Action against Respondent, a registered broker-dealer, in connection with alleged failure to supervise its registered representatives, who engaged in a pattern of providing unsuitable investment advice and conducting unsuitable trades for retail clients. The SEC alleges that Respondent failed to maintain adequate written policies and failed to supervise its registered representatives. Respondent has agreed to pay disgorgement of $193,774.86, prejudgment interest of $23,436.78, and a civil penalty of $193,774.86.
SEC Chairman Jay Clayton and CFTC Chairman Christopher Giancarlo testified before the Senate Banking, Housing and Urban Affairs Committee on regulatory and enforcement efforts in connection with Bitcoin and other virtual currencies. Both officials suggested that a broader, coordinated effort to monitor and regulate these currencies was necessary. Chairman Giancarlo stated: “It strikes me that we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, ... Continue Reading