9 results for 'cat:"Securities" AND cat:"Agency"'.
J. Cronan finds for the agency in this SEC enforcement action and orders the manager of an investment club who engaged in fraudulent investment schemes to disgorge ill-gotten profits of $1.7 million, plus interest of $339,000. In addition, the manager shall be permanently banned from working in the financial sector again due to his conscious wrongdoing and the likelihood he will continue to violate federal securities laws.
Court: USDC Southern District of New York, Judge: Cronan, Filed On: May 6, 2024, Case #: 1:19cv10299, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, agency
J. Failla denies the crypto-asset trading platform's motion to dismiss the SEC's suit accusing it of violating federal securities laws by offering its services without registering with the SEC as an exchange, broker, or clearing agency. Many of the transactions on Coinbase's platform constitute "investment contracts," which federal securities laws have long recognized as securities subject to SEC regulation. However, Coinbase is entitled to dismissal of the claim that it acts as an unregistered broker by making its Wallet application available to customers.
Court: USDC Southern District of New York, Judge: Failla, Filed On: March 27, 2024, Case #: 1:23cv4738, NOS: Securities/Commodities/Exchange - Other Suits, Categories: securities, agency
J. Jones vacates a jury verdict and $6.5 million penalty against a holdings company and broker following the Commodity Futures Trading Commission's trial against them concerning the broker's discretionary trading for an account over which he had power of attorney in the same markets where he acted as a broker for other clients. The company lacked fair notice of the commission's new interpretation of a rule barring a broker's "taking the other side of orders." The rule applies only to brokers who have a financial interest and not who merely “make the decision to trade opposite the order and execute [that] trade.” Vacated in part.
Court: 5th Circuit, Judge: EOX Holdings Jones, Filed On: January 8, 2024, Case #: 22-20622 , Categories: Administrative Law, securities, agency
J. Higginson denies a corporate advocacy group’s petition for review of the SEC’s approval of a rule that would require companies listed on the Nasdaq stock exchange to disclose information about board members, as well to give certain companies access to a board recruiting service. The group identifies no requirement of the Securities Exchange Act to which questions regarding the list of board-ready diverse candidates and availability of services are important or relevant. The group has shown no evidence that the approval order violates any acts or policies.
Court: 5th Circuit, Judge: Higginson, Filed On: October 18, 2023, Case #: 21-60626, Categories: Evidence, securities, agency
Want access to unlimited case records and advanced research tools? Create your free CasePortal account now. No credit card required to register.
Try CasePortal for Free
J. Navarro denies the trader's motion to dismiss this suit alleging that he perpetrated a scheme involving "spoof" orders for gold and silver futures contracts on the commodity exchange business in order to manipulate the market. The CFTC's allegations provide sufficient factual context to render a finding of scienter plausible. The complaint alleges many facts that, taken together and accepted as true, demonstrate the trader's intent or, at least, recklessness.
Court: USDC Nevada, Judge: Navarro , Filed On: September 5, 2023, Case #: 2:22cv1258, NOS: Securities/Commodities/Exchange - Other Suits, Categories: Fraud, securities, agency
[Consolidated.] J. Hardwick finds that the commission properly approved the securitization of costs in an amount less than the utility requested. The commission's calculation of the amount of energy transition costs for a retired plant is supported by the evidence, and did not err by reducing the amount of power purchase costs in connection with a winter storm that the utility could recover through securitization. Affirmed.
Court: Missouri Court Of Appeals, Judge: Hardwick, Filed On: August 1, 2023, Case #: WD85800, Categories: Energy, securities, agency
J. Duncan remands this case for the district court to enter a preliminary injunction while it considers the investors' challenge to the Commodity Futures Trading Commission's rescission of its “no-action letter,” which allowed the online political futures market to operate without registering under federal law. The CFTC’s rescission of the no-action letter was an abrupt change, and likely arbitrary and capricious. Reversed and remanded.
Court: 5th Circuit, Judge: Duncan , Filed On: July 21, 2023, Case #: 22-51124, Categories: securities, agency, Injunction