Monthly Archives: December 2016

WORM Deficiencies: Are Your Electronic Records Safe?

Cybersecurity

As part of FINRA’s ongoing efforts to crackdown on cybersecurity failures, the brokerage industry’s self-regulatory organization issued $14.4 million in fines to a dozen firms – including companies in the Wells Fargo & Co. and RBC Capital networks, RBS Securities Inc., SunTrust Robinson Humphrey Inc., LPL Financial, Georgeson Securities Corp. and PNC Capital Markets – for deficiencies related to their cybersecurity programs.

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Filed under Broker-Dealers, Cybersecurity

Expedia IT Specialist Charged with Insider Trading

technology

In an ideal world, companies would be able to trust their employees one-hundred percent. However, there are those who take advantage of their position within an organization to perform illegal activities. Unfortunately, that was the case with Expedia’s Jonathan Ly. Earlier this month, the SEC charged Mr. Ly, an information technology specialist in Expedia’s corporate IT services department, with insider trading.

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Filed under Insider Trading

Purported “Angel” Investor Defrauded Investors Out of Millions

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Last week, Alberto Chang-Rajii and his asset management company, Onix Capital LLC, were charged with fraud by the SEC. Using false claims of Chang’s wealth and investment success as an award-winning multi-millionaire “angel” investor, Chang and Onix apparently defrauded investors out of millions of dollars. In addition to the claims of fraud, the SEC announced an asset freeze against the Miami Beach-based company and its owner.

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Filed under Investment Advisers