The Securities and Exchange Commission has filed fraud charges for Lawrence Billimek and Alan Williams. They were involved in a scheme that generated illegal trading profits worth at least $47,000,000. Billimek was a former employee of an asset management firm and would tell Williams about the company’s trades that affected the market before they took place. Williams would then buy and sell the same securities in front of Billimek’s employer, or when large orders were placed. Williams could profit from this scheme by closing his position after the price of the security moved in line with expectations. The SEC used Consolidated Audit Trail database (CAT) to analyze trading and uncover fraudulent activity. Billimek and Williams have been criminally charged by the U.S. Attorney’s Office for the Southern District of New York. Market Abuse Unit members conducted the SEC investigation, with help from the Analysis and Detection Center and Division of Economic and Risk Analysis. The Denver Regional Office of the SEC will lead the case, with the cooperation of the U.S. Attorney’s Office as well as the Federal Bureau of Investigation.
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SEC: What You Need to Know
Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. The main goal of the SEC is to protect investors and maintain fair, efficient, and transparent markets. These goals are achieved by the SEC through regulation of the securities industry. This includes stock exchanges and broker-dealers as well as investment advisors and mutual funds. The SEC ensures companies are providing accurate and timely information, and that fraud is prevented and transparency in financial markets is maintained. The SEC is also responsible for enforcing the securities laws, conducting investigations into potential violations and taking legal actions against those involved in illegal activity. SEC’s overall mission is to increase investor confidence, promote capital formation, and ensure fair and orderly operations of the stock markets.
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