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Category Archives: Securities
FINRA Forward: What It Means for Investors
The Financial Industry Regulatory Authority (FINRA) is a not-for-profit self-regulatory organization which protects the integrity of the market and protects investors, specifically for member brokerage firms doing business in the United States. FINRA creates and enforces rules, educates the public, and registers and trains broker-dealer personnel. On April 21, 2025, FINRA launched a new initiative entitled “FINRA Forward,” which is aimed at modernizing its regulations, improving member firm compliance, and…
Why an SEC Whistleblower Lawyer Matters: $6 Million Award Highlights Program’s Power
SEC Whistleblower Lawyers Secure $6 Million Award On April 21, 2025, the Securities and Exchange Commission (“SEC”) announced a $6 million award to joint whistleblowers who disclosed information that launched an examination and provided a clear framework that contributed to a successful enforcement action. “Today’s award illustrates that the agency can leverage whistleblower information in various ways, including by prompting an examination,” said Jonathan Carr, the Acting Chief of the…
Market Volatility Exposes Risks in Structured Note Investments
As recent market swings rattle investor portfolios, many are realizing the steep risks embedded in structured note investments once marketed as safe or principal-protected. This article outlines how structured notes can fail during volatile conditions and how Miller Shah LLP supports institutional and individual investors pursuing recovery for losses stemming from misrepresented or poorly structured financial products. What are Structured Notes? A structured note is a combination of a bond…
SEC Charges NJ Adviser with Fraud, Breach of Fiduciary Duty
The Securities and Exchange Commission (SEC) announced that it has filed charges against David Yow Shang Chiueh and his New Jersey-based investment advisory firm, Upright Financial Corp. (UFC) (“Defendants”), for fraud and breach of fiduciary duty, among other securities law violations. In November 2021, the firm settled charges that they had breached the fiduciary duties outlined in the Concentration Policy of its mutual fund, known as Upright Growth Fund, by…
Supreme Court FINRA Ruling Allows Case Against Alpine Securities
On March 14th, 2025, the Supreme Court denied Alpine Securities’ request to halt Financial Industry Regulatory Authority (FINRA) expulsion proceedings against it. The Supreme Court’s denial of Alpine’s appeal suggests the judiciary recognizes FINRA’s enforcement authority as a self-regulatory entity and holds implications for the structure of non-governmental securities organizations. FINRA is a private, self-regulating organization that develops and implements enforcement rules for broker-dealer firms. FINRA is overseen by the…
Crypto Regulation Moves Forward as SEC Crypto Task Force Hosts Roundtables and Names New Leadership
The Securities and Exchange Commission (SEC) announced the establishment of a new Crypto Task Force on February 4th, 2025. Their role is to apply federal securities laws and protect investors from fraudulent activities within the crypto asset market. A month later, on March 3rd, 2025, the SEC announced the members that comprise the Crypto Task Force staff as advisors on the matter of crypto. The creation of this task force…
Robinhood FINRA Settlement: Broker to Pay $29.75M for Violations
Robinhood Markets, Inc. (“Robinhood”), an electronic trading platform known for offering commission-free trading via its mobile app, has agreed to pay a $26 million settlement to the Financial Industry Regulatory Authority (“FINRA”) over accusations that it failed to address warning signs of potential misconduct and did not verify the identities of thousands of its customers. The company must also pay $3.75 million in restitution to customers. Robinhood did not admit…
SEC Enforcement Actions Target Hedge Fund Fraud in Washington, D.C.
On February 26, 2025, the Securities and Exchange Commission (“SEC”) announced in a press release that it charged Alan Burak, the founder and sole member of purported “systemic asset management firm” Never Alone Capital LLC (“Never Alone”), with orchestrating a fraudulent scheme that amassed close to $4 million, the majority of which Mr. Burak used for personal expenses. According to the complaint filed by the SEC, between at least 2018…
Miller Shah LLP Is Investigating Cummins Inc. (NYSE: CMI) on Behalf of Long-Term Shareholders
On January 10, 2024, Cummins Inc. (“Cummins” or “CMI”) (NYSE:CMI), the California-based engine manufacturer, agreed to pay a $1.675 billion penalty in a settlement with the Environmental Protection Agency (“EPA”) and Department of Justice (“DOJ”) regarding vehicle emissions control violations under the Clean Air Act. This is the largest civil penalty in the history of the Clean Air Act and the second largest environmental penalty ever. The EPA and DOJ alleged…
Miller Shah LLP is Investigating Tiger Global Private Investment Portfolio XV and XVI (PIP 15 and PIP 16) Over Reported Losses
On November 22, 2023, Tiger Global Management LLC (“Tiger Global”) announced that its Private Investment Chief Officer, Scott Schleifer, is stepping down from this role and transitioning to become an advisor for the firm. From 2021 to 2023, Schleifer headed Tiger Global’s private investment practice through Private Investment Portfolio XV and XVI (PIP 15 and PIP 16), which have reportedly incurred losses of 30% or more over the last two…
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