United States SEC Fines 15 Firms & 10 Individuals $3.8 Million for Failure to Timely Report Beneficial Ownership & Transactions in Public Companies, 15 Firms are Goldman Sachs, Oaktree, Alphabet, Bank of Nova Scotia, Sunbeam Management, TALANTA Investment Group, Grays Peak Ventures, Stilwell Value, BSC, Bain Capital Credit Member, FIG (Fortress Investment Group), Adage Capital Management, Essex Woodlands Management, Legacy Housing Corporation & Celsius Holdings
27th September 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined 15 firms & 10 individuals $3.8 million for failure to timely report beneficial ownership & transactions in public companies. The 15 firms are Goldman Sachs, Oaktree, Alphabet, Bank of Nova Scotia, Sunbeam Management, TALANTA Investment Group, Grays Peak Ventures, Stilwell Value, BSC, Bain Capital Credit Member, FIG (Fortress Investment Group), Adage Capital Management, Essex Woodlands Management, Legacy Housing Corporation & Celsius Holdings. United States SEC (25/9/24): “The Securities and Exchange Commission today announced settled charges against 23 entities and individuals for failures to timely report information about their holdings and transactions in public company stock. Two public companies were also charged for contributing to filing failures by their officers and directors and failing to report their insiders’ filing delinquencies as required. The charges announced today stem from SEC enforcement initiatives focused on Schedules 13D and 13G reports and Forms 3, 4, and 5 that certain corporate insiders are required to file. Schedules 13D and 13G provide information about the holdings and intentions of investors who beneficially own more than five percent of any registered voting class of public company stock. Forms 3, 4, and 5 are reports used to provide information about public company stock transactions by corporate officers, directors, or certain investors who beneficially own more than 10 percent of the stock. These reporting requirements apply irrespective of whether the trades were profitable and regardless of a person’s reasons for the transactions. SEC staff used data analytics to identify the charged individuals and entities as filing required reports late. Without admitting or denying the findings, all of the entities and individuals agreed to cease and desist from committing and causing violations of the respective charged provisions and to pay civil penalties … … The SEC previously charged corporate insiders for failing to timely report transactions and holdings, and several issuers for contributing to their insiders’ failures in September 2023.”
“ United States SEC Fines 15 Firms & 10 Individuals $3.8 Million for Failure to Timely Report Beneficial Ownership & Transactions in Public Companies, 15 Firms are Goldman Sachs, Oaktree, Alphabet, Bank of Nova Scotia, Sunbeam Management, TALANTA Investment Group, Grays Peak Ventures, Stilwell Value, BSC, Bain Capital Credit Member, FIG (Fortress Investment Group), Adage Capital Management, Essex Woodlands Management, Legacy Housing Corporation & Celsius Holdings “
The firms charged in connection with beneficial ownership of publicly traded companies and their respective penalties are:
- Sunbeam Management, LLC – $40,000;
- TALANTA Investment Group, LLC – $45,000;
- Grays Peak Ventures LLC – $65,000;
- Stilwell Value LLC – $75,000;
- BSC, LP – $75,000;
- Bain Capital Credit Member, LLC – $130,000;
- FIG LLC, which conducts business under the name Fortress Investment Group – $200,000;
- Adage Capital Management, L.P. – $200,000;
- Essex Woodlands Management, Inc. – $225,000;
- The Goldman Sachs Group, Inc. – $300,000;
- Oaktree Capital Management, L.P. – $375,000;
- The Bank of Nova Scotia – $375,000; and
- Alphabet Inc. – $750,000.
Alphabet was also charged with failing to timely file Forms 13F, reports institutional money managers are required to file regarding certain sizeable securities holdings.
The Individuals charged who were officers, directors, and/or beneficial owners of publicly traded companies, and the civil penalty each will pay, are:
- Mitchell P. Rales, of Potomac, Maryland – $10,000;
- Scott B. Stevens, of Bedford, New York – $20,000;
- Michael Winterhalter, of Dana Point, California – $20,000;
- Pedro C. Gonzalez, of St. Petersburg, Florida – $25,000;
- Curtis Drew Hodgson, of Addison, Texas – $30,000;
- Kenneth E. Shipley, of Levelland, Texas – $30,000;
- Peter M. Thomas, of Las Vegas, Nevada – $77,000;
- Howard S. Jonas, of Easton, Pennsylvania – $90,000;
- David L. Kanen, of Parkland, Florida – $109,000; and
- Jack W. Schuler, of Lake Bluff, Illinois – $200,000.
The public companies charged that contributed to filing failures and failed to report delinquencies, and the civil penalty each will pay, are:
- Legacy Housing Corporation – $200,000; and
- Celsius Holdings, Inc. – $200,000.
United States SEC Fines 15 Firms & 10 Individuals $3.8 Million for Failure to Timely Report Beneficial Ownership & Transactions in Public Companies, 15 Firms are Goldman Sachs, Oaktree, Alphabet, Bank of Nova Scotia, Sunbeam Management, TALANTA Investment Group, Grays Peak Ventures, Stilwell Value, BSC, Bain Capital Credit Member, FIG (Fortress Investment Group), Adage Capital Management, Essex Woodlands Management, Legacy Housing Corporation & Celsius Holdings
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