-90 

45 Press Release 2020-182, Advisory Firm Settles Charges of Defrauding Investors, Agrees to Refund Allegedly 
Ill-Gotten Gains to Harmed Clients (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-182 
(the same firm was also charged for failing to disclose conflicts related to its selection of fee-paying classes of 
mutual funds, which it had not self-reported under the Share Class Initiative). 

46 Press Release 2020-109, SEC Charges Morgan Stanley Smith Barney With Providing Misleading Information 
to Retail Clients (May 12, 2020), available at https://www.sec.gov/news/press-release/2020-109 

47 Public Statement, Statement from Stephanie Avakian and Steven Peikin, Co-Directors of the SEC’s Division 
of Enforcement, Regarding Market Integrity (Mar. 23, 2020), available at https://www.sec.gov/news/public-
statement/statement-enforcement-co-directors-market-integrity

48 Investor Alert: Look Out for Coronavirus-Related Investment Scams (Feb. 4, 2020, updated Sept. 28, 2020), 
available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_coronavirus 

49 Press Release 2020-132, SEC Charges Broker Who Defrauded Seniors Out of Almost $1 Million (June 12, 
2020), available at https://www.sec.gov/news/press-release/2020-132 

50 Press Release 2019-271, SEC Files Charges in Ponzi Scheme Targeting Hispanic Community (Dec. 19, 
2019), available at https://www.sec.gov/news/press-release/2019-271 

51 Press Release 2020-198, SEC Charges Ponzi Scheme Targeting African Immigrants (Aug. 28, 2020), 
available at https://www.sec.gov/news/press-release/2020-198 

52 Press Release 2020-26, SEC Brings Charges Against Fraud Targeting Amish and Mennonite Investors (Jan. 
31, 2020), available at https://www.sec.gov/news/press-release/2020-26 

53 Press Release 2020-167, SEC Charges CEO and Company With Defrauding First Responders and Others Out 
of Millions (July 30, 2020), available at https://www.sec.gov/news/press-release/2020-167 

54 Press Release 2020-216, SEC Charges Ponzi Scheme Targeting U.S. Military Service Members (Sept. 21, 
2020), available at https://www.sec.gov/news/press-release/2020-216 

48 

https://www.sec.gov/news/press-release/2020-216
https://www.sec.gov/news/press-release/2020-167
https://www.sec.gov/news/press-release/2020-26
https://www.sec.gov/news/press-release/2020-198
https://www.sec.gov/news/press-release/2019-271
https://www.sec.gov/news/press-release/2020-132
https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_coronavirus
https://www.sec.gov/news/public
https://www.sec.gov/news/press-release/2020-109
https://www.sec.gov/news/press-release/2020-182
https://www.sec.gov/news/press-release/2020-90
https://www.sec.gov/enforce/33-10793-s
https://www.sec.gov/enforce/33-10867-s
https://www.sec.gov/news/press-release/2020-169
https://www.sec.gov/news/press-release/2020-223
https://www.sec.gov/news/press-release/2020-38
https://www.sec.gov/news/press-release/2020-241
https://www.sec.gov/news/press-release/2020-230
https://www.sec.gov/news/press-release/2020-44
https://www.sec.gov/news/press-release/2020-36
https://www.sec.gov/litigation/litreleases/2020/lr24720.htm
https://www.sec.gov/news/press-release/2019-241
https://www.sec.gov/news/press-release/2020-237
https://www.sec.gov/litigation/litreleases/2019/lr24678.htm
https://www.sec.gov/news/press-release/2019-251
https://www.sec.gov/news/press-release/2020-222


 

 

 

                
          

  
            

         
  

                
          

    
           
     
              

         
             

       
           

           
  

             
     
             

       
               

    
              
         

              
        

             
         
              

      
            
     
              

    
                

    
            
     
              

         
               
     
              

      
            

         
  

             
       

           
     
            

         
  

 
 
 
 

55 Video, SEC Fireside Chat: A Video and Q&A About Red Flags of Investment Fraud Affecting the Deaf, 
Hard of Hearing and Hearing Loss Communities (Sept. 29, 2020), available at https://www.sec.gov/news/sec-
videos/protecting-hearing-loss-communities-fraud

56 Press Release 2020-232, SEC Charges Swedish National with Global Scheme Defrauding Retail Investors, 
Including Deaf Community Members (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-
232 

57 Press Release 2020-29, ABN AMRO Clearing Chicago Charged With Improper Handling of ADRs (Feb. 6, 
2020), available at https://www.sec.gov/news/press-release/2020-29; see also SEC Enforcement of Pre-Released 
ADRs, available at https://www.sec.gov/adr-enforcement 

58 Press Release 2020-104, SEC Charges Bloomberg Tradebook for Order Routing Misrepresentations (May 6, 
2020), available at https://www.sec.gov/news/press-release/2020-104 

59 Press Release 2020-175, SEC Charges Affiliated Advisers for Misrepresentations About Payment for Order 
Flow Arrangements (Aug. 5, 2020), available at https://www.sec.gov/news/press-release/2020-175 

60 Press Release 2020-112, SEC Orders Credit Rating Agency to Pay $3.5 Million for Conflicts of Interest 
Violations (May 15, 2020), available at https://www.sec.gov/news/press-release/2020-112 

61 Press Release 2020-235, SEC Charges Ratings Agency With Internal Controls Failures in Connection With 
Ratings of CMBS and CLO Combo Notes (Sept. 29, 2020), available at https://www.sec.gov/news/press-
release/2020-235

62 Press Release 2020-228, SEC Charges Amazon Finance Manager and Family With Insider Trading (Sept. 28, 
2020), available at https://www.sec.gov/news/press-release/2020-228 

63 Press Release 2019-261, Silicon Valley IT Administrator and Friends Charged in Multimillion Dollar Insider 
Trading Ring (Dec.17, 2019), available at https://www.sec.gov/news/press-release/2019-261 

64 Press Release 2020-217, SEC Charges Index Manager and Friend With Insider Trading (Sept. 21, 2020), 
available at https://www.sec.gov/news/press-release/2020-217 

65 Litigation Release No. 24649, SEC Obtains Asset Freeze and Charges Banker and Trader in International 
Insider Trading Scheme (Oct. 18, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24649.htm 

66 Litigation Release No. 24650, SEC Charges Two Bankers and Trader in Serial International Insider Trading 
Scheme (Oct. 22, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24650.htm 

67 Litigation Release No. 24761, SEC Charges Two Additional Traders in International Insider Trading Scheme 
(Mar. 6, 2020), available at https://www.sec.gov/ /litreleases/2020/lr24761.htm 

68 Press Release 2020-123, Private Equity Firm Ares Management LLC Charged With Compliance Failures 
(May 26, 2020), available at https://www.sec.gov/news/press-release/2020-123 

69 Press Release, 2019-216, SEC Charges 18 Traders in $31 Million Stock Manipulation Scheme (Oct. 16, 
2019), available at https://www.sec.gov/news/press-release/2019-216 

70 Press Release 2019-236 SEC Wins Jury Trial in Layering, Manipulative Trading Case (Nov. 12, 2019), 
available at https://www.sec.gov/news/press-release/2019-236 

71 See Administrative Proceeding File No. 3-20139, In the Matter of Mohammed Ali Rashid (October 26, 2020), 
available at https://www.sec.gov/litigation/admin/2020/ia-5620.pdf 

72 Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 
2019), available at https://www.sec.gov/news/press-release/2019-212 

73 Press Release 2020-146, Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle 
SEC Charges (June 26, 2020), available at https://www.sec.gov/news/press-release/2020-146 

74 Litigation Release No. 24871, SEC Wins Summary Judgment Against Florida Unregistered Dealers (Aug. 20, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24871.htm 

75 Press Release 2020-262, SEC Obtains Final Judgment Against Kik Interactive For Unregistered Offering 
(Oct.21, 2020), available at https://www.sec.gov/news/press-release/2020-262 

76 Press Release 2020-164, SEC Charges VALIC Financial Advisors with Failing to Disclose Payments to 
Promoted Services to Florida Educators (July 28, 2020), available at https://www.sec.gov/news/press-release/2020-
164 

77 Press Release 2020-124, Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to 
Investors (May 28, 2020), available at https://www.sec.gov/news/press-release/2020-124 

78 Press Release 2019-212, SEC Halts Alleged $1.7 Billion Unregistered Digital Token Offering (Oct. 11, 
2019), available at https://www.sec.gov/news/press-release/2019-212 

79 Press Release 2020-218, SEC Obtains Emergency Asset Freeze, Charges Ring of Microcap Stock 
Manipulators Targeting Retail Investors (Sept. 23, 2020), available at https://www.sec.gov/news/press-release/2020-
218 

49 

https://www.sec.gov/news/press-release/2020
https://www.sec.gov/news/press-release/2019-212
https://www.sec.gov/news/press-release/2020-124
https://www.sec.gov/news/press-release/2020
https://www.sec.gov/news/press-release/2020-262
https://www.sec.gov/litigation/litreleases/2020/lr24871.htm
https://www.sec.gov/news/press-release/2020-146
https://www.sec.gov/news/press-release/2019-212
https://www.sec.gov/litigation/admin/2020/ia-5620.pdf
https://www.sec.gov/news/press-release/2019-236
https://www.sec.gov/news/press-release/2019-216
https://www.sec.gov/news/press-release/2020-123
https://www.sec.gov
https://www.sec.gov/litigation/litreleases/2019/lr24650.htm
https://www.sec.gov/litigation/litreleases/2019/lr24649.htm
https://www.sec.gov/news/press-release/2020-217
https://www.sec.gov/news/press-release/2019-261
https://www.sec.gov/news/press-release/2020-228
https://www.sec.gov/news/press
https://www.sec.gov/news/press-release/2020-112
https://www.sec.gov/news/press-release/2020-175
https://www.sec.gov/news/press-release/2020-104
https://www.sec.gov/adr-enforcement
https://www.sec.gov/news/press-release/2020-29
https://www.sec.gov/news/press-release/2020
https://www.sec.gov/news/sec


 

 

 

               
         

          
  

           
        

               
          

            
         

             
      

              
         
           

         
             

       
               
     
            

          
             

      
              

            
              

       
           
           
  

            
          

           
        

             
         

             
              

  
             

          
              

         
              

   
               
     
              

        
  

           
        

               
    

            
       

            
          

 

80 Press Release 2019-256, Jefferies to Pay Nearly $4 Million for Improper Handling of ADRs (Dec. 9, 2019), 
available at https://www.sec.gov/news/press-release/2019-256; Press Release 2019-268, ABM AMRO Clearing 
Charged with Improper Handling of ADRs (Dec. 18, 2019), available at https://www.sec.gov/news/press-
release/2019-256

81 Press Release 2020-109, SEC Charges Morgan Stanley Smith Barney with Providing Misleading Information 
to Retail Clients (May 12, 2020), available at https://www.sec.gov/news/press-release/2020-109 

82 Press Release 2020-238, Morgan Stanley Agrees to Pay $5 Million for Reg SHO Violations in Prime 
Brokerage Swaps Business (Sept. 30, 2020), available at https://www.sec.gov/news/press-release/2020-238 

83 Press Release 2020-178, SEC Charges Interactive Brokers with Repeatedly Failing to File Suspicious 
Activity Reports (Aug. 10, 2020), available at https://www.sec.gov/news/press-release/2020-178 

84 Press Release 2019-268, SEC Charges Broker-Dealers With Illicitly Profiting in Partial Tender Offer (Dec. 
18, 2019), available at https://www.sec.gov/news/press-release/2019-268 

85 Press Release 2020-142, SG Americas to Pay $3.1 Million to Settle Charges of Providing Deficient Blue 
Sheet Data (June 24, 2020), available at https://www.sec.gov/news/press-release/2020-142 

86 Administrative Proceeding File No. 3-20050, SEC Charges Broker-Dealer with Failing to Preserve Required 
Electronic Records (Sept. 23, 2020), available at https://www.sec.gov/enforce/34-89975-s 

87 Administrative Proceeding File No. 3-19710, SEC Charges Audit Firm for Improper Professional Conduct 
(Feb. 26, 2020), available at https://www.sec.gov/enforce/34-88287-s 

88 Press Release 2019-269, MetLife to Pay $10 Million for Longstanding Internal Control Failures (Dec. 18, 
2019), available at https://www.sec.gov/news/press-release/2019-269 

89 Press Release 2020-222, Engine Manufacturing Company to Pay Penalty, Take Remedial Measures to Settle 
Charges of Accounting Fraud (Sept. 24, 2020), available at https://www.sec.gov/news/press-release/2020-222 

90 Press Release 2020-195, SEC Charges BorgWarner for Materially Misstating its Financial Statements (Aug. 
26, 2020), available at https://www.sec.gov/news/press-release/2020-195 

91 Administrative Proceeding File No. 3-19616, SEC Charges Cemetery and Funeral Home Operator and Its 
General Partner with Disclosure Failures (Dec. 12, 2019), available at https://www.sec.gov/enforce/34-87732-s 

92 Litigation Release No. 24792, SEC Charges Former Executives of Apparel Company with Accounting Fraud 
(Apr. 8, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24792.htm 

93 Administrative Proceeding File Nos. 3-20035 and 3-20036, SEC Charges Texas Company, Executives, and 
Former Board Member with Disclosure Failures (Sept. 21, 2020), available at https://www.sec.gov/enforce/34-
89935-s 

94 Administrative Proceeding File No. 19767, Audit Firm Charged with Back-Dating Audit Work Papers 
Provided to SEC and PCAOB (Apr. 24, 2020), available at https://www.sec.gov/enforce/34-88739-s 

95 Administrative Proceeding File No. 3-19626, SEC Charges Quantum with Internal Accounting Controls 
Failures (Dec. 20, 2019), available at https://www.sec.gov/enforce/34-87812-s 

96 Press Release 2020-159, UBS to Pay $10 Million for Violating Rules Which Give Priority to Retail Investors 
in Municipal Offerings (July 20, 2020), available at https://www.sec.gov/news/press-release/2020-159 

97 Administrative Proceeding File Nos. 3-19996, 3-19997, and 3-19998, SEC Charges Roosevelt & Cross and 
Two of its Salespeople for Retail Order Period Misconduct in Municipal Offerings (Sept. 14, 2020), available at 
https://www.sec.gov/enforce/33-10837-s

98 Press Release 2020-208, SEC Charges Charter School Operator and its Former President With Fraudulent 
Municipal Bond Offering (Sept. 14, 2020), available at https://www.sec.gov/news/press-release/2020-208 

99 Litigation Release No. 24806, SEC Charges Two California Charter School Officials with Misleading 
Investors in Bond Offering (Apr. 27, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24806.htm 

100 Press Release 2019-253, SEC Charges Trucking Executives with Accounting Fraud (Dec. 5, 2019), available 
at https://www.sec.gov/news/press-release/2019-253

101 Press Release 2020-115, SEC Charges Three Former Audit Partners for Exam Sharing Misconduct (May 18, 
2010), available at https://www.sec.gov/news/press-release/2020-115 

102 Press Release 2020-183, SEC Charges Hertz’s Former CEO with Aiding and Abetting Company’s Financial 
Reporting and Disclosure Violations (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-

103 Press Release 2020-135, Insurance Company and Former CFO Charged with Faulty Loss Reserve 
Disclosures (June 17, 2020), available at https://www.sec.gov/news/press-release/2020-135 

104 Press Release 2019-258, SEC Obtains Asset Freeze to Halt Alleged Offering Fraud (Dec. 10, 2019), 
available at https://www.sec.gov/news/press-release/2019-258 

105 Press Release 2019-214, Supervisor Charged for Role in Brokerage Firm’s Improper Handling of ADRs 
(Oct. 15, 2019), available at https://www.sec.gov/news/press-release/2019-214 

106 Press Release 2019-227, SEC Charges Issuer and CEO with Violating Whistleblower Protection Laws to 
Silence Investor Complaints (Nov. 4, 2019), available at https://www.sec.gov/news/press-release/2019-227 

50 

183 

https://www.sec.gov/news/press-release/2019-227
https://www.sec.gov/news/press-release/2019-214
https://www.sec.gov/news/press-release/2019-258
https://www.sec.gov/news/press-release/2020-135
https://www.sec.gov/news/press-release/2020
https://www.sec.gov/news/press-release/2020-115
https://www.sec.gov/news/press-release/2019-253
https://www.sec.gov/litigation/litreleases/2020/lr24806.htm
https://www.sec.gov/news/press-release/2020-208
https://www.sec.gov/enforce/33-10837-s
https://www.sec.gov/news/press-release/2020-159
https://www.sec.gov/enforce/34-87812-s
https://www.sec.gov/enforce/34-88739-s
https://www.sec.gov/enforce/34
https://www.sec.gov/litigation/litreleases/2020/lr24792.htm
https://www.sec.gov/enforce/34-87732-s
https://www.sec.gov/news/press-release/2020-195
https://www.sec.gov/news/press-release/2020-222
https://www.sec.gov/news/press-release/2019-269
https://www.sec.gov/enforce/34-88287-s
https://www.sec.gov/enforce/34-89975-s
https://www.sec.gov/news/press-release/2020-142
https://www.sec.gov/news/press-release/2019-268
https://www.sec.gov/news/press-release/2020-178
https://www.sec.gov/news/press-release/2020-238
https://www.sec.gov/news/press-release/2020-109
https://www.sec.gov/news/press
https://www.sec.gov/news/press-release/2019-256


 

 

 

            
        

          
          

               
     
  
                

  
             
           

  
               

    
               
        

             
       

              
         

             
         

            
      

              
    

              
     
             
        

              
     
             
         

          
 

              
     
              

    
              

  
            

    
             

    
              

        
           

        
           
          

  
              

    
               

          
  

 
 

107 Press Release 2020-131, SEC Charges Microcap Fraud Scheme Participants Attempting to Capitalize on the 
COVID-19 Pandemic (June 11, 2020), available at https://www.sec.gov/news/press-release/2020-131 

108 Press Release 2020-128, SEC Charges California Trader Engaged in Manipulative Trading Scheme 
Involving COVID-19 Claims (June 9, 2020), available at https://www.sec.gov/news/press-release/2020-128 

109 Press Release 2020-111, SEC Charges Companies and CEO for Misleading COVID-19 Claims (May 14, 
2020), available at https://www.sec.gov/news/press-release/2020-111 

110 Id. 
111 Press Release 2020-97, SEC Charges Company and CEO for COVID-19 Scam (Apr. 28, 2020), available at 

https://www.sec.gov/news/press-release/2020-97
112 Press Release, 2020-224. SEC Charges Top Executive of California Microcap Company for Misleading 

Claims Concerning COVID-19 Test and Financial Statements (Sept. 25, 2020), available at 
https://www.sec.gov/news/press-release/2020-224

113 Press Release 2019-259, SEC Charges Founder, Digital Asset Issuer with Fraudulent ICO (Dec 11, 2019), 
available at https://www.sec.gov/news/press-release/2019-259 

114 Press Release 2020-145, SEC Charges Issuer, CEO, and Lobbyist With Defrauding Investors in AML 
BitCoin (June 25, 2020), available at https://www.sec.gov/news/press-release/2020-145 

115 Press Release 2020-124, Unregistered $25.5 Million ICO Issuer to Return Money for Distribution to 
Investors (May 28, 2020), available at https://www.sec.gov/news/press-release/2020-124 

116 Press Release 2020-211, Unregistered ICO Issuer Agrees to Disable Tokens and Pay Penalty for Distribution 
to Harmed Investors (Sept. 15, 2020), available at https://www.sec.gov/news/press-release/2020-211 

117 Press Release 2020-181, SEC Charges Issuer and CEO With Misrepresenting Platform Technology in 
Fraudulent ICO (Aug. 13, 2020), available at https://www.sec.gov/news/press-release/2020-181 

118 Press Release 2020-42, Actor Steven Seagal Charged With Unlawfully Touting Digital Asset Offering (Feb. 
27, 2020), available at https://www.sec.gov/news/press-release/2020-42 

119 Litigation Release No. 24810, SEC Charges Husband and Wife in Insider Trading Scheme (May 5, 2020), 
available at https://www.sec.gov/litigation/litreleases/2020/lr24810.htm 

120 Litigation Release No. 24892, SEC Charges Two Former Petmed Executives with Insider Trading (Sept. 10, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24892.htm 

121 Litigation Release No. 24912, SEC Charges Former Controller of Now-Bankrupt Company with Insider 
Trading (Sept. 23, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24912.htm 

122 Litigation Release No. 24908, SEC Charges Investor Relations Consultant with Insider Trading (Sept. 21, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24908.htm 

123 Litigation Release No. 24782, SEC Charges Pharmacy Chain Employee with Insider Trading (March 26, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24782.htm; Litigation Release No. 24903, SEC 
Charges Pharmacy Chain Employee with Insider Trading (Sept. 17, 2020), available at 
https://www.sec.gov/litigation/litreleases/2020/lr24903.htm

124 Litigation Release No. 24863, SEC Charges Former Investment Adviser with Insider Trading (Aug. 6, 
2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24863.htm 

125 Litigation Release No. 24919, SEC Charges North Carolina Man with Insider Trading (Sept. 25, 2020), 
available at https://www.sec.gov/litigation/litreleases/2020/lr24919.htm 

126 Press Release 2020-197, SEC Charges Herbalife With FCPA Violations (Aug. 28, 2020), available at 
https://www.sec.gov/news/press-release/2020-197

127 Press Release 2020-149, SEC Charges Alexion Pharmaceuticals with FCPA Violations (July 2, 2020), 
available at https://www.sec.gov/news/press-release/2020-149 

128 Press Release 2020-177. SEC Charges Consumer Loan Company with FCPA Violations (Aug. 6, 2020), 
available at https://www.sec.gov/news/press-release/2020-177 

129 Litigation Release No. 24794, SEC Charges Former Executive of Financial Services Company with FCPA 
Violations, (Apr. 13, 2020), available at https://www.sec.gov/litigation/litreleases/2020/lr24794.htm 

130 Press Release 2019-241, SEC Charges Former Top Executives of Healthcare Advertising Company With 
$487 Million Fraud (Nov. 25, 2019), available at https://www.sec.gov/news/press-release/2019-241 

131 Press Release (USAO ND Ill), Former Executives and Employees of Health Technology Company Outcome 
Health Charged in $1 Billion Fraud Scheme (Nov. 25, 2019), available at https://www.justice.gov/usao-
ndil/pr/former-executives-and-employees-health-technology-company-outcome-health-charged-1

132 Press Release 2020-1, SEC Charges Six Individuals in International Microcap Fraud Schemes (Jan. 2, 2020), 
available at https://www.sec.gov/news/press-release/2020-1 

133 Press Release (USAO SDNY), Swiss Asset Management Firm And Its Owner Charged In Manhattan Federal 
Court For Orchestrating Stock Manipulation Scheme (Jan. 2, 2020), available at https://www.justice.gov/usao-
sdny/pr/swiss-asset-management-firm-and-its-owner-charged-manhattan-federal-court-orchestrating 

51 

https://www.justice.gov/usao
https://www.sec.gov/news/press-release/2020-1
https://www.justice.gov/usao
https://www.sec.gov/news/press-release/2019-241
https://www.sec.gov/litigation/litreleases/2020/lr24794.htm
https://www.sec.gov/news/press-release/2020-177
https://www.sec.gov/news/press-release/2020-149
https://www.sec.gov/news/press-release/2020-197
https://www.sec.gov/litigation/litreleases/2020/lr24919.htm
https://www.sec.gov/litigation/litreleases/2020/lr24863.htm
https://www.sec.gov/litigation/litreleases/2020/lr24903.htm
https://www.sec.gov/litigation/litreleases/2020/lr24782.htm
https://www.sec.gov/litigation/litreleases/2020/lr24908.htm
https://www.sec.gov/litigation/litreleases/2020/lr24912.htm
https://www.sec.gov/litigation/litreleases/2020/lr24892.htm
https://www.sec.gov/litigation/litreleases/2020/lr24810.htm
https://www.sec.gov/news/press-release/2020-42
https://www.sec.gov/news/press-release/2020-181
https://www.sec.gov/news/press-release/2020-211
https://www.sec.gov/news/press-release/2020-124
https://www.sec.gov/news/press-release/2020-145
https://www.sec.gov/news/press-release/2019-259
https://www.sec.gov/news/press-release/2020-224
https://www.sec.gov/news/press-release/2020-97
https://www.sec.gov/news/press-release/2020-111
https://www.sec.gov/news/press-release/2020-128
https://www.sec.gov/news/press-release/2020-131


 

 

 

              
     
              

             
  

  
             

         
  

            
      

  
             
     
            

     
  

           
         
             

      
  

             
         

              
    

  
             

       
       

       
  

             
  

            
      

               
        

          
          

            
        

61 

134 Press Release 2020-18, SEC Charges Husband and Wife with Nearly $1 Billion Ponzi Scheme (Jan. 24, 
2020), available at https://www.sec.gov/news/press-release/2020-18 

135 Press Release (USAO ED Cal), Top Executives Plead Guilty to Participating in a Billion Dollar Ponzi 
Scheme—the Biggest Criminal Fraud Scheme in the History of the Eastern District of California (Jan. 24, 2020), 
available at https://www.justice.gov/usao-edca/pr/top-executives-plead-guilty-participating-billion-dollar-ponzi-
scheme-biggest-criminal 

136 Press Release 2020-61, SEC Charges Russian National for Defrauding Older Investors of Over $26 Million 
in Phony Certificates of Deposit Scam (Mar. 13, 2020), available at https://www.sec.gov/news/press-release/2020-

137 Press Release (USAO DNJ), Florida Man Charged With Money Laundering In $30 Million Wire Fraud 
Scheme (Mar. 13, 2020), available at https://www.justice.gov/usao-nj/pr/florida-man-charged-money-laundering-
30-million-wire-fraud-scheme 

138 Press Release 2020-162, SEC Charges Trustify Inc. and Founder in $18.5 Million Offering Fraud (July 24, 
2020), available at https://www.sec.gov/news/press-release/2020-162 

139 Press Release (USAO ED Va), Former CEO and Founder of Technology Company Charged in Investment 
Fraud Scheme (July 24, 2020), available at https://www.justice.gov/usao-edva/pr/former-ceo-and-founder-
technology-company-charged-investment-fraud-scheme

140 Press Release 2020-122, SEC Charges Owner of Film Distribution Company with Defrauding Publicly 
Traded Fund (May 22, 2020), available at https://www.sec.gov/news/press-release/2020-122 

141 Press Release (USAO SDNY), Former Chairman And CEO Of Movie Production Company Arrested On 
Fraud Charges (May 22, 2020), available at https://www.justice.gov/usao-sdny/pr/former-chairman-and-ceo-movie-
production-company-arrested-fraud-charges

142 Press Release 2020-236, SEC Charges Former Real Estate Executive With Misappropriating $26 Million in 
Ponzi Scheme (Sept. 29, 2020), available at https://www.sec.gov/news/press-release/2020-236 

143 Press Release (USAO ND Cal), Los Angeles Man Charged with Running $350 Million Ponzi Scheme (Sept. 
29, 2020), available at https://www.justice.gov/usao-ndca/pr/los-angeles-man-charged-running-350-million-ponzi-
scheme 

144 Press Release 2019-234, SEC Charges Adviser for Running Ponzi Scheme Targeting Haitian Community 
(Nov. 6, 2019), available at https://www.sec.gov/news/press-release/2019-234 

145 Press Release (USAO SDNY), Rockland County Man Charged With Multimillion-Dollar Ponzi And 
Embezzlement Schemes (Nov. 6, 2019), available at https://www.justice.gov/usao-sdny/pr/rockland-county-man-
charged-running-multimillion-dollar-ponzi-and-embezzlement-schemes

146 Press Release 2020-72, SEC Charges Unregistered Penny Stock Dealer (Mar. 24, 2020), available at 
https://www.sec.gov/news/press-release/2020-72 

147 Press Release 2020-153, SEC Charges App Developer for Unregistered Security-Based Swap Transactions 
(July 13, 2020), available at https://www.sec.gov/news/press-release/2020-153 

148 Press Release 2020-168, SEC Charges Former Georgia State Legislator With Defrauding Investors in Ponzi 
Scheme (July 30, 2020), available at https://www.sec.gov/news/press-release/2020-168 

149 Press Release 2020-35, SEC Charges Real Estate Company and Executives With Defrauding Retail 
Investors, Obtains Emergency Relief (Feb. 18, 2020), available at https://www.sec.gov/news/press-release/2020-35 

150 Administrative Proceeding File No. 3-19957, SEC Charges Broker-Dealer and Issuer with Shelf Offering 
Violations (Sept. 3, 2020), available at https://www.sec.gov/enforce/33-10831-s 

52 

https://www.sec.gov/enforce/33-10831-s
https://www.sec.gov/news/press-release/2020-35
https://www.sec.gov/news/press-release/2020-168
https://www.sec.gov/news/press-release/2020-153
https://www.sec.gov/news/press-release/2020-72
https://www.justice.gov/usao-sdny/pr/rockland-county-man
https://www.sec.gov/news/press-release/2019-234
https://www.justice.gov/usao-ndca/pr/los-angeles-man-charged-running-350-million-ponzi
https://www.sec.gov/news/press-release/2020-236
https://www.justice.gov/usao-sdny/pr/former-chairman-and-ceo-movie
https://www.sec.gov/news/press-release/2020-122
https://www.justice.gov/usao-edva/pr/former-ceo-and-founder
https://www.sec.gov/news/press-release/2020-162
https://www.justice.gov/usao-nj/pr/florida-man-charged-money-laundering
https://www.sec.gov/news/press-release/2020
https://www.justice.gov/usao-edca/pr/top-executives-plead-guilty-participating-billion-dollar-ponzi
https://www.sec.gov/news/press-release/2020-18