All posts tagged: SECs

SEC’s top cop quit as White House seeks Musk wrist-slap

SEC’s top cop quit as White House seeks Musk wrist-slap

Published by skeptic

The top enforcement official of the Securities and Exchange Commission, Margaret Ryan, quit last Monday after just six months on the job. Reuters now says the reason for her departure is due to tension between Ryan and top SEC officials over enforcement cases against financial backers of Donald Trump, including Tesla CEO Elon Musk. Ryan joined the SEC just six months ago, and had not had previous experience in securities law. She was previously a US marine, a military judge, and a clerk for Clarence Thomas. Her departure on Monday was a surprise, given so little time on the job. But Reuters’ new report puts some light on the matter. According to people familiar with the matter, Ryan clashed with others in the department over enforcement against against both Musk, who gave $288 million in bribes to Mr. Trump’s presidential campaign (an office he is Constitutionally barred from holding), and Justin Sun, a crypto billionaire who bought into one of Mr. Trump’s crypto scams. Advertisement – scroll for more content The SEC has been investigating …

SEC’s ex-enforcement chief clashed with bosses before leaving, Reuters sources say

SEC’s ex-enforcement chief clashed with bosses before leaving, Reuters sources say

Published by Sam Flores

Margaret Ryan, Director of the SEC’s Division of Enforcement. Source: Harvard Law School The U.S. Securities and Exchange Commission’s top enforcement official, who left abruptly last week, had clashed with agency leaders over the direction of its enforcement program, including the handling of cases with ties to President Donald Trump and his family, according to three people familiar with the matter. SEC Enforcement Division Director Margaret Ryan resigned last Monday after just over six months on the job, Reuters was the first to report. Her resignation email, seen by Reuters, did not say why she was leaving. Ryan declined to comment when reached by phone and text. Two of the people said Ryan wanted to be more aggressive in pursuing charges for fraud and other misconduct including in cases that touched the president’s circle, but faced resistance from SEC chair Paul Atkins and other top Republican political appointees. A spokesperson for the SEC said that, under Atkins, the agency made enforcement decisions based on facts, the law, and policy, not on politics: “In every case, …

SEC’s Sankey Says Language in Tampering Rules Is ‘Archaic’ and NCAA Needs to Adjust Quickly

SEC’s Sankey Says Language in Tampering Rules Is ‘Archaic’ and NCAA Needs to Adjust Quickly

Published by Sam Flores

Southeastern Conference commissioner Greg Sankey called NCAA language covering tampering rules “archaic,” but stopped short of urging the oversight body to halt tampering investigations, the way the Big Ten did earlier this week. Speaking to reporters Saturday at the SEC basketball tournament in Nashville, Tennessee, the commissioner said the new landscape in college sports, which includes name-image-likeness payments to players, shifting and liberal transfer rules along with the increased influence of agents, calls for the language surrounding the rules to be changed. “We need clarity,” Sankey said. “Secondly, we need understanding on the part of policymakers of what’s actually happening. How’s this game being played? That doesn’t mean the NCAA should just stop. But the notion that a memo would be sent and that changes things when the NCAA is perceived as sitting on the sidelines, that’s not a workable solution.” The NCAA followed with a memo — the one Sankey speaks of — announcing it would “pursue significant penalties” for tampering violations. While the Big Ten sent a letter to the NCAA asking for …