Federal regulators will focus more resources on special purpose acquisition companies seeking to go public because the increased frequency of so-called de-SPACing could lead to a jump in improper accounting, financial misstatements and even fraud. That’s according to Rebecca Fike, who spent the past 10 years at the SEC’s Fort Worth Regional Office prosecuting violators of accounting and financial fraud, who said cryptocurrency, corporate governance and de-SPACing are “ripe for potential securities issues” to be investigated by the federal agency.
SEC Issues Draft Climate Change Disclosure Requirements — Updated
The biggest impact, according to legal experts, will be to corporations in the energy industry and those with a significant amount of greenhouse emissions. Experts from V&E, Winstead, Porter Hedges, Winston & Strawn, Bradley and Sidley share their insight and analysis on the new proposed rules.
Houston Chronicle: SEC to Release New Climate Disclosure Rules
The SEC is expected to create a standardized reporting protocol to provide investors with a clear picture of different industries’ emissions and their progress in adapting their business to a warming planet, according to observers closely tracking the process.
SEC Charges Crosby ISD, CFO, Auditor with Misleading Muni-Bond Investors
For the first time in Texas history, the SEC charged a Houston area public school district and two of its senior officials with fraudulently misleading investors in the school system’s $20 million bond issuance in 2018.
Crypto Fraudsters Get 50 Months Each in Federal Prison
In Dallas, U.S. District Judge Jane J. Boyle sentences the two owners of Bitqyck to prison and orders them to pay $1.6 million each in federal income taxes.
DBJ: New SEC Proposal Could Impair Private Firms, UT Professor Says
Ken Wiles said the amount of increased regulation the proposal outlines could significantly impact firms, with potentially minimal payoff.
DBJ: Concealment of Hedge Fund Manager Kyle Bass’ Bashing of UDF Grounds for New Trial, Defense Lawyers Say
Attorneys for UDF argue in new court filings that jurors should have been allowed to hear about a bitter rift pitting United Development Funding and CEO Hollis Greenlaw against Dallas hedge fund manager Kyle Bass.
DBJ: UDF CEO, Execs Seek New Trial After Securities Fraud Convictions
CEO Hollis Greenlaw and his colleagues at the Grapevine REIT have demanded a new trial after their securities fraud convictions last month. They claim a “mosaic of cumulative error” caused them to be wrongfully convicted of duping investors and banks in a scheme involving loans to developers of hundreds of residential communities across Texas.
DBJ: Latest SEC Proposal Could Be Game-Changer for Private Funds
The proposal would turn compliance for firms on its head in the name of protecting investors and companies that take private capital.
DBJ: 30K Investors, Banks Bamboozled by UDF in Ponzi-like Scheme, Prosecutors Say
Roughly 30,000 victims nationwide lost money or were misled by the North Texas REIT and the firm’s executives, who were convicted last month of misusing proceeds from investors and financial institutions in a Ponzi-like scheme involving loans to residential housing developers across Texas, prosecutors said.
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