Securities and Exchange Commission

On September 20, 2022, the U.S. Securities and Exchange Commission announced that Morgan Stanley Smith Barney agreed to pay a $35 million fine for the firm’s alleged failure to adequately protect the personal information of approximately 15 million customers.
Continue Reading SEC Fines Morgan Stanley $35 Million for Alleged Failure to Protect Customer Data

On October 6, 2021, Deputy Attorney General Lisa Monaco announced the launch of the new Civil Cyber-Fraud Initiative that will use the False Claims Act to pursue cybersecurity related fraud by government contractors and grant recipients.
Continue Reading DOJ Announces New Cyber-Fraud Initiative and Intent to Utilize False Claims Act to Spur Compliance

On September 14, 2021, the Securities and Exchange Commission announced that analytics firm, App Annie Inc., and its co-founder and former CEO, agreed to pay approximately $10 million to settle securities fraud charges for engaging in deceptive practices and making material misrepresentations about “alternative data” sold by the company. Notably, this is the SEC’s first enforcement action charging an alternative data provider with securities fraud.
Continue Reading SEC Settles with Alternative Data Provider for $10 Million

On August 30, 2021, the U.S. Securities and Exchange Commission announced it had settled three administrative cases involving a total of eight registered broker-dealers and investment advisers for failures in their cybersecurity policies and procedures.
Continue Reading SEC Charges Investment Advisers and Broker-Dealers with Deficient Cybersecurity Procedures

The U.S. Securities and Exchange Commission recently announced that Pearson plc agreed to pay a $1 million civil penalty in a settlement related to charges that Pearson misled investors about a 2018 data breach resulting in the theft of millions of student records, including birth dates and email addresses.
Continue Reading SEC Sanctions Public Company for Misleading Disclosures About Data Breach