Jim Eccleston: SEC’s Wells Notice is an 80/20 Bet | Investors

Posted on October 28th, 2013 at 4:34 PM

From the Desk of Jim Eccleston at Eccleston Law:   

 

            Approximately 80% of people who were warned that they might be sued by U.S. regulators for allegedly violating securities law, did in fact face these charges.  The SEC’s powerful enforcement tool, a Wells Notice, alerts individuals and companies that the agency may take enforcement action. 

            Pursuant to a Wells Notice, the SEC must decide whether to proceed with enforcement action within 180 days of issuing the notice, unless there is a formal extension of the deadline.  The notices disclose the specific charges that enforcement is considering to recommend to the SEC’s commissioners for approval.  To respond, companies and individuals can file Wells a “submission” detailing why they believe the SEC should not file its case and/or should reduce the penalties that it seeks. 

 

The attorneys of Eccleston Law represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

June 27, 2022
SEC Investigates A.G. Morgan Financial Advisors and Others For Selling Unregistered Securities

The Securities and Exchange Commission (SEC) is investigating Vincent Camarda, James McArthur, and A.G. Morgan Financial Advisors.

June 24, 2022
SEC Charges Advisors and Their Firm With Reg BI Violations Over Sales of GWG L Bonds

The Securities and Exchange Commission (SEC) has charged Western International Securities and five of its advisors with violating Regulation Best Interest (Reg BI) when they recommended and sold high-risk debt securities known as L Bonds to retirees and other retail investors.

June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015.