Federal Regulatory Agencies
Here's a look at documents from federal regulatory agencies
Featured Stories
SEC and CFTC Jointly Propose Amendments to Reduce Private Fund Reporting Burdens
WASHINGTON, April 20 -- The Securities and Exchange Commission issued the following news release:
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SEC and CFTC Jointly Propose Amendments to Reduce Private Fund Reporting Burdens
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The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly proposed amendments to reduce private fund reporting burdens while enabling the continued collection of necessary and appropriate information. The agencies proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also
... Show Full Article
WASHINGTON, April 20 -- The Securities and Exchange Commission issued the following news release:
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SEC and CFTC Jointly Propose Amendments to Reduce Private Fund Reporting Burdens
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The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly proposed amendments to reduce private fund reporting burdens while enabling the continued collection of necessary and appropriate information. The agencies proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that alsoare registered with the CFTC as commodity pool operators or commodity trading advisors. Form PF collects information designed to facilitate the Financial Stability Oversight Council's (FSOC) monitoring of systemic risk in the financial markets. The SEC and CFTC use the information collected on Form PF in their investor protection efforts.
"A key pillar of my agenda is restoring balance to disclosure obligations and reducing the cost of compliance wherever possible," said SEC Chairman Paul S. Atkins. "Prior amendments to Form PF have led to overly burdensome disclosure requirements for advisers, distracting them from their core investment functions, often without a commensurate benefit to regulators' use of the collected data. These proposed changes would help to rationalize the scope of Form PF requirements to support its purpose and bring our overall disclosure regime back into alignment."
"By raising the filing threshold and streamlining Form PF, we are taking steps to reduce the burdens associated with filing the form," said CFTC Chairman Michael S. Selig. "I look forward to reading the public comments to ensure we get these changes right so that we eliminate unnecessary costs and burdens for filers."
The proposed amendments would eliminate filing requirements for smaller advisers, who represent almost half of the advisers currently required to file Form PF, by raising the filing threshold from $150 million in private fund assets under management to $1 billion. The proposal would also raise the exposure reporting threshold for "large" hedge fund advisers from $1.5 billion in hedge fund assets under management to $10 billion. Form PF would continue to obtain information on over 90 percent of private fund gross assets and require detailed exposure information for funds managed by large hedge fund managers. In addition, the proposed amendments to Form PF would enable a method to identify funds that are active in the private credit market.
In addition to amending these thresholds, the proposal would eliminate or streamline many Form PF requirements, significantly reducing burdens for advisers required to file Form PF.
The proposal requests comments on all the proposed amendments.
The proposing release for the amendments will be published in the Federal Register, and the public comment period will remain open until 60 days after publication in the Federal Register.
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Original text here: https://www.sec.gov/newsroom/press-releases/2026-40-sec-cftc-jointly-propose-amendments-reduce-private-fund-reporting-burdens
Court Orders Operator of Timeshare Exit Scheme to Pay $140 Million Related to FTC Allegations the Scheme Took Millions from Consumers
WASHINGTON, April 20 -- The Federal Trade Commission issued the following news release:
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Court Orders Operator of Timeshare Exit Scheme to Pay $140 Million Related to FTC Allegations the Scheme Took Millions from Consumers
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Following an investigation by the Federal Trade Commission, a federal court has ordered one of the key operators of a timeshare exit operation to pay $140 million and has permanently banned him from marketing similar services in the future over allegations the scheme defrauded consumers-mostly older adults-out of more than $90 million.
The court granted summary judgment
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WASHINGTON, April 20 -- The Federal Trade Commission issued the following news release:
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Court Orders Operator of Timeshare Exit Scheme to Pay $140 Million Related to FTC Allegations the Scheme Took Millions from Consumers
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Following an investigation by the Federal Trade Commission, a federal court has ordered one of the key operators of a timeshare exit operation to pay $140 million and has permanently banned him from marketing similar services in the future over allegations the scheme defrauded consumers-mostly older adults-out of more than $90 million.
The court granted summary judgmentto the Department of Justice and state of Wisconsin against the last remaining defendant in the case, Christopher Carroll, one of the top operators of the scheme. The court ordered Carroll to pay $95 million in redress to consumers and a $45 million civil penalty, which by law goes to the U.S. Treasury.
In November 2022, the Department of Justice, on behalf of the FTC, and the state of Wisconsin sued a company going by the name "Consumer Law Protection" and related companies, along with Carroll and other owners and operators: George Reed, Louann Reed, Scott Jackson, and Eduardo Balderas. Carroll served as president and CEO of the Square One Group, one of the corporations the defendants used to perpetrate their scheme, along with Consumer Law Protection, Premier Reservations Group, Resort Transfer Group and Timeshare Help Source.
The scheme used direct mail and in-person presentations to make an array of deceptive claims to pressure consumers into paying for timeshare exit services. These included falsely claiming to be associated with timeshare companies; falsely telling consumers that they couldn't exit a timeshare without paying the defendants' exorbitant fees; failing to provide promised refunds; and forcing consumers to sign contracts that they were told they couldn't cancel in violation of the FTC's Cooling-Off Rule, which guarantees consumers the right to cancel a door-to-door sales contract within three business days of the sale.
In addition to the $140 million judgment, the court's order also permanently bans Carroll from advertising, marketing, promoting, or offering for sale any timeshare exit service; from engaging in any deceptive door-to-door sales; and from engaging in other deceptive and misleading conduct detailed in the complaint.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/04/court-orders-operator-timeshare-exit-scheme-pay-140-million-related-ftc-allegations-scheme-took
CFTC and SEC Jointly Propose Amendments to Strengthen Disclosure and Reduce Private Fund Reporting Burdens
WASHINGTON, April 20 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC and SEC Jointly Propose Amendments to Strengthen Disclosure and Reduce Private Fund Reporting Burdens
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The Commodity Futures Trading Commission and Securities and Exchange Commission today jointly proposed amendments to reduce reporting burdens for private funds.
The agencies proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operator
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WASHINGTON, April 20 -- The Commodity Futures Trading Commission issued the following news release:
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CFTC and SEC Jointly Propose Amendments to Strengthen Disclosure and Reduce Private Fund Reporting Burdens
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The Commodity Futures Trading Commission and Securities and Exchange Commission today jointly proposed amendments to reduce reporting burdens for private funds.
The agencies proposed to amend Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operatoror a commodity trading advisor. Form PF collects information designed to facilitate the Financial Stability Oversight Council's monitoring of systemic risk in the private fund industry. The CFTC and SEC may use the information collected on Form PF in their regulatory programs, including examinations, investigations, and investor protection efforts relating to private fund advisers.
"By raising the filing threshold and streamlining Form PF, we are taking steps to reduce the burdens associated with filing the form," said CFTC Chairman Michael S. Selig. "I look forward to reading the public comments to ensure we get these changes right so that we eliminate unnecessary costs and burdens for filers."
"A key pillar of my agenda is restoring balance to disclosure obligations and reducing the cost of compliance wherever possible," said SEC Chairman Paul S. Atkins. "Prior amendments to Form PF have led to overly burdensome disclosure requirements for advisers, distracting them from their core investment functions, often without a commensurate benefit to regulators' use of the collected data. These proposed changes would help to rationalize the scope of Form PF requirements to support its purpose and bring our overall disclosure regime back into alignment."
The proposed amendments would eliminate filing requirements for smaller advisers, who represent almost half of the advisers that currently must file Form PF. The proposal would raise the filing threshold for all filers from $150 million in private fund assets under management to $1 billion. Form PF would continue to obtain information on over 90% of private fund gross assets.
The proposed amendments also would eliminate quarterly and current reporting requirements for smaller hedge fund advisers and substantially reduce other reporting requirements for these advisers, significantly reducing burdens for almost two-thirds of the advisers that currently must file Form PF quarterly, and are subject to current reporting and these other reporting requirements. The proposal would raise the reporting threshold for large hedge fund advisers from $1.5 billion in hedge fund assets under management to $10 billion. Form PF would continue to obtain information quarterly on over 80% of hedge fund gross assets.
In addition to amending these thresholds, the proposal would eliminate or streamline many Form PF requirements.
The proposal requests comments on all the proposed amendments.
The proposing release for the amendments will be published in the Federal Register, and the public comment period will remain open until 60 days after publication in the Federal Register.
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Original text here: https://www.cftc.gov/PressRoom/PressReleases/9216-26
SEC Charges San Francisco Bay Area Trader, Investment Adviser in Alleged Multimillion Dollar Ponzi-Like Scheme & Offering Fraud
WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 26-cv-03203; N.D. Cal. filed April 15, 2026) involving San Francisco Bay area trader and investment adviser in alleged multimillion dollar Ponzi-like scheme and offering fraud:
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On April 15, 2026, the Securities and Exchange Commission charged Milpitas, California resident Sudheesh Nambiar, alleging that he defrauded hundreds of investors of approximately $44 million.
According to the SEC's complaint, from at least November 2018 through May 2024, Nambiar orchestrated a Ponzi-like
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WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 26-cv-03203; N.D. Cal. filed April 15, 2026) involving San Francisco Bay area trader and investment adviser in alleged multimillion dollar Ponzi-like scheme and offering fraud:
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On April 15, 2026, the Securities and Exchange Commission charged Milpitas, California resident Sudheesh Nambiar, alleging that he defrauded hundreds of investors of approximately $44 million.
According to the SEC's complaint, from at least November 2018 through May 2024, Nambiar orchestrated a Ponzi-likescheme that fraudulently raised approximately $43 million from over 400 investors throughout the United States. As alleged, Nambiar falsely told investors that he would pool together their funds and use the money to invest in securities, and that investors could expect high rates of return of around 20% to 40% annually. The SEC's complaint alleges that Nambiar deceived investors and kept his fraudulent scheme going by providing investors with false documents, including account statements that appeared to show profitable trades and high returns on investment. As alleged, Nambiar was in reality a highly unsuccessful trader who suffered trading losses that totaled approximately $21 million over the course of his scheme, and he used new investor funds to make Ponzi-like payments to prior investors, pay off high-interest loans, and pay for personal expenses. In a separate but related scheme, Nambiar allegedly ran a private fund offering that fraudulently raised approximately $900,000 from nine investors.
The SEC's complaint, filed in the U.S. District Court for the Northern District of California, charges Nambiar with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933; Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The SEC seeks permanent injunctions, including conduct-based injunctions, civil penalties, and disgorgement with prejudgment interest.
The SEC's investigation was conducted by Yoona Kim, Hannah Cho, and Mitchell Davidson and was supervised by Rahul Kolhatkar, David Zhou, and Jason H. Lee of the SEC's San Francisco Regional Office. The litigation will be led by Jason M. Bussey and Audrey Pak.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26529.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26529
SEC Charges Bitcoin Latinum Founder, Affiliated Companies With Allegedly Defrauding Investors in $16 Million Securities Offering
WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 1-26 cv 02293; E.D.N.Y. filed Apr. 17, 2026):
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Securities and Exchange Commission v. Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation, No. 1-26 cv 02293 (E.D.N.Y. filed Apr. 17, 2026)
On April 17, 2026, the Securities and Exchange Commission charged Donald G. Basile and two entities he controlled--GIBF GP, Inc. and Monsoon Blockchain Corporation--with allegedly defrauding hundreds of investors across the United States in a $16 million securities offering of "Simple
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WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 1-26 cv 02293; E.D.N.Y. filed Apr. 17, 2026):
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Securities and Exchange Commission v. Donald G. Basile, GIBF GP, Inc., and Monsoon Blockchain Corporation, No. 1-26 cv 02293 (E.D.N.Y. filed Apr. 17, 2026)
On April 17, 2026, the Securities and Exchange Commission charged Donald G. Basile and two entities he controlled--GIBF GP, Inc. and Monsoon Blockchain Corporation--with allegedly defrauding hundreds of investors across the United States in a $16 million securities offering of "SimpleAgreements for Future Tokens" (SAFTs) that purported to give investors the right to receive a crypto asset that Basile called "Bitcoin Latinum" or "LTNM" at a future point.
According to the complaint, filed in United States District Court for the Eastern District of New York, Basile offered and sold the SAFTs as securities and made several false and misleading statements about LTNM and the SAFT Offering both directly to investors and through GIBF and Monsoon. As alleged, Basile repeatedly and falsely claimed that LTNM "is [] insured" and "is the world's first insured digital asset" with "up to $1 billion coverage," when, in fact, no insurance company ever issued a policy or otherwise insured LTNM or any other part of the SAFT Offering. The complaint further alleges that Basile falsely claimed that LTNM "is an asset backed cryptocurrency" and that an "existing trust" secured LTNM's value, even though no such trust or asset pool was ever created. Basile also allegedly misled investors by falsely claiming that 80% or more of the SAFT Offering proceeds would be "used to support the underlying value " of LTNM or would go "into an underlying fund," while, in reality, Basile used millions in investor funds for his personal benefit, including to make real estate purchases, to make payments on his personal credit card, and to buy a $160,000 horse.
The complaint charges Basile with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b 5 thereunder. It charges GIBF and Monsoon with violating the antifraud provisions of Section 17(a)(2) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b 5(b) thereunder. The complaint further charges Basile with aiding and abetting GIBF's and Monsoon's violations. The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and a conduct based injunction from participating in the issuance, purchase, offer, or sale of any security except for certain transactions for their personal accounts against all defendants as well as an officer-and-director bar against Basile.
The SEC's investigation was conducted by Nicholas Flath, Teresa A. Rodriguez, Hayden M. Brockett, and Jordan Baker, and was supervised by Wendy B. Tepperman and Sheldon L. Pollock, all of the SEC's New York Regional Office. The litigation will be led by Mr. Brockett, Mr. Flath, and Ms. Rodriguez and supervised by Jack Kaufman.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26530.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26530
FEC Issues Digest for Week of April 13-17, 2026
WASHINGTON, April 18 -- The Federal Election Commission issued the following weekly digest:
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Commission meetings and hearings
No open meetings or executive sessions were scheduled this week.
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Website Initiatives
The Commission has launched a new rulemaking search system on the FEC's website, which is replacing the Searchable Electronic Rulemaking System (SERS). The new system provides fast, comprehensive access to FEC rulemaking documents and is easily accessible via mobile devices. Users can search rulemaking documents by regulation number, document type, date, and more. Advanced
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WASHINGTON, April 18 -- The Federal Election Commission issued the following weekly digest:
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Commission meetings and hearings
No open meetings or executive sessions were scheduled this week.
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Website Initiatives
The Commission has launched a new rulemaking search system on the FEC's website, which is replacing the Searchable Electronic Rulemaking System (SERS). The new system provides fast, comprehensive access to FEC rulemaking documents and is easily accessible via mobile devices. Users can search rulemaking documents by regulation number, document type, date, and more. Advancedsearch capabilities include keyword and Boolean options and proximity filters that allow users to search for terms or phrases that appear within a set distance from one another. More information about the FEC's legal search system capabilities is available in the FEC's Legal Research Guide. The Commission will retire SERS on April 23, 2026.
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Litigation
McDonald v. FEC (Case No. 25-10830) On April 16, the Plaintiff-Appellant filed a Petition for Rehearing En Banc in the U.S. Court of Appeals for the Fifth Circuit.
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Outreach
On April 17, Commissioner Dara Lindenbaum and Deputy General Counsel for Law Lisa Stevenson participated in panel discussions at the Florida State University Election Law Center in Washington, D.C.
On April 16, Deputy Press Officer Myles Martin discussed campaign finance rules and FEC disclosure systems in a virtual meeting with the Utah Investigative Journalism Project.
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Reports Due in 2026
The Commission has posted the 2026 Congressional Pre-Election Reporting Dates. Reporting schedules for all filers in 2026 are also available.
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Election Dates
The Commission has posted a list of 2026 Congressional Primary Dates.
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Upcoming educational opportunities
April 21-22, 2026: The Commission is scheduled to host a webinar for corporations and their PACs.
May 12-13, 2026: The Commission is scheduled to host a webinar for membership and labor organizations and their PACs.
For more information on upcoming training opportunities, see the Commission's Trainings page.
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Upcoming reporting due dates
April 20: April Monthly Reports are due. For more information, see the 2026 Monthly Reporting schedule.
The Commission has posted filing information regarding the California 1st District Special General Election, scheduled for June 2, 2026, and Special Runoff Election (if necessary), scheduled for August 4, 2026.
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Additional research materials
Contribution Limits: In addition to the current limits, the Commission has posted an archive of contribution limits that were in effect going back to the 1975-1976 election cycles.
Federal election results are available. The data was compiled from the official vote totals published by state election offices.
FEC Notify: Want to be notified by email when campaign finance reports are received by the agency? Sign up here.
The Combined Federal State Disclosure and Election Directory is available. This publication identifies the federal and state agencies responsible for the disclosure of campaign finances, lobbying, personal finances, public financing, candidates on the ballot, election results, spending on state initiatives, and other financial filings.
The Presidential Election Campaign Fund Tax Checkoff Chart provides information on balance of the Fund, monthly deposits into the Fund reported by the Department of the Treasury, payments from the Fund as certified by the FEC, and participation rates of taxpayers as reported by the Internal Revenue Service. For more information on the Presidential Public Funding Program, see the Public Funding of Presidential Elections page.
The FEC Record is available as a continuously updated online news source.
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Original text here: https://www.fec.gov/updates/week-of-april-13-17-2026/
FCC Public Safety & Homeland Security Bureau Issues Public Notice: Region 21 Regional Planning Committees to Hold 700 MHz, 800 MHz Meetings
WASHINGTON, April 18 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (PS Docket No. 23-237; WT Docket No. 02-378) on April 17, 2026:
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The Region 21 (Michigan)/1 700 MHz and 800 MHz Regional Planning Committees (RPCs) will hold two consecutive planning meetings on Thursday, May 28, 2026. Beginning at 10:00 am, the Region 21 800 MHz RPC meeting will convene at the Monroe County Sheriff's Office, Frenchtown Township Substation, 2619 N. Dixie Hwy, Monroe, MI 48182.
The agenda for the 800 MHz RPC meeting includes:
* Call
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WASHINGTON, April 18 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (PS Docket No. 23-237; WT Docket No. 02-378) on April 17, 2026:
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The Region 21 (Michigan)/1 700 MHz and 800 MHz Regional Planning Committees (RPCs) will hold two consecutive planning meetings on Thursday, May 28, 2026. Beginning at 10:00 am, the Region 21 800 MHz RPC meeting will convene at the Monroe County Sheriff's Office, Frenchtown Township Substation, 2619 N. Dixie Hwy, Monroe, MI 48182.
The agenda for the 800 MHz RPC meeting includes:
* Callto Order/Roll Call
* Approval of Agenda
* Approval of Minutes - March 26, 2026 meeting
* Correspondence
* Review of Applications
- Old Applications
o State of MI - Hillsdale County Simulcast
o State of MI - Coldwater
- New Applications
* 800 MHz Subcommittee Reports
- Interoperable Communication Subcommittee
- Engineering/Technical Subcommittee
- Ongoing Plan Revision Standing Committee
* Old Business
* New Business
* Next meeting: July 16, 2026 - MDOT, 1088 E M-32, Gaylord, MI 49735
* Adjourn
Immediately following the 800 MHz RPC meeting, the 700 MHz RPC meeting will convene.
The agenda for the 700 MHz meeting includes:
* Call to Order/Roll Call
* Approval of Agenda
* Approval of Minutes - March 26, 2026 meeting
* Correspondence
* Review of Applications
- Old Applications
o State of MI - Hillsdale County Simulcast
o State of MI - St Joseph County
- New Applications
* 700 MHz Subcommittee Reports
- Interoperable Communications Subcommittee
- Engineering/Technical Subcommittee
- Ongoing Plan Revision Standing Subcommittee
* Old Business
* New Business
* Next meeting: July 16, 2026 - MDOT, 1088 E M-32, Gaylord, MI 49735
* Adjourn
The Region 21 RPC meetings are open to the public. All public safety providers in Region 21 may utilize these frequencies. It is essential that eligible public safety agencies in all areas of government, including state, municipality, county, and Tribal Nations be represented in order to ensure that each agency's future spectrum needs are considered in the allocation process. Administrators who are not oriented in the communications field should delegate someone with this knowledge to attend, participate, and represent their agency's needs.
All interested parties wishing to participate in planning for the use of public safety spectrum in the 700 MHz and 800 MHz bands within Region 21 should plan to attend. For more information, please contact:
Keith M. Bradshaw
Chair, Region 21 700 MHz and 800 MHz RPCs
Oakland County Radio Communications Supervisor
1200 N. telegraph Rd, building 16E
Pontiac, MI 48341
Ph: 248-452-9769
bradshawkm@oakgov.com
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Footnote:
1/ The Region 21 (Michigan) 700 MHz regional planning area includes all eighty-three counties in the Upper and Lower Peninsulas in the state of Michigan. The Region 21 800 MHz regional planning area consists of all the Upper Peninsula and all counties in the Lower Peninsula except the counties of Allegan, Barrien, Barry, Cass, Kalamazoo, Ottawa, St. Joseph, and Van Buren, which are part of Region 54 (Great Lakes Area).
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-377A1.pdf
SEC Obtains Final Judgment as to Investment Adviser in Alleged Unregistered Oil & Gas Offerings
WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 8:25-cv-02057; C.D. Cal. filed Sept. 11, 2025) involving an investment adviser in alleged unregistered oil and gas offerings:
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On April 7, 2026, the United States District Court for the Central District of California entered a final judgment as to Kevin N. Richards, whom the SEC previously charged with selling securities in unregistered oil and gas offerings, acting as an unregistered broker, and failing to disclose financial conflicts of interest to advisory clients.
The SEC's complaint,
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WASHINGTON, April 18 -- The Securities and Exchange Commission issued the following litigation release (No. 8:25-cv-02057; C.D. Cal. filed Sept. 11, 2025) involving an investment adviser in alleged unregistered oil and gas offerings:
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On April 7, 2026, the United States District Court for the Central District of California entered a final judgment as to Kevin N. Richards, whom the SEC previously charged with selling securities in unregistered oil and gas offerings, acting as an unregistered broker, and failing to disclose financial conflicts of interest to advisory clients.
The SEC's complaint,filed on September 11, 2025, alleged that Richards, a former California-based insurance agent, marketed and sold approximately $12 million of investments in oil and gas securities to approximately 25 retail investors in a series of unregistered securities offerings. The complaint alleged that Richards used mass marketing, including his own radio show, to solicit investors, and that he received more than $600,000 in transaction-based compensation for selling the unregistered securities.
Previously, without admitting or denying the allegations in the complaint, Richards consented to a judgment, entered by the Court on December 16, 2025, that permanently enjoined him from violating Section 5 of the Securities Act of 1933, Section 15(a) of the Securities Exchange Act of 1934, and Section 206(2) of the Investment Advisers Act of 1940; permanently enjoined him from issuing, purchasing, offering, or selling securities except for purchases or sales for his own personal account; and enjoined him from acting as or associating with a broker, dealer, or investment adviser for five years. The final judgment, entered by the Court on April 7, 2026, further ordered Richards to pay disgorgement of $618,794, prejudgment interest of $128,915, and a $50,000 civil penalty, for a total monetary judgment of $797,709.
The SEC's investigation was conducted by Brian Fitzsimons and David Frisof and was supervised by Brian Quinn and Michael Brennan. The SEC's litigation was led by Mr. Fitzsimons and Rachel Yeates and was supervised by James Carlson.
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26531
