i

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
ii

CONTENTS

Message from the Co-Directors ....................................................................................1

Introduction ................................................................................................................10

Initiatives and Areas of Focus in Fiscal Year 2019......................................................10

Focus on the Retail Investor ............................................................................10

Focus on Cyber-Related Misconduct................................................................12

Discussion and Analysis of Fiscal Year 2019..............................................................14

Overall Results ................................................................................................14

Types of Cases.................................................................................................15

Disgorgement and Penalties Ordered .............................................................16

Individual Accountability ...................................................................................17

Non-Monetary Relief Obtained .........................................................................18

Litigation and Trial Updates..............................................................................20

Challenges–Ongoing Impact of Kokesh ...........................................................21

Allocation of Resources...............................................................................................22

Noteworthy Enforcement Actions ................................................................................23

Appendix .....................................................................................................................28

Endnotes.....................................................................................................................48
1

MESSAGE FROM THE CO-DIRECTORS

We are pleased to share the Division of 

Enforcement’s annual report detailing the 

accomplishments of the Division during 

Fiscal Year 2019. The more than 1,350 

talented women and men of the Division are 

steadfastly committed to protecting investors 

and ensuring that our capital markets operate 

fairly. We are extremely proud of their 

efforts. With today’s report, we present and 

assess the Division’s work, highlight some of 

the most significant achievements of the past 

fiscal year, and discuss key initiatives. 

By any measure, we believe the Division had a very successful year. In Fiscal Year 2019, the 

Commission brought a broad mix of enforcement actions that addressed a wide variety of 

misconduct across the spectrum of the securities markets. These cases combated wrongdoing by 

holding individuals, issuers, financial institutions, and other entities accountable, and by 

stripping wrongdoers of their ill-gotten gains. By removing bad actors from the markets, 

obtaining effective, tailored remedies, and acting quickly to stop frauds and prevent losses, the 

Commission’s enforcement actions sent clear and important messages to market participants, and 

enhanced confidence in the integrity and fairness of our markets. And in many cases, the 

Commission’s enforcement actions resulted in the return of funds to harmed investors. 

We achieved this success despite facing significant headwinds. Our activity, including our ability 

to recover ill-gotten gains, continued to be affected by the adverse Supreme Court decisions in 

Kokesh and Lucia. In addition, we faced a near complete cessation of activity resulting from the

35-day lapse in appropriations. With this context, the Division’s results are even more 

impressive. They demonstrate a Division-wide commitment to our mission, including allocating 

our resources to maximum effect. We are delighted that a substantial portion of our Lucia-related 

remands have been addressed and, due to an increase in appropriations, our hiring freeze has 

been lifted and we are attracting extremely talented women and men to our ranks.

In the remainder of this letter we highlight some of the actions we believe illustrate the critical 

role the Division plays in advancing the Commission’s mandate to protect investors, ensure fair 

and efficient markets, and encourage capital formation. 
2

Protecting Main Street Investors

The Division of Enforcement is acutely focused on protecting the interests of retail investors. 

Retail investors are often particularly vulnerable to bad actors in the securities markets, and we 

have made addressing misconduct against them a top Enforcement priority. The Division 

devoted significant resources to this effort and realized many successes in Fiscal Year 2019. 

Perhaps most notably, as a result of our Share Class Selection Disclosure Initiative, 95 

investment advisory firms that voluntarily self-reported to the Division were ordered to return a 

total of over $135 million to affected mutual fund investors – the vast majority of whom are 

retail investors. Under the Initiative, the Division agreed to recommend standardized settlement 

terms for investment advisory firms that self-reported failures to disclose conflicts of interest 

associated with the selection of fee-paying mutual fund share classes when a lower- or no-cost 

share class of the same mutual fund was available. The majority of these actions were brought in 

March 2019, just over a year after we announced the Initiative, with the remainder brought in 

September 2019. The voluntary Initiative followed several standalone actions involving similar 

misconduct. The self-reporting and self-remediation features of the Initiative allowed the 

Commission to leverage its resources and address disclosure failures in a very short period of 

time. This resulted in the immediate benefit of more than $135 million being ordered returned to 

harmed investors and the lasting benefit of improved disclosure, on a scale and at a speed 

otherwise unachievable through the continued pursuit of individual enforcement efforts.

Our Retail Strategy Task Force (RSTF) continued its innovative work on case generation 

initiatives, education, and outreach efforts. The RSTF has undertaken a number of leadgenerating initiatives – often using data analytics – leading to swift enforcement action. 

Recognizing that prevention and enforcement are complementary efforts, the RSTF is working 

with the SEC’s Office of Investor Education and Advocacy on two new Commission-wide 

initiatives: the Teachers’ Initiative and the Military Service Members’ Initiative. Both initiatives 

focus on engaging with teachers, veterans, and active duty military personnel on savings and 

investment, investment fees and expenses, retirement programs, and the red flags of investment 

fraud. This direct engagement has both increased investor awareness and informed several 

ongoing enforcement investigations.

Detecting, Remedying, and Punishing Misconduct 

By Issuers and Financial Institutions

It is critical that we focus on misconduct occurring at issuers and financial institutions, where 

activity can be opaque and difficult to detect. Fraud involving financial and other disclosures of 

these companies is corrosive, as accurate financial and other disclosures are the bedrock of our 

capital markets. In this regard, we are focused on holding both individuals and corporations 

accountable for that misconduct where appropriate. The Commission’s enforcement actions 

during Fiscal Year 2019 reflect these principles. 
3

In Fiscal Year 2019, the Commission brought actions against public companies involving a wide 

range of alleged misconduct, including fraud, deficient disclosure controls, misleading risk factor 

disclosures, and misleading presentation of non-GAAP metrics. The following subset of cases is 

illustrative:

 Facebook Inc. In a settled action against Facebook, the Commission alleged that Facebook’s

risk factor disclosures presented the misuse of user data as hypothetical when Facebook 

knew that user data had in fact been misused. Facebook was ordered to pay a $100 million 

civil penalty.

 Mylan N.V. In a settled action against Mylan, the Commission alleged that Mylan failed to 

timely accrue for and disclose its potential liability arising from a Department of Justice 

investigation relating to the classification of EpiPen, its largest revenue and profit generating 

product, as well as making misleading disclosure regarding the risk that government 

authorities might disagree with that classification. Mylan was ordered to pay a $30 million 

penalty.

 Fiat Chrysler Automobiles N.V. and FCA US LLC. In a settled action, the Commission found 

that Fiat Chrysler’s U.S. subsidiary, FCA US, inflated monthly sales results by paying 

automobile dealers to report fake vehicle sales and maintaining a “cookie jar” of actual but 

unreported sales. In months when FCA US would have fallen short of certain targets, it 

dipped into the “cookie jar” and reported the old sales as if they had just occurred. FCA US 

and Fiat Chrysler were ordered to pay a $40 million penalty.

 Nissan. The Commission brought settled actions against Nissan, its former CEO, and a 

former director for false financial disclosures that omitted more than $140 million to be paid 

to the CEO in retirement. Nissan was ordered to pay a $15 million civil penalty, and the 

remedies imposed on the former CEO and former director included injunctions, civil 

penalties, and officer and director bars.

 Hertz Global Holdings Inc. and Hertz Corp. In a settled action against Hertz, the 

Commission found that Hertz’s public filings materially misstated pre-tax income as a result 

of accounting errors made in a number of business units over multiple reporting periods. 

Hertz was ordered to pay a $16 million penalty.

 PPG Industries, Inc. In a settled action against PPG, the Commission found that PPG failed 

to properly record various expense accruals and misclassified certain income, which resulted 

in PPG providing inflated income in its published financial results for two years. Based on 

PPG’s extensive cooperation with the Commission’s investigation, which included selfreporting and remediation, the Commission did not impose a monetary penalty.

Collectively, these cases demonstrate the Division’s and the Commission’s focus on financial 

statement integrity, the accuracy of issuer disclosures, and the willingness to punish significant 

corporate wrongdoing.
4

The Commission also continued to pursue misconduct and other violations at financial 

institutions and financial intermediaries. For example, in a series of actions, the 

Commission brought charges against a number of the world’s largest financial institutions for

engaging in improper conduct that undermined market integrity in connection with the “prerelease” of American Depository Receipts (ADRs). These cases revealed widespread abuses in 

which ADRs were improperly provided to brokers in thousands of pre-release transactions when 

neither the broker nor its customers had possession of the foreign shares needed to support the 

newly issued ADRs. These fraudulent practices artificially inflated the total number of a foreign 

issuer’s tradeable securities. In the past two fiscal years, the Commission has brought actions 

concerning these practices against 13 firms and 4 individuals, including the Bank of New York 

Mellon; JP Morgan Chase Bank N.A.; Citibank N.A.; Merrill Lynch, Pierce, Fenner & Smith 

Incorporated; BMO Capital Markets Corporation; and Industrial and Commercial Bank of China. 

The actions resulted in orders for more than $425 million in disgorgement and penalties.

Relying on its markets expertise, the Enforcement Division pursued several important actions 

involving violations of market protection regulations. For example, in an August 2019 settled 

action against Options Clearing Corporation (OCC), the sole U.S. registered clearing agency for 

exchange-listed option contracts on equities and a designated Systemically Important Financial 

Market Utility, the Commission found OCC failed to establish and enforce policies and 

procedures involving financial risk management, operational requirements, and informationsystems security, and that OCC changed policies on core risk management issues without 

obtaining required SEC approval. In addition to paying a $15 million penalty, OCC was ordered 

to implement substantial compliance-related steps, including increased board-level oversight of 

OCC’s compliance efforts and the retention of an independent auditor to evaluate OCC’s 

remediation and compliance efforts. We believe the Commission’s enforcement actions are most 

effective when the remedies and relief are carefully tailored to the conduct, the charges, and the 

particularities of the respondent at issue. The action against OCC is a good example of the sort of 

effective, tailored relief that we pursued in Fiscal Year 2019. 

Auditors and Audit Firms

Gatekeepers play a critical role in our markets, and policing their misconduct is a critical part of 

our mission. Auditors in particular play a key role, and it is essential that their independence and 

integrity failures be met forcefully. In Fiscal Year 2019, the Commission brought a settled action 

against KPMG arising from violations of Public Company Accounting Oversight Board 

(PCAOB) Rule 3500T, which requires audit firms to maintain integrity in the performance of a 

professional service. The Commission’s order found, and KPMG admitted to, significant

misconduct across the entire organization. The misconduct included a scheme involving the theft 

of confidential inspection targets from the PCAOB, and a widespread test-cheating scandal 

impacting numerous KPMG audit professionals. KPMG was ordered to pay a $50 million 

penalty and comply with a detailed set of undertakings designed to ensure remediation, including 

requiring KPMG to hire an independent compliance consultant. The action against KPMG 

followed Commission actions brought last year against six KPMG and PCAOB accountants who 

participated in the theft scheme. 
5

Fiscal Year 2019 also saw enforcement actions to address auditor independence violations, failed 

audits, and other serious auditor misconduct. For example, the Commission filed a settled action 

against PricewaterhouseCoopers LLP for violating auditor independence rules by performing 

prohibited non-audit services during audit engagements for one public issuer and for engaging in 

improper professional conduct in connection with 19 engagements for failing to disclose 

properly the provision of non-audit services to audit committees for the issuers. PwC was 

ordered to pay over $7.9 million in monetary relief and to implement undertakings designed to 

enhance quality controls.

Our accounting investigations often lead to enforcement actions against both issuers and 

auditors. For example, in a December 2018 settled action against Agria Corporation, the 

Commission found that the company had overstated by nearly $77 million the value of assets. 

The company was ordered to pay a $3 million penalty. Eight months later, the Commission filed 

settled actions against the two senior audit partners on the Agria engagement, who the 

Commission found each approved the issuance of the audit firm’s audit reports containing 

unqualified opinions when they knew or should have known that the audits were not conducted 

in accordance with PCAOB standards. The Commission’s order barred both partners from 

appearing or practicing before the Commission, with the right to reapply for reinstatements after 

periods of one and three years, respectively. 

Holding Individuals Accountable

A central pillar of our program is holding accountable individual wrongdoers. By doing so, the 

Commission achieves multiple goals, including specific and general deterrence and, where 

injunctive and other non-monetary remedies are imposed, protection of markets and investors 

from future misconduct by those same bad actors. Many of the Commission’s actions discussed 

above exemplify our focus on individual accountability, including the action against the former 

CEO and a former director of Nissan. Other notable examples of Fiscal Year 2019 cases include:

 Brixmor Property Group Inc. In an action filed in parallel with criminal authorities, the 

Commission alleged that the CEO, CFO, CAO, and Senior VP of Accounting at a publiclytraded real estate investment trust fraudulently manipulated a key non-GAAP metric relied 

on by analysts and investors to evaluate the company's financial performance. The 

Commission filed a settled action against Brixmor, and achieved partial settlements against 

two of the four individual defendants. 

 Comscore, Inc. In a settled action, the Commission found that Comscore, at the direction of 

its former CEO, entered into non-monetary transactions to improperly increase its reported 

revenue. Comscore and its former CEO were ordered to pay penalties of $5 million and 

$700,000, respectively. The former CEO also was ordered to reimburse Comscore $2.1 

million representing profits from the sale of Comscore stock and incentive-based 

compensation, and was barred from serving as an officer or director of a public company for 

10 years.
6

 Volkswagen AG. In a litigated action, the Commission alleged that VW AG, two subsidiaries, 

and VW’s former CEO defrauded investors when VW raised billions of dollars through 

corporate bond and fixed income offerings while making a series of deceptive claims about 

the environmental impact of the company’s “clean diesel” fleet.

Digital Assets and Distributed Ledger Technology Cases

In Fiscal Year 2019, Enforcement’s activities in the digital asset space matured and expanded. 

This year, as in Fiscal Year 2018, the Commission brought actions against a number of issuers of 

digital assets for engaging in fraud and for violating the registration provisions of the federal 

securities laws; some cases involved both violations. This year also saw the Commission file its 

first charges for unlawful promotion of ICOs, with cases against a pair of celebrities who 

“touted” digital assets without disclosing that they were paid to do so, and against a supposed 

ICO research and rating service that did not disclose that it was compensated by some issuers 

whose offerings it rated. The Commission also brought a settled action against the founder of a 

digital asset trading platform, which found that the platform unlawfully operated as a national 

securities exchange without being registered with the Commission. In a litigated action, the 

Commission sued an “ICO Incubator” and its founder for allegedly acting as a broker-dealer 

without registering and for selling unregistered digital assets that were securities. 

The registration requirements of the Securities Act of 1933 and related exemptions are 

fundamental to our regulatory framework. In Fiscal Year 2019, there were several significant 

developments in this area involving digital assets. First, the Commission reached settlements 

with three issuers of digital assets, which included tailored undertakings that provide issuers a 

path to compliance with registration requirements. These requirements included an opportunity 

for investors to seek rescission of their investments, as well as registration of the offered 

“tokens” under the Securities Exchange Act of 1934. Second, the Commission filed its first 

litigated action against a digital asset issuer solely for violating registration provisions. That

matter is in litigation.

Collectively, these actions send the clear message that, if a product is a security, regardless of the 

label attached to it, those who issue, promote, or provide a platform for buying and selling that 

security must comply with the investor protection requirements of the federal securities laws.

These protections have held our capital markets and, most importantly, our investors in good 

stead for over 85 years.
7

Continuing Areas of Focus

Regardless of our past actions and successes, we recognize that markets and the conduct of 

market participants are ever changing. Our vigilance must therefore extend to new areas and, to 

appropriately deploy our resources, we must continue to look for opportunities to improve the 

effectiveness of the Division. Below we discuss several areas where we focused our attention in 

Fiscal Year 2019 in order to further maximize our ability to protect investors and markets.

Coordination with Law Enforcement

While the remedies that the SEC is able to obtain are significant, civil sanctions alone can be 

inadequate to effectively deter or punish some securities law violators. This is especially true 

with recidivists, microcap fraudsters, insider traders, Ponzi schemers, and others who act with a 

high degree of scienter. As a result, in such cases, we often refer matters to and investigate in 

parallel with criminal authorities. Appropriate and effective coordination with federal and state 

criminal authorities remains a high priority. To that end, in October 2019 the Division hosted a 

Criminal Coordination Conference to discuss best practices and strategies for parallel criminal 

and civil enforcement of the federal securities laws. The conference was attended by over 300 

representatives of the Commission staff, Department of Justice (including 16 United States 

Attorneys), FBI, and other law enforcement agencies. 

This year saw numerous examples of effective coordination in which the Commission and 

criminal authorities brought parallel actions seeking to hold wrongdoers accountable and remove 

bad actors from our markets. In more than 400 of our investigations, other regulators and law 

enforcement offices requested and obtained access to materials contained in our investigative 

files. In many of these cases, we and our criminal law enforcement counterparts employed our 

complementary tools to further our shared goals. Frequently, this entailed collaboration with 

overseas regulatory and law enforcement counterparts. This collaborative approach is 

exemplified in the enforcement action filed against Roger Knox, a U.K. citizen residing in 

Switzerland. In October 2018, the Commission and the U.S. Attorney’s Office for the District of 

Massachusetts charged Knox for allegedly operating a multi-year fraudulent scheme that 

involved the securities of at least 50 microcap companies and generated roughly $165 million in 

illegal proceeds. The Commission brought an emergency action, obtaining a temporary 

restraining order to halt the scheme and an asset freeze to prevent the dissipation of assets. At the 

same time, the U.S. Attorney’s Office arrested Knox when he travelled to the United States. In 

pursuing this matter, the Commission and the District of Massachusetts received significant 

assistance from more than a dozen foreign regulators and prosecutors on six continents.

Accelerating the Pace of Investigations 

We believe that cases have the greatest impact when they are filed as close in time to the conduct 

as possible. In Fiscal Year 2019, on average, just under 24 months elapsed between case opening

and filing of an enforcement action, a slight improvement as compared to prior years. We are 

striving to further lower this metric in Fiscal Year 2020. As we focus our efforts in this regard, 

we expect to achieve the greatest strides in financial fraud and issuer disclosure cases. In Fiscal 

Year 2019, these cases took, on average, 37 months from opening to filing. These are among our 

most complicated investigations and take substantial time to complete for many reasons, 

including the volume of documents and witnesses we must examine and the need to obtain 

evidence from multiple parties. We are taking steps to accelerate the pace of these investigations. 
8

We have had some notable successes in increasing our speed, but there is still room for 

continued improvement. Two recent cases illustrate some of the ways we are working to 

expedite the resolution of our investigations. The Commission’s enforcement actions against 

Nissan and PPG were filed within 10 and 17 months, respectively, of case opening. The Nissan 

matter benefited greatly from our collaboration with local authorities in Japan, which streamlined 

our evidence-gathering process. A key factor for the relative speed of our filing against PPG was 

the company’s extensive cooperation with our investigation. 

Messaging Credit for Cooperation

As noted, receiving meaningful cooperation in connection with our investigations has the 

potential to substantially accelerate the timeframe for investigating and bringing a case. We 

recognize the value in providing greater transparency into how the Commission considers and 

weighs cooperation credit, and we are endeavoring to find additional ways to message what 

companies and individuals have done to merit the cooperation credit they received. In a number 

of instances, the Commission has provided that information in public orders, and we anticipate it 

will continue to do so going forward. 

We point to cases like PPG and Comscore as illustrative of our efforts in this space. The 

Commission imposed no civil penalty against PPG in recognition of its prompt self-reporting, 

extensive cooperation, and implementation of remedial measures immediately upon learning of 

the improper conduct for which it was charged. Similarly, the Commission considered 

Comscore’s prompt remedial acts and cooperation, including sharing the results of an internal 

investigation, in accepting Comscore’s offer to pay a $5 million penalty. 

Office of the Whistleblower

Since its enactment in 2011, the SEC’s whistleblower program has been very successful. 

Whistleblowers have made meaningful contributions to significant cases: whistleblower tips 

have resulted in high-quality SEC enforcement actions covering a broad range of misconduct and 

led to more than $2 billion in financial remedies ordered by the Commission since inception of 

the program. The Commission has recognized the importance of these tips by awarding 66 

whistleblowers approximately $387 million. Success begets success. As a result, we again 

received thousands of whistleblower tips and a record number of whistleblower claims in Fiscal 

Year 2019. In response, we have been working to streamline and substantially accelerate the 

evaluation of claims for whistleblower awards and we expect to see substantial improvement in 

this regard in Fiscal Year 2020. 
9

Evaluating Our Efforts in Fiscal Year 2019 and Beyond

Assessing the effectiveness of the Enforcement program should begin with case-specific analysis

that considers various qualitative factors such as the nature, quality, and diversity of the SEC’s 

enforcement actions and the impact of those actions on the behavior of market participants and 

the overall integrity of our markets. Judged on this basis, as illustrated by the discussion above of 

just a few of the many cases we pursued successfully this year, we believe the Division of 

Enforcement’s Fiscal Year 2019 was a success. 

We continue to believe that this sort of case-specific analysis, which takes into account the 

nature of the SEC’s enforcement actions and their impact on markets, is the best measure of the 

Enforcement program. Nevertheless, the broad quantitative metrics of Fiscal Year 2019 also 

reflect a high level of successful activity by the Division. The Commission brought 862 

enforcement actions – 526 of which were “standalone” actions – and obtained judgments and 

orders totaling more than $4.3 billion in disgorgement and penalties. The Commission obtained 

nearly 600 bars or suspensions against market participants, and suspended trading in the 

securities of 271 issuers. Our focus over the last several years on improving the effectiveness of 

our distribution program continued to bear fruit: nearly $1.2 billion was returned to harmed 

investors. 

We are incredibly proud to work with our talented and tenacious colleagues, who persevered and 

even excelled in the face of challenges. The effectiveness of our efforts in Fiscal Year 2019 is a 

testament to the dedication of the women and men of the Division. To our valued colleagues: 

Thank you for all that you do on behalf of investors. We look forward to continued success 

together in Fiscal Year 2020 and beyond.

Sincerely,

 

Stephanie Avakian and Steven Peikin

Co-Directors, Division of Enforcement

U.S. Securities and Exchange Commission

November 6, 2019
10

INTRODUCTION

The Division of Enforcement is responsible for civil enforcement of the federal securities laws. 

The Division’s efforts to protect investors; deter, detect, and punish wrongdoing; root out fraud 

and bad actors in our financial markets; and—wherever possible—compensate harmed investors

are integral to the Commission’s mission. Each year, the Division advances the Commission’s 

mission by investigating and bringing hundreds of actions against individuals and entities for 

fraud and other misconduct, and by securing remedies that protect investors and the markets.

The Division’s work is guided by five core principles: (1) focus on the retail investor; (2) focus 

on individual accountability; (3) keep pace with technological change; (4) impose remedies that 

most effectively further enforcement goals; and (5) constantly assess the allocation of our 

resources. Our continued focus on these principles led to a diverse array of significant cases in 

Fiscal Year 2019 that touch on each of the Division’s areas of programmatic responsibility. 

These achievements were accomplished despite the lapse in appropriations,

1

ongoing resource 

constraints, and an improving, but still challenging, legal landscape for the Commission’s 

enforcement program.

INITIATIVES AND AREAS OF FOCUS IN FISCAL YEAR 2019

The cases brought by the SEC in Fiscal Year 2019 address a wide range of alleged misconduct, 

consistent with the scope of the SEC’s oversight and the Division’s mandate. As in Fiscal Year 

2018, the largest percentage of cases brought by the Commission related to asset management, 

securities offerings, and issuer reporting and accounting issues. The Division also continued to 

focus resources on two key priority areas: retail investor protection and combating cyber threats. 

As in prior years, this resulted in a broad range of enforcement actions arising from violations by 

financial institutions, issuers, investment advisers, broker-dealers, hedge funds, and other market 

participants. The Division also remained focused on individual accountability by pursuing 

charges, where appropriate, against executives at all levels of the corporate hierarchy—including 

C-suite executives, as well as registered individuals, accountants, and auditors. We touch briefly 

on these initiatives and areas of focus below.

Focus on the Retail Investor

In Fiscal Year 2019, the Division continued to focus its efforts on protecting retail investors. 

These investors are often particularly vulnerable to the conduct of bad actors in the securities 

markets, and protecting them is a top priority. 

One area of particular focus was on misconduct that occurs in the interactions between 

investment professionals and retail investors. As discussed in last year’s Annual Report, the 

Division launched the Share Class Selection Disclosure Initiative in February 2018.2In just 19 

months, this Initiative has achieved extraordinary results. In March 2019, just over one year after 

the Initiative was announced, the Commission ordered 79 investment advisers to return more 
11

than $125 million to affected investors.

3

In September 2019, the Commission ordered another 16 

advisory firms to return an additional $10 million to affected investors.

4

Under the announced terms of the Initiative, the Division agreed to recommend standardized 

settlement terms against investment advisory firms that self-reported their failures to disclose 

conflicts of interest associated with the receipt of certain fees by the adviser, its affiliates, or its 

supervised persons for placing advisory clients in a 12b-1 fee paying share class when a lowercost or no-cost share class of the same mutual fund was available for the clients.5 The standard 

settlement terms included no civil penalty, but required disgorgement of fees the advisers 

obtained by placing their clients in 12b-1 fee paying share class without informing clients of the 

availability of an otherwise identical, lower-cost alternative.6 The firms that participated in the 

Share Class Initiative not only have been ordered to pay $135 million back to their clients, but

also are aligning their share class selection practices and disclosures going forward, so that 

clients can make more informed choices about the fees that they are paying. These improvements 

will make a real difference for retail investors moving forward. 

The intertwining of retail investor protection and technological sophistication is reflected in the 

continued work of the Division’s Retail Strategy Task Force (RSTF). Created approximately two 

years ago with the strong support of Chairman Jay Clayton, the RSTF has two primary 

objectives: (1) to develop data-driven, analytical strategies for identifying practices in the 

securities markets that harm retail investors and generating enforcement matters in these areas; 

and (2) to collaborate within and beyond the SEC on retail investor advocacy and outreach.7 The 

RSTF has undertaken a number of lead-generating initiatives and swift enforcement actions built 

on the use of data analytics. The RSTF also leads the Chairman’s Teachers’ Initiative and the 

Military Service Members’ Initiative, which focus enforcement and investor education resources 

on, respectively, teachers, and veterans and active duty military personnel.8 As part of these 

initiatives, the RSTF has collaborated with the SEC’s Office of Investor Education and 

Advocacy and the SEC’s regional offices on nationwide investor outreach.9 The San Francisco 

Regional Office, for example, recently launched SECrets to Investing, a podcast series for public 

school employees designed to inform them about retirement planning, unique options available 

to them as public school educators, investment basics, and avoiding fraud.10

The Division’s protection of retail investors includes stripping wrongdoers of their ill-gotten 

gains and returning funds to victims as quickly as possible. Our focus over the last several years 

on improving the effectiveness of our distribution program resulted in the return of nearly $1.2 

billion. In the Commission’s action against the Woodbridge Group of Companies LLC and 

affiliated companies (Woodbridge) and its former owner and CEO Robert Shapiro, related to a 

massive Ponzi scheme impacting over 8,400 retail investors, the Division worked aggressively, 

including through the related bankruptcy proceedings, to locate and preserve significant assets. 

In January 2019, Woodbridge and Shapiro were ordered to pay over $1 billion in combined 

penalties and disgorgement.11 Due in part to the Commission’s intervention and successful 

litigation in Bankruptcy Court, as well as filing enforcement actions and obtaining recoveries 

against others in this matter, it is anticipated that investors will recover 50% or more of their 

investments.
12

Focus on Cyber-Related Misconduct

Two years ago, also with the strong support of Chairman Clayton, the Division created a Cyber 

Unit to combat cyber-related threats by focusing Enforcement resources and expertise on, among 

others things, violations involving distributed ledger technology, cyber intrusions, and hacking to 

obtain material, nonpublic information.12 In Fiscal Year 2019, members of the Cyber Unit and 

other staff throughout the Division investigated and recommended to the Commission many 

significant cases in these areas.

13 Enforcement staff also worked with other Commission 

divisions and offices to educate the public and market participants about potential cyber-related 

threats, and continued to display the technological sophistication necessary to unravel complex 

unlawful trading schemes.

14

ICOs and Digital Assets

The Division investigated and recommended a number of cases involving distributed-ledger 

technology and digital assets this year.

15 As this market has matured, the Commission’s 

enforcement actions in the ICO space have evolved in response.

While the Commission continues to pursue issuers suspected of fraudulent conduct, Enforcement

also investigated and recommended a number of non-fraud matters, including some featuring 

resolutions designed to bring issuers into prospective compliance with the securities laws. Three 

settled actions charging ICO issuers with violating the registration requirements of the Securities 

Act included innovative undertakings that establish a framework for future resolutions in this 

space.

16 The settling ICO issuers agreed to establish claims processes for harmed ICO investors, 

to notify the investors of their right to file claims, to register their tokens with the Commission 

under Section 12(g) of the Exchange Act, and to comply with applicable registration and 

reporting requirements.17 The settlements also incentivized ICO issuers to self-report their 

registration violations: while two of the settling issuers paid civil penalties, no penalty was 

ordered against the third, which had self-reported its unregistered offering to the Commission.

18

And in June 2019, the Commission filed its first contested litigation against a digital asset issuer 

alleging solely non-fraud, registration violations, further reinforcing the seriousness with which 

the Commission views registration violations in the ICO space.

19

The Commission also brought a number of actions against third parties that violated the federal 

securities laws through their participation in the offer, sale, or promotion of digital asset 

securities. These cases included charges under the anti-touting,20 broker-dealer registration,21 and 

exchange registration22 provisions of the securities laws.

Securing Systems Against Cyber Threats

The Cyber Unit and the Division as a whole have also continued to focus on cybersecurity 

threats to public companies and regulated entities. 

In the regulated entity space, the Commission filed a pair of actions in September 2019 finding 

violations of Regulation Systems Compliance and Integrity (Reg SCI), a set of rules designed to 

monitor the security and capabilities of U.S. securities markets’ technological infrastructure.23 

Most notably, on September 6, the Commission filed an enforcement action against the Options 
13

Clearing Corporation (OCC). The U.S.’s sole registered clearing agency for exchange-listed 

option contracts on equities, OCC was designated in 2012 as a Systemically Important Financial 

Market Utility.

24 This designation subjected OCC to enhanced regulation and transparency 

regarding its risk management systems because disruption to OCC’s operations might be costly 

not only for itself and its members, but for other market participants or the broader financial 

system.25 The Commission found that OCC had violated Reg SCI by failing to establish and 

enforce policies and procedures involving financial risk management, operational requirements, 

and information-systems security, and changing policies on core risk management issues without 

obtaining required Commission approval.26 In settling the matters, OCC agreed to pay a $15 

million penalty and to comply with a substantial set of undertakings, described later in this 

report.27 

In October 2018, the Commission issued a Report of Investigation following an investigation 

concerning “business email compromises,” in which bad actors posed as company executives or 

vendors and used emails to dupe company personnel into sending large sums to bank accounts 

controlled by the perpetrators.28 The Division investigated whether those issuers may have 

violated the federal securities laws by failing to have a sufficient system of internal accounting 

controls. While the Division ultimately did not recommend enforcement action, the Commission 

issued a report to caution issuers and other market participants that these cyber-related threats of 

spoofed or manipulated electronic communications exist and should be considered when 

devising and maintaining a system of internal accounting controls.29 The report emphasized that 

having sufficient internal accounting controls plays an important role in an issuer’s risk 

management approach to external cyber-related threats, and, ultimately, the protection of 

investors.30

Leveraging Technology to Investigate Unlawful Trading

In the past year, the Commission also brought significant trading-related cases that may not have 

been possible without our ability to analyze voluminous amounts of data, including trading data 

and communications metadata. 

SEC v Ieremenko,

31 which the Commission filed in January 2019, is a prime example. In that 

case, the Commission filed charges against nine defendants—many of them overseas—for their 

alleged roles in a scheme to hack into the SEC’s EDGAR system and extract nonpublic 

information for use in illegal trading.32 This case required painstaking analysis of numerous 

events in which the defendants allegedly traded during the window between when the material 

nonpublic information was extracted and when it was disseminated to the public, and it 

showcased a number of our complex analytic tools and capabilities. Market and trading 

specialists, using proprietary systems, identified suspicious trading in advance of more than 150 

announcements.33 Through statistical analyses, staff determined that the odds the defendants 

would have randomly chosen to trade in front of these disparate events ranged from less than 7 in 

10 million to less than 1 in 1 trillion.34 Staff also analyzed IP addresses that accessed various 

communications and other systems to help establish the connections among seemingly unrelated 

participants in the alleged scheme.35 This is a type of case that might not have been possible to 

bring just a few years ago due to the geographical dispersal and technological sophistication of 

the perpetrators.
14

DISCUSSION AND ANALYSIS OF FISCAL YEAR 2019

Overall Results

Fiscal Year 2019 was a successful year for the Division of Enforcement. The Commission 

brought a diverse mix of 862 enforcement actions, of which:

 526 were “standalone” actions brought in federal court or as administrative proceedings;

 210 were “follow-on” proceedings seeking bars based on the outcome of Commission actions 

or actions by criminal authorities or other regulators; and

 126 were proceedings to deregister public companies–typically microcap–that were 

delinquent in their Commission filings.

Notably, despite the lapse in appropriations resulting in an almost total cessation of activity for 

35 days, the number of standalone enforcement actions was nearly 7% higher in Fiscal Year

2019 (526) than Fiscal Year 2018 (490). This is due, in part, to the self-reporting nature and 

accelerated resolution process of the Share Class Initiative. Detailed results from Fiscal Year 

2019 and prior years are set forth below.
15

Types of Cases

As the chart below illustrates, consistent with the prior fiscal year, the majority of the SEC’s 526

standalone cases in Fiscal Year 2019 concerned investment advisory and investment company 

issues (36%), securities offerings (21%), and issuer reporting/accounting and auditing (17%) 

matters. The SEC also continued to bring actions relating to broker-dealers (7%), insider trading

(6%), and market manipulation (6%), as well as other areas such as FCPA (3%) and Public 

Finance (3%).

A breakdown of the number and percentage of the types of actions brought in Fiscal Year 2019

is set forth in the attached appendix. 
16

Disgorgement and Penalties Ordered

In Fiscal Year 2019, the Commission obtained significant monetary remedies in enforcement 

actions. All told, parties in the Commission’s actions and proceedings were ordered to pay a total 

of $3.248 billion in disgorgement of ill-gotten gains. Penalties imposed totaled $1.101 billion. 

Total monetary relief ordered in Fiscal Year 2019 was $404 million higher than in Fiscal Year 

2018, an approximately 10% increase.

Money ordered is also high when viewed in terms of the median case: the median amount of 

total money ordered in Fiscal Year 2019 was over $550,000. 
17

In Fiscal Year 2019, the 5% of cases that involve the largest financial remedies again accounted 

for the majority of all financial remedies the Commission obtained. The remaining 95% of cases, 

which constitute the bulk of the Enforcement Division’s overall activity, accounted for roughly 

30% of monetary remedies. As the below chart demonstrates, this proportion has remained fairly 

consistent over time.

The Commission returned a substantial amount of money to harmed investors. In Fiscal Year 

2019, the Commission returned nearly $1.2 billion to harmed investors.

A significant portion of the total funds distributed in Fiscal Year 2019 ($902 million) came from 

four funds, of which three were Fair Funds ($717 million) and one was a disgorgement fund 

($185 million). The balance of the funds distributed in Fiscal Year 2019 ($295 million) came 

from 71 other distribution funds comprised of 28 Fair Funds ($233 million) and 43

Disgorgement Funds ($62 million).

Individual Accountability

Holding individuals accountable is the Commission’s most effective method of achieving 

deterrence. Experience teaches that individual accountability drives behavior and can also 

broadly impact corporate culture. In Fiscal Year 2019, 69% of the Commission’s standalone 

actions, excluding actions brought as part of the Share Class Initiative (which applied only to 

entities), involved charges against one or more individuals. This percentage is in line with the 

results of the last several fiscal years. If the Share Class Initiative actions are included, the 

percentage of actions involving charges against one or more individuals was 57%. The 

individuals charged in our actions include those at the top of the corporate hierarchy—such as 

chief executive officers, chief financial officers, and chief operating officers—as well as 

gatekeepers such as accountants, auditors, and attorneys.
18

Non-Monetary Relief Obtained

In every enforcement action, the Division seeks appropriately tailored sanctions that further 

enforcement goals. In addition to the monetary relief discussed above (disgorgement and 

penalties), there are a wide 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 2019, 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.

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 require 

different affirmative steps to remediate structural or other problems. Several actions from Fiscal 

Year 2019 illustrate the Division’s use of undertakings that are tailored to remedial objectives 

and specific to the wrongful conduct at issue. For example, in settling the matter involving its 

admitted illicit use of PCAOB data and cheating on training exams, the Commission ordered 

KPMG to comply with a detailed set of undertakings, including:

 Completing an investigation by a special committee of KPMG’s Board of Directors to 

identify audit professionals who violated ethics and integrity requirements in connection with 

training examinations;

 Conducting ethics and integrity training for all audit professionals; and

 Retaining an independent consultant to review and assess the firm’s ethics and integrity 

controls and compliance with its undertakings.

36

These undertakings addressed specific risks—in this case, the potential harm to investors caused 

by KPMG’s failure to have in place controls sufficient to prevent misuse of PCAOB inspection 

information and cheating.

37

Another example is the settled action against OCC.

38

 As part of the relief obtained, the 

Commission ordered OCC to:
19

 Retain an independent compliance auditor to assess the remediation of OCC’s violations and 

subsequent compliance efforts under a strict timeline;

 Provide an annual regulatory compliance report to OCC’s Board; 

 Provide the Board with copies of any deficiency letters from the staff of the Commission’s 

Office of Compliance Inspections and Examinations, copies of OCC’s responses to 

deficiency letters, and a briefing on OCC’s action plans, if any, in response to deficiency 

letters; and

 File a proposed rule change designed to establish a Board-level Regulatory Committee that 

operates separately from the Audit Committee and oversees OCC’s compliance efforts.

39

Bars and Suspensions Imposed

Bars and suspensions are also important forms of equitable relief available to the Commission. 

Bars and suspensions remove bad actors from positions where they can engage in future 

wrongdoing 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 595 bars and suspensions of wrongdoers in Fiscal Year 2019, an 

increase from Fiscal Year 2018.

 

Trading Suspensions

The federal securities laws allow the SEC to suspend trading in any stock for up to ten trading

days when the SEC determines that a trading suspension is required in the public interest and for 

the protection of investors. Circumstances that may lead the Commission to suspend trading 

include:

 A lack of current, accurate, or adequate information about the company, for example when a 

company is not current in its filings of periodic reports;

 Questions about the accuracy of publicly available information, including company press 

releases and reports, about the company’s current operational status, financial condition, or 

business transactions; and

 Questions about trading in the stock, including trading by insiders, potential market 

manipulation, and the ability to clear and settle transactions in the stock. 

In Fiscal Year 2019, the Commission suspended trading in the securities of 271 issuers, a slight

decrease from Fiscal Year 2018 (280). In addition to suspensions involving issuers of traditional 

stocks, the Commission also suspended trading in several digital assets, such as those issued by a 

Nevada company that falsely claimed it had partnered with an SEC-qualified custodian for use 

with cryptocurrency transactions “under SEC Regulations,” and purported to be conducting a 

token offering that was “officially registered in accordance [with] SEC requirements.”40
20

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.

In Fiscal Year 2019, the Commission obtained 31 court-ordered asset freezes, an increase from

Fiscal Year 2018 (26). These actions involve a range of misconduct. For example, in August 

2019, the Commission obtained a asset freeze against a Brooklyn-based individual and two 

entities under his control that allegedly engaged in a fraudulent scheme to sell digital securities 

to investors and to manipulate the market for those securities.

41 The same month, the 

Commission obtained an asset freeze in connection with an action charging the owner of a 

Pennsylvania-based investment adviser and several entities she controlled with operating an 

investment advisory fraud involving over $100 million in investments.42 Both cases reflect quick, 

effective Commission action designed to preserve investor funds and prevent the potential 

dissipation or transfer overseas of suspected ill-gotten gains.

Litigation and Trial Updates

Over 30% of the standalone matters the Division brought in Fiscal Year 2019 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 cannot be reached. Notably, the SEC filed its first litigated action against 

an ICO issuer for alleged registration violations. The case, SEC v. Kik Interactive Inc., stemmed 

from Kik Interactive’s $100 million securities offering of digital tokens in 2017.43 In SEC v. 

Volkswagen Aktiengesellschaft, et al., the Commission sued Volkswagen, two of its subsidiaries, 

and its former CEO, Martin Winterkorn, for defrauding U.S. investors, raising billions of dollars 

through corporate bond and fixed income offerings while making a series of deceptive claims 

about the environmental impact of the company’s “clean diesel” fleet.44

The Commission obtained successful resolutions in many litigated actions during 2019. For 

example, in SEC v. Ahmed, the court entered an Amended Final Judgment awarding the SEC 

more than $64 million in disgorgement, prejudgment interest, and other civil penalties against an 

investment adviser who misappropriated investor monies over the span of a decade.45 The 

Amended Judgment was the culmination of years of litigation that began with an emergency 

action in 2015.46 

Notably, the Commission prevailed in four of the five jury trials it conducted this year, which 

involved a wide array of misconduct, including disclosure fraud, insider trading and fee 

churning. Highlights include a November 2018 trial in Boston, MA, at the end of which the jury 

found the former CFO of AVEO Pharmaceuticals liable for fraud and other charges for 

misleading investors about the prospects for FDA approval of AVEO’s flagship developmental 

drug.47 Another trial win came in August 2019, when an Atlanta jury found a broker liable for 
21

insider trading after he acted as a middleman between an accountant with inside information and 

a long-time friend who engaged in the unlawful trading.48

The Division continues to respond to the Supreme Court’s June 2018 decision in Lucia v. SEC, 

which held that the appointment of the SEC’s Administrative Law Judges (ALJs) violated the 

U.S. Constitution’s Appointments Clause and requiring a new hearing in front of a different fact 

finder.49 After Lucia, the Commission stayed all pending administrative proceedings.50 The 

Commission lifted the stay on August 22, 2018, and approximately 200 administrative

proceedings were reassigned.51 In Fiscal Year 2019, many of the matters resolved without the 

need to have a rehearing. Three matters were the subject of full rehearings before new ALJs and 

we anticipate additional rehearings in Fiscal Year 2020.

Challenges—Ongoing Impact of Kokesh

The Supreme Court’s June 2017 decision in Kokesh v. SEC continues to impact adversely the 

Commission’s ability to disgorge and return funds to investors injured by long-running frauds, 

such as Ponzi schemes, that often directly impact retail investors. In Kokesh, the Supreme Court 

held that Commission claims for disgorgement are subject to a five-year statute of limitations.52

The Kokesh decision has had a significant impact, as many securities frauds are complex, wellconcealed, and are not discovered until investors have been victimized over many years. The 

Division estimates that the Kokesh ruling has caused the Commission to forgo approximately 

$1.1 billion dollars in disgorgement in filed cases. The actual impacts of Kokesh are likely far 

greater than this number reflects, however, because—since the Kokesh decision—the Division 

has shifted its resources to those investigations which hold the most promise for returning funds 

to investors. Thus, although the Division has seen some improvement this year in its effort to 

uncover, investigate, and bring cases as quickly as possible, it is likely that Kokesh will continue 

to impact our ability to recover for harmed investors in long-running frauds. 
22

ALLOCATION OF RESOURCES 

The more than two-year-long agency-wide hiring freeze was lifted on April 1, 2019. The 

Division was allocated 22 new slots for Fiscal Year 2019, which enabled the Division to begin to 

rebuild staffing levels that were lost during the hiring freeze due to retirement, attrition, and 

other reasons. Nationwide, 15 new staff joined the Division in Fiscal Year 2019. We are excited 

to welcome these new personnel to the Division. 

Even with some positions filled, the combined number of positions in the Division and the 

number of contractors supporting our investigation and litigation efforts remained almost 9% 

lower in Fiscal Year 2019 than in Fiscal Year 2016.

1 Due to a continued increase in the number 

of actions brought per person, the Division nevertheless continued to exhibit significant 

enforcement-related activity in Fiscal Year 2019:

 

1 The Fiscal Year 2019 calculation of Enforcement staff is based on a new methodology that differs slightly 

from that used to calculate the prior periods. The Fiscal Year 2019 result is not significantly different from what the 

result would have been using the prior methodology. We estimate a variance of less than 1% between the result 

under the new methodology and the prior one.
23

NOTEWORTHY ENFORCEMENT ACTIONS 

Although the Division’s efforts resulted in many noteworthy enforcement actions in Fiscal Year 

2019, the matters described below give some sense of the actions the Commission brought in 

areas of the Division’s greatest focus, as well as other actions that demonstrate the breadth of the 

landscape the Division covers. 

Significant Commission enforcement actions in Fiscal Year 2019 included charges against the 

following:

Financial Institutions

 Bank of New York Mellon, JP Morgan Chase Bank N.A., Citibank N.A., Merrill Lynch, 

BMO Capital Markets, and Industrial and Commercial Bank of China Limited (ICBC), for 

improperly handling “pre-released” American Depositary Receipts (ADRs).53

 Nomura Securities International Inc. for its failure to adequately supervise its bond traders 

who made false and misleading statements to customers while negotiating sales of 

commercial and residential mortgage-backed securities.54 

 BMO Harris Financial Advisors Inc. and BMO Asset Management Corp. for failing to 

inform clients about certain aspects of how the advisers selected investments in their retail 

investment advisory program, which included the selection of more expensive investments 

from which BMO advisers profited.55

 ITG Inc. and its affiliate AlterNet Securities Inc. with violations arising from ITG’s 

misstatements and omissions about the operation of the firm’s dark pool, POSIT, and ITG’s 

failure to establish adequate safeguards and procedures to protect POSIT subscribers’

confidential trading information.56

 TMC Bonds LLC, operator of an alternative trading system for fixed income securities, with 

violations of Regulation ATS for failing to protect confidential subscriber information.57

 Two subsidiaries of Prudential Financial Inc. with failing to disclose conflicts of interest and 

making misleading disclosures to the boards for 94 funds they advised.58 Canaccord Genuity 

LLC with enabling trading in dozens of thinly-traded securities without conducting the 

review required by the federal securities laws.59

 Stifel, Nicolaus & Co., Inc. and BMO Capital Markets Corp. for providing incomplete and 

inaccurate securities trading information to the SEC.60

 Broker-dealer AOC Securities LLC and its former chief executive officer with failing to 

supervise an AOC broker who provided inflated price quotes for certain securities to a 

significant customer of AOC.61

 Deer Park Road Management Company LP, a private fund manager in the mortgage-backed 

securities space, with charges stemming from compliance deficiencies that contributed to the 

firm’s failure to ensure that certain securities in its flagship fund were valued properly.

 SBB Research Group, LLC, a hedge fund adviser, and its two top executives with a multiyear fraud that inflated fund values.62

 BB&T Securities with charges that a firm it acquired misled its advisory clients into 

believing they were receiving full service brokerage services in-house at a discount while 

significantly less expensive options were available externally.63
24

Individual Accountability

 The former CEO of a global information and media analytics firm for engaging in a 

fraudulent scheme to overstate revenue by approximately $50 million and making false and 

misleading statements about key performance metrics.64

 An audit partner at PriceWaterhouseCoopers LLP for causing his firm’s auditor 

independence violations.65

 Live Well Financial, Inc.’s CEO for perpetrating a multi-million dollar bond mismarking 

scheme against Live Well’s short-term lenders and Live Well’s chief financial officer and 

Executive Vice President for related misconduct.

66

 A chief compliance officer for stealing millions of dollars from investors who were allegedly 

falsely promised that their funds would be used for the purchase and resale of tickets to 

Broadway shows and a sporting event, while, in actuality, using investor funds to benefit 

himself and his family.67

 Two top executives of Chicago-area hedge fund adviser and the adviser for multi-year fraud 

that inflated fund values, misstated the funds’ historical performance and overcharged 

investors approximately $1.4 million in fees.68

 The former CEO of Westport Fuel Systems for violations of the Foreign Corrupt Practices 

Act by paying bribes to a foreign government official in China, circumventing internal 

accounting controls in place to prevent misconduct, and signing a false certification 

concerning the sufficiency of the controls.69

 The former CFO and two former employees of Roadrunner Transportation Systems Inc. with 

fraud for manipulating the company’s financial results in order to meet earnings targets and 

projections.70

 Two former executives of Corinthian Colleges, Inc., for their roles in Corinthian's failure to 

disclose material risks related to the company's primary source of revenue.71

 Four former executives of Blue Earth Inc., a now-bankrupt alternative and renewable energy 

services company, stemming from their participation in disclosure and accounting fraud.

72

 13 individuals and 10 companies for unlawfully selling more than $350 million of 

Woodbridge Group of Companies LLC’s unregistered securities to more than 4,400 investors 

to retail investors.73

Insider Trading 

 42 individuals who allegedly misappropriated or traded unlawfully on material, nonpublic 

information, including:

o An analyst at a large international investment bank for trading on confidential 

information that he learned about Siris Capital Group’s plans to acquire Electronics for 

Imaging, Inc.74

o An emergency court order freezing proceeds in accounts of unknown traders resulting 

from suspicious trading that yielded approximately $2.5 million in profits in connection 

with the April 12, 2019 announcement that oil-and-gas conglomerate Chevron 

Corporation intended to acquire Anadarko Petroleum Corporation.75

o Two individuals, including the former Vice President of Clinical Research for Sangamo 

BioSciences Inc., with insider trading violations in connection with the announcement of 

a licensing agreement between Sangamo and another large pharmaceutical company, 

Biogen Idec Inc.76
25

o A former SAP software executive and two friends for insider trading in advance of an 

announcement that SAP intended to acquire Concur Technologies.77

o A New York-based banking consultant with insider trading in advance of an airline 

merger based on confidential information he learned by eavesdropping on the phone 

conversations of his then-fiancée, who was an investment banker working on the deal.78

o An IT contractor at the Singapore branch of an investment bank for using nonpublic 

information about impending mergers, acquisitions, and tender offers involving the 

investment bank’s clients to trade in advance of at least 40 corporate events in his own 

name and in accounts in the names of his wife, father, and another family member.79

o A former senior lawyer at SeaWorld Entertainment Inc. for insider trading based on 

nonpublic information that the company’s revenue would be better than anticipated for 

the second quarter of 2018.80

Issuer Reporting and Disclosure Issues and Auditor Issues

 61 entities and 83 individuals in standalone actions relating to issuer financial reporting and 

disclosures and auditor issues, including:

o PricewaterhouseCoopers LLP and its partner for violating auditor independence rules by 

performing prohibited non-audit services during an audit engagement, including 

exercising decision-making authority in the design and implementation of software 

relating to an audit client’s financial reporting, and engaging in management functions.81

o Crowe LLP, an audit firm, two of its partners, and two partners of a now-defunct audit 

firm, for their audit failures in connection with a company that went bankrupt after 

discovery of approximately $100 million in unpaid federal payroll tax liabilities.82

o Three former BDO USA LLP accountants, for their improper professional conduct during 

an audit of an exchange-listed insurance company, including improperly “pre-dating” 

audit work papers. 83

o KPMG LLP for altering past audit work after receiving stolen information about 

inspections of the firm that would be conducted by the Public Company Accounting 

Oversight Board (PCAOB), and engaging in other misconduct surrounding audit 

professional training.

84

o RSM US LLP with violations of the agency’s auditor independence rules in connection 

with more than 100 audit reports involving at least 15 audit clients.85

o Deloitte Touche Tohmatsu LLC (Deloitte Japan) with violations of the agency’s auditor 

independence rules, finding that it issued audit reports for an audit client at a time when 

dozens of its employees maintained bank accounts with the client’s subsidiary.86

o Herbalife Nutrition Ltd. for making false and misleading statements about its China 

business model in numerous U.S. regulatory filings over a six-year period.87

o The Hain Celestial Group, Inc. with charges stemming from weaknesses in the company's 

internal controls related to end-of-quarter sales practices that were designed to help the 

company meet its internal sales targets.88

o Marvell Technology Group, Ltd., a Silicon Valley based issuer, for misleading investors 

by engaging in an undisclosed revenue management scheme in order to meet publiclyissued revenue guidance.89

o GT Advanced Technologies Inc. and its former CEO with misleading investors about the 

company’s ability to supply “sapphire glass” for Apple’s iPhones.90
26

Foreign Corrupt Practices Act

 18 FCPA actions against 15 entities and 5 individuals, with monetary relief of nearly $515 

million (together with monetary relief in parallel criminal actions, over $1.4 billion), 

including: 

o Marketing solutions and printing service provider Quad/Graphics, Inc., for engaging in 

multiple bribery schemes in Peru and China and creating false records to conceal 

commercial transactions with a state-controlled Cuban telecommunications company that 

were subject to U.S. sanctions and export controls laws.91

o Global oil and gas services company TechnipFMC plc, for violations of the FCPA’s antibribery, internal accounting controls, and recordkeeping provisions, for conduct related to 

business dealings in Iraq prior to its predecessor’s 2017 merger with Technip S.A.

92

o Three senior executives of Cognizant, a New Jersey-based technology company, and the 

company for violations of the FCPA’s anti-bribery, internal accounting controls, and 

recordkeeping provisions by authorizing $2.5 million in bribe payments to an official in 

India.

93

o Telecommunications company Telefônica Brasil S.A., for violating the FCPA’s internal 

accounting controls and recordkeeping provisions by sponsoring the attendance of 

government officials at the World Cup and Confederations Cup.94

o Fresenius Medical Care AG & Co., a German-based provider of products and services for 

individuals with chronic kidney failure, with violations of the FCPA’s anti-bribery, 

internal accounting controls, and recordkeeping provisions in multiple countries over the 

course of nearly a decade.95

o Russian-based telecommunications provider Mobile TeleSystems PJSC, with violations 

of the FCPA’s anti-bribery, internal accounting controls, and recordkeeping provisions to 

win business in Uzbekistan.96

o Microsoft Corporation with violations of the FCPA’s internal accounting controls and 

recordkeeping provisions in Hungary, Thailand, Saudi Arabia, and Turkey.

97

o Deutsche Bank AG with violations of the FCPA’s internal accounting controls and 

recordkeeping provisions in connection with its hiring practices.

98

Criminal Coordination

 Two individuals and their companies in a scheme that generated more than $165 million of 

illegal sales of stock in at least 50 microcap companies.99 In a parallel criminal case, the U.S. 

Attorney’s Office for the District of Massachusetts charged the main culprit with securities 

fraud and conspiracy to commit securities fraud.100

 A Pennsylvania investment adviser with operating an investment advisory fraud involving 

over $100 million in investments.101 In a parallel action, the investment advisor was arrested 

and charged with four counts of wire fraud and one count of securities fraud by the U.S. 

Attorney’s Office for the District of New Jersey.102

 A company founder with defrauding retail investors by promising to invest their money in 

start-up companies with high returns, while instead using hundreds of thousands of their 

funds to make payments to earlier investors and to buy a boat.103 In a parallel action, the U.S. 

Attorney’s Office for the District of Massachusetts announced criminal charges for wire and 

bank fraud.104

 A former senior attorney at Apple, whose duties included executing the company’s insider 

trading compliance efforts, for trading Apple securities ahead of three quarterly earnings 
27

announcements in 2015 and 2016 after receiving confidential draft earnings materials.105 In a 

parallel action, the U.S. Attorney’s Office for the District of New Jersey announced criminal 

charges.106

 A former chief financial officer of 1 Global Capital LLC with defrauding retail investors 

when the now bankrupt Florida-based cash advance company allegedly fraudulently raised 

more than $322 million from 3,600 investors.107 Separately, the U.S. Attorney's Office for 

the Southern District of Florida filed a parallel criminal action.108

 Lumber Liquidators Holdings Inc. for making fraudulent misstatements to investors 

stemming from Lumber Liquidators’ false public statements in response to media allegations 

that the company was selling laminate flooring that contained levels of formaldehyde 

exceeding regulatory standards.109 The Justice Department’s Fraud Section and the U.S. 

Attorney’s Office for the Eastern District of Virginia filed a parallel criminal action.110

 An IT professional in Texas who allegedly participated in an insider trading scheme 

perpetrated by a former Wall Street investment banking analyst and made approximately 

$93,000 in illegal profits by purchasing the call options of companies that were about to be 

acquired and then selling these positions after the deals were announced.111 The U.S. 

Attorney’s Office for the Eastern District of Pennsylvania announced parallel criminal 

charges.112

 The former chief executive officer of a Chicago-area engine manufacturing company and two 

former senior sales executives for their roles in an accounting fraud that allegedly overstated 

the publicly-traded company’s revenues by almost $25 million.113 The U.S. Attorney’s Office 

for the Northern District of Illinois filed criminal charges against the defendants for related 

misconduct.114

Other Noteworthy Actions

 A pharmaceutical company for violations of Regulation FD based on its sharing of material, 

nonpublic information with sell-side research analysts without also disclosing the same 

information to the public.115

 Options Clearing Corporation with failing to implement policies to manage certain risks as 

required by U.S. laws and SEC and CFTC rules.116

 A former chief operating officer with causing his advisory firm to overbill its clients as part 

of a fraudulent scheme to improperly inflate his own pay.117

 A Los Angeles County School District and two officials with defrauding investors in $100 

million bond offering by failing to disclose fraud and internal controls concerns raised by the 

District’s independent auditor.118

 A municipal advisor and its principal with breaching its fiduciary duty in connection with a 

$6 million municipal bond offering by the Harvey Public Library District in Harvey, 

Illinois.119

 The former controller of a New York-based not-for-profit college with defrauding municipal 

securities investors by fraudulently concealing the college’s deteriorating finances.120

 A Dubai-based investment advisory firm, with misappropriating funds from a private equity 

fund client.121
28

APPENDIX
29
30

Case Name Type of Action Release 

No.

Date 

Filed

BROKER-DEALER

In the Matter of Ross B. Shapiro Follow-on Admin. Proc. 34-84390 10/10/18

In the Matter of John Kevin Reech Follow-on Admin. Proc. 34-84408 10/11/18

In the Matter of Daniel Joseph Touizer Follow-on Admin. Proc. 34-84416 10/12/18

In the Matter of Saul Daniel Suster Follow-on Admin. Proc. 34-84414 10/12/18

In the Matter of Zachery S. Berkey Follow-on Admin. Proc. 34-84461 10/19/18

In the Matter of Joseph Alborano Follow-on Admin. Proc. 34-84485 10/25/18

SEC v. Ricardo H. Goldman Civil LR-24344 11/07/18

In the Matter of Citibank, N.A. Stand-alone Admin. Proc. 33-10571 11/07/18

In the Matter of ITG, Inc., et al. Stand-alone Admin. Proc. 33-10572 11/07/18

In the Matter of Douglas P. Simanski Follow-on Admin. Proc. 34-84555 11/08/18

In the Matter of Salvadore D. Palermo Follow-on Admin. Proc. 34-84564 11/09/18

In the Matter of Steve Qi, Esq. Follow-on Admin. Proc. 34-84563 11/09/18

In the Matter of Robert William Myers, Jr. Follow-on Admin. Proc. 34-84618 11/19/18

In the Matter of Ricardo H. Goldman Follow-on Admin. Proc. 34-84665 11/27/18

In the Matter of Ronald Wayne Nabors Follow-on Admin. Proc. 34-84707 11/30/18

In the Matter of John C. Maccoll Follow-on Admin. Proc. 34-84715 12/03/18

In the Matter of Citadel Securities, LLC Stand-alone Admin. Proc. 34-84759 12/10/18

In the Matter of Natixis Securities Americas, LLC Stand-alone Admin. Proc. 34-84760 12/10/18

In the Matter of MUFG Securities Americas, Inc. Stand-alone Admin. Proc. 34-84758 12/10/18

In the Matter of Carlos I. Uresti Follow-on Admin. Proc. 34-84811 12/13/18

In the Matter of Stanley P. Bates Follow-on Admin. Proc. 34-84813 12/13/18

In the Matter of UBS Financial Services, Inc. Stand-alone Admin. Proc. 34-84828 12/17/18

In the Matter of The Bank of New York Mellon Stand-alone Admin. Proc. 33-10586 12/17/18

In the Matter of Central States Capital Markets, LLC Stand-alone Admin. Proc. 34-84851 12/19/18

In the Matter of John T. Place Follow-on Admin. Proc. 34-84885 12/20/18

In the Matter of Stephen T. Carbonella Follow-on Admin. Proc. 34-84970 12/26/18

In the Matter of JP Morgan Chase Bank, N.A. Stand-alone Admin. Proc. 33-10600 12/26/18

In the Matter of Robert H. Shapiro Follow-on Admin. Proc. 34-85004 01/30/19

In the Matter of Barry M. Kornfeld Follow-on Admin. Proc. 34-85010 01/31/19

In the Matter of Ferne Kornfeld Follow-on Admin. Proc. 34-85011 01/31/19

In the Matter of Albert D. Klager Follow-on Admin. Proc. 34-85009 01/31/19

In the Matter of Jordan E. Goodman Follow-on Admin. Proc. 34-85008 01/31/19

In the Matter of Yolanda C. Velazquez Follow-on Admin. Proc. 34-85032 02/01/19

In the Matter of Vanessa Puleo Follow-on Admin. Proc. 34-85028 02/01/19

In the Matter of Frank Dinucci, Jr. Follow-on Admin. Proc. 34-85053 02/05/19

In the Matter of Ronald W. Nichter Follow-on Admin. Proc. 34-85074 02/07/19

In the Matter of Christopher Eikenberry Follow-on Admin. Proc. 34-85077 02/08/19

In the Matter of Brian Hirsch Follow-on Admin. Proc. 34-85161 02/15/19

In the Matter of Trudy R. Gilmond Follow-on Admin. Proc. 34-85165 02/19/19

In the Matter of Ernest J. Romer, III Follow-on Admin. Proc. 34-85177 02/22/19

In the Matter of William C. Gennity Follow-on Admin. Proc. 34-85246 03/04/19

In the Matter of John Gregory Schmidt Follow-on Admin. Proc. 34-85277 03/08/19

In the Matter of Jared Jeffrey Davis Follow-on Admin. Proc. 34-85330 03/15/19

In the Matter of Robert P. DePalo Follow-on Admin. Proc. 34-85341 03/18/19

In the Matter of Joshua B. Gladtke Follow-on Admin. Proc. 34-85342 03/18/19

In the Matter of Gregg A. Lerman Follow-on Admin. Proc. 34-85343 03/18/19

In the Matter of Merrill Lynch, Pierce, Fenner & 

Smith Incorporated Stand-alone Admin. Proc. 34-85395 03/22/19

In the Matter of Kevin D. Wanner Follow-on Admin. Proc. 34-85407 03/25/19
31

In the Matter of Karl R. Dierman Follow-on Admin. Proc. 34-85408 03/25/19

In the Matter of Tiber Creek Corp., et al. Stand-alone Admin. Proc. 34-85411 03/26/19

SEC v. James K. McKillop Civil LR-24433 03/26/19

In the Matter of Vision Financial Markets, LLC Stand-alone Admin. Proc. 34-85460 03/29/19

In the Matter of Joseph Mario Genzone Follow-on Admin. Proc. 34-85514 04/04/19

In the Matter of James K. McKillop Follow-on Admin. Proc. 34-85558 04/09/19

In the Matter of Martin R. Stancik Follow-on Admin. Proc. 34-85581 04/10/19

SEC v. Kimberly Sredich Civil LR-24456 04/18/19

In the Matter of Harvey Paul Tabb Follow-on Admin. Proc. 34-85694 04/19/19

In the Matter of Charles Myrick Winstead Follow-on Admin. Proc. 34-85704 04/22/19

In the Matter of Rocco Roveccio Follow-on Admin. Proc. 34-85780 05/06/19

In the Matter of Wilson-Davis & Co., Inc. Stand-alone Admin. Proc. 34-85867 05/15/19

In the Matter of Andrew G. Costa Follow-on Admin. Proc. 34-85902 05/21/19

In the Matter of Randy T. Rondberg Follow-on Admin. Proc. 34-85901 05/21/19

In the Matter of Marcus Bradford Bray Follow-on Admin. Proc. 34-85905 05/21/19

In the Matter of Claude Steven Mosley Follow-on Admin. Proc. 34-85904 05/21/19

In the Matter of Michael Allen Duke Follow-on Admin. Proc. 34-85914 05/22/19

In the Matter of Martin Delaine Lewis Follow-on Admin. Proc. 34-85915 05/22/19

In the Matter of Mark Christopher Parman Follow-on Admin. Proc. 34-85916 05/22/19

In the Matter of Kenneth Edward Shelton Follow-on Admin. Proc. 34-85917 05/22/19

In the Matter of Robert Kenneth Lindell, Jr. Follow-on Admin. Proc. 34-85939 05/24/19

In the Matter of Alexander Bevil Follow-on Admin. Proc. 34-85941 05/24/19

In the Matter of Charles Cary Davis Follow-on Admin. Proc. 34-85942 05/24/19

In the Matter of William James Roth Follow-on Admin. Proc. 34-85943 05/24/19

In the Matter of Jeffrey Spanier Follow-on Admin. Proc. 34-85965 05/30/19

In the Matter of Jose G. Ramirez, Jr. Follow-on Admin. Proc. 34-86055 06/06/19

In the Matter of Andy Altahawi Follow-on Admin. Proc. 34-86075 06/10/19

In the Matter of Anthony G. Blumberg Follow-on Admin. Proc. 34-86093 06/12/19

In the Matter of Jovannie Aquino Follow-on Admin. Proc. 34-86098 06/13/19

In the Matter of Industrial and Commercial Bank of 

China Financial Services, LLC Stand-alone Admin. Proc. 33-10647 06/14/19

In the Matter of Wedbush Securites, Inc. Stand-alone Admin. Proc. 33-10650 06/18/19

In the Matter of Michael D. Keryc Follow-on Admin. Proc. 34-86171 06/20/19

In the Matter of Richard McCall Bohnsack Follow-on Admin. Proc. 34-86160 06/20/19

In the Matter of Daryl M. Payton Follow-on Admin. Proc. 34-86180 06/21/19

In the Matter of Suzanne Aileen Gagnier Follow-on Admin. Proc. 34-86185 06/24/19

In the Matter of Gregory T. Dean Follow-on Admin. Proc. 34-86196 06/26/19

In the Matter of Nicholi Mandracken Follow-on Admin. Proc. 34-86215 06/27/19

In the Matter of Laverne C. Moter Follow-on Admin. Proc. 34-86254 07/01/19

In the Matter of Kenneth S. Gross Follow-on Admin. Proc. 34-86266 07/01/19

In the Matter of Edward Dean Goss Follow-on Admin. Proc. 34-86265 07/01/19

In the Matter of Jonathan E. Shoucair Follow-on Admin. Proc. 34-86267 07/01/19

In the Matter of James B. Catledge Follow-on Admin. Proc. 34-86273 07/02/19

In the Matter of Alexander Charles White Follow-on Admin. Proc. 34-86294 07/03/19

In the Matter of Pedro L. Gonzalez-Seijo Follow-on Admin. Proc. 34-86317 07/05/19

In the Matter of Paul Douglas Vandivier Follow-on Admin. Proc. 34-86331 07/09/19

In the Matter of Kwen Y. Chun Follow-on Admin. Proc. 34-86369 07/12/19

In the Matter of Nomura Securities International, Inc. Stand-alone Admin. Proc. 34-86372 07/15/19

In the Matter of Nomura Securities International, Inc. Stand-alone Admin. Proc. 34-86373 07/15/19

In the Matter of Henry J. Wieniewitz, III Follow-on Admin. Proc. 34-86409 07/18/19

In the Matter of Sohin S. Shah Follow-on Admin. Proc. 34-86466 07/25/19

In the Matter of William Harper Minor, Jr. Follow-on Admin. Proc. 34-86483 07/26/19

In the Matter of Paul G. Kirk, Esq. Follow-on Admin. Proc. 34-86531 07/31/19

In the Matter of John P. Kirk Follow-on Admin. Proc. 34-86530 07/31/19
32

In the Matter of Jason Dwayne Watson Follow-on Admin. Proc. 34-86555 08/02/19

In the Matter of Elizabeth Oharriz Follow-on Admin. Proc. 34-86600 08/08/19

In the Matter of Michael J. Frew Follow-on Admin. Proc. 34-86641 08/13/19

In the Matter of Carol J. Wayland Follow-on Admin. Proc. 34-86650 08/13/19

In the Matter of Mitchell B. Dow Follow-on Admin. Proc. 34-86639 08/13/19

In the Matter of Barry Liss Follow-on Admin. Proc. 34-86638 08/13/19

In the Matter of Steve G. Blasko Follow-on Admin. Proc. 34-86640 08/13/19

In the Matter of Canaccord Genuity, LLC Stand-alone Admin. Proc. 34-86658 08/14/19

In the Matter of Chris Kubiak Follow-on Admin. Proc. 34-86656 08/14/19

In the Matter of Carl Ruderman Follow-on Admin. Proc. 34-86702 08/16/19

In the Matter of Thomas Gillons Follow-on Admin. Proc. 34-86701 08/16/19

In the Matter of Cantor Fitzgerald & Co. Stand-alone Admin. Proc. 33-10672 08/16/19

In the Matter of BMO Capital Markets Corporation Stand-alone Admin. Proc. 34-86693 08/16/19

In the Matter of Richard Targett-Adams Follow-on Admin. Proc. 34-86707 08/19/19

In the Matter of Mosaic Capital, LLC, f/k/a 

AOC Securities, LLC Stand-alone Admin. Proc. 34-86712 08/20/19

In the Matter of Ronaldo Gonzalez Stand-alone Admin. Proc. 34-86711 08/20/19

In the Matter of Brian J. Polito Follow-on Admin. Proc. 34-86739 08/22/19

In the Matter of William Hill Follow-on Admin. Proc. 34-86726 08/22/19

In the Matter of EMS Capital, LP Stand-alone Admin. Proc. 34-86781 08/27/19

In the Matter of Christopher E. Curran Follow-on Admin. Proc. 34-86796 08/28/19

In the Matter of Howard C. Burns Stand-alone Admin. Proc. 34-86805 08/29/19

In the Matter of Anthony Massaro Follow-on Admin. Proc. 34-86802 08/29/19

In the Matter of Wendy Katz Stand-alone Admin. Proc. 33-10677 08/29/19

In the Matter of Donald Braxton Follow-on Admin. Proc. 34-86830 08/30/19

In the Matter of Wayne Scott Simpson Follow-on Admin. Proc. 34-86831 08/30/19

In the Matter of Terry Wayne Kelly, et al. Follow-on Admin. Proc. 34-86877 09/05/19

In the Matter of Brendan Pollitz Stand-alone Admin. Proc. 34-86887 09/05/19

In the Matter of Scott P. Strochak Follow-on Admin. Proc. 34-86925 09/11/19

In the Matter of Daniel T. Levine Follow-on Admin. Proc. 34-86962 09/13/19

In the Matter of Mitchell T. Yanow Follow-on Admin. Proc. 34-86964 09/13/19

In the Matter of Vandham Securities Corp. Stand-alone Admin. Proc. 34-86970 09/16/19

In the Matter of BMO Capital Markets Corp. Stand-alone Admin. Proc. 34-86976 09/16/19

In the Matter of Stifel, Nicolaus & Company, Incorporated Stand-alone Admin. Proc. 34-86978 09/16/19

In the Matter of Darcy L. Rose Follow-on Admin. Proc. 34-87034 09/20/19

In the Matter of Raymond J. Pirrello, Jr. Follow-on Admin. Proc. 34-87044 09/23/19

In the Matter of Roman Sledziejowski Follow-on Admin. Proc. 34-87076 09/24/19

In the Matter of TMC Bonds, LLC Stand-alone Admin. Proc. 34-87074 09/24/19

In the Matter of James VanBlaricum Follow-on Admin. Proc. 34-87106 09/25/19

In the Matter of Chet Inglis Follow-on Admin. Proc. 34-87104 09/25/19

In the Matter of Erik Rhodes Follow-on Admin. Proc. 34-87105 09/25/19

In the Matter of Thomas A. Lewis Follow-on Admin. Proc. 34-87116 09/25/19

In the Matter of Patrick S. Carter Follow-on Admin. Proc. 34-87101 09/25/19

In the Matter of Robert Gilliam Follow-on Admin. Proc. 34-87121 09/26/19

In the Matter of Matthew Leaverton Follow-on Admin. Proc. 34-87122 09/26/19

In the Matter of Rodney L. Pope Follow-on Admin. Proc. 34-87120 09/26/19

In the Matter of Clifton E. Stanley Follow-on Admin. Proc. 34-87119 09/26/19

In the Matter of William R. Fort Follow-on Admin. Proc. 34-87118 09/26/19

In the Matter of BrixInvest, LLC, f/k/a Rich Uncles, LLC and Nexregen, 

LLC Stand-alone Admin. Proc. 33-10702 09/26/19

In the Matter of Mahesh Agarwal Stand-alone Admin. Proc. 34-87127 09/26/19

In the Matter of GFI Securities, LLC Stand-alone Admin. Proc. 33-10710 09/27/19

In the Matter of Virtu Americas, LLC f/k/a 

KCG Americas, LLC Stand-alone Admin. Proc. 34-87155 09/30/19
33

In the Matter of Outset Global, LLP Stand-alone Admin. Proc. 34-87158 09/30/19

In the Matter of Woojae "Steve" Jung Follow-on Admin. Proc. 34-87178 09/30/19

DELINQUENT FILINGS

In the Matter of Function(x), Inc. Stand-alone Admin. Proc. 34-84605 11/15/18

In the Matter of eRoomSystem Technologies, Inc. Stand-alone Admin. Proc. 34-84625 11/19/18

In the Matter of Hua Yang Investment Group, Inc., 

a/k/a Tarheel Billboard, Inc., et al. Stand-alone Admin. Proc. 34-84779 12/10/18

In the Matter of Bio-AMD, Inc. Stand-alone Admin. Proc. 34-85056 02/05/19

In the Matter of Onstream Media Corp. Stand-alone Admin. Proc. 34-85057 02/05/19

In the Matter of Cardinal Energy Group, Inc. Stand-alone Admin. Proc. 34-85353 03/18/19

In the Matter of Ominto, Inc. Stand-alone Admin. Proc. 34-85753 04/30/19

In the Matter of Africa Growth Corporation, et al. Stand-alone Admin. Proc. 34-86438 07/23/19

In the Matter of Gold Lakes Corp., et al. Stand-alone Admin. Proc. 34-86439 07/23/19

In the Matter of QuantumSphere, Inc., et al. Stand-alone Admin. Proc. 34-86441 07/23/19

In the Matter of American Smooth Wave Ventures, Inc. Stand-alone Admin. Proc. 34-86445 07/23/19

In the Matter of Armco Metals Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86452 07/24/19

In the Matter of Biolog, Inc., et al. Stand-alone Admin. Proc. 34-86453 07/24/19

In the Matter of Capital Trust Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86454 07/24/19

In the Matter of Biscayne Acquisition Group, Inc., et al. Stand-alone Admin. Proc. 34-86455 07/24/19

In the Matter of Diversified Corporate Resources, Inc., 

et al. Stand-alone Admin. Proc. 34-86456 07/24/19

In the Matter of Equality Investments, Inc., et al. Stand-alone Admin. Proc. 34-86448 07/24/19

In the Matter of NECO Energy Corporation, et al. Stand-alone Admin. Proc. 34-86449 07/24/19

In the Matter of Knowledgebroker, Inc., et al. Stand-alone Admin. Proc. 34-86450 07/24/19

In the Matter of Enhanced Services Company, Inc., et al. Stand-alone Admin. Proc. 34-86451 07/24/19

In the Matter of 5BARz International, Inc., et al. Stand-alone Admin. Proc. 34-86467 07/25/19

In the Matter of Bingo Nation, Inc., et al. Stand-alone Admin. Proc. 34-86485 07/26/19

In the Matter of House of BODS Fitness, Inc., et al. Stand-alone Admin. Proc. 34-86486 07/26/19

In the Matter of Mariposa Health, Inc., et al. Stand-alone Admin. Proc. 34-86487 07/26/19

In the Matter of chatAND, Inc., et al. Stand-alone Admin. Proc. 34-86500 07/29/19

In the Matter of Hybrid Coating Technologies, Inc., et al. Stand-alone Admin. Proc. 34-86503 07/29/19

In the Matter of MMRGlobal, Inc., et al. Stand-alone Admin. Proc. 34-86506 07/29/19

In the Matter of Blackcraft Cult, Inc., et al. Stand-alone Admin. Proc. 34-86513 07/30/19

In the Matter of Bioshaft Water Technology, Inc., et al. Stand-alone Admin. Proc. 34-86515 07/30/19

In the Matter of Cornerworld Corp., et al. Stand-alone Admin. Proc. 34-86517 07/30/19

In the Matter of Electronic Cigarettes International Group, Ltd., et al. Stand-alone Admin. Proc. 34-86519 07/30/19

In the Matter of American Business Services, Inc., et al. Stand-alone Admin. Proc. 34-86526 07/31/19

In the Matter of Arabella Exploration, Inc., et al. Stand-alone Admin. Proc. 34-86528 07/31/19

In the Matter of Axiom Corp., et al. Stand-alone Admin. Proc. 34-86524 07/31/19

In the Matter of Agritech Worldwide, Inc., et al. Stand-alone Admin. Proc. 34-86559 08/02/19

In the Matter of Empire Energy Corporation 

International, et al. Stand-alone Admin. Proc. 34-86561 08/02/19

In the Matter of Artisanal Brands, Inc., et al. Stand-alone Admin. Proc. 34-86565 08/05/19

In the Matter of American Rare Earths and Materials, Corp., et al. Stand-alone Admin. Proc. 34-86568 08/05/19

In the Matter of Dutch Gold Resources, Inc., et al. Stand-alone Admin. Proc. 34-86570 08/05/19

In the Matter of BTHC X, Inc., et al. Stand-alone Admin. Proc. 34-86582 08/06/19

In the Matter of BCI Holding, Inc., et al. Stand-alone Admin. Proc. 34-86584 08/06/19

In the Matter of Alife Corporation, et al. Stand-alone Admin. Proc. 34-86578 08/06/19

In the Matter of Aroga Holding Corp., et al. Stand-alone Admin. Proc. 34-86579 08/06/19

In the Matter of ASN Satellites, Inc., et al. Stand-alone Admin. Proc. 34-86580 08/06/19

In the Matter of Aramex International Limited Stand-alone Admin. Proc. 34-86581 08/06/19
34

In the Matter of Ceetop, Inc., n/k/a S.Q Hydrogen 

Power, Inc., et al. Stand-alone Admin. Proc. 34-86596 08/07/19

In the Matter of Oriental Magic Soup, Inc., et al. Stand-alone Admin. Proc. 34-86598 08/07/19

In the Matter of Rolling Pin Kitchen Emporium, Inc., et al. Stand-alone Admin. Proc. 34-86591 08/07/19

In the Matter of Fighton Succession Corporation, et al. Stand-alone Admin. Proc. 34-86592 08/07/19

In the Matter of Sweetwater Investing, Inc., et al. Stand-alone Admin. Proc. 34-86593 08/07/19

In the Matter of Scio Diamond Technology Corp. Stand-alone Admin. Proc. 34-86613 08/08/19

In the Matter of China Xingbang Industry Group, Inc., 

et al. Stand-alone Admin. Proc. 34-86633 08/12/19

In the Matter of China Tongzilian Group Share 

Limited, Inc. Stand-alone Admin. Proc. 34-86632 08/12/19

In the Matter of Medisun Precision Medicine, Ltd., et al. Stand-alone Admin. Proc. 34-86646 08/13/19

In the Matter of Greenwood Hall, Inc., et al. Stand-alone Admin. Proc. 34-86648 08/13/19

In the Matter of Greenhouse Solutions, Inc., et al. Stand-alone Admin. Proc. 34-86665 08/14/19

In the Matter of Monarch America, Inc., et al. Stand-alone Admin. Proc. 34-86668 08/14/19

In the Matter of SPIRE Corporation, et al. Stand-alone Admin. Proc. 34-86680 08/14/19

In the Matter of Pacific Telcom, Inc., et al. Stand-alone Admin. Proc. 34-86652 08/14/19

In the Matter of Golden Rush, Inc., et al. Stand-alone Admin. Proc. 34-86653 08/14/19

In the Matter of Healthway Shopping Network, et al. Stand-alone Admin. Proc. 34-86654 08/14/19

In the Matter of IMC Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86655 08/14/19

In the Matter of Oakridge Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86672 08/14/19

In the Matter of NWT Uranium Corp. Stand-alone Admin. Proc. 34-86673 08/14/19

In the Matter of Stirling Acquisition Corporation, et al. Stand-alone Admin. Proc. 34-86674 08/14/19

In the Matter of Samdrew IV, Inc., et al. Stand-alone Admin. Proc. 34-86675 08/14/19

In the Matter of Adama Technologies Corp., et al. Stand-alone Admin. Proc. 34-86756 08/26/19

In the Matter of Diadexus, Inc., et al. Stand-alone Admin. Proc. 34-86758 08/26/19

In the Matter of Bakken Resources, Inc., et al. Stand-alone Admin. Proc. 34-86777 08/27/19

In the Matter of LD Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86779 08/27/19

In the Matter of Competitive Companies, Inc., et al. Stand-alone Admin. Proc. 34-86797 08/28/19

In the Matter of Veris Gold Corp. Stand-alone Admin. Proc. 34-86790 08/28/19

In the Matter of SiVault Systems, Inc., et al. Stand-alone Admin. Proc. 34-86791 08/28/19

In the Matter of A La Carte Charts Corp., et al. Stand-alone Admin. Proc. 34-86793 08/28/19

In the Matter of Enumeral Biomedical Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86807 08/29/19

In the Matter of Fantastic Financial Corporation, et al. Stand-alone Admin. Proc. 34-86810 08/29/19

In the Matter of Briarwood Holdings Group, Inc., et al. Stand-alone Admin. Proc. 34-86808 08/29/19

In the Matter of Advanced Voice Technologies, Inc., et al. Stand-alone Admin. Proc. 34-86825 08/30/19

In the Matter of Aztech International Ltd., et al. Stand-alone Admin. Proc. 34-86826 08/30/19

In the Matter of Crescent Airways Corp., et al. Stand-alone Admin. Proc. 34-86827 08/30/19

In the Matter of Medical Safetec, Inc., et al. Stand-alone Admin. Proc. 34-86828 08/30/19

In the Matter of Hengyi International Industries Group, Inc., et al. Stand-alone Admin. Proc. 34-86850 09/03/19

In the Matter of Tongli Pharmaceuticals (USA), Inc., et al. Stand-alone Admin. Proc. 34-86852 09/03/19

In the Matter of Black Stallion Oil & Gas, Inc., et al. Stand-alone Admin. Proc. 34-86862 09/04/19

In the Matter of Comarco, Inc., et al. Stand-alone Admin. Proc. 34-86872 09/04/19

In the Matter of ERHC Energy, Inc., et al. Stand-alone Admin. Proc. 34-86880 09/05/19

In the Matter of Lans Holdings, Inc., et al. Stand-alone Admin. Proc. 34-86882 09/05/19

In the Matter of Atlas Technology International, Inc., 

et al. Stand-alone Admin. Proc. 34-86893 09/06/19

In the Matter of Activecare, Inc., n/k/a ACAR Wind Down, Inc., et al. Stand-alone Admin. Proc. 34-86894 09/06/19

In the Matter of ATNA Resources Ltd., et al. Stand-alone Admin. Proc. 34-86895 09/06/19

In the Matter of Nexus Enterprise Solutions, Inc., et al. Stand-alone Admin. Proc. 34-86906 09/09/19

In the Matter of NXChain, Inc., f/k/a AgriVest Americas, Inc., et al. Stand-alone Admin. Proc. 34-86908 09/09/19

In the Matter of American Patriot Brands, Inc., a/k/a the Grilled Cheese 

Truck, Inc., et al. Stand-alone Admin. Proc. 34-86918 09/10/19

In the Matter of TN-K Energy Group, Inc., et al. Stand-alone Admin. Proc. 34-86911 09/10/19

In the Matter of Universal Detection Technology, et al. Stand-alone Admin. Proc. 34-86913 09/10/19
35

In the Matter of Blockchain Solutions, Inc., et al. Stand-alone Admin. Proc. 34-86933 09/11/19

In the Matter of Green Endeavors, Inc., et al. Stand-alone Admin. Proc. 34-86935 09/11/19

In the Matter of Gyrotron Technology, Inc., et al. Stand-alone Admin. Proc. 34-86950 09/12/19

In the Matter of Innocom Technology Holdings, Inc., 

et al. Stand-alone Admin. Proc. 34-86952 09/12/19

In the Matter of Aurum, Inc., et al. Stand-alone Admin. Proc. 34-86954 09/12/19

In the Matter of Dynamic Enviro, Inc., et al. Stand-alone Admin. Proc. 34-86940 09/12/19

In the Matter of Oceanus Acquisition Corp., et al. Stand-alone Admin. Proc. 34-86941 09/12/19

In the Matter of Performance Capital Management, LLC, et al. Stand-alone Admin. Proc. 34-86942 09/12/19

In the Matter of New Environmental Solutions, Inc. Stand-alone Admin. Proc. 34-86965 09/13/19

In the Matter of Physician Healthcare Plan of New Jersey, Inc., et al. Stand-alone Admin. Proc. 34-86966 09/13/19

In the Matter of American Retirement Villas Properties, 

et al. Stand-alone Admin. Proc. 34-86967 09/13/19

In the Matter of Apollo Solar Energy, Inc. Stand-alone Admin. Proc. 34-86975 09/16/19

In the Matter of Shenzhen-ZhongRong Morgan Investment Holding 

Group Co., Ltd., et al. Stand-alone Admin. Proc. 34-86972 09/16/19

In the Matter of Cirque Energy, Inc., et al. Stand-alone Admin. Proc. 34-86977 09/16/19

In the Matter of China Longyi Group International Holdings Ltd., et al. Stand-alone Admin. Proc. 34-86990 09/17/19

In the Matter of Fact Corporation, et al. Stand-alone Admin. Proc. 34-86992 09/17/19

In the Matter of Changing Technologies, Inc. Stand-alone Admin. Proc. 34-87064 09/23/19

In the Matter of China Gerui Advanced Materials Group Limited Stand-alone Admin. Proc. 34-87066 09/23/19

In the Matter of Presidion Corporation Stand-alone Admin. Proc. 34-87046 09/23/19

In the Matter of EMTA Corp., a/k/a Wiltex A, et al. Stand-alone Admin. Proc. 34-87047 09/23/19

In the Matter of Hawk Street Acquisition Corp., et al. Stand-alone Admin. Proc. 34-87048 09/23/19

In the Matter of R-Tec Holding, Inc., et al. Stand-alone Admin. Proc. 34-87049 09/23/19

In the Matter of Sea Breeze Power Corp., et al. Stand-alone Admin. Proc. 34-87050 09/23/19

In the Matter of Tryon Alpha, Inc., et al. Stand-alone Admin. Proc. 34-87051 09/23/19

In the Matter of Ezagoo, Inc. Stand-alone Admin. Proc. 34-87045 09/23/19

In the Matter of FlikMedia, Inc. Stand-alone Admin. Proc. 34-87087 09/24/19

In the Matter of Green Ballast, Inc., et al. Stand-alone Admin. Proc. 34-87083 09/24/19

In the Matter of Seen on Screen TV, Inc., et al. Stand-alone Admin. Proc. 34-87085 09/24/19

In the Matter of Nexus Resources Corporation, et al. Stand-alone Admin. Proc. 34-87080 09/24/19

In the Matter of Pro Squared, Inc., et al. Stand-alone Admin. Proc. 34-87081 09/24/19

In the Matter of RARAN Corporation, et al. Stand-alone Admin. Proc. 34-87082 09/24/19

FOREIGN CORRUPT PRACTICES ACT

In the Matter of Vantage Drilling International Stand-alone Admin. Proc. 34-84617 11/19/18

In the Matter of Paul A. Margis Stand-alone Admin. Proc. 34-84849 12/18/18

In the Matter of Centrais Elétricas Brasileiras S.A. Stand-alone Admin. Proc. 34-84973 12/26/18

In the Matter of Polycom, Inc Stand-alone Admin. Proc. 34-84978 12/26/18

In the Matter of Cognizant Technology Solutions Corporation Stand-alone Admin. Proc. 34-85149 02/15/19

SEC v. Gordon J. Coburn, et al. Civil LR-24402 02/15/19

In the Matter of Mobile TeleSystems PJSC Stand-alone Admin. Proc. 34-85261 03/06/19

In the Matter of Fresenius Medical Care AG & Co. KGaA Stand-alone Admin. Proc. 34-85468 03/29/19

In the Matter of Telefônica Brasil S.A. Stand-alone Admin. Proc. 34-85819 05/09/19

In the Matter of Walmart, Inc. Stand-alone Admin. Proc. 34-86159 06/20/19

In the Matter of Microsoft Corporation Stand-alone Admin. Proc. 34-86421 07/22/19

In the Matter of Deutsche Bank AG Stand-alone Admin. Proc. 34-86740 08/22/19

In the Matter of Juniper Networks, Inc. Stand-alone Admin. Proc. 34-86812 08/29/19

In the Matter of Sridhar Thiruvengadam Stand-alone Admin. Proc. 34-86963 09/13/19

In the Matter of TechnipFMC plc Stand-alone Admin. Proc. 34-87055 09/23/19

In the Matter of Quad/Graphics, Inc. Stand-alone Admin. Proc. 34-87128 09/26/19

In the Matter of Barclays PLC Stand-alone Admin. Proc. 34-87132 09/27/19
36

In the Matter of Westport Fuel Systems, Inc., et al. Stand-alone Admin. Proc. 34-87138 09/27/19

INSIDER TRADING

SEC v. Hamed A. Ettu Civil 2018-251 11/02/18

SEC v. Slobodan Dragojlovic Civil LR-24338 11/07/18

SEC v. James E. Hengen Civil LR-24340 11/08/18

SEC v. Rajeshwar R. Gannamaneni, et al. Civil LR-24371 12/06/18

SEC v. Peter Cho Civil LR-24375 12/17/18

In the Matter of Daniel J. Callahan Stand-alone Admin. Proc. 34-85079 02/08/19

SEC v. Gene Daniel Levoff Civil LR-24399 02/13/19

SEC v. Joseph Frank Vacante Civil LR-24406 02/21/19

In the Matter of Tai-Cheng Yang Stand-alone Admin. Proc. 34-85525 04/05/19

SEC v. Paul Bannon Powers Civil LR-24448 04/09/19

SEC v. Yuh-Yue Chen Civil LR-24454 04/10/19

SEC v. Quentin Louis Wilcox Civil LR-24453 04/16/19

SEC v. One or More Unknown Traders ISO Anadarko Petroleum 

Corporation Civil LR-24462 04/29/19

SEC v. Brian Fettner, et al. Civil LR-24468 05/07/19

SEC v. Lloyd Schuman, et al. Civil LR-24465 05/09/19

In the Matter of Robert M.Schulman, Esq. Follow-on Admin. Proc. 34-85878 05/16/19

In the Matter of Paul B. Powers, Esq. Follow-on Admin. Proc. 34-85897 05/20/19

SEC v. Mark W. Ramsey, a/k/a Christian Ramsey Civil LR-24474 05/21/19

In the Matter of David A. Altom, et al. Stand-alone Admin. Proc. 34-85956 05/29/19

SEC v. Raymond Starker Civil LR-24503 06/18/19

In the Matter of Tory J.R. Schalkle Stand-alone Admin. Proc. 34-86268 07/01/19

SEC v. Donald G. Blakstad, et al. Civil 2019-126 07/10/19

SEC v. Mark Loman Civil LR-24540 07/18/19

In the Matter of Balaji Sundarraj, et al. Stand-alone Admin. Proc. 34-86435 07/23/19

In the Matter of Timothy M. Rooney, Sr. Stand-alone Admin. Proc. 34-86489 07/26/19

In the Matter of James W. Holden Stand-alone Admin. Proc. 34-86521 07/31/19

SEC v. Bill Tsai Civil 2019-149 08/12/19

SEC v. Harsh Nahata, et al. Civil LR-24562 08/12/19

In the Matter of Lorenz Erne Stand-alone Admin. Proc. 34-86690 08/15/19

SEC v. Keith G. Daubenspeck, et al. Civil LR-24587 09/05/19

SEC v. James Wallace Nall, III, et al. Civil LR-24613 09/23/19

SEC v. James Alex Irvin Civil LR-24618 09/24/19
37

INVESTMENT ADVISERS / INVESTMENT 

COMPANIES

In the Matter of Paul T. Rampoldi Follow-on Admin. Proc. 34-84359 10/04/18

SEC v. Alexander C. Burns, et al. Civil LR-24324 10/16/18

SEC v. Bruce J. Fixelle, et al. Civil LR-24321 10/16/18

In the Matter of John H. Rogicki Follow-on Admin. Proc. IA-5057 10/18/18

In the Matter of Michael B. Rothenberg Follow-on Admin. Proc. IA-5058 10/19/18

In the Matter of Todd Elliott Hitt Follow-on Admin. Proc. IA-5059 10/22/18

SEC v. Sean Kelly, et al. Civil LR-24328 10/25/18

SEC v. Douglas P. Simanski Civil LR-24334 11/02/18

In the Matter of Pennant Management, Inc. Stand-alone Admin. Proc. IA-5061 11/06/18

In the Matter of Mark A. Elste Stand-alone Admin. Proc. IA-5062 11/06/18

In the Matter of Eldrick E. Woodley, d/b/a Woodley & 

Co. Wealth Strategies Follow-on Admin. Proc. IA-5064 11/09/18

In the Matter of Mark Hotton Follow-on Admin. Proc. IA-5066 11/19/18

In the Matter of Retirement Capital Strategies, Inc. Stand-alone Admin. Proc. IA-5065 11/19/18

In the Matter of Fifth Street Management, LLC Stand-alone Admin. Proc. 33-10581 12/03/18

In the Matter of Landaas & Company, et al. Stand-alone Admin. Proc. 34-84807 12/12/18

In the Matter of Yucaipa Master Manager, LLC Stand-alone Admin. Proc. IA-5074 12/13/18

SEC v. Craig Arsenault, et al. Civil LR-24374 12/13/18

SEC v. Hector A. May, et al. Civil 2018-283 12/13/18

In the Matter of NB Alternatives Advisers, LLC Stand-alone Admin. Proc. IA-5079 12/17/18

In the Matter of James S. Polese Follow-on Admin. Proc. 34-84890 12/20/18

In the Matter of Sterling Global Strategies, LLC Stand-alone Admin. Proc. IA-5085 12/20/18

In the Matter of Mark J. Moskowitz Follow-on Admin. Proc. IA-5081 12/20/18

In the Matter of American Portfolios Advisors, Inc. Stand-alone Admin. Proc. IA-5083 12/20/18

In the Matter of PPS Advisors, Inc., et al. Stand-alone Admin. Proc. IA-5084 12/20/18

In the Matter of Walter F. Grenda, Jr. Follow-on Admin. Proc. IA-5080 12/20/18

In the Matter of Thoroughbred Financial Services, LLC, 

et al. Stand-alone Admin. Proc. 34-84918 12/21/18

In the Matter of Hedgeable, Inc. Stand-alone Admin. Proc. IA-5087 12/21/18

In the Matter of Wealthfront Advisers, LLC, f/k/a Wealthfront, Inc. Stand-alone Admin. Proc. IA-5086 12/21/18

SEC v. Joseph A. Meyer, Jr., et al. Civil LR-24383 12/26/18

In the Matter of John Sherman Jumper Follow-on Admin. Proc. 34-84969 12/26/18

In the Matter of Walter John Dubiel Follow-on Admin. Proc. 34-84968 12/26/18

In the Matter of Alexander C. Burns Follow-on Admin. Proc. IA-5095 12/26/18

In the Matter of Lightyear Capital, LLC Stand-alone Admin. Proc. IA-5096 12/26/18

In the Matter of Kenneth Grace Follow-on Admin. Proc. IA-5106 02/01/19

In the Matter of Andrew B. Scherr Follow-on Admin. Proc. IA-5107 02/04/19

In the Matter of Timothy S. Batchelor Follow-on Admin. Proc. IA-5109 02/11/19

In the Matter of Hector A. May Follow-on Admin. Proc. 34-85134 02/14/19

In the Matter of Vishal Savla Follow-on Admin. Proc. IA-5115 02/20/19

In the Matter of Michael Scronic Follow-on Admin. Proc. IA-5117 02/28/19

In the Matter of Raymond K. Montoya Follow-on Admin. Proc. IA-5118 03/05/19

In the Matter of BB&T Securities, LLC Stand-alone Admin. Proc. 34-85249 03/05/19

In the Matter of Ascension Asset Management, LLC, et al. Stand-alone Admin. Proc. IA-5121 03/07/19

In the Matter of Lewis Dean McBride Follow-on Admin. Proc. IA-5120 03/07/19

In the Matter of SA Stone Investment Advisors, Inc. Stand-alone Admin. Proc. IA-5127 03/11/19

In the Matter of Raymond James Financial Services Advisors, Inc. Stand-alone Admin. Proc. IA-5126 03/11/19

In the Matter of Proequities, Inc. Stand-alone Admin. Proc. IA-5125 03/11/19

In the Matter of First Citizens Investor Services, Inc. Stand-alone Admin. Proc. IA-5124 03/11/19

In the Matter of First Citizens Asset Management, Inc. Stand-alone Admin. Proc. IA-5123 03/11/19

In the Matter of Beacon Investment Management, LLC Stand-alone Admin. Proc. IA-5130 03/11/19

In the Matter of Cantella & Co., Inc. Stand-alone Admin. Proc. IA-5131 03/11/19
38

In the Matter of Commonwealth Equity Services, LLC Stand-alone Admin. Proc. IA-5132 03/11/19

In the Matter of Infinex Investments, Inc. Stand-alone Admin. Proc. IA-5133 03/11/19

In the Matter of Investacorp Advisory Services, Inc. Stand-alone Admin. Proc. IA-5134 03/11/19

In the Matter of Investmark Advisory Group, LLC Stand-alone Admin. Proc. IA-5135 03/11/19

In the Matter of LPL Financial, LLC Stand-alone Admin. Proc. IA-5136 03/11/19

In the Matter of Oppenheimer & Co., Inc., et al. Stand-alone Admin. Proc. IA-5137 03/11/19

In the Matter of Park Avenue Securities, LLC Stand-alone Admin. Proc. IA-5138 03/11/19

In the Matter of Ryan Financial Advisors, Inc. Stand-alone Admin. Proc. IA-5139 03/11/19

In the Matter of Santander Securities, LLC Stand-alone Admin. Proc. IA-5140 03/11/19

In the Matter of Blyth & Associates, Inc. Stand-alone Admin. Proc. IA-5141 03/11/19

In the Matter of Cambridge Investment Research Advisors, Inc. Stand-alone Admin. Proc. IA-5142 03/11/19

In the Matter of Comerica Securities, Inc. Stand-alone Admin. Proc. IA-5143 03/11/19

In the Matter of Financial Management Strategies, Inc. Stand-alone Admin. Proc. IA-5144 03/11/19

In the Matter of Hefren-Tillotson, Inc. Stand-alone Admin. Proc. IA-5145 03/11/19

In the Matter of J.J.B. Hilliard, W.L. Lyons, LLC Stand-alone Admin. Proc. IA-5146 03/11/19

In the Matter of Questar Asset Management, Inc. Stand-alone Admin. Proc. IA-5147 03/11/19

In the Matter of Robert W. Baird & Co., Incorporated Stand-alone Admin. Proc. IA-5148 03/11/19

In the Matter of The Huntington Investment Company Stand-alone Admin. Proc. IA-5149 03/11/19

In the Matter of Transamerica Financial Advisors, Inc. Stand-alone Admin. Proc. IA-5150 03/11/19

In the Matter of Benjamin F. Edwards & Co., Inc. Stand-alone Admin. Proc. IA-5151 03/11/19

In the Matter of LaSalle St. Investment Advisors, LLC Stand-alone Admin. Proc. IA-5153 03/11/19

In the Matter of L.M. Kohn & Company Stand-alone Admin. Proc. IA-5152 03/11/19

In the Matter of Principal Securities, Inc. Stand-alone Admin. Proc. IA-5154 03/11/19

In the Matter of Ameritas Investment Corp. Stand-alone Admin. Proc. IA-5155 03/11/19

In the Matter of Client One Securities, LLC Stand-alone Admin. Proc. IA-5159 03/11/19

In the Matter of First National Capital Markets, Inc. Stand-alone Admin. Proc. IA-5156 03/11/19

In the Matter of Investment Research Corp. Stand-alone Admin. Proc. IA-5157 03/11/19

In the Matter of National Asset Management, Inc. Stand-alone Admin. Proc. IA-5158 03/11/19

In the Matter of BOK Financial Securities, Inc. Stand-alone Admin. Proc. IA-5160 03/11/19

In the Matter of First Kentucky Securities Corporation Stand-alone Admin. Proc. IA-5161 03/11/19

In the Matter of MIAI, Inc. Stand-alone Admin. Proc. IA-5162 03/11/19

In the Matter of Next Financial Group, Inc. Stand-alone Admin. Proc. IA-5163 03/11/19

In the Matter of Provise Management Group, LLC Stand-alone Admin. Proc. IA-5164 03/11/19

In the Matter of BB&T Securities, LLC Stand-alone Admin. Proc. IA-5165 03/11/19

In the Matter of EFG Asset Management (Americas) Corp. Stand-alone Admin. Proc. IA-5166 03/11/19

In the Matter of Northeast Asset Management, LLC Stand-alone Admin. Proc. IA-5167 03/11/19

In the Matter of Summit Financial Group, Inc. Stand-alone Admin. Proc. IA-5168 03/11/19

In the Matter of TIAA-CREF Individual & Institutional Services, LLC Stand-alone Admin. Proc. IA-5129 03/11/19

In the Matter of Benchmark Capital Advisors, LLC Stand-alone Admin. Proc. IA-5169 03/11/19

In the Matter of Calton & Associates, Inc. Stand-alone Admin. Proc. IA-5170 03/11/19

In the Matter of Kovack Advisors, Inc. Stand-alone Admin. Proc. IA-5171 03/11/19

In the Matter of NBC Securities, Inc. Stand-alone Admin. Proc. IA-5172 03/11/19

In the Matter of Popular Securities, LLC Stand-alone Admin. Proc. IA-5173 03/11/19

In the Matter of Woodbury Financial Services, Inc. Stand-alone Admin. Proc. IA-5174 03/11/19

In the Matter of SSN Advisory, Inc. Stand-alone Admin. Proc. IA-5128 03/11/19

In the Matter of Axa Advisors, LLC Stand-alone Admin. Proc. IA-5175 03/11/19

In the Matter of CUSO Financial Services, L.P. Stand-alone Admin. Proc. IA-5176 03/11/19

In the Matter of Planmember Securities Corporation Stand-alone Admin. Proc. IA-5177 03/11/19

In the Matter of Private Portfolio, Inc. Stand-alone Admin. Proc. IA-5178 03/11/19

In the Matter of Silversage Advisors Stand-alone Admin. Proc. IA-5179 03/11/19

In the Matter of Sorrento Pacific Financial, LLC Stand-alone Admin. Proc. IA-5180 03/11/19

In the Matter of Syndicated Capital, Inc. Stand-alone Admin. Proc. IA-5181 03/11/19

In the Matter of RBC Capital Markets, LLC Stand-alone Admin. Proc. IA-5198 03/11/19

In the Matter of Coastal Investment Advisors, Inc. Stand-alone Admin. Proc. IA-5182 03/11/19
39

In the Matter of Deutsche Bank Securities, Inc. Stand-alone Admin. Proc. IA-5197 03/11/19

In the Matter of Hazlett, Burt & Watson, Inc. Stand-alone Admin. Proc. IA-5183 03/11/19

In the Matter of Janney Montgomery Scott, LLC Stand-alone Admin. Proc. IA-5184 03/11/19

In the Matter of Kestra Advisory Services, LLC Stand-alone Admin. Proc. IA-5185 03/11/19

In the Matter of Kestra Private Wealth Services, LLC Stand-alone Admin. Proc. IA-5186 03/11/19

In the Matter of Lockwood Advisors, Inc. Stand-alone Admin. Proc. IA-5187 03/11/19

In the Matter of Spire Wealth Management, LLC Stand-alone Admin. Proc. IA-5188 03/11/19

In the Matter of Stifel, Nicolaus & Company, Incorporated Stand-alone Admin. Proc. IA-5189 03/11/19

In the Matter of Trustcore Financial Services, LLC Stand-alone Admin. Proc. IA-5190 03/11/19

In the Matter of First Republic Investment Management, Inc. Stand-alone Admin. Proc. IA-5192 03/11/19

In the Matter of Select Money Management, Inc. Stand-alone Admin. Proc. IA-5195 03/11/19

In the Matter of M Holdings Securities, Inc. Stand-alone Admin. Proc. IA-5193 03/11/19

In the Matter of Stephens, Inc. Stand-alone Admin. Proc. IA-5196 03/11/19

In the Matter of D.A. Davidson & Co. Stand-alone Admin. Proc. IA-5191 03/11/19

In the Matter of Wells Fargo Clearing Services, LLC, et al. Stand-alone Admin. Proc. IA-5199 03/11/19

In the Matter of Raymond Lawrence Lent, d/b/a The Putney Financial 

Group, Registered Investment Advisors

Stand-alone Admin. Proc. IA-5194 03/11/19

In the Matter of Craig Arsenault Follow-on Admin. Proc. IA-5200 03/15/19

In the Matter of Talimco, LLC Stand-alone Admin. Proc. IA-5202 03/15/19

In the Matter of Grant Gardner Rogers Stand-alone Admin. Proc. IA-5201 03/15/19

In the Matter of Richard G. Cody Follow-on Admin. Proc. 34-85355 03/19/19

SEC v. Carol Ann Pedersen Civil LA-24430 03/20/19

SEC v. Direct Lending Investments, LLC Civil LR-24432 03/22/19

In the Matter of Charles G. Stivers Follow-on Admin. Proc. IA-5210 03/25/19

In the Matter of Neil Maxwell Follow-on Admin. Proc. IA-5211 03/25/19

In the Matter of Oscar Francis Follow-on Admin. Proc. 34-85415 03/26/19

SEC v. Motty Mizrahi, et al. Civil LR-24435 03/27/19

SEC v. Richard T. Diver Civil LR-24434 03/28/19

In the Matter of Dennis Gibb, et al. Stand-alone Admin. Proc. 33-10623 03/28/19

In the Matter of Omar Zaki Stand-alone Admin. Proc. 33-10625 04/01/19

In the Matter of Alonzo R. Cahoon Follow-on Admin. Proc. 34-85524 04/05/19

SEC v. Gonzalo Ortiz Civil LR-24447 04/09/19

SEC v. Abraaj Investment Management Limited, et al. Civil LR-24449 04/11/19

In the Matter of Stanley S. Bae Stand-alone Admin. Proc. 34-85633 04/12/19

In the Matter of Matthew R. Rossi, et al. Stand-alone Admin. Proc. 33-10628 04/17/19

SEC v. Eric D. Lyons, et al. Civil LR-24458 04/22/19

In the Matter of Charter Capital Management, LLC, et al. Stand-alone Admin. Proc. IA-5226 04/23/19

In the Matter of Deutsche Bank Trust Company Americas Stand-alone Admin. Proc. 33-10633 04/25/19

SEC v. Christopher D. Dougherty, et al. Civil LR-24461 04/26/19

In the Matter of Paul Peter Gierten Follow-on Admin. Proc. IA-5228 05/03/19

In the Matter of Corinthian Capital Group, LLC, et al. Stand-alone Admin. Proc. IA-5229 05/06/19

In the Matter of Jeffrey Francis Thompson Follow-on Admin. Proc. IA-5232 05/09/19

In the Matter of Jonathan A. Rivera-Padilla Follow-on Admin. Proc. 34-85853 05/14/19

In the Matter of Oscar Ferrer Rivera Follow-on Admin. Proc. IA-5234 05/14/19

In the Matter of Stephen Brandon Anderson Stand-alone Admin. Proc. IA-5242 05/28/19

In the Matter of Sean D. Premock Follow-on Admin. Proc. 34-85947 05/28/19

In the Matter of Deer Park Road Management Company, LP, et al. Stand-alone Admin. Proc. IA-5245 06/04/19

In the Matter of Kimberly Pine Kitts Follow-on Admin. Proc. 34-86045 06/06/19

In the Matter of David S. Goulding Follow-on Admin. Proc. IA-5251 06/10/19

SEC v. Richard Vu Nguyen, et al. Civil LR-24512 06/13/19

In the Matter of Hugh Dunkerley Follow-on Admin. Proc. 34-86105 06/13/19

SEC v. David Wagner, et al. Civil LR-24501 06/14/19

In the Matter of Jaswant Gill Follow-on Admin. Proc. IA-5254 06/17/19

In the Matter of Javier Rios Follow-on Admin. Proc. IA-5258 06/20/19
40

In the Matter of Edward Lee Moody, Jr. Follow-on Admin. Proc. IA-5259 06/21/19

SEC v. Donald S. LaGuardia, Jr. Civil LR-24511 06/24/19

In the Matter of Amrit J.S. Chahal Follow-on Admin. Proc. IA-5261 06/25/19

In the Matter of State Street Bank and Trust Company Stand-alone Admin. Proc. IC-33534 06/27/19

In the Matter of Avi Chiat, Esq. Follow-on Admin. Proc. IA-5262 06/28/19

In the Matter of Fieldstone Financial Management Group, LLC, et al. Stand-alone Admin. Proc. 33-10655 07/01/19

In the Matter of The Parrish Group, LLC, et al. Stand-alone Admin. Proc. IA-5270 07/02/19

In the Matter of Kimm C. Hannan Follow-on Admin. Proc. IA-5295 07/11/19

In the Matter of Hana Woosuk Byun, a/k/a Hana Kevin Byun Stand-alone Admin. Proc. IA-5301 07/16/19

In the Matter of Salus, L.P., et al. Stand-alone Admin. Proc. IA-5302 07/17/19

SEC v. Paul Alar, et al. Civil LR-24539 07/18/19

In the Matter of Swapnil Rege Stand-alone Admin. Proc. IA-5303 07/18/19

In the Matter of Account Management, LLC, et al. Stand-alone Admin. Proc. IA-5305 07/19/19

In the Matter of Foundations Asset Management, LLC, 

et al. Stand-alone Admin. Proc. 34-86446 07/24/19

In the Matter of N. Gary Price Stand-alone Admin. Proc. IA-5307 07/24/19

In the Matter of Christopher Plaford Follow-on Admin. Proc. IA-5311 07/29/19

In the Matter of Jonathan Brosk Stand-alone Admin. Proc. 34-86522 07/31/19

In the Matter of Kendall J. Groom, CPA Stand-alone Admin. Proc. 34-86540 08/01/19

SEC v. Commonwealth Equity Services, LLC, d/b/a Commonwealth 

Financial Network Civil LR-24550 08/01/19

In the Matter of Sean Kelly Follow-on Admin. Proc. 34-86595 08/07/19

SEC v. Richard G. Duncan Civil LR-24558 08/12/19

In the Matter of Jeremy Joseph Drake Follow-on Admin. Proc. IA-5318 08/12/19

SEC v. Stuart Frost, et al. Civil LR-24560 08/13/19

In the Matter of MVP Manager, LLC Stand-alone Admin. Proc. IA-5319 08/13/19

SEC v. Craig Rumbaugh, et al. Civil LR-24563 08/14/19

In the Matter of Christopher D. Dougherty Follow-on Admin. Proc. IA-5322 08/15/19

In the Matter of Financial Sherpa, Inc., et al. Stand-alone Admin. Proc. 34-86710 08/20/19

In the Matter of Patrick L. O'Connor Follow-on Admin. Proc. IA-5327 08/22/19

In the Matter of Yehuda Belsky, aka "Jay Bell" Follow-on Admin. Proc. IA-5326 08/22/19

SEC v. Marcus Boggs Civil LR-24576 08/23/19

In the Matter of Laurel Wealth Advisors, Inc. Stand-alone Admin. Proc. IA-5330 08/26/19

In the Matter of Joseph C. Buchanan Stand-alone Admin. Proc. 34-86761 08/26/19

In the Matter of Stephen C. Browere Follow-on Admin. Proc. IA-5332 08/27/19

SEC v. Brenda A. Smith, et al. Civil 2019-162 08/27/19

SEC v. Cetera Advisors, LLC Civil LR-24581 08/29/19

SEC v. Cambridge Capital Group Advisors, LLC, f/k/a Cambridge Capital 

Advisors, LLC, et al. Civil LR-24580 08/29/19

In the Matter of Karen McKinley Follow-on Admin. Proc. 34-86856 09/03/19

In the Matter of Lefavi Wealth Management, Inc. Stand-alone Admin. Proc. IA-5336 09/03/19

SEC v. E. Herbert Hafen Civil LR-24586 09/04/19

In the Matter of Mitchell J. Friedman Stand-alone Admin. Proc. IA-5338 09/04/19

In the Matter of Eric Larson Sampson Follow-on Admin. Proc. 34-86860 09/04/19

In the Matter of Carol Ann Pedersen Follow-on Admin. Proc. IA-5340 09/10/19

In the Matter of William M. Apostelos Follow-on Admin. Proc. 34-86932 09/11/19

SEC v. Mediatrix Capital, Inc., et al. Civil LR-24600 09/12/19

In the Matter of Garrison Investment Group, LP, et al. Stand-alone Admin. Proc. IA-5345 09/13/19

In the Matter of ED Capital Management, LLC, et al. Stand-alone Admin. Proc. IA-5344 09/13/19

SEC v. Dean Patrick McDermott, et al. Civil LR-24595 09/13/19

In the Matter of AST Investment Services, Inc., et al. Stand-alone Admin. Proc. IA-5346 09/16/19

In the Matter of Tyler T. Tysdal, et al. Stand-alone Admin. Proc. 33-10687 09/17/19

In the Matter of Michael A. DeJager Stand-alone Admin. Proc. IA-5350 09/17/19

In the Matter of Raymond James & Associates, Inc., et al. Stand-alone Admin. Proc. 33-10689 09/17/19
41

In the Matter of Jay Daniel Seinfeld Follow-on Admin. Proc. 34-87011 09/19/19

In the Matter of Sigma Planning Corp. Stand-alone Admin. Proc. 34-87029 09/19/19

In the Matter of Sonya D. Camarco Follow-on Admin. Proc. 34-87035 09/20/19

In the Matter of Marcos Tamayo, et al. Stand-alone Admin. Proc. IA-5358 09/20/19

In the Matter of HCR Wealth Advisors Stand-alone Admin. Proc. IA-5361 09/23/19

In the Matter of Strategic Planning Group, Inc., et al. Stand-alone Admin. Proc. IA-5363 09/24/19

In the Matter of Scott G. Huish Stand-alone Admin. Proc. 33-10694 09/24/19

In the Matter of Albert K. Hu Follow-on Admin. Proc. IA-5365 09/24/19

In the Matter of Anthony Vassallo Follow-on Admin. Proc. IA-5362 09/24/19

In the Matter of Hefren-Tillotson, Inc. Stand-alone Admin. Proc. 34-87100 09/25/19

In the Matter of Leonardo Cornide, et al. Stand-alone Admin. Proc. IA-5366 09/25/19

In the Matter of Joseph B. Bronson Follow-on Admin. Proc. IA-5368 09/25/19

In the Matter of Cetera Investment Advisers, LLC Stand-alone Admin. Proc. IA-5371 09/26/19

In the Matter of Nicholas Lattanzio Follow-on Admin. Proc. IA-5367 09/26/19

In the Matter of BMO Harris Financial Advisors, Inc., et al. Stand-alone Admin. Proc. 34-87145 09/27/19

In the Matter of Amadeus Wealth Advisors, LLC Stand-alone Admin. Proc. IA-5374 09/27/19

In the Matter of Three Bridge Wealth Advisors, LLC Stand-alone Admin. Proc. IA-5375 09/27/19

In the Matter of Gonzalo Ortiz Follow-on Admin. Proc. IA-5372 09/27/19

In the Matter of ECP Manager, LP Stand-alone Admin. Proc. IA-5373 09/27/19

In the Matter of Henley & Company Wealth 

Management, LLC Stand-alone Admin. Proc. IA-5381 09/30/19

In the Matter of Equity Services, Inc. Stand-alone Admin. Proc. IA-5390 09/30/19

SEC v. James T. Booth Civil LR-24629 09/30/19

SEC v. Bluepoint Investment Counsel, LLC, et al. Civil LR-24632 09/30/19

SEC v. SBB Research Group, LLC, et al. Civil 2019-201 09/30/19

In the Matter of Saxony Capital Management, LLC Stand-alone Admin. Proc. IA-5385 09/30/19

In the Matter of Michigan Advisors, Inc. Stand-alone Admin. Proc. IA-5395 09/30/19

In the Matter of Bill Few Associates, Inc. Stand-alone Admin. Proc. IA-5388 09/30/19

In the Matter of Cargile Investment Mangement, Inc. Stand-alone Admin. Proc. IA-5389 09/30/19

In the Matter of Investment Partners, LTD Stand-alone Admin. Proc. IA-5394 09/30/19

In the Matter of Essex Financial Services, Inc. Stand-alone Admin. Proc. IA-5392 09/30/19

In the Matter of Hilltop Securities, Inc., et al. Stand-alone Admin. Proc. IA-5393 09/30/19

SEC v. Marcus Beam Civil LR-24628 09/30/19

In the Matter of Wedbush Securities, Inc. Stand-alone Admin. Proc. IA-5386 09/30/19

In the Matter of Independent Financial Group, LLC Stand-alone Admin. Proc. IA-5383 09/30/19

In the Matter of Bruce J. Fixelle Follow-on Admin. Proc. IA-5396 09/30/19

In the Matter of IC Advisory Services, Inc. Stand-alone Admin. Proc. IA-5382 09/30/19

In the Matter of Founders Financial Securities, LLC Stand-alone Admin. Proc. 34-87177 09/30/19

In the Matter of Folger Nolan Fleming Douglas Capital Management, 

Inc. Stand-alone Admin. Proc. IA-5391 09/30/19

In the Matter of Mid Atlantic Financial Management, Inc. Stand-alone Admin. Proc. IA-5387 09/30/19

In the Matter of IPG Investment Advisors, LLC Stand-alone Admin. Proc. IA-5384 09/30/19

In the Matter of Comprehensive Capital Management, Inc. Stand-alone Admin. Proc. IA-5380 09/30/19

SEC v. Yellowstone Partners, LLC, et al. Civil LR-24626 09/30/19

ISSUER REPORTING / AUDITING & 

ACCOUNTING

In the Matter of Richard J. Bertuglia, CPA, et al. Stand-alone Admin. Proc. 34-84419 10/12/18

In the Matter of Pyxus International, Inc. Stand-alone Admin. Proc. 34-84562 11/09/18

SEC v. Thomas H. Laws, et al. Civil LR-24373 11/15/18

In the Matter of Michael T. Gluk, CPA Follow-on Admin. Proc. 34-84628 11/20/18

In the Matter of KCAP Financial, Inc. Stand-alone Admin. Proc. 34-84718 12/04/18

In the Matter of Agria Corporation Stand-alone Admin. Proc. 34-84763 12/10/18
42

In the Matter of Auscrete Corporation Stand-alone Admin. Proc. 34-84782 12/11/18

In the Matter of Eastgate Biotech Corporation Stand-alone Admin. Proc. 34-84783 12/11/18

In the Matter of Frontier Oilfield Services, Inc. Stand-alone Admin. Proc. 34-84784 12/11/18

In the Matter of Lotus Bio-Technology Development Corporation Stand-alone Admin. Proc. 34-84785 12/11/18

In the Matter of The Hain Celestial Group, Inc. Stand-alone Admin. Proc. 34-84781 12/11/18

In the Matter of Santander Consumer USA Holdings, Inc. Stand-alone Admin. Proc. 34-84829 12/17/18

In the Matter of Takeshi "Tyrone" Uonaga Stand-alone Admin. Proc. 34-84850 12/18/18

In the Matter of Mitchell J. Rubin, CPA, et al. Stand-alone Admin. Proc. 34-84921 12/21/18

In the Matter of Crowe Horwath, LLP, et al. Stand-alone Admin. Proc. 34-84920 12/21/18

In the Matter of Nutriband, Inc., et al. Stand-alone Admin. Proc. 34-84964 12/26/18

In the Matter of ADT, Inc. Stand-alone Admin. Proc. 34-84956 12/26/18

In the Matter of Hertz Global Holdings, Inc., et al. Stand-alone Admin. Proc. 33-10601 12/31/18

In the Matter of Katz, Sapper & Miller, LLP, et al. Stand-alone Admin. Proc. 34-84980 01/09/19

In the Matter of LBB & Associates Ltd., LLP, et al. Stand-alone Admin. Proc. 34-84983 01/14/19

In the Matter of Lifeway Foods, Inc. Stand-alone Admin. Proc. 34-84995 01/29/19

In the Matter of Digital Turbine, Inc. Stand-alone Admin. Proc. 34-84998 01/29/19

In the Matter of CytoDyn, Inc. Stand-alone Admin. Proc. 34-84994 01/29/19

In the Matter of Grupo Simec S.A.B. de C.V. Stand-alone Admin. Proc. 34-84996 01/29/19

In the Matter of Joseph S. Amundsen, CPA, et al. Stand-alone Admin. Proc. 34-85081 02/08/19

SEC v. Joseph S. Amundsen Civil None 02/08/19

In the Matter of Deloitte Touche Tohmatsu, LLC, et al. Stand-alone Admin. Proc. 34-85115 02/13/19

In the Matter of Jeffrey M. Mattich Follow-on Admin. Proc. 34-85159 02/15/19

SEC v. Jack D. Massimino, et al. Civil LR-24410 02/25/19

In the Matter of Mark E. Kuchenrither Stand-alone Admin. Proc. 33-10610 03/01/19

In the Matter of DLL CPAS, LLC, et al. Stand-alone Admin. Proc. 34-85233 03/01/19

In the Matter of Arthur Viola Stand-alone Admin. Proc. 34-85234 03/01/19

In the Matter of Lumber Liquidators Holdings, Inc. Stand-alone Admin. Proc. 34-85291 03/12/19

SEC v. Volkswagen Aktiengesellschaft, et al. Civil LR-24422 03/14/19

SEC v. Timothy W. Crawford, et al. Civil LR-24427 03/19/19

In the Matter of Judson F. "Rick" Hoover, CPA Follow-on Admin. Proc. 34-85398 03/22/19

SEC v. Peter Armbruster, et al. Civil 2019-51 04/03/19

SEC v. Jeffrey C. Mack, et al. Civil LR-24439 04/03/19

In the Matter of Evan R. Kita, CPA Follow-on Admin. Proc. 34-85496 04/03/19

In the Matter of KLJ & Associates, LLP, et al. Stand-alone Admin. Proc. 34-85518 04/05/19

In the Matter of Adam C. Derbyshire Follow-on Admin. Proc. 33-10627 04/10/19

In the Matter of Jeremy S. Wagers, Esq. Follow-on Admin. Proc. 34-85607 04/11/19

In the Matter of the Registration Statement of Starkot Corp. Stand-alone Admin. Proc. 33-10629 04/17/19

In the Matter of the Registration Statement of Yi Xi Xin, Inc. Stand-alone Admin. Proc. 33-10631 04/19/19

In the Matter of Dov Zaidman, CPA, et al. Stand-alone Admin. Proc. 33-10632 04/22/19

In the Matter of Michael F. Cronin, CPA Stand-alone Admin. Proc. 34-85709 04/23/19

SEC v. Celadon Group, Inc. Civil LR-24459 04/25/19

In the Matter of GT Advanced Technologies, Inc. Stand-alone Admin. Proc. 33-10636 05/03/19

In the Matter of Thomas Gutierrez Stand-alone Admin. Proc. 33-10637 05/03/19

SEC v. Danny R. Williams Civil LR-24466 05/09/19

In the Matter of Bryan B. Long, CPA Follow-on Admin. Proc. 34-85847 05/13/19

In the Matter of Michael T. Rand, CPA Follow-on Admin. Proc. 34-86028 06/04/19

In the Matter of Pinnacle Accountancy Group, PLLC, et al. Stand-alone Admin. Proc. 34-86034 06/05/19

SEC v. Longfin Corp., et al. Civil LR-24492 06/05/19

In the Matter of David Vogel, CPA Stand-alone Admin. Proc. 34-86107 06/14/19

In the Matter of KPMG, LLP Stand-alone Admin. Proc. 34-86118 06/17/19

SEC v. Anatoly Hurgin, et al. Civil LR-24505 06/18/19

In the Matter of Benjamin H. Gordon Stand-alone Admin. Proc. 33-10651 06/20/19

SEC v. Johnny R. Thomas, et al. Civil LR-24522 06/28/19

In the Matter of R. Gordon Jones, CPA Stand-alone Admin. Proc. 34-86239 06/28/19
43

In the Matter of S. Jeffrey Jones, CPA Stand-alone Admin. Proc. 34-86240 06/28/19

SEC v. Robert F.X. Sillerman Civil LR-24524 06/28/19

In the Matter of Thomas Chang, CPA Stand-alone Admin. Proc. 34-86252 07/01/19

In the Matter of Thomas H. Laws, CPA Follow-on Admin. Proc. 34-86350 07/10/19

SEC v. Conn's, Inc., et al. Civil LR-24532 07/15/19

In the Matter of Dov Weinstein, CPA, et al. Stand-alone Admin. Proc. 34-86385 07/16/19

SEC v. AR Capital, LLC, et al. Civil LR-24537 07/16/19

SEC v. Gary Winemaster, et al. Civil LR-24544 07/19/19

SEC v. Facebook, Inc. Civil 2019-140 07/24/19

In the Matter of Chua Seong Seng, a/k/a Robbie Chua Stand-alone Admin. Proc. 34-86481 07/26/19

SEC v. Michael A. Carroll, et al. Civil LR-24577 08/01/19

In the Matter of Brixmor Property Group, Inc. Stand-alone Admin. Proc. 34-86538 08/01/19

SEC v. Gerard F. Hug, et al. Civil LR-24551 08/02/19

In the Matter of Nandu Thondavadi Follow-on Admin. Proc. 34-86564 08/05/19

In the Matter of SITO Mobile, Ltd. Stand-alone Admin. Proc. 34-86573 08/05/19

In the Matter of Thomas W. Avent, Jr., CPA, Esq. Follow-on Admin. Proc. 34-86594 08/07/19

In the Matter of Corix Bioscience, Inc., et al. Stand-alone Admin. Proc. 33-10669 08/09/19

In the Matter of TherapeuticsMD, Inc. Stand-alone Admin. Proc. 34-86708 08/20/19

In the Matter of Michael Filkoski, CPA, et al. Stand-alone Admin. Proc. 34-86720 08/21/19

In the Matter of Alan G. Heide, CPA Follow-on Admin. Proc. 34-86771 08/27/19

In the Matter of RSM US, LLP, f/k/a McGladrey, LLP Stand-alone Admin. Proc. 34-86770 08/27/19

In the Matter of Omega Protein Corporation Stand-alone Admin. Proc. 33-10679 08/29/19

In the Matter of Robin Smyth Follow-on Admin. Proc. 34-86804 08/29/19

In the Matter of Daniel Khesin Stand-alone Admin. Proc. 33-10680 09/05/19

In the Matter of Abner Silva Stand-alone Admin. Proc. 33-10681 09/06/19

In the Matter of Marvell Technology Group, Ltd. Stand-alone Admin. Proc. 33-10684 09/16/19

SEC v. Tom Simeo Civil LR-24599 09/17/19

In the Matter of David R. Gibson Follow-on Admin. Proc. 34-87032 09/19/19

In the Matter of Kevyn N. Rakowski, CPA Follow-on Admin. Proc. 34-87007 09/19/19

In the Matter of The Bancorp, Inc. Stand-alone Admin. Proc. 34-87036 09/20/19

In the Matter of James David Hilty Stand-alone Admin. Proc. 34-87037 09/20/19

In the Matter of Donald F. Mcgraw, Jr. Stand-alone Admin. Proc. 34-87038 09/20/19

In the Matter of PricewaterhouseCoopers, LLP Stand-alone Admin. Proc. 34-87052 09/23/19

In the Matter of Brandon Sprankle, CPA Stand-alone Admin. Proc. 34-87053 09/23/19

In the Matter of Nissan Motor Co., Ltd. Stand-alone Admin. Proc. 34-87054 09/23/19

SEC v. Carlos Ghosn, et al. Civil LR-24606 09/23/19

SEC v. Robert Hillis Miller Civil LR-24614 09/24/19

In the Matter of Comscore, Inc. Stand-alone Admin. Proc. 33-10692 09/24/19

In the Matter of Serge Matta Stand-alone Admin. Proc. 33-10693 09/24/19

SEC v. Efuel EFN Corp., et al. Civil LR-24610 09/24/19

In the Matter of Michael P. Toups Follow-on Admin. Proc. 34-87102 09/25/19

In the Matter of PPG Industries, Inc. Stand-alone Admin. Proc. 33-10701 09/26/19

In the Matter of FCA US, LLC, et al. Stand-alone Admin. Proc. 33-10706 09/27/19

SEC v. Mylan N.V. Civil LR-24621 09/27/19

In the Matter of Herbalife Nutrition Ltd. Stand-alone Admin. Proc. 33-10703 09/27/19

In the Matter of Schulman Lobel Zand Katzen Williams & Blackman, LLP, 

a/k/a Schulman Lobel, LLP

Stand-alone Admin. Proc. 34-87157 09/30/19

In the Matter of Marla P. Manowitz, CPA, et al. Stand-alone Admin. Proc. 34-87159 09/30/19

SEC v. Christopher J. Spencer, et al. Civil LR-24636 09/30/19

MARKET MANIPULATION

SEC v. Roger Knox, et al. Civil LR-24304 10/02/18
44

SEC v. Mark E. Fisher, et al. Civil LR-24322 10/22/18

In the Matter of Mark E. Fisher, Esq. Follow-on Admin. Proc. 34-84525 11/02/18

SEC v. SeeThruEquity, LLC, et al. Civil LR-24341 11/08/18

SEC v. Mark Burnett, et al. Civil LR-24353 11/15/18

SEC v. Morrie Tobin, et al. Civil LR-24361 11/27/18

SEC v. Eric T. Landis, et al. Civil LR-24362 11/28/18

In the Matter of Guanglin (Alan) Lai Stand-alone Admin. Proc. 34-84764 12/10/18

In the Matter of Andrew F. Nicoletta, et al. Stand-alone Admin. Proc. 34-84876 12/19/18

SEC v. China United Insurance Service, Inc., et al. Civil LR-24378 12/20/18

SEC v. Spartan Securities Group, Ltd., et al. Civil LR-24405 02/20/19

SEC v. River North Equity, LLC, et al. Civil LR-24419 03/11/19

SEC v. Diane D. Dalmy, et al. Civil LR-24421 03/13/19

In the Matter of Howard M. Appel, Esq. Follow-on Admin. Proc. 34-85418 03/26/19

SEC v. David M. Loflin Civil LR-24457 04/19/19

SEC v. Andrew I. Farmer, et al. Civil LR-24470 05/15/19

SEC v. David N. Osegueda, et al. Civil LR-24472 05/20/19

In the Matter of Anthony Savino Stand-alone Admin. Proc. 33-10642 06/03/19

In the Matter of Joseph Palermo Stand-alone Admin. Proc. 33-10643 06/03/19

SEC v. Kit Mun Chan, et al. Civil LR-24506 06/19/19

In the Matter of Jehu Hand, Esq. Follow-on Admin. Proc. 34-86357 07/11/19

SEC v. Garrett M. O'Rourke, et al. Civil LR-24543 07/17/19

SEC v. William White Civil LR-24646 08/22/19

SEC v. Live Well Financial, Inc., et al. Civil LR-24579 08/29/19

In the Matter of Kenneth Wruk Stand-alone Admin. Proc. 33-10682 09/09/19

SEC v. Brian D. Barrilleaux Civil LR-24611 09/17/19

SEC v. Benjamin Conde, et al. Civil LR-24609 09/23/19

In the Matter of Harold Minsky Stand-alone Admin. Proc. 33-10696 09/25/19

In the Matter of George Matin Stand-alone Admin. Proc. 33-10697 09/25/19

In the Matter of Chip Hackley Stand-alone Admin. Proc. 33-10698 09/25/19

SEC v. Michael J. Starkweather, et al. Civil LR-24646 09/30/19

SEC v. Gino M. Pereira Civil LR-24637 09/30/19

One action was filed under seal. Civil None Under Seal

MISCELLANEOUS

SEC v. Oleksandr Ieremenko, et al. Civil LR-24381 01/15/19
45

PUBLIC FINANCE ABUSE

In the Matter of Ancora Advisors, LLC Stand-alone Admin. Proc. IA-5077 12/18/18

In the Matter of Chris D. Rosenthal Stand-alone Admin. Proc. 33-10587 12/18/18

SEC v. Dale M. Walker Civil LR-24424 03/15/19

SEC v. Keith Borge Civil LR-24436 03/28/19

In the Matter of Clear Scope Advisors, Inc. Stand-alone Admin. Proc. 34-85618 04/11/19

In the Matter of IFS Securities Stand-alone Admin. Proc. 34-86210 06/27/19

SEC v. Comer Capital Group, LLC, et al. Civil LR-24520 06/27/19

In the Matter of G. Wayne Oetken Stand-alone Admin. Proc. 34-86395 07/16/19

In the Matter of School Services of California, Inc. Stand-alone Admin. Proc. 34-86396 07/16/19

In the Matter of Dale Scott & Company, Inc. Stand-alone Admin. Proc. 34-86393 07/16/19

In the Matter of Thomas C. Muldoon Stand-alone Admin. Proc. 34-86848 09/03/19

In the Matter of Morgan Stanley Smith Barney, LLC Stand-alone Admin. Proc. 34-86988 09/17/19

In the Matter of Montebello Unified School District, et al. Stand-alone Admin. Proc. 33-10691 09/19/19

SEC v. Ruben James Rojas Civil LR-24602 09/19/19

SECURITIES OFFERING

In the Matter of Patrick Lanier Follow-on Admin. Proc. 34-84342 10/02/18

SEC v. Susan Werth, a/k/a Susan Worth, et al. Civil LR-24316 10/02/18

SEC v. Eric J. "EJ" Dalius, et al. Civil LR-24345 10/03/18

SEC v. Blockvest, LLC, et al. Civil LR-24314 10/03/18

SEC v. Todd Elliott Hitt, et al. Civil LR-24307 10/05/18

SEC v. Jean Danhong Chen, et al. Civil LR-24319 10/18/18

In the Matter of Emilio Francisco Follow-on Admin. Proc. 34-84483 10/24/18

In the Matter of Marilyn R. Thomassen Follow-on Admin. Proc. 34-84482 10/24/18

In the Matter of Aric Yerusalem Swartz Follow-on Admin. Proc. 34-84501 10/30/18

SEC v. Giga Entertainment Media, Inc., et al. Civil LR-24355 11/15/18

SEC v. Gaylen D. Rust, et al. Civil LR-24354 11/15/18

In the Matter of CarrierEQ, Inc., d/b/a AirFox Stand-alone Admin. Proc. 33-10575 11/16/18

In the Matter of Paragon Coin, Inc. Stand-alone Admin. Proc. 33-10574 11/16/18

In the Matter of Floyd Mayweather, Jr. Stand-alone Admin. Proc. 33-10578 11/29/18

In the Matter of Khaled Khaled Stand-alone Admin. Proc. 33-10579 11/29/18

SEC v. Jared Gabriel Forrester Civil LR-24363 11/30/18

SEC v. David G. Dreslin, et al. Civil LR-24365 12/03/18

SEC v. Mark Suleymanov Civil LR-24364 12/03/18

In the Matter of CoinAlpha Advisors, LLC Stand-alone Admin. Proc. 33-10582 12/07/18

SEC v. Jared Jeffrey Davis, et al. Civil LR-24370 12/10/18

In the Matter of America Modern Green Senior (Houston), LLC, et al. Stand-alone Admin. Proc. 33-10584 12/12/18

SEC v. Alan H. New, et al. Civil LR-24376 12/17/18

SEC v. Robert S. "Lute" Davis, Jr., et al. Civil LR-24376 12/18/18

SEC v. Jordan E. Goodman Civil LR-24376 12/18/18

SEC v. Phillip Michael Carter, et al. Civil LR-24385 01/25/19

In the Matter of Perry Douglas West, Esq. Follow-on Admin. Proc. 34-84993 01/29/19

In the Matter of Evan Louis Greebel, Esq. Follow-on Admin. Proc. 34-85012 01/31/19

SEC v. Robert Alexander, et al. Civil LR-24392 02/07/19

SEC v. Kevin R. Kuhnash, et al. Civil LR-24397 02/12/19

SEC v. Joshua Sason, et al. Civil LR-24403 02/15/19

SEC v. Castleberry Financial Services Group, LLC, et al. Civil LR-24412 02/19/19

In the Matter of Gladius Network, LLC Stand-alone Admin. Proc. 33-10608 02/20/19

SEC v. Daniel R. Adams, et al. Civil LR-24411 02/26/19

SEC v. William Neil "Doc" Gallagher, et al. Civil LR-24420 03/07/19

In the Matter of Kiarash (Kia) Jam Stand-alone Admin. Proc. 33-10614 03/12/19
46

SEC v. Kent R.E. Whitney, et al. Civil LR-24426 03/13/19

In the Matter of Mutual Coin Fund, LLC, et al. Stand-alone Admin. Proc. 33-10624 04/01/19

SEC v. Daniel Mattes Civil LR-24440 04/02/19

In the Matter of Chad Starkey Stand-alone Admin. Proc. 33-10626 04/02/19

SEC v. Jeffrey E. Wall, et al. Civil LR-24443 04/04/19

SEC v. Alexander Bevil, et al. Civil LR-24446 04/08/19

SEC v. Michael Allen Duke, et al. Civil LR-24446 04/08/19

SEC v. Paula Marie Saccomanno, et al. Civil LR-24446 04/08/19

SEC v. Joel Craig Duncan Civil LR-24446 04/08/19

In the Matter of James M. Schneider, Esq. Follow-on Admin. Proc. 34-85583 04/10/19

SEC v. Ivan Acevedo, et al. Civil LR-24450 04/11/19

In the Matter of Prosper Funding, LLC Stand-alone Admin. Proc. 33-10630 04/19/19

SEC v. James Siniscalchi Civil LR-24463 04/29/19

SEC v. Natural Diamonds Investment Co., et al. Civil LR-24473 05/13/19

SEC v. Collector's Coffee, Inc., d/b/a Collectors Café, 

et al. Civil LR-24469 05/14/19

In the Matter of NextBlock Global Ltd., et al. Stand-alone Admin. Proc. 33-10638 05/14/19

SEC v. Daniel Pacheco, et al. Civil LR-24478 05/22/19

SEC v. Henry Ford, f/k/a Cleothus Lefty Jackson, et al. Civil LR-24482 05/22/19

SEC v. Robert C. Morgan, et al. Civil LR-24477 05/22/19

SEC v. David Sims, et al. Civil LR-24480 05/23/19

SEC v. Savraj Gata-Aura, a/k/a Samuel Aura a/k/a 

Sam Aura, et al. Civil LR-24479 05/23/19

SEC v. George Slowinski Civil LR-24483 05/29/19

SEC v. Donald A. Milne, III, et al. Civil LR-24484 05/29/19

SEC v. Syed Arham Arbab, et al. Civil LR-24486 05/31/19

SEC v. Peter Baker, et al. Civil LR-24491 06/04/19

SEC v. Kik Interactive, Inc. Civil LR-24493 06/04/19

SEC v. Alton Perkins, et al. Civil LR-24502 06/13/19

SEC v. Equal Earth, Inc., et al. Civil LR-24504 06/17/19

SEC v. Worldwide Markets, Ltd., et al. Civil LR-24513 06/25/19

SEC v. Mark Allan Plummer Civil LR-24514 06/26/19

SEC v. Henry B. Sargent, et al. Civil LR-24516 06/27/19

SEC v. Jason Sugarman Civil LR-24518 06/27/19

SEC v. Paul Andrews Rinfret, et al. Civil LR-24521 06/28/19

In the Matter of GT Media, Inc. Stand-alone Admin. Proc. 33-10656 07/01/19

SEC v. Thomas V. Conwell, et al. Civil LR-24526 07/01/19

SEC v. William Scott Lawler, et al. Civil LR-24530 07/12/19

SEC v. Henry J. Wieniewitz, III, et al. Civil LR-24531 07/15/19

SEC v. Emmanuel Kouyoumdjian, a/k/a "Manny K" Civil LR-24535 07/16/19

SEC v. William J. Milles, Jr., et al. Civil LR-24538 07/17/19

SEC v. Landon M. Smith Civil LR-24545 07/23/19

SEC v. Bettor Investments, LLC, et al. Civil LR-24547 07/29/19

SEC v. Tanmaya Kabra, a/k/a Tan Kabra, et al. Civil LR-24553 08/05/19

In the Matter of Gregg Evan Jaclin, Esq. Follow-on Admin. Proc. 34-86577 08/06/19

SEC v. Jerry Lee Farish, et al. Civil LR-24555 08/08/19

In the Matter of SimplyVital Health, Inc. Stand-alone Admin. Proc. 33-10671 08/12/19

SEC v. Reginald "Reggie" Middleton, et al. Civil 2019-150 08/12/19

SEC v. Antonio M. Bravata Civil LR-24559 08/13/19

SEC v. Alan G. Heide Civil LR-24565 08/15/19

SEC v. Scott P. Strochak Civil LR-24570 08/16/19

SEC v. Crystal World Holdings, Inc., et al. Civil LR-24571 08/19/19

SEC v. Terry Wayne Kelly, et al. Civil LR-24573 08/20/19

In the Matter of Joseph L. Pittera, Esq. Follow-on Admin. Proc. 34-86715 08/20/19
47

In the Matter of ICO Rating Stand-alone Admin. Proc. 33-10673 08/20/19

SEC v. Hartman Wright Group, LLC, et al. Civil LR-24575 08/26/19

In the Matter of Jonathan Paltiel Flom Follow-on Admin. Proc. 34-86755 08/26/19

SEC v. Gina Champion-Cain, et al. Civil 2019-168 08/28/19

SEC v. William Hutchinson, a/k/a William Cluxton Civil LR-24578 08/29/19

SEC v. BitQyck, Inc., et al. Civil LR-24582 08/29/19

SEC v. Jayat P. Kanetkar, et al. Civil LR-24584 08/30/19

SEC v. John F. Thomas, et al. Civil LR-24585 08/30/19

SEC v. Northridge Holdings, Ltd., et al. Civil LR-24594 09/05/19

SEC v. Toon Goggles, Inc., et al. Civil LR-24588 09/05/19

SEC v. Jay Daniel Seinfeld, et al. Civil LR-24596A 09/16/19

SEC v. John Henderson, et al. Civil LR-24597 09/16/19

In the Matter of Britt J. Haugland Stand-alone Admin. Proc. 33-10686 09/17/19

SEC v. Jan Atlas Civil LR-24598 09/17/19

SEC v. Christopher Fulco, a/k/a Christian Anthony, Johnathan Stewart, 

and Michael Barron, et al.

Civil LR-24608 09/18/19

SEC v. ICOBox, et al. Civil LR-24601 09/18/19

SEC v. Zvi Feiner, et al. Civil LR-24605 09/19/19

In the Matter of Jayat P. Kanetkar Follow-on Admin. Proc. 34-87004 09/19/19

SEC v. Jonathan C. Lucas Civil LR-24607 09/20/19

SEC v. Gerald C. Parker Civil LR-24612 09/23/19

SEC v. Andres Fernandez, et al. Civil LR-24619 09/25/19

SEC v. Kai Christian Petersen, et al. Civil LR-24630 09/26/19

SEC v. Michael Ajzenman, et al. Civil LR-24623 09/26/19

In the Matter of iQuantifi, Inc., et al. Stand-alone Admin. Proc. 33-10707 09/27/19

In the Matter of Gary F. Pryor, et al. Stand-alone Admin. Proc. 33-10704 09/27/19

SEC v. David Sechovicz Civil LR-24631 09/27/19

SEC v. Peter Szatmari Civil LR-24631 09/27/19

SEC v. Alkiviades David, et al. Civil LR-24622 09/27/19

SEC v. Dana J. Bradley, et al. Civil LR-24624 09/30/19

SEC v. Mark Ray, et al. Civil LR-24627 09/30/19

In the Matter of Nebulous, Inc. Stand-alone Admin. Proc. 33-10715 09/30/19

In the Matter of Block.one Stand-alone Admin. Proc. 33-10714 09/30/19

SRO / EXCHANGE

In the Matter of Zachary Coburn Stand-alone Admin. Proc. 34-84553 11/08/18

In the Matter of The Options Clearing Corporation Stand-alone Admin. Proc. 34-86871 09/04/19

In the Matter of Omgeo Matching Services US, LLC, 

n/k/a DTCC ITP Matching (US), LLC Stand-alone Admin. Proc. 34-87136 09/27/19

TRANSFER AGENT

In the Matter of Fidelity Transfer Services, Inc., et al. Stand-alone Admin. Proc. 34-86347 07/10/19

In the Matter of Quicksilver Stock Transfer, LLC, a/k/a Quicksilver Stock 

Transfer Corporation Follow-on Admin. Proc. 34-86544 08/01/19

In the Matter of Alan Shinderman Follow-on Admin. Proc. 34-86543 08/01/19

In the Matter of Ronald P. Haller Follow-on Admin. Proc. 34-87043 09/20/19
48

ENDNOTES 

1 The United States federal government shutdown occurred from midnight EST on December 22, 2018, until 

January 25, 2019 (35 days). With very limited exceptions, SEC employees and contractors were furloughed and 

unable to work from December 27, 2018 through January 25, 2019. This was the longest U.S. government shutdown 

in history.

2 Press Release 2018-15, SEC Launches Share Class Selection Disclosure Initiative to Encourage SelfReporting and the Prompt Return of Fund to Investors (Feb. 12, 2018), available at

https://www.sec.gov/news/press-release/2018-15.

3 Press Release 2019-28, SEC Share Class Initiative Returning More Than $125 Million to Investors (March 11, 

2019), available at https://www.sec.gov/news/press-release/2019-28.

4 Press Release 2019-200, SEC Orders an Additional 16 Self-Reporting Advisory Firms to Pay Nearly $10 

Million to Investors (Sept. 30, 2019), available at https://www.sec.gov/news/press-release/2019-200.

5 Press Release 2018-15, SEC Launches Share Class Selection Disclosure Initiative to Encourage SelfReporting and the Prompt Return of Fund to Investors (Feb. 12, 2018), available at

https://www.sec.gov/news/press-release/2018-15.

6

Id.

7 Press Release 2017-176, SEC Announces Enforcement Initiatives to Combat Cyber-Based Threats and Protect 

Retail Investors (Sept. 25, 2017), available at https://www.sec.gov/news/press-release/2017-176.

8

 Press Release 2019-85, SEC Announces Enforcement and Investor Education Initiatives to Protect Teachers 

and Military Service Members (June 3, 2019), available at https://www.sec.gov/news/press-release/2019-85.

9 Press Release 2019-215, SEC Promotes Teacher Investment Outreach (Oct. 15, 2019), available at

https://www.sec.gov/news/press-release/2019-215.

10 Id.

11 Press Release 2019-3, Court Orders $1 Billion Judgment Against Operators of Woodbridge Ponzi Scheme 

Targeting Retail Investors (Jan. 28, 2019), available at https://www.sec.gov/news/press-release/2019-3.

12 Press Release 2017-176, SEC Announces Enforcement Initiatives to Combat Cyber-Based Threats and 

Protect Retail Investors (Sept. 25, 2017), available at https://www.sec.gov/news/press-release/2017-176

13 SEC Spotlight: Cyber Enforcement Actions, available at https://www.sec.gov/spotlight/cybersecurityenforcement-actions.

14 See, e.g., Spotlight on Cybersecurity, the SEC and You, available at 

https://www.sec.gov/spotlight/cybersecurity; Spotlight on Initial Coin Offerings, available at 

https://www.sec.gov/ICO.

15 SEC Spotlight: Cyber Enforcement Actions, available at https://www.sec.gov/spotlight/cybersecurityenforcement-actions.

16 Press Release 2019-15, Company Settles Unregistered ICO Charges After Self-Reporting to SEC (Feb. 20, 

2019), available at https://www.sec.gov/news/press-release/2019-15; Press Release 2018-264, Two ICO Issuers 

Settle SEC Registration Charges, Agree to Register Tokens as Securities (Nov. 16, 2018), available at 

https://www.sec.gov/news/press-release/2018-264.

17 Id.

18 Press Release 2019-15, Company Settles Unregistered ICO Charges After Self-Reporting to SEC (Feb. 20, 

2019), available at https://www.sec.gov/news/press-release/2019-15

19 Press Release 2019-87, SEC Charges Issuer With Conducting $100 Million Unregistered ICO (June 4, 2019), 

available at https://www.sec.gov/news/press-release/2019-87.

20 Press Release 2018-268, Two Celebrities Charged with Unlawfully Touting Coin Offerings (Nov. 29, 2018), 

available at https://www.sec.gov/news/press-release/2018-268.

21 Press Release 2019-181, SEC Charges ICO Incubator and Founder for Unregistered Offering and 

Unregistered Broker Activity (Sept. 18, 2019), available at https://www.sec.gov/news/press-release/2019-181.

22 Press Release 2018-258, SEC Charges EtherDelta Founder with Operating an Unregistered Exchange (Nov. 

8, 2018), available at https://www.sec.gov/news/press-release/2018-258.

23 Administrative Proceeding File No. 3-18563, SEC Orders Virtu to Pay $1.5 Million Penalty for Violations of 

Regulation SCI (Sept. 30, 2019), available at https://www.sec.gov/enforce/34-87155-s; Press Release 2019-171, 

SEC and CFTC Charge Options Clearing Corp. With Failing to Establish and Maintain Adequate Risk Management 

Policies (Sept. 4, 2019), available at https://www.sec.gov/news/press-release/2019-171.
49

 

24 Press Release 2019-171, SEC and CFTC Charge Options Clearing Corp. With Failing to Establish and 

Maintain Adequate Risk Management Policies (Sept. 4, 2019), available at https://www.sec.gov/news/pressrelease/2019-171.

25 Id.

26 Id.

27 Id.

28 Press Release 2018-236, SEC Investigative Report: Public Companies Should Consider Cyber Threats When 

Implementing Internal Accounting Controls (Oct. 16, 2018), available at https://www.sec.gov/news/pressrelease/2018-236

29 Id.

30 Id.

31 Press Release 2019-1, SEC Brings Charges in EDGAR Hacking Case (Jan. 15, 2019), available at 

https://www.sec.gov/news/press-release/2019-1.

32 Id.

33 Id.

34 Complaint at 35, SEC v. Ieremenko, D. N.J., 19-cv-00505 (Jan. 15, 2019), available at 

https://www.sec.gov/litigation/complaints/2019/comp-pr2019-1.pdf.

35 Id. at passim.

36 Press Release 2019-95, KPMG Paying $50 Million Penalty for Illicit Use of PCAOB Data and Cheating on 

Training Exams (June 17, 2019), available at https://www.sec.gov/news/press-release/2019-95.

37 Id.

38 Press Release 2019-171, SEC and CFTC Charge Options Clearing Corp. With Failing to Establish and 

Maintain Adequate Risk Management Policies (Sept. 4, 2019), available at https://www.sec.gov/news/pressrelease/2019-171.

39 Administrative Proceeding File No. 3-19416, In the Matter of The Options Clearing Corporation, available at

https://www.sec.gov/litigation/admin/2019/34-86871.pdf.

40 See, e.g., Press Release 2018-242, SEC Suspends Trading in Company for Making False CryptocurrencyRelated Claims about SEC Regulation and Registration (Oct. 22, 2018), available at

https://www.sec.gov/news/press-release/2018-242.

41 See, e.g., Press Release 2019-150, SEC Obtains Freeze of $8 Million in Assets in Alleged Fraudulent Token 

Offering and Manipulation Scheme (Aug. 13, 2019), available at https://www.sec.gov/news/press-release/2019-150.

42 Press Release 2019-162, SEC Obtains Emergency Asset Freeze, Charges Pennsylvania Investment Adviser 

with $100 Million Fraud (Aug. 27, 2019), available at https://www.sec.gov/news/press-release/2019-162.

43 Press Release 2019-87, SEC Charges Issuer With Conducting $100 Million Unregistered ICO (June 4, 2019), 

available at https://www.sec.gov/news/press-release/2019-87.

44 Press Release 2019-34, SEC Charges Volkswagen, Former CEO With Defrauding Bond Investors During 

"Clean Diesel" Emissions Fraud (March 14, 2019), available at https://www.sec.gov/news/press-release/2019-34.

45 Litigation Release No. 24305, Court Enters $64 Million Judgment Against Connecticut-Based Investment 

Professional (Oct. 3, 2018), available at https://www.sec.gov/litigation/litreleases/2018/lr24305.htm.

46 Id.

47 See Litigation Release No. 24442, SEC Obtains Final Judgment Against Aveo Pharmaceuticals Executive 

(Apr. 4, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24442.htm.

48 Press Release 2019-152, SEC Wins Jury Trial Against Broker Charged with Insider Trading (Aug. 14, 2019), 

available at https://www.sec.gov/news/press-release/2019-152.

49 Lucia v. SEC, 138 S. Ct. 2044 (2018).

50 Order, Exchange Act Release No. 83495 (June 21, 2018), available at 

https://www.sec.gov/litigation/opinions/2018/33-10510.pdf.

51 Order, Exchange Act Release No. 83907 (Aug. 22, 2018), available at 

https://www.sec.gov/litigation/opinions/2018/33-10536.pdf.

52

 Kokesh v. SEC, 137 S. Ct. at 1640.

53 Press Release 2019-155, Cantor Fitzgerald and BMO Capital Charged for Improper Handling of ADRs (Aug. 

16, 2019), available at https://www.sec.gov/news/press-release/2019-155; Press Release 2019-94, Industrial and 

Commercial Bank of China Affiliate to Pay More Than $42 Million for Improper Handling of ADRs (June 14, 

2019), available at https://www.sec.gov/news/press-release/2019-94; Press Release 2019-40, Merrill Lynch to Pay 

More Than $8 Million for Improper Handling of ADRs (Mar. 28, 2019), available at 

https://www.sec.gov/news/press-release/2019-40; Press Release 2018-306, JP Morgan to Pay More Than $135 
50

 

Million for Improper Handling of ADRs (Dec. 26, 2018), available at https://www.sec.gov/news/pressrelease/2018-306; Press Release 2018-285, BNY Mellon to Pay More Than $54 Million for Improper Handling of 

ADRs (Dec. 17, 2018), available at https://www.sec.gov/news/press-release/2018-285; Press Release 2018-255, 

Citibank to Pay More Than $38 Million for Improper Handling of ADRs (Nov. 7, 2018), available at 

https://www.sec.gov/news/press-release/2018-255.

54 Press Release 2019-131, Nomura to Pay Misled Bond Customers $25 Million (July 15, 2019), available at 

https://www.sec.gov/news/press-release/2019-131.

55 Press Release 2019-199, Two BMO Advisory Firms Pay Over $37 Million to Harmed Clients for Failing to 

Disclose Conflicts of Interest (Sept. 27, 2019), available at https://www.sec.gov/news/press-release/2019-199.

56 Press Release 2018-256, SEC Charges ITG With Misleading Dark Pool Subscribers (Nov. 7, 2018), available 

at https://www.sec.gov/news/press-release/2018-256.

57 Press Release 2019-187, SEC Charges TMC Bonds With Failing to Protect Confidential Subscriber 

Information (Sept. 24, 2019), available at https://www.sec.gov/news/press-release/2019-187.

58 Press Release 2019-176, SEC Charges Prudential Subsidiaries For Misleading Funds They Advised, 

Generating Tens of Millions in Tax Benefits for Prudential (Sept. 16, 2019), available at 

https://www.sec.gov/news/press-release/2019-176.

59 Press Release 2019-151, SEC Charges Broker-Dealer with Violations of Gatekeeping Provisions Aimed at 

Protecting Investors (Aug. 14, 2019), available at https://www.sec.gov/news/press-release/2019-151.

60 Press Release 2019-177, Two Broker-Dealers to Pay $4.65 Million in Penalties for Providing Deficient Blue 

Sheet Data (Sept. 16, 2019), available at https://www.sec.gov/news/press-release/2019-177.

61 Press Release 2019-159, SEC Charges Broker-Dealer and CEO With Supervision Failures Related to Hedge 

Fund Valuation Scheme (Aug. 21, 2019), available at https://www.sec.gov/news/press-release/2019-159.

62 Press Release 2019-201, SEC Charges Hedge Fund Adviser and Top Executives With Fraud (Sept. 30, 2019), 

available at https://www.sec.gov/news/press-release/2019-201.

63 Press Release 2019-26, BB&T to Return More Than $5 Million to Retail Investors and Pay Penalty Relating 

to Directed Brokerage Arrangements (March 5, 2019), available at https://www.sec.gov/news/press-release/2019-26

64 Press Release 2019-186, SEC Charges Comscore Inc. and Former CEO with Accounting and Disclosure 

Fraud (Sept. 24, 2019), available at https://www.sec.gov/news/press-release/2019-186.

65 Press Release 2019-184, SEC Charges PwC LLP With Violating Auditor Independence Rules and Engaging 

in Improper Professional Conduct (Sept. 23, 2019), available at https://www.sec.gov/news/press-release/2019-184.

66 Press Release 2019-166, SEC Charges Private Lender and CEO with Fraudulent Mismarking Scheme (Aug. 

29, 2019), available at https://www.sec.gov/news/press-release/2019-166.

67 Litigation Release No. 24463, SEC Announces Fraud Charges in Ticket Resale Investment Scam (April 29, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24463.htm.

68 Press Release 2019-201, SEC Charges Hedge Fund Adviser and Top Executives With Fraud (Sept. 30, 2019), 

available at https://www.sec.gov/news/press-release/2019-201.

69 Press Release 2019-197, SEC Charges Canadian Clean Fuel Technology Company and Former CEO with 

FCPA Violations (Sept. 27, 2019), available at https://www.sec.gov/news/press-release/2019-197.

70 Press Release 2019-51, SEC Charges Transportation Company Executives with Accounting Fraud (April 3, 

2019), available at https://www.sec.gov/news/press-release/2019-51.

71 Litigation Release No. 24410, SEC Charges Former Executive Officers for Their Roles in Corinthian 

College’s Disclosure Failures (Feb. 25, 2019), available at 

https://www.sec.gov/litigation/litreleases/2019/lr24410.htm.

72 Litigation Release No. 24522, SEC Announces Charges in Clean Energy Services Company Fraud (June 28, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24522.htm.

73 Press Release 2018-296, SEC Charges Additional 13 Unregistered Brokers Who Sold Woodbridge Securities 

to Retail Investors (Dec. 19, 2018), available at https://www.sec.gov/news/press-release/2018-296.

74 Litigation Release No. 24568, SEC Charges Investment Banking Analyst with Insider Trading (Aug. 16, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24568.htm.

75 Litigation Release No. 24462, SEC Obtains Asset Freeze in Connection with Alleged Insider Trading, (April 

29, 2019) available at https://www.sec.gov/litigation/litreleases/2019/lr24462.htm.

76 Litigation Release No. 24498, SEC Obtains Judgments Against Insider Trading Ring Defendants (June 11, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24498.htm.

77 Litigation Release No. 24499, SEC Obtains Final Judgments in Insider Trading Case Against Former 

Software Executive and Two Friends (June 12, 2019), available at 

https://www.sec.gov/litigation/litreleases/2019/lr24499.htm.
51

 

78 Litigation Release No. 24375, SEC Charges Husband of Investment Banker with Insider Trading (Dec. 17, 

2018), available at https://www.sec.gov/litigation/litreleases/2018/lr24375.htm.

79 Litigation Release No. 24515, Singapore Resident Settles Charges in Serial Insider Trading Scheme (June 27, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24515.htm.

80 Press Release 2019-53, SEC Charges Former SeaWorld Associate General Counsel With Insider Trading

(April 9, 2019), available at https://www.sec.gov/news/press-release/2019-53.

81 Press Release 2019-184, SEC Charges PwC LLP With Violating Auditor Independence Rules and Engaging 

in Improper Professional Conduct (Sept. 23, 2019), available at https://www.sec.gov/news/press-release/2019-184.

82 Press Release 2018-302, SEC Charges Audit Firm and Suspends Accountants for Deficient Audits (Dec. 21, 

2018), available at https://www.sec.gov/news/press-release/2018-302.

83 Press Release 2018-235, SEC Suspends Former BDO Accountants for Improperly “Predating” Audit Work 

Papers (Oct. 12, 2018), available at https://www.sec.gov/news/press-release/2018-235.

84 Press Release 2019-95, KPMG Paying $50 Million Penalty for Illicit Use of PCAOB Data and Cheating on 

Training Exams (June 17, 2019), available at https://www.sec.gov/news/press-release/2019-95.

85 Press Release 2019-161, RSM US LLP Charged With Violating Auditor Independence Rules (Aug. 27, 

2019), available at https://www.sec.gov/news/press-release/2019-161.

86 Press Release 2019-9, Deloitte Japan Charged With Violating Auditor Independence Rules (Feb. 13, 2019), 

available at https://www.sec.gov/news/press-release/2019-9.

87 Press Release 2019-195, Herbalife to Pay $20 Million for Misleading Investors (Sept. 27, 2019), available at

https://www.sec.gov/news/press-release/2019-195.

88 Press Release 2018-277, SEC Charges the Hain Celestial Group With Internal Control Failures (Dec. 11, 

2018), available at https://www.sec.gov/news/press-release/2018-277.

89 Press Release 2019-175, SEC Charges Silicon Valley-Based Issuer With Misleading Disclosure Violations

(Sept. 16, 2019), available at https://www.sec.gov/news/press-release/2019-175.

90 Press Release 2019-66, SEC Charges Sapphire Glass Manufacturer and Former CEO With Fraud (May 3, 

2019), available at https://www.sec.gov/news/press-release/2019-66.

91 Press Release 2019-193, SEC Charges Marketing and Printing Services Provider with FCPA Violations 

(Sept. 26, 2019), available at https://www.sec.gov/news/press-release/2019-193.

92 Administrative Proceeding File No. 3-19493, SEC Charges Global Oil and Gas Services Company with 

Violations of the FCPA (Sept. 19, 2019), available at https://www.sec.gov/enforce/34-87055-s.

93 Litigation Release No. 24402, SEC Charges Cognizant and Two Former Executives With FCPA Violations 

(Feb. 15, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24402.htm; Administrative Proceeding 

File No. 3-19446, SEC Settles FCPA Charges Against Former Chief Operating Officer of Cognizant (Sept. 13, 

2019), available at https://www.sec.gov/enforce/34-86963-s.

94 Administrative Proceeding File No. 3-19162, SEC Charges Telefônica Brasil S.A. with Violating Books and 

Records and Internal Accounting Controls Provisions of the FCPA (May 9, 2019), available at 

https://www.sec.gov/enforce/34-85819-s.

95 Press Release 2019-48, SEC Charges Medical Device Company With FCPA Violations (March 29, 2019), 

available at https://www.sec.gov/news/press-release/2019-48.

96 Press Release 2019-27, Mobile TeleSystems Settles FCPA Violations (March 6, 2019), available at 

https://www.sec.gov/news/press-release/2019-27.

97 Administrative Proceeding File No. 3-19260, SEC Charges Microsoft Corporation with FCPA Violations 

(July 22, 2019), available at https://www.sec.gov/enforce/34-86421-s-0.

98 Administrative Proceeding File No. 3-19373, SEC Charges Deutsche Bank with FCPA Violations Related to 

Its Hiring Practices (Aug. 22, 2019), available at https://www.sec.gov/enforce/34-86740-s.

99 Press Release 2018-228, SEC Halts Microcap Fraud Scheme Orchestrated Through International Accounts 

(Oct. 3, 2018), available at https://www.sec.gov/news/press-release/2018-228

100 Id.

101 Press Release 2019-162, SEC Obtains Emergency Asset Freeze, Charges Pennsylvania Investment Adviser 

with $100 Million Fraud (Aug. 27, 2019), available at https://www.sec.gov/news/press-release/2019-162

102 Criminal Complaint, U.S. v. Brenda Smith, Mag. No. 19-3377 (D.N.J. Aug. 22, 2019), available at 

https://www.justice.gov/usao-nj/press-release/file/1198011/download

103 Litigation Release No. 24553, SEC Announces Fraud Charges in Startup Company Investment Scheme 

(Aug. 6, 2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24553.htm.

104Press Release (USAO D. Mass.), New Jersey Man Arrested for Investment Fraud Scheme (Aug. 5, 2019), 

available at https://www.justice.gov/usao-ma/pr/new-jersey-man-arrested-investment-fraud-scheme.
52

 

105 Litigation Release No. 24399, SEC Charges Former Senior Attorney at Apple with Insider Trading (Feb. 13, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24399.htm.

106 Press Release (USAO D. N.J.), Former Director Of Corporate Law At Global Technology Company 

Charged With Insider Trading (Feb. 13, 2019), available at https://www.justice.gov/usao-nj/pr/former-directorcorporate-law-global-technology-company-charged-insider-trading.

107 Press Release 2019-154, SEC Charges Former CFO of Cash Advance Company With Defrauding Retail 

Investors (Aug. 15, 2019), available at https://www.sec.gov/news/press-release/2019-154.

108 Id.

109 Press Release 2019-29, SEC Charges Lumber Liquidators With Fraud (March 12, 2019), available at

https://www.sec.gov/news/press-release/2019-29.

110 Id.

111 Press Release 2018-251, SEC Charges Family Friend of Former Investment Banker With Insider Trading

(Nov. 2, 2018), available at https://www.sec.gov/news/press-release/2018-251.

112 Id.

113 Press Release 2019-137, SEC Charges Engine Manufacturing Company Executives With Accounting Fraud

(July 19, 2019), available at https://www.sec.gov/news/press-release/2019-137.

114 Id.

115 Press Release 2019-156, SEC Charges TherapeuticsMD With Regulation FD Violations (Aug. 20, 2019), 

available at https://www.sec.gov/news/press-release/2019-156.

116 Press Release 2019-171, SEC and CFTC Charge Options Clearing Corp. with Failure to Establish and 

Maintain Adequate Risk Management Policies (Sept. 4, 2019), available at https://www.sec.gov/news/pressrelease/2019-171. 

117 Press Release 2019-44, SEC Charges New Jersey Man with Fraudulently Causing Advisory Firm to Overbill 

Clients (March 28, 2019), available at https://www.sec.gov/news/press-release/2019-44.

118 Litigation Release No. 24602, SEC Charges Los Angeles County School District and Two Officials with 

Defrauding Investors in $100 Million Bond Offering (Sept. 19, 2019), available at

https://www.sec.gov/litigation/litreleases/2019/lr24602.htm.

119 Litigation Release No. 24520, SEC Charges Municipal Advisor with Breaching Fiduciary Duty (June 27, 

2019), available at https://www.sec.gov/litigation/litreleases/2019/lr24520.htm.

120 Press Release 2019-46, SEC Charges College Official for Fraudulently Concealing Financial Troubles from 

Municipal Bond Investors (March 28, 2019), available at https://www.sec.gov/news/press-release/2019-46. 

121 Litigation Release No. 24449, SEC Charges Dubai-Based Advisory Firm and Its Founder (April 11, 2019), 

available at https://www.sec.gov/litigation/litreleases/2019/lr24449.htm.