Federal Regulatory Agencies
Here's a look at documents from federal regulatory agencies
Featured Stories
SEC Obtains Final Judgment as to Private Equity Firm & Managing Partner in Alleged Offering Fraud
WASHINGTON, Jan. 7 -- The Securities and Exchange Commission issued the following litigation release (No. 3:24-cv-05823-RS; N.D. Cal. filed Aug. 23, 2024):
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Securities and Exchange Commission v. Bernardo Mendia-Alcaraz, et al., No. 3:24-cv-05823-RS (N.D. Cal. filed Aug. 23, 2024)
On December 16, 2025, the U.S. District Court for the Northern District of California entered a final judgment as to Bernardo Mendia-Alcaraz, his private equity firm, Toltec Capital LLC, and two relief defendants, in connection with previously filed fraud charges.
The SEC's complaint, filed on August 23, 2024,
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WASHINGTON, Jan. 7 -- The Securities and Exchange Commission issued the following litigation release (No. 3:24-cv-05823-RS; N.D. Cal. filed Aug. 23, 2024):
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Securities and Exchange Commission v. Bernardo Mendia-Alcaraz, et al., No. 3:24-cv-05823-RS (N.D. Cal. filed Aug. 23, 2024)
On December 16, 2025, the U.S. District Court for the Northern District of California entered a final judgment as to Bernardo Mendia-Alcaraz, his private equity firm, Toltec Capital LLC, and two relief defendants, in connection with previously filed fraud charges.
The SEC's complaint, filed on August 23, 2024,alleged that from at least December 2019 through September 2023, the defendants raised approximately $3.3 million from investors by making false and misleading statements. According to the complaint, Mendia-Alcaraz used investor funds to make Ponzi-like payments to other investors and for personal expenses. The complaint also alleged that relief defendants, Edith F. Ramirez Cano and Fondo Toltec S de RL de CV, received proceeds from the alleged fraudulent scheme.
The final judgment, entered by default, permanently enjoins Mendia-Alcaraz and Toltec Capital from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Sections 5(a) and (c), and 17(a) of the Securities Act of 1933, and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder; permanently enjoins Mendia-Alcaraz from participating in the issuance, purchase, offer or sale of securities, except for purchases or sales for his personal accounts; and prohibits Mendia-Alcaraz from serving as an officer or director of a publicly traded company. The final judgment also holds Mendia-Alcaraz and Toltec Capital jointly and severally liable for disgorgement of $2,207,524 and prejudgment interest of $150,866, and, of those amounts, holds relief defendants Fondo Toltec and Ramirez Cano liable--jointly and severally with the defendants--for disgorgement of $554,563 and $3,654, respectively, plus prejudgment interest of $37,899 and $249, respectively. Lastly, the final judgment orders Mendia-Alcaraz to pay a civil penalty of $2,207,524.
The SEC's litigation was led by Daniel Ball, with the assistance of Zachary Scrima, under the supervision of David Nasse. The investigation was conducted by Daniel Ball, Laura Cunningham, and Zachary Scrima, under the supervision of Melissa A. Robertson and Pei Y. Chung.
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Resources
* Final Judgment (https://www.sec.gov/files/litigation/litreleases/2026/judg26457.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26457
SEC Charges 3 Brothers With Allegedly Manipulating 2 Pharma Company Stocks & Carrying Out $41 Million Insider Trading Scheme With 3 Friends
WASHINGTON, Jan. 7 -- The Securities and Exchange Commission issued the following litigation release (No. 2:25-cv-18864; D.N.J. filed Dec. 22, 2025):
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Securities and Exchange Commission v. Muhammad Saad Shoukat, et al., No. 2:25-cv-18864 (D.N.J. filed Dec. 22, 2025)
The Securities and Exchange Commission charged three Pakistani and U.S. nationals Muhammad Saad Shoukat, Muhammad Arham Shoukat, and Muhammad Shahwaiz Shoukat, with allegedly perpetrating two market manipulation schemes, and along with three friends, carrying out a $41 million insider trading scheme.
The complaint alleges that
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WASHINGTON, Jan. 7 -- The Securities and Exchange Commission issued the following litigation release (No. 2:25-cv-18864; D.N.J. filed Dec. 22, 2025):
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Securities and Exchange Commission v. Muhammad Saad Shoukat, et al., No. 2:25-cv-18864 (D.N.J. filed Dec. 22, 2025)
The Securities and Exchange Commission charged three Pakistani and U.S. nationals Muhammad Saad Shoukat, Muhammad Arham Shoukat, and Muhammad Shahwaiz Shoukat, with allegedly perpetrating two market manipulation schemes, and along with three friends, carrying out a $41 million insider trading scheme.
The complaint alleges thatthe Shoukat brothers manipulated the securities of Olema Pharmaceuticals, Inc and Opiant Pharmaceuticals, Inc. According to the complaint, in the scheme involving Olema, Saad and Arham Shoukat impersonated physicians to steal confidential information about Olema's clinical trials and then stole the identities of metastatic breast cancer patients on online patient forums to publish falsified clinical trial results that increased Olema's stock price. In the alleged scheme involving Opiant, the three Shoukat brothers purchased Opiant stock based on a tip that another company would soon acquire Opiant. When the acquisition stalled, they allegedly threatened Opiant leadership and issued a false press release that announced a fictitious partnership deal for Opiant's lead drug candidate, increased Opiant's stock price, and allowed the Shoukat brothers to sell their Opiant stock more profitably than they would have otherwise.
The alleged insider trading scheme took place from at least June 2020 through February 2024, and involved the Shoukat brothers and three friends, Izunna Okonkwo, a U.S. and Nigerian national, Daniyal Khan, a U.K. national, and Justin Kim, a U.S. national. According to the complaint, Kim, an investment banker, tipped Saad Shoukat with material nonpublic information obtained from Kim's firm about nine potential corporate acquisitions. As alleged, Saad Shoukat then tipped his brothers, Okonkwo, and Khan. The SEC alleges that the defendants' and relief defendants' combined profits from the scheme totaled approximately $41 million.
The SEC's complaint, filed in the U.S. District Court for the District of New Jersey, charges the Shoukat brothers with violating Section 17(a) of the Securities Act of 1933, all defendants with violating Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 thereunder, and all defendants except Khan for violating Section 14(e) of the Exchange Act and Rule 14e-3 thereunder. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and an injunction against Kim permanently prohibiting Kim from acting as or being associated with any broker, dealer, or investment adviser. The complaint also seeks disgorgement and prejudgment interest from Mishal Anwar and Gozie Okonkwo, relief defendants whose accounts were used to generate illicit profits.
In a parallel action, the U.S. Attorney's Office for the District of New Jersey announced criminal charges against the Shoukat brothers, Kim, Okonkwo, and Khan.
The SEC's investigation was conducted by Tracy Sivitz and supervised by Assunta Vivolo and Joseph Sansone, all of the Enforcement Division's Market Abuse Unit. Assisting with the investigation were John Rymas and Darren Boerner of the Market Abuse Unit's Analysis and Detection Center, Maxwell Clark, Ryan Erhard, Jason Lee, and William Young of the SEC's Division of Economic and Research Analysis, Izabela Reis and Marianne Olson of the SEC's Office of International Affairs, and James D'Avino of the SEC's New York Regional Office. The litigation will be led by Senior Trial Counsel Ben Kuruvilla and Ms. Sivitz and will be supervised by Jack Kaufman of the New York Regional Office and Ms. Vivolo. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the UK Financial Conduct Authority, and the Jersey Financial Services Commission.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26458.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26458
FCC Wireline Competition Bureau Issues Public Notice: Office of Management & Budget Approval of IPCS Alternate Pricing Plan Requirements Announced
WASHINGTON, Jan. 7 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 23-62, 12-375) on Jan. 6, 2026:
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By this Public Notice, the Wireline Competition Bureau (WCB) announces that the Office of Management and Budget (OMB) has approved the revised information collection requirement associated with section 64.6140 of the Commission's rules/1 governing alternate pricing plans for incarcerated people's communications services (IPCS), which were adopted in the Commission's 2024 IPCS Order./2 Those requirements are now effective.
In
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WASHINGTON, Jan. 7 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 23-62, 12-375) on Jan. 6, 2026:
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By this Public Notice, the Wireline Competition Bureau (WCB) announces that the Office of Management and Budget (OMB) has approved the revised information collection requirement associated with section 64.6140 of the Commission's rules/1 governing alternate pricing plans for incarcerated people's communications services (IPCS), which were adopted in the Commission's 2024 IPCS Order./2 Those requirements are now effective.
Inthe 2024 IPCS Order, the Commission reformed its regulation of IPCS, and permitted IPCS providers to offer optional alternate pricing plans, subject to consumer protection, disclosure, recordkeeping, and other requirements designed to ensure IPCS rates and practices are just and reasonable and that consumers receive clear and accurate information regarding IPCS offerings./3 The Commission submitted its revisions to the relevant information collection to OMB for review and approval under the Paperwork Reduction Act/4 and, on December 19, 2025, OMB approved the revised information collection./5
For further information, please contact Sara Rahmjoo, Pricing Policy Division, Wireline Competition Bureau, at (202) 418-0242 or via e-mail at Sara.Rahmjoo@fcc.gov.
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Footnotes:
1/ 47 CFR Sec. 64.6140.
2/ Incarcerated People's Communications Services; Implementation of the Martha Wright-Reed Act; Rates for Interstate Inmate Calling Services, WC Docket Nos. 23-62 and 12-375, Report and Order, Order on Reconsideration, Clarification and Waiver, and Further Notice of Proposed Rulemaking, 39 FCC Rcd 7647, 794044, paras. 565-72 (2024) (2024 IPCS Order).
3/ 2024 IPCS Order, 39 FCC Rcd at 7875, paras. 427-428.
4/ 2024 IPCS Order, 39 FCC Rcd at 7944, para. 572 & n.2044; id. at 7968, para. 641 (directing WCB to conduct and submit any requisite Paperwork Reduction Act analysis for any changes to the annual report and certification requirements). This information collection, OMB Control No. 3060-1222, is titled "Incarcerated People's Communications Services (IPCS) Provider Annual Reporting, Certification, and Other Requirements, WC Docket Nos. 23-62, 12-375" and, among other things, sets out the requirements for the annual reports and certifications filed by IPCS providers.
5/ See Office of Management and Budget, Office of Information and Regulatory Affairs, Notice of Action, https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202511-3060-004 (last visited Jan. 5, 2026) (approving without change OMB Control No. 3060-1222).
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-13A1.pdf
USITC Institutes Section 337 Investigation of Certain Glycerol Esters of Rosin and Packaging Thereof
WASHINGTON, Jan. 6 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Glycerol Esters of Rosin and Packaging Thereof
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News Release 26-004
Inv. No(s). 337-TA-1476
Contact: Claire Huber, 202-205-1819
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain glycerol esters of rosin and packaging thereof. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filed
... Show Full Article
WASHINGTON, Jan. 6 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Glycerol Esters of Rosin and Packaging Thereof
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News Release 26-004
Inv. No(s). 337-TA-1476
Contact: Claire Huber, 202-205-1819
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain glycerol esters of rosin and packaging thereof. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filedon behalf of T&R Chemicals, Inc. of Clint, Texas, on December 4, 2025. The complaint alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain glycerol esters of rosin and packaging by reason of unfair competition through false advertising and tortious interference, the threat or effect of which is to destroy or substantially injure an industry in the United States or to prevent the establishment of an industry in the United States. The complainant requests that the USITC issue a limited exclusion order and cease and desist orders.
The USITC has identified the following respondents in this investigation:
* Caragum International, Le Rove, France
* Kemi Pine Rosins Portugal S.A., Cantanhede, Portugal
By instituting this investigation (337-TA-1476), the USITC has not yet made any decision on the merits of the case. The USITC's Chief Administrative Law Judge will assign the case to one of the USITC's administrative law judges (ALJ), who will schedule and hold an evidentiary hearing. The ALJ will make an initial determination as to whether there is a violation of section 337; that initial determination is subject to review by the Commission.
The USITC will make a final determination in the investigation at the earliest practicable time. Within 45 days after institution of the investigation, the USITC will set a target date for completing the investigation. USITC remedial orders in section 337 cases are effective when issued and become final 60 days after issuance unless disapproved for policy reasons by the U.S. Trade Representative within that 60-day period.
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Original text here: https://www.usitc.gov/press_room/news_release/2026/er0106_67933.htm
Kentucky Fried Chicken to Pay $200,000 for EEOC Sexual Harassment and Retaliation Charge
WASHINGTON, Jan. 6 -- The Equal Employment Opportunity Commission issued the following news release:
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Kentucky Fried Chicken to Pay $200,000 for EEOC Sexual Harassment and Retaliation Charge
Resolves federal charge that two employees were harassed at Orlando restaurant
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MIAMI - Kentucky Fried Chicken Corporation (KFC) agreed to conciliate a sexual hostile work environment and retaliation charge involving two employees at an Orlando KFC location with the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today.
During the EEOC's charge investigation,
... Show Full Article
WASHINGTON, Jan. 6 -- The Equal Employment Opportunity Commission issued the following news release:
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Kentucky Fried Chicken to Pay $200,000 for EEOC Sexual Harassment and Retaliation Charge
Resolves federal charge that two employees were harassed at Orlando restaurant
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MIAMI - Kentucky Fried Chicken Corporation (KFC) agreed to conciliate a sexual hostile work environment and retaliation charge involving two employees at an Orlando KFC location with the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today.
During the EEOC's charge investigation,the agency found reasonable cause to believe KFC violated federal law by subjecting an employee to a sexually hostile work environment and then firing her in January 2022 in retaliation for objecting to the sexual harassment. The investigation also identified a second affected employee.
"Every employee deserves a workplace free from harassment, discrimination and retaliation," said Kristen Foslid, regional attorney for the EEOC's Miami District. "By resolving this matter, the EEOC is ensuring that these workers receive justice, and that KFC implements measures to prevent future misconduct."
This kind of alleged conduct by an employer violates Title VII of the Civil Rights Act of 1964, which prohibits discrimination on the basis of sex, including sexual harassment, and retaliation.
Following the EEOC's cause determination, the parties successfully engaged in the EEOC's pre-litigation conciliation process. As part of the resolution, KFC agreed to pay $100,000 to each employee, representing compensatory and punitive damages. In addition, KFC will implement annual training on sex discrimination for employees, human resources and management staff. In addition, KFC will revise its employment policies to explicitly prohibit discrimination on the basis of sex and report on any future complaints of sex discrimination for a period of three years.
EEOC Miami District Director Evangeline Hawthorne said, "This resolution underscores the importance of strong policies, thorough investigations, and swift corrective action to ensure that all employees are safe and respected. We are pleased that KFC has committed to preventing and addressing sex discrimination, including training its decision makers to ensure adherence to applicable laws and regulations."
For more information on sexual harassment, please visit https://www.eeoc.gov/sexual-harassment. For more information on retaliation, please visit https://www.eeoc.gov/retaliation. For more information on the EEOC's Youth@Work initiative, including educational resources for young workers, please visit https://www.eeoc.gov/youth.
The Miami District Office's jurisdiction includes Florida, Puerto Rico and U.S. Virgin Islands.
The EEOC is the sole federal agency authorized to investigate and litigate against businesses and other private sector employers for violations of federal laws prohibiting employment discrimination. For public sector employers, the EEOC shares jurisdiction with the Department of Justice's Civil Rights Division; the EEOC is responsible for investigating charges against state and local government employers before referring them to DOJ for potential litigation. The EEOC also is responsible for coordinating the federal government's employment antidiscrimination effort. More information is available at www.eeoc.gov. Stay connected with the latest EEOC news by subscribing to our email updates.
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Original text here: https://www.eeoc.gov/newsroom/kentucky-fried-chicken-pay-200000-eeoc-sexual-harassment-and-retaliation-charge
FTC Issues Biennial Report to Congress on the National Do Not Call Registry
WASHINGTON, Jan. 6 (TNSrpt) -- The Federal Trade Commission issued the following news release:
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FTC Issues Biennial Report to Congress on the National Do Not Call Registry
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The Federal Trade Commission issued its biennial report to Congress on the National Do Not Call (DNC) Registry that shows consumers placed more than 258 million telephone numbers on the Registry as of the end of fiscal year 2025, an increase of more than 4.8 million from the previous fiscal year.
The report also notes the FTC received more than 2.6 million Do Not Call complaints in fiscal year (FY) 2025 an increase
... Show Full Article
WASHINGTON, Jan. 6 (TNSrpt) -- The Federal Trade Commission issued the following news release:
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FTC Issues Biennial Report to Congress on the National Do Not Call Registry
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The Federal Trade Commission issued its biennial report to Congress on the National Do Not Call (DNC) Registry that shows consumers placed more than 258 million telephone numbers on the Registry as of the end of fiscal year 2025, an increase of more than 4.8 million from the previous fiscal year.
The report also notes the FTC received more than 2.6 million Do Not Call complaints in fiscal year (FY) 2025 an increasefrom the previous fiscal year with consumers mostly reporting these violations came via robocalls, as opposed to live telemarketing.
Debt reduction schemes, imposters (calls pretending to be government, business, or family and friends), and medical and prescription inquiries led the list of commonly reported unwanted telemarketing calls in FY 2025, followed by calls related to energy, solar, and utilities, as well as home improvement and cleaning services.
The FTC continues to track how technology affects the Registry and the consumers and telemarketers who access it. For many years, telemarketers have used automated dialing technology to make pre-recorded calls, commonly known as robocalls. Such calls can be made in large numbers with little expense, leading to a significant increase in telemarketing robocalls, including illegal robocalls. While the number of consumer complaints about illegal telemarketing robocalls steadily decreased from FY 2017 through FY 2024.
While the number of complaints about robocalls ticked up in FY 2025, reports remain substantially lower than their peak in FY 2017. This is due to a range of FTC law enforcement strategies, including the pursuit of Voice Over Internet Protocol (VoIP) providers that facilitate illegal calls, according to the report. The FTC also sued dialing platforms and soundboard technology providers that helped provide the software used to blast consumers with illegal robocalls.
Since the Registry was established in 2003, the FTC has filed 173 lawsuits against 570 companies and 449 individuals alleged to be responsible for making billions of unwanted telemarketing calls to consumers, collecting nearly $400 million from these violators.
The report also discusses the FTC and FCC's work to help end caller ID spoofing, the implementation of strategies to combat the technologies that telemarketers use to make illegal calls, and several initiatives designed to spur the development and availability of technology to protect consumers from illegal calls.
Finally, the report discusses the FTC's support of new technologies, particularly call-blocking and call-filtering products. All major voice service providers now offer call-blocking and call-filtering products to all or some of their consumers. The FTC has taken measures to support analytics companies and voice service providers with their call-blocking and call-filtering technologies by releasing a daily list of Do Not Call and robocall complaints, including caller ID numbers, the dates and times of the unwanted calls, and other relevant information. Several firms have reported that this daily data has improved their ability to identify abusive and fraudulent calls.
The Commission also publishes an annual Do Not Call Registry Data Book that provides substantial detail on registration numbers and other statistical information about the Registry.
The Commission vote approving the report and its submission to Congress was 2-0.
The lead staffer on this matter is Ami Dziekan of the FTC's Bureau of Consumer Protection.
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REPORT: https://www.ftc.gov/system/files/ftc_gov/pdf/P034305-2025-DNC-Report-to-Congress.pdf
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/01/ftc-issues-biennial-report-congress-national-do-not-call-registry
FTC Announces Refund Claims Process for NGL Users Affected by Deceptive Tactics and Unauthorized Charges
WASHINGTON, Jan. 6 -- The Federal Trade Commission issued the following news release:
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FTC Announces Refund Claims Process for NGL Users Affected by Deceptive Tactics and Unauthorized Charges
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The Federal Trade Commission has launched a refund claims process for some consumers who were charged for a subscription to the anonymous messaging app NGL without their authorization.
In July 2024, the Federal Trade Commission and Los Angeles District Attorney's Office alleged that NGL and two of its co-founders engaged in a host of law violations related to their anonymous messaging app, including
... Show Full Article
WASHINGTON, Jan. 6 -- The Federal Trade Commission issued the following news release:
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FTC Announces Refund Claims Process for NGL Users Affected by Deceptive Tactics and Unauthorized Charges
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The Federal Trade Commission has launched a refund claims process for some consumers who were charged for a subscription to the anonymous messaging app NGL without their authorization.
In July 2024, the Federal Trade Commission and Los Angeles District Attorney's Office alleged that NGL and two of its co-founders engaged in a host of law violations related to their anonymous messaging app, includingunfairly marketing the service to children and teens. The agencies charged NGL and its co-founders with sending fake messages that appeared to come from real people and tricked users into signing up for paid subscriptions to NGL Pro by falsely claiming that doing so would reveal the identity of the senders of messages.
NGL and its co-founders also failed to obtain consent for recurring charges, the agencies alleged. The order settling the agencies' complaint banned the defendants from marketing anonymous messaging apps to kids and teens under 18 and required them to pay $4.5 million to provide refunds to impacted users.
The FTC is using that money to provide payments to customers who meet the following requirements:
* paid for NGL Pro between January 2022 and July 2024; and
* experienced unauthorized charges.
Consumers must be at least 18 years old to submit a refund claim form. Users under 18 need their parent or guardian to complete and submit the form on their behalf. All claims will be reviewed before eligibility is determined.
Consumers who meet these requirements can submit a claim online at www.ftc.gov/NGL. The claims period will be open until April 6, 2026. The FTC will review and validate claims. Payment amounts will depend on several factors, including how many people file claims. Consumers who have questions about the process can contact the claims administrator by phone at 800-351-7161 or by email at info@NGLRefund.com (link sends email).
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/01/ftc-announces-refund-claims-process-ngl-users-affected-deceptive-tactics-unauthorized-charges
