A Series Of SEC Enforcement Cases Against Microcap Attys
By Joseph Dever and William Lesser ( May 31, 2018, 12:56 PM EDT) -- Earlier this year, U.S. Securities and Exchange Commission Chairman Jay Clayton fired a warning shot across the bow of practicing securities attorneys: "act responsibly and hold [yourselves] to high standards." In a January speech, Clayton specifically called out members of the securities bar advising clients on initial coin offerings that were not being registered with the SEC under the federal securities laws. He cautioned that his staff is "on high alert" for conduct that "may be contrary to the spirit of our securities laws and the professional obligations of the U.S. securities bar." In other words, Clayton warned that the SEC was looking to bring enforcement actions against attorneys who failed to live up to their "gatekeeper" responsibilities....
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