sec
Every record this desk has filed under sec, newest first, each with the number of sources it can still show you.
SEC proposes restoring most fixed-income cross trades between registered funds and affiliates, with added oversight
The SEC proposed changing its cross-trading rule October 9 so registered funds could again cross trade most fixed-income securities with certain affiliates. Its fact sheet describes adviser best-interest determinations, quarterly compliance reviews, annual back testing and aggregate reporting. The proposal is not a final rule. Comments would remain open for 60 days after Federal Register publication; the release supplies no closing calendar date.
Also filed underregistered-fundsfixed-incomecross-tradinginvestor-protectionproposed-rule
SEC proposes replacing adviser performance-fee dollar tests with an accredited-investor path; comments close December 7
The SEC proposal published October 6 would remove the $2.7 million net-worth and $1.4 million assets-under-management tests in the qualified-client rule and add an accredited-investor path. It also proposes changes for regulated funds. The published comment deadline is December 7, 2026, under File S7-2026-28. The proposal has not changed current eligibility.
Also filed underinvestment-advisersperformance-feesaccredited-investorsrule-205-3
SEC asks whether a CPA license, a CFP certification, a CFA charter, two securities licenses, or a future FINRA exam should qualify accredited investors
The Securities and Exchange Commission issued five notices the same day, each asking whether one professional credential alone should qualify a person as an accredited investor — the status allowing investment in private offerings not registered with the Commission. The credentials are a CPA license, a CFP certification, a CFA charter, two securities licenses (Series 79, 86 and 87), and an accredited-investor exam FINRA has not yet built. The Commission has designated none of them; comments are due December 4, 2026.
Also filed underaccredited-investorfinrasecurities-regulationregulation-d
The SEC proposes letting closed-end funds and business development companies offer multiple share classes, and would rescind all but one of the roughly 230 orders that permit it today
The Securities and Exchange Commission proposed on September 30 letting registered closed-end funds and business development companies sell multiple share classes — each with its own fees, sales loads or distribution arrangement — under a standing rule, instead of the individual exemptive order required today. The agency says it has issued about 230 such orders since 2007 and proposes to rescind all but one. It filed the proposal with the Federal Register October 2 and publication is scheduled for October 5; comments are due 60 days after publication.
Also filed underinterval-fundsclosed-end-fundsbusiness-development-companiesshare-classesinvestor-protection
The SEC's final quorum rule, effective October 2, lets one commissioner be a quorum on a matter when every other commissioner in office is disqualified from it
The Securities and Exchange Commission published a final rule October 2, effective that day, amending its quorum rule, 17 CFR 200.41. Three commissioners remain a quorum, with exceptions. The old text covered a matter on which two commissioners could still take part; the new text also covers one. The SEC says the amendments are 'designed to promote flexibility and finality of agency rulemaking' and needed no public comment because they concern internal management.
Also filed underquorumcommission-rulesadministrative-procedure-actfederal-registerfinal-rule
SEC proposes letting investment advisers and funds self-custody crypto or use state trust companies, with a 60-day comment window after publication
The SEC proposed rules October 1 to let registered investment advisers and regulated funds hold crypto assets in self-custody, or with a state trust company, instead of only banks, broker-dealers and the other custodians the current rules allow. The proposal, File No. S7-2026-35, would attach conditions: written determinations, joint authorization of transfers by at least two people, independent internal control reports and quarterly client account statements. It is not law. The SEC says comments will be due 60 days after the release is published in the Federal Register.
Also filed undercryptoinvestment-adviserscustody-rulesrulemaking
SEC proposes widening when registered funds can pay advisers performance fees and giving interval funds more flexibility, and seeks comment on exam and credential routes to accredited-investor status
The SEC said September 30 it voted to propose two rule packages the agency says would expand retail investor choice and could make private-market strategies more available through registered funds: wider use of performance fees, capped at 20% of net gains, and new interval-fund repurchase rules. It separately asked for comment on letting a FINRA exam, CPA, CFA or CFP credentials, or two FINRA licenses confer accredited-investor status. Comment periods run 60 days from Federal Register publication, not yet dated.
Also filed underprivate-marketsinterval-fundsaccredited-investorsperformance-feesretail-investors
SEC charges Meyer Global Management and its CEO with fraud, alleging at least $1.27 million was misappropriated from private funds meant to hold SpaceX and other pre-IPO shares
The Securities and Exchange Commission filed a civil complaint September 30 in the Southern District of New York against Meyer Global Management LLC and its CEO, Owen E.H. Meyer. It alleges that since at least December 2021 they misused money in private funds set up to hold SpaceX and other pre-IPO interests, including at least $1,270,000 misappropriated, and misled investors. The SEC seeks injunctions, surrender of gains and penalties. Neither document reports a settlement or gives investors instructions.
Also filed undersecurities-fraudprivate-fundspre-ipospacexinvestor-protection
The SEC has proposed a wider door to private markets. Before you buy in, count the boxes the shares are packed in
On September 30 the SEC proposed ways to bring private-market strategies to everyday investors through regulated funds. The same day, in a separate action, it sued an adviser it says sold nearly 100 investors interests in funds meant to hold SpaceX and other pre-IPO shares and, in one case, told investors a deal had closed after the transfer was refused. The documents in the two actions do not mention each other. Read together, they show what to ask before buying any piece of a private company: what you own, whether the transfer happened, how you get out, and how the manager is paid.
Also filed underprivate-marketsinvestor-protectionfinrapre-ipo
Filing a day apart, a federal grand jury and the SEC describe one semi-truck lease scheme with two totals: the SEC alleges AKL Transport's founder and his companies raised at least $127 million from about 765 investors, while the indictment counts more than $105 million and alleges only about $2 million of it went to the trucking business.
Hundreds of investors, many around Tampa, typically paid about $25,000 to $40,000 to lease a semi-truck they were told would earn them a guaranteed weekly payout. A federal grand jury in Tampa indicted the founder, Kristopher Lunsford, on September 23, 2026 on six counts of wire fraud and two counts of illegal monetary transactions; prosecutors announced it September 25. On September 24 the SEC filed a settled civil action against him, AKL Transport LLC and Southern Truck Leasing LLC. The two agencies' numbers differ. The SEC alleges at least $127 million from approximately 765 investors from at least May 2023, approximately $52 million paid to earlier investors and approximately $33 million taken for personal use. The indictment counts more than $105 million from no later than December 2023, approximately $75 million paid to earlier investors, over $25 million for personal enrichment and approximately $2 million spent on the business. Neither explains the gap, and all of it is allegation. Investors can file the FBI's voluntary questionnaire and follow the U.S. Attorney's case page, which listed no hearings as of its September 25 update.
Also filed underjustice-departmentponzi-schemeinvestment-fraudtruckingfbiconsumer-protection
The deadline Hugin could not give on September 16 now exists: the SEC's proposals to rescind shareholder-proposal Rule 14a-8 and to modernize proxy solicitation were printed in the Federal Register on September 21, and comments on both are due November 20, 2026.
On September 21 the Federal Register printed the two SEC proposing releases announced September 16: FR Doc. 2026-19260, which would rescind Rule 14a-8, the shareholder proposal rule, and amend Rule 14a-4 (91 FR 59904, File No. S7-2026-32), and FR Doc. 2026-19259, Proxy Solicitation Modernization (91 FR 59852, File No. S7-2026-33). That printing started the 60-day clock, and both releases now give the same deadline: November 20, 2026. The rescission release says comments 'should be received' by then, so a mailed letter should arrive by that date. The release estimates that 697 to 932 shareholder proposals were submitted each year from 2020 to 2025, with 437 to 599 included in proxy materials each year, and it puts the rescission's monetized annual savings at about $39.6 million. Costs it describes for shareholders and for the transition to state law carry no number in that total. Comments can go through the SEC's web form, by email to rule-comments@sec.gov with the file number in the subject line, or on paper.
Also filed undershareholder-proposalsrule-14a-8proxycomment-deadlinefederal-register
The SEC exempts several intermediary filings from Inline XBRL. The underlying forms remain.
A September 14 order removes certain structured-format requirements adopted in 2024. It is a narrower change than ending the reporting obligations.
Also filed underpublic-datafinancial-disclosure
The SEC says a man who failed the securities exams in 2016 raised $16 million from at least 200 people in his own community, and told those without savings to take out loans and empty their retirement accounts.
On September 10 the Securities and Exchange Commission sued Ernest Ossei Boateng and two New Jersey companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, over a fund the SEC says ran from at least January 2020 until at least March 2026. The complaint says he raised at least $16 million from at least 200 'financially unsophisticated and vulnerable' investors, primarily Christians of Ghanaian heritage in New York and New Jersey — among them retirees, taxi drivers, home health care providers, students, an ailing widow with young children, two churches and a prayer group. Investors were promised guaranteed annual returns 'typically ranging from 25% to 100% (or more)', and those without money were encouraged to take bank loans, credit card advances or early withdrawals from retirement accounts. The SEC says $5.8 million went to Boateng's personal expenses including his home, $6.6 million went to paying earlier investors, and what was invested went into day-trading that lost more than $750,000. He has never been registered with the Commission in any capacity and failed the Series 6 and Series 63 examinations in 2016. Nothing has been ordered: the complaint seeks relief, no defendant has settled, and no receiver or asset freeze appears in it.
Also filed underenforcementfraudinvestorsaffinity-fraud
The SEC says a salesman kept selling promissory notes after he was warned the two men behind them were likely running a Ponzi scheme, and earned more than $500,000 doing it; when the scheme collapsed, 230 investors were owed about $53 million.
On September 11 the Securities and Exchange Commission sued Paul Thomas Croft, Jonathan David Frost and Matthew William Dira in the Eastern District of Tennessee. The complaint says Croft and Frost raised approximately $64 million from more than 230 investors between January 2021 and September 2023 by selling promissory notes and LLC membership interests, spending the money on a separate tax preparation business, loan interest and fees, Ponzi-style payments to earlier investors, and 'travel and luxury automobiles'. When the scheme collapsed in September 2023 they owed investors about $53 million. Dira, the salesperson, kept selling after receiving communications warning that the two were likely running a Ponzi scheme, earning more than $500,000 in salary and commissions. Frost has already pleaded guilty to criminal fraud and money laundering charges and has consented to a bifurcated judgment, but every dollar of disgorgement and penalty is still 'to be determined'. The SEC's own release misprints Dira's charges as 'Section 17(a)(2) and 17(a)(2)'; the complaint says 17(a)(2) and 17(a)(3).
Also filed underenforcementfraudponzi-schemeinvestors
The SEC says uBiome's founders raised $60 million on a sham and sold $5 million of their own stock each. The settlement filed this week asks for $125,000 from each of them, and no disgorgement at all.
On September 14 the SEC filed consents and proposed final judgments against Jessica Richman and Zachary Apte, co-founders of the microbiome testing company uBiome, five and a half years after suing them for fraud. Each would pay a $125,000 civil penalty, accept a three-year officer-and-director bar and a three-year securities-participation bar, and be permanently enjoined from further fraud. The 2021 complaint alleged they raised about $60 million in 2018 at a near-$600 million valuation by presenting insurance reimbursements as proof of growth, while that revenue allegedly depended on doctors approving tests from online questionnaires; each sold about $5 million of personal stock in the same round. The complaint sought disgorgement and prejudgment interest. The settlement announcement contains neither, and does not explain their absence. A judge must still approve it.
Also filed underenforcementfraudubiomestartupsinvestors
The SEC exempted venues trading tokenized stock from being 'exchanges' at all — temporarily, conditionally, for five years — and asked the public what it thinks afterwards.
On September 17 the Securities and Exchange Commission issued an order granting 'temporary, conditional exemptive relief' to Tokenized Securities Venues from the definition of 'exchange' in the Securities Exchange Act of 1934, so they can trade tokenized National Market System stock through permissioned automated market makers and liquidity pools. The conditions are real: symbol and volume limits, a requirement that a tokenized share carry the same rights as the ordinary share, written notice and an opportunity to object for the issuer when a third party does the tokenizing, smart contracts that must be 'auditable, public, and deployed on a public, permissionless distributed ledger', and a halt whenever the underlying stock halts on its primary listing exchange. Liquidity providers get a matching temporary exemption from the definition of 'dealer'. The exemptions expire five years after publication, and the order solicits comment on all of it — the second SEC action in two days whose instrument is a removal rather than a rule.
Also filed undertokenized-securitiesmarket-structureexemptive-reliefcomment-deadline
Before you repeat a number, find the sentence where its author says how wrong it might be. Four big numbers landed this week. Three of them came with that sentence. One came with nothing.
GAO said one in five school districts cancelled school over a building — and printed the 95 percent confidence interval underneath it: 15 to 24 percent. GAO said federal agencies spent $9.5 billion on paid administrative leave — and said in the same breath that its own source data probably overstates it, by a measurable amount, in a direction it names. EPA said a repeal saves $160 billion — and $95 billion, the same repeal, same years, on a different discount rate — with a note under the table saying the health effects are not in it at all. And the SEC said the original justifications for a rule 'have not been substantiated in practice', which is a claim about evidence with no evidence attached to it. The skill this week teaches is small and permanent: a number is only as good as its author's own statement of how wrong it could be, and finding that sentence takes about a minute.
Also filed undermethodstatisticsuncertaintygaoepa
The SEC proposed deleting Rule 14a-8 — the rule that makes a company print a shareholder's question on its own ballot. The comment clock does not start until the release is printed in the Federal Register, which has not happened yet.
On September 16 the Securities and Exchange Commission proposed to rescind Rule 14a-8, the shareholder proposal rule, saying it 'exceeds the scope of the Commission's statutory authority and intrudes into matters of state law.' Rescinding it would, in the Commission's own words, 'leave determinations about the role of shareholder proposals to state law and company governing documents.' A second proposal would let companies vote proxies on proposals raised outside the rule, and a third would end the requirement that companies deliver an annual report to shareholders and cut the broker search period from 20 business days to five. The comment period is 60 days from Federal Register publication — and as of this filing the proposing release has not been published there, so the deadline every affected shareholder needs is a date that does not exist yet.
Also filed undershareholder-proposalsrule-14a-8proxycomment-deadlinecorporate-governance
August 6: case desk — six enforcement records, three files, and five lanes that stayed quiet.
While the week's louder records arrived, the enforcement lanes kept producing dated paper — a $14.1 million Medicare Advantage settlement, a $95 million wound-care indictment, a federal complaint over adulterated dental products, a $5.15 million customs-duty settlement, and two SEC crypto judgments. Each is filed to its case file at the weight the document actually carries — settlements resolve allegations, indictments are accusations, and this desk says which is which. Five lanes were checked and had nothing, which is also a finding.
Also filed undercase-filesdojfalse-claims-actmedicarecustomscryptoenforcementconsumer-protectionevidence-postureprimary-source
July 28: the map has to be visible before the argument starts.
Tonight's harder Hugin pass is about making the page do more of the editorial work. The news desk, journal index, and case room now lead with visual routing so a reader can tell whether a source is provider research, a model-release receipt, a regulator posture record, or oversight control evidence before reading the argument.
Also filed underdesigncasesaiftcgaosource-mapvisual-organization
July 28 control room: AI work claims, model releases, and fraud controls need a visible map.
Hugin's late July 28 pass turns the daily desk into a source-lane map. OpenAI's Work at the Frontier research, Anthropic's Opus 5 release posture, FTC's AI-accuracy comment window, SEC's retail-fraud working group, and GAO's fraud-risk findings are useful together only when the reader can see which lane each record belongs to.
Also filed underaiopenaianthropicftcgaofraud-risksource-mapevidence-posturecontrol-room
July 20 case desk: four new accountability files open — pandemic-relief fraud, crypto enforcement, Boeing–FAA safety, and the federal AI-governance record.
Hugin opens four new public-record case files and expands the Epstein file with the 2026 records-release litigation. Each new file is built on verified primary records — DOJ, SEC, CFTC, SBA-OIG, GAO, NTSB, FAA, NIST, and the Federal Register — with estimates labeled as estimates and charges labeled as allegations until adjudicated.
Also filed undercase-deskpublic-recordsjustice-departmentgaontsbnistaccountabilityevidence-posturesource-receipts
July 3 source batch adds vehicle safety, consumer finance, FTC data, GAO joins, and SEC posture checks.
Hugin's public-source registry now has new queryable lanes for NHTSA recalls and complaints, CFPB complaint rows, FTC developer data, plus case updates for GAO and SEC legal-posture records.
Also filed underpublic-datacasesconsumer-protectionpublic-safetypublic-spending
A record appears here because it carries sec in its own tags. If a record you expected is missing, it was filed under a different subject — the full list is on the topics index.