The commission’s rule update on advertising and marketing reaches its compliance date on Friday, and experts are warning firms to make sure they’re ready.
CapWealth went up against an SEC staff of eight attorneys, jury experts and two paralegals, and won a rare victory related to share class disclosure conflicts.'This is David and Goliath,' the firm's founder said.
Pennington was elected during a special meeting on Monday, and she will take over the seat vacated by ProEquities' Christopher Flint after he resigned in July.
The commission charged the estate of Stephen Romney Swensen, arguing it continues to benefit from an alleged Ponzi scheme that stole from more than 50 investors and raised over $29 million before Swensen's death in June.
According to the commission, Keith Springer and his firm used 'deceptive marketing' via ads and his radio show to attract investors, many of whom were retirees.
Charles Malico, a former broker with Network 1 Financial Securities, will also pay a $5,000 fine. The disciplinary action follows the SEC’s first violation notice issued earlier this year citing the new standard.
