Litigation release No. 25636/February 9, 2023
Securities and Exchange Commission v. DiScala et al. 1:14-cv-4346 (E.D.N.Y. Filed July 17, 2014. Amended January 19, 2016.
The U.S. District Court of Eastern District of New York rendered final judgments in favor of Craig Josephberg on February 8, 2019. The court ordered that they comply with federal securities laws and imposed additional sanctions.
The Securities and Exchange Commission alleged Josephberg, Shapiro, and the other defendants had been involved in a conspiracy to manipulate CodeSmart Holdings, Inc. securities. Shapiro was alleged to have engaged in a promotion campaign as CodeSmart CEO in order to artificially increase the stock price. Josephberg, along with another individual, allegedly invested brokerage clients’ money in CodeSmart to make a profit.
In its complaint, the SEC accused Josephberg of violating several sections of the Securities Act of 1932 and Securities Exchange Act of 1934. Shapiro’s charge was a violation of a section of Exchange Act. On February 8, 20,23, the Court rendered separate final judgments in favor of Josephberg and Shapiro. They agreed to permanent injunctions to prevent them from violating the charges and penny stock bars. Shapiro agreed to a director and officer bar. Josephberg agreed that he would return over $735,000 of ill-gotten gain, which had been deemed satisfied in a criminal proceeding.
Todd Brody and Lindsay Moilanen, of the New York Regional Office of the SEC, are in charge of handling the SEC litigation under the supervision Sheldon L. Pollock. The SEC thanks the U.S. Attorney’s Office of the Eastern District of New York as well as the Federal Bureau of Investigation for their assistance.
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Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC requires companies and individuals to provide important financial information in order to comply with securities law. The SEC requires that companies and individuals disclose important financial information to the public, including annual reports. Quarterly reports are also required. The SEC hopes to increase transparency by making this information accessible to investors. This will allow them to make informed decisions.
The SEC also regulates brokers and dealers in order to prevent fraud and ensure fair business practices. The SEC investigates and takes action against individuals or firms engaged in fraudulent activity, insider trading or other securities laws violations.
The SEC is also a key player in the oversight of the securities industry, and promoting education for investors. It sets up rules and provides guidance to protect investors from unfair business practices like excessive fees and misleading investment advice.
The SEC has three main objectives: to protect investors, promote transparency and regulate the securities industry.
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