Capital Markets & Securities Law Watch
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May 13, 2024
|5 min read
SEC Charges Audit Firm BF Borgers With Fraud
On May 3, 2024, the SEC announced charges against audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers, of deliberate and systemic failures to comply with PCAOB standards in its audits and reviews incorporated in over 1,500 SEC filings from January 2021 through June 2023, in what the SEC called “one of the largest wholesale failures by gatekeepers in our financial markets.” In this post, we review the SEC’s order and the SEC staff’s statement regarding the disclosure and reporting obligations of impacted issuers.
April 30, 2024
|6 min read
SEC Targets “AI Washing” by Companies, Investment Advisers, and Broker-Dealers
With consumer and investor interest in artificial intelligence (AI) surging, there has been heightened concern among regulatory agencies, including the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC), with companies engaging in a deceptive practice the FTC and SEC have dubbed “AI washing.”
November 10, 2021
|4 min read
SEC Chair Warns of Increased Enforcement and Oversight of Crypto Assets
Industry professionals are keeping tabs on the regulation of crypto assets, as the U.S. Securities and Exchange Commission (SEC) turns its attention to the burgeoning asset class. A pair of prepared remarks delivered by SEC Chair Gary Gensler over the past few months underscore the SEC’s commitment to enforcement and increased regulatory oversight of crypto assets.