SEC Charges Four Companies with Materially Misleading Disclosures Regarding Cybersecurity Risks

SEC Charges Four Companies With Misleading Cyber Disclosures

The Securities and Exchange Commission today charged four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Technologies Ltd, and Mimecast Limited – with making materially misleading disclosures regarding cybersecurity risks and intrusions. The SEC also charged Unisys with disclosure controls and procedures violations. The companies agreed to pay the following civil penalties to settle the SEC’s charges:

–Unisys will pay a $4 million civil penalty;

–Avaya will pay a $1 million civil penalty;

–Check Point will pay a $995,000 civil penalty; and

–Mimecast will pay a $990,000 civil penalty.

The charges against the four companies result from an investigation involving public companies potentially impacted by the compromise of SolarWinds’ Orion software and by other related activity.

Gary Gensler’s Contentious Reign Over U.S. Crypto Approaches Its Twilight

“I think there is a real chance that the legislation gets passed next year,” Michael Piwowar, a former acting chair of the SEC, said during an interview with CoinDesk. That would create a “nice, legal regulatory framework” for crypto that puts the securities agency in a defined lane that leaves less room for the legal interpretations the SEC and crypto businesses are still fighting over in federal courts, he added. “There’s not clear authority on some of these things, which is why Congress needs to get involved.” ”

Five years from now, we’ll look back in the rearview mirror and say, ‘Why couldn’t we have done this sooner?'” Piwowar said.

Part of that answer – critics and allies would agree – is Gensler.

The Sophisticated Investor Test

Obviously I am partially joking about this, but only partially. The essential point about the Certificate of Dumb Investment is that it is not aspirational. It’s not that you go to the SEC and take a test and get 100% on the test and they’re like “congratulations you’re so smart” and you are like “I know right” and they give you the Certificate of Being a Smart Investor Who Can Buy the Good Investments Now and a little button saying “SMART INVESTOR” and you walk out of the SEC office wearing that button and you are absolutely mobbed by people selling structured notes. People selling financial products love investors who think they are sophisticated.

Nigeria Court Releases Binance Executive Detained for Months

The Nigerian government dropped charges against a Binance Holdings Ltd. executive standing trial on allegations of money laundering and currency manipulation, who had been detained in the country since February.

The case against Tigran Gambaryan, head of financial crime compliance at Binance, was discontinued on the grounds of his ill health, according to people familiar with the court’s decision.

Gambaryan’s lawyer sought an acquittal of the charges, but that request was denied, the people said.