Denver Regional Council of Governments

SEC Charges Privately Held Monolith Resources for Using Separation Agreements that Violated Whistleblower Protection Rules

Retrieved on: 
Friday, September 8, 2023
Communication, Monolith, Denver Regional Council of Governments, Government, Security (finance), Synovial joint

Washington, D.C.--(Newsfile Corp. - September 8, 2023) - The Securities and Exchange Commission today announced settled charges against Monolith Resources LLC, a privately held energy and technology company headquartered in Lincoln, Nebraska, for using employee separation agreements that violated the SEC’s whistleblower protection rules.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - September 8, 2023) - The Securities and Exchange Commission today announced settled charges against Monolith Resources LLC, a privately held energy and technology company headquartered in Lincoln, Nebraska, for using employee separation agreements that violated the SEC’s whistleblower protection rules.
  • According to the SEC’s order, from February 2020 until early March 2023, Monolith used separation agreements that required certain departing employees to waive their rights to monetary whistleblower awards in connection with filing claims with or participating in investigations by government agencies.
  • The SEC’s order finds that Monolith’s separation agreements raised impediments to participation in the SEC’s whistleblower program by having employees forego important financial incentives that are intended to encourage people to communicate directly with SEC staff about possible securities law violations.
  • Without admitting or denying the SEC’s findings, Monolith consented to cease and desist from committing or causing violations of the SEC’s whistleblower protection rules.

Fund Administrator Charged For Missing Red Flags

Retrieved on: 
Monday, August 7, 2023
Investment Advisers Act of 1940, Net asset value, Denver Regional Council of Governments, EIA, Investment, TFS, Division, Security (finance), Cryptocurrency

Washington, D.C.--(Newsfile Corp. - August 7, 2023) - The Securities and Exchange Commission today announced settled charges against Theorem Fund Services LLC (TFS), a fund administrator based in Boca Raton, Florida, for failing to respond to red flags relating to a fraud against a private fund and its investors.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - August 7, 2023) - The Securities and Exchange Commission today announced settled charges against Theorem Fund Services LLC (TFS), a fund administrator based in Boca Raton, Florida, for failing to respond to red flags relating to a fraud against a private fund and its investors.
  • According to the SEC’s order, TFS provided administration services to a fund managed by EIA All Weather Alpha Fund Partners and Andrew M. Middlebrooks, both of whom the SEC charged in May 2022 with fraud for allegedly engaging in a scheme that included the misappropriation and misuse of investors’ funds over a five-year period.
  • “Fund administrators are important gatekeepers in the private fund space,” said Andrew Dean, Co-Chief of the SEC Enforcement Division’s Asset Management Unit.
  • TFS agreed, without admitting or denying the SEC’s findings, to a cease-and-desist order and to pay a civil penalty of $100,000.

SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency

Retrieved on: 
Tuesday, June 6, 2023
Crypto, Commission, Joint Sigint Cyber Unit, Sale, Complaint, Denver Regional Council of Governments, District court, Division, Security (finance), CGI, Fraud, Cryptocurrency, Financial adviser, Coinbase

Washington, D.C.--(Newsfile Corp. - June 6, 2023) - The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - June 6, 2023) - The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.
  • The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.
  • According to the SEC’s complaint, since at least 2019, Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities.
  • The SEC alleges that Coinbase intertwines the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law.

SEC Charges Advisory Firm and Part-Owner for Breach of Fiduciary Duty in Connection with Use of Leveraged ETFs

Retrieved on: 
Thursday, May 4, 2023
ETF, Investment Advisers Act of 1940, CAM, Denver Regional Council of Governments, Censure, Security (finance), Enforcement, Complex, Financial adviser

The order finds that CAM and Schmitz misunderstood these fundamental characteristics of the leveraged ETFs and thus lacked a reasonable belief that the leveraged ETFs were in their clients’ best interests.

Key Points: 
  • The order finds that CAM and Schmitz misunderstood these fundamental characteristics of the leveraged ETFs and thus lacked a reasonable belief that the leveraged ETFs were in their clients’ best interests.
  • The order also finds that CAM failed to adopt and implement policies and procedures reasonably designed to prevent violations of the Advisers Act.
  • CAM and Schmitz agreed, without admitting or denying the SEC’s findings, to a cease-and-desist order and censures.
  • CAM and Schmitz also agreed to pay $195,228 and $738,113, respectively, in disgorgement, prejudgment interest, and civil penalties.

SEC Charges Private Fund Auditor and Audit Engagement Partner with Improper Professional Conduct

Retrieved on: 
Wednesday, March 29, 2023
Asset management, Denver Regional Council of Governments, Investment, Risk, Quality control, Security (finance), Spicer, Audit

Washington, D.C.--(Newsfile Corp. - March 29, 2023) - The Securities and Exchange Commission today announced settled charges against Spicer Jeffries LLP, an audit firm based in Denver, and audit engagement partner Sean P. Tafaro, for their improper professional conduct in connection with audits of two private funds.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - March 29, 2023) - The Securities and Exchange Commission today announced settled charges against Spicer Jeffries LLP, an audit firm based in Denver, and audit engagement partner Sean P. Tafaro, for their improper professional conduct in connection with audits of two private funds.
  • According to the order, due to these failures and others, Spicer Jeffries and Tafaro did not exercise due care, including professional skepticism.
  • The order also finds that Spicer Jeffries’ deficient system of quality control led to failures to adhere to professional auditing standards.
  • Without admitting or denying the findings, Spicer Jeffries and Tafaro consented to the SEC’s order finding that they engaged in improper professional conduct.

SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings

Retrieved on: 
Tuesday, February 21, 2023
Knowledge, LDS, Denver Regional Council of Governments, Investment, Security (finance), Saint, Citadel LLC, Finances of the Church of Jesus Christ of Latter-day Saints, Salt Lake Regional Medical Center, Commission, Name, Ensign Peak, Disclosure, Financial adviser, Ensign, Church

The SEC also announced charges against the Church for causing these violations.

Key Points: 
  • The SEC also announced charges against the Church for causing these violations.
  • To settle the charges, Ensign Peak agreed to pay a $4 million penalty and the Church agreed to pay a $1 million penalty.
  • According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences.
  • The shell LLCs’ Forms 13F misstated, among other things, that the LLCs had sole investment and voting discretion over the securities.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gaia, Inc. - GAIA

Retrieved on: 
Tuesday, February 14, 2023
CFO, Gaia, Inc., LLP, Language, Pomerantz, Denver Regional Council of Governments, GAIA, Audit

NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).

Key Points: 
  • NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Gaia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

Activision Blizzard to Pay $35 Million for Failing to Maintain Disclosure Controls Related to Complaints of Workplace Misconduct and Violating Whistleblower Protection Rule

Retrieved on: 
Friday, February 3, 2023
Security (finance), Commission, Risk, Activision Blizzard, Disclosure, Denver Regional Council of Governments, Workforce, Management

The company also settled charges that it violated an SEC whistleblower protection rule.

Key Points: 
  • The company also settled charges that it violated an SEC whistleblower protection rule.
  • Without admitting or denying the SEC’s findings, Activision Blizzard agreed to a cease-and-desist order and to pay a $35 million penalty.
  • Day, Yamini Piplani Grema, and Daniel M. Konosky and was assisted by Helena Engelhart Bean of the Denver Regional Office.
  • The investigation was supervised by Danielle R. Voorhees and Mr. Burt, also of the Denver Regional Office.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gaia, Inc. - GAIA

Retrieved on: 
Sunday, February 5, 2023
Language, Pomerantz, LLP, CFO, Gaia, Inc., Denver Regional Council of Governments, Audit

NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).

Key Points: 
  • NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Gaia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gaia, Inc. - GAIA

Retrieved on: 
Sunday, January 29, 2023
Language, Pomerantz, LLP, CFO, Gaia, Inc., Denver Regional Council of Governments, Audit

NEW YORK, Jan. 29, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).

Key Points: 
  • NEW YORK, Jan. 29, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Gaia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.