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.

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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.

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