Tag Archives: cease and desist

SEC Stops ICO In Its Tracks

The Securities and Exchange Commission halted a crowdfunded Initial Coin Offering in its tracks this week when it issued a cease and desist order against Munchee. “Munchee was seeking $15 million in capital to improve an existing iPhone app centered … Continue reading

Posted in accredited investor, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, FINRA, fraud, Funding Portals, Investments, Jobs, Legislative Intent, penalty, review, SEC, Small Business, technology, VC, Venture Capital, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , , | Leave a comment

Roadmap To Getting “Bad Actor” Disqualification Waived

A recent SEC no-action letter provides a road map as to how to get the staff to waive your “bad actor” disqualification from participating in private placements: claim that there was no “intent” to commit the act; say that the … Continue reading

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SEC Censures Off-Shore Crowdfunding Portal

The Securities and Exchange Commission issued a cease-and-desist order against Eureeca Capital SP, a Cayman Islands company, that operates a global online, securities based, crowdfunding platform that connects non-U.S. issuers with investors to raise funds in exchange for equity securities. … Continue reading

Posted in Broker dealers, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, FINRA, Funding Portals, Investments, Jobs, Legislative Intent, SEC, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Ohio Begins Assault on Crowd Funding

The Ohio Division of Securities has issued a notice of hearing on its intent to issue a cease and desist order to debt crowd funding site SoMoLend, alleging that it may have committed securities fraud, created and issued fraudulent financial … Continue reading

Posted in Broker dealers, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, FINRA, Funding Portals, Investments, Jobs, Legislative Intent, SEC, Small Business, States, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

SEC Approves Rule On Advertising Private Offerings

The SEC just approved a new rule that will permit general solicitation for private offerings under Regulation D, Rule 506 as long as the issuer takes reasonable steps to verify that the purchasers are “accredited investors.” Also approved today was … Continue reading

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Standing Guard

Just a reminder that neither crowd funding nor general solicitation/advertising is permitted under either federal or state “blue sky” laws at the present time (Oct. 9, 2012). And the States are stepping up their enforcement activities. For example, in September, … Continue reading

Posted in Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Film, Investments, SEC, Small Business, States | Tagged , , , , , , , , , , , , , , , , | Leave a comment