SEC News
Official announcements and updates from the U.S. Securities and Exchange Commission.
Santa Fe Gold SEC Proceeding: Mining Issuer Faces Registration Risk After Reporting Stopped in 2023
The SEC has instituted an administrative proceeding against Santa Fe Gold Corp. over repeated failures to file required periodic reports. The Delaware corporation, based in Albuquerque, New Mexico, has SEC CIK No. 851726 and a class of securities registered under Exchange Act Section 12(g). According to the Commission, Santa Fe Gold has not filed any periodic report since submitting a Form 10-Q for the period ended March 31, 2023. Unlike several other delinquent-filing cases in which securities continue to receive OTC quotations, the SEC specifically states that Santa Fe Gold's common stock is not currently publicly quoted or traded. The case therefore highlights a different regulatory issue: an issuer can remain subject to SEC reporting obligations even when active public trading has effectively disappeared.
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Giovanni Pennetta SEC Bar: NextGenTech Private Fund Raised $10.5 Million on Alleged False Pre-IPO Share Claims
The SEC has barred Giovanni Pennetta from association with brokers, dealers, investment advisers and several other regulated securities businesses, closing another stage of an enforcement case tied to NextGenTech Investments LLC and Sestante Capital LLC. The September 22, 2026 administrative order follows an earlier SEC civil case alleging that Pennetta raised more than $10.5 million from at least six investors by claiming that NextGenTech could provide economic exposure to shares of a private company. According to the SEC, neither Pennetta nor the entities he controlled actually owned or had access to those shares, and investor capital was not used to acquire them. The Commission previously alleged that more than $6.2 million was instead diverted for Pennetta's personal use and to repay an investor in a separate NextGenTech offering.
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Nihat Cardak SEC Suspension: Former GigaMedia Access CFO Barred From Practicing Before the Commission After Securities Fraud Conviction
The SEC has immediately suspended Nihat Cardak from appearing or practicing before the Commission following his federal securities-fraud conviction. Cardak served as Chief Financial Officer of GigaMedia Access Corporation from 2006 through 2019 and was later convicted in federal court of conspiracy to commit securities fraud. The September 22, 2026 SEC order does not relitigate the underlying criminal case. Instead, it applies Rule 102(e)(2), which provides for the suspension of individuals convicted of qualifying felonies or offenses involving moral turpitude. The proceeding shows how a criminal securities case can continue to produce professional consequences years after the original conduct, particularly for former finance executives whose work may involve SEC filings, accounting or regulatory submissions.
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Truist Advisory SEC Order: $503,659 Cancel-Rebill Scheme Exposes Trade Correction and Supervision Failures
The SEC has settled charges against Truist Advisory Services, Inc. over control and supervisory failures that allowed one of its investment adviser representatives to move losing trades from his personal brokerage account into client accounts. According to the Commission, representative Gary Costello used Truist Advisory's trade-correction process ten times between March and August 2023 to transfer trades carrying $503,659 in unrealized losses to four advisory clients. The case is significant because the underlying abuse did not depend on complex valuation assumptions or undisclosed fund structures. Instead, it allegedly exploited a routine operational process—trade corrections—that was intended to fix genuine account errors but became a mechanism for shifting personal trading losses to clients.
Read more →MCX Technologies SEC Delinquent Filing Case: Zero Revenue, Unreviewed Financials and a Failed Technology Transition
The SEC has opened proceedings against MCX Technologies Corporation after the company stopped submitting periodic reports following its Form 10-Q for the quarter ended March 31, 2024. The filing gap followed a prolonged operating decline: MCX had exited its former consulting activities, had not established a replacement revenue-producing platform, reported no revenue for at least twelve months and lacked the resources to obtain an audit or quarterly review. The proceeding could result in suspension or revocation of its securities registration, although the SEC has not yet imposed either sanction.
Read more →Novagant / Golden Bee Health Products SEC Proceeding: OTC Issuer Faces Registration Risk After Reporting Stops in 2023
The SEC has opened an administrative proceeding against Novagant Corp., also identified as Golden Bee Health Products Investment Limited, Inc., over repeated failures to maintain current periodic reporting. The Nevada-incorporated issuer is listed by the SEC as being located in Hong Kong and continues to have unsolicited quotations submitted on OTC Link ATS under the symbol NVGT. According to the Commission, however, the company has filed no periodic report since a Form 10-Q covering the period ended December 31, 2023. The case creates a notable disconnect between continued market visibility and the age of the issuer's regulatory disclosures, particularly for investors who may encounter NVGT through OTC quotation services without first reviewing its SEC filing history.
Read more →MCX Technologies SEC Delinquent Filing Case: Zero Revenue, Unreviewed Financials and a Failed Technology Transition
The SEC has opened proceedings against MCX Technologies Corporation after the company stopped submitting periodic reports following its Form 10-Q for the quarter ended March 31, 2024. The filing gap followed a prolonged operating decline: MCX had exited its former consulting activities, had not established a replacement revenue-producing platform, reported no revenue for at least twelve months and lacked the resources to obtain an audit or quarterly review. The proceeding could result in suspension or revocation of its securities registration, although the SEC has not yet imposed either sanction.
Read more →ParcelPal Logistics SEC Proceeding: Canadian Issuer Faces Registration Risk After Years of Missing U.S. Filings
The SEC has instituted an administrative proceeding against ParcelPal Logistics Inc., a Canadian company whose securities remain registered in the United States but whose periodic reporting has fallen materially behind. According to the Commission, ParcelPal has not filed any periodic report since submitting a Form 20-F covering the year ended December 31, 2022. The proceeding is significant because it moves beyond a simple late-filing notice: under Exchange Act Section 12(j), the SEC can suspend or revoke the registration of a class of securities when an issuer repeatedly fails to satisfy its reporting obligations. ParcelPal's shares continue to receive unsolicited quotations on OTC Link ATS under the symbol PTNYF, making the gap between market visibility and regulatory reporting especially relevant for investors reviewing thinly traded cross-border issuers.
Read more →Fifth Street Management SEC Fair Fund Ends: 12,154 Investors Repaid and $3.17 Million Transferred to U.S. Treasury
The SEC has formally terminated the Fifth Street Management, LLC Fair Fund, closing out a distribution process that originated from a 2018 enforcement action over improperly allocated expenses charged to two business development company clients. The latest SEC order shows that 12,154 harmed investors ultimately received compensation equal to 100% of their calculated losses plus reasonable interest. After the distribution process concluded, approximately $3.17 million remained in the Fair Fund and was authorized for transfer to the U.S. Treasury. The case provides an unusually detailed look at what happens after an SEC adviser settlement: penalties and disgorgement do not automatically flow entirely to investors, and the final distribution process can extend for years after the underlying enforcement action.
Read more →Y-mAbs Therapeutics SEC Insider Trading Case: SERB Acquisition Tip Chain, 103% Stock Jump and Family Trades
The SEC has settled insider trading charges against Venar Ayar, Vincent Ayar and Johnathan Denha over trades made immediately before SERB Pharmaceuticals announced its acquisition of Y-mAbs Therapeutics, Inc. The enforcement action is notable because the alleged information chain extended beyond the company itself: confidential acquisition information moved from a SERB employee working on the transaction to his spouse, then to her law-firm partner, and ultimately to relatives who purchased Y-mAbs shares. The SEC says the stock closed 103.34% higher on the announcement day. Separate EDGAR transaction filings show why the information was highly market-sensitive: SERB agreed to pay $8.60 per share in cash, approximately a 105% premium to Y-mAbs' August 4, 2025 closing price, valuing the company at roughly $412 million.
Read more →Newpoint Financial Faces SEC Registration Review After Years Without Periodic Reports
The SEC has opened an administrative proceeding against Newpoint Financial Corp. over its failure to file periodic reports since a Form 10-Q covering the quarter ended September 30, 2023. The case puts the registration of its securities at risk. It follows a separate 2024 SEC settlement concerning undisclosed acquisition agreements and deficient financial reporting, giving investors a longer disclosure history to examine.
Read more →Y-mAbs Therapeutics Insider Trading Case: SEC Traces Acquisition Tip Through Lawyer and Family Network
The SEC has settled insider trading charges against three Michigan residents over trades made immediately before the acquisition of Y-mAbs Therapeutics, Inc. by SERB Pharmaceuticals. The case is notable not for the size of the trading profits, but for the unusually clear information chain described by regulators: acquisition information allegedly moved from a SERB employee to the employee's spouse, then to her law-firm partner, and finally to family members who bought Y-mAbs shares before the transaction became public. The SEC says Y-mAbs stock closed 103.34% higher on the day the acquisition was announced, producing more than $34,000 in combined trading profits for the individuals who received the tip.
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