SEC Calls Online Advertisements known as “Ad Packs” an Illegal Ponzi Scheme If you are soliciting investors to purchase online advertisements known as “Ad Packs” the SEC might deem them securities and prosecute you for legal violations. The Securities and Exchange Commission recently warned investors to beware of online “paid-to-click” scams that promise an easy…

Rick A. Fleming, Investor Advocate U.S. Securities and Exchange Commission[1] Keynote Address, University of Maryland, Robert H. Smith School of Business Center for Financial Policy Nov. 16, 2016 Thank you, David [Lynn], for that kind introduction.  I also want to thank Jim Allen and the sponsoring organizations for extending the invitation to speak, and to all of…

Chair Mary Jo White New York University School of Law Program on Corporate Compliance and Enforcement New York University School of Law Pollack Center for Law and Business Nov. 18, 2016 Introduction Good morning and thank you, Dean [Trevor] Morrison for that very kind introduction. It is a pleasure to be here today and I…

Chair Mary Jo White The Economic Club of New York Jan. 17, 2017 Thank you, Terry [Lundgren], for that generous introduction. As always, it is great to be back speaking at The Economic Club of New York. I especially appreciate the invitation to speak to you today, three days away from completing my term as…

Rick A. Fleming, Investor Advocate NASAA 2017 Public Policy Conference Washington, D.C. May 9, 2017 Thank you, Claire [McHenry], for the kind introduction, and for the invitation to speak at the NASAA spring conference. I’ve been away from the NASAA family long enough that I now see new faces in the crowd, but it’s easy…

FOR IMMEDIATE RELEASE 2017-112 Washington D.C., June 5, 2017— The Securities and Exchange Commission today charged a Salt Lake City-based brokerage firm with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm investors. To help detect potential securities law and money laundering…

FOR IMMEDIATE RELEASE 2017-102 Washington D.C., May 15, 2017— The Securities and Exchange Commission today charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in order to inflate the profits of the CMBS desk and line their own pockets…

FOR IMMEDIATE RELEASE 2017-109 Washington D.C., May 24, 2017— The Securities and Exchange Commission today announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates, which affected the stock prices of certain publicly traded medical providers or suppliers. The SEC’s complaint alleges that David…

FOR IMMEDIATE RELEASE 2017-108 Washington D.C., May 23, 2017— The Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) today announced a joint educational webinar to assist municipal advisors with understanding their professional qualification requirements. The live webinar, scheduled for Thursday, June 15, 2017, from 3-4 p.m. ET, will provide information on…

FOR IMMEDIATE RELEASE 2017-107 Washington D.C., May 19, 2017— The Securities and Exchange Commission today filed fraud charges against a Virginia-based mechanical engineer accused of scheming to manipulate the price of Fitbit stock by making a phony regulatory filing. According to the SEC’s complaint, Robert W. Murray purchased Fitbit call options just minutes before a…