September 2, 2010
SEC Charges New Jersey Adviser with Fraud
The SEC filed a complaint in a District Court in New Jersey against Sandra Venetis, a Branchburg, New Jersey-based investment adviser and three of her firms, Systematic Financial Services, Inc., Systematic Financial Associates, Inc., and Systematic Financial Services, LLC, alleging that Ms. Venetis operated a multi-million dollar offering fraud involving the sale of phony promissory notes to investors, many of whom are retired or unsophisticated in investments.
September 2, 2010
SEC Adopts First Rule Under Dodd-Frank Act: Temporary Rule 15Ba2-6T Requiring Municipal Advisers to Register with the SEC
The SEC adopted a temporary rule, Rule 15Ba2-6T, requiring municipal advisors to register with the SEC by October 1, 2010. This deadline was established by the newly-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. This regulation is the first adopted by the SEC to implement the requirements of the Dodd-Frank Act.