Insights & Regulatory Updates

SEC Charges Accountant Olayinka Oyebola and His Firm With Aiding and Abetting Massive Fraud
SEC Enforcement Update K. Braeden Anderson SEC Enforcement Update K. Braeden Anderson

SEC Charges Accountant Olayinka Oyebola and His Firm With Aiding and Abetting Massive Fraud

The Securities and Exchange Commission (SEC) has taken significant enforcement action against Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), alleging their role in a sprawling securities fraud orchestrated by Mmobuosi Odogwu Banye, a businessman with an ambitious—and, it turns out, fictitious—empire of U.S.-based companies.

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Update: The Supreme Court’s Decision in SEC v. Jarkesy and Its Broader Impact on SEC Enforcement
SEC Regulatory Update K. Braeden Anderson SEC Regulatory Update K. Braeden Anderson

Update: The Supreme Court’s Decision in SEC v. Jarkesy and Its Broader Impact on SEC Enforcement

The Jarkesy ruling has considerable consequences for the SEC’s enforcement program. For years, the SEC has utilized its administrative forum to pursue civil penalties for securities fraud, with the flexibility to adjudicate matters in-house. However, the Supreme Court's decision effectively eliminates this option for cases seeking civil penalties. As a result, the SEC will likely need to shift more cases to federal court, where defendants are entitled to a jury trial. This shift could increase the complexity, time, and costs associated with SEC enforcement actions.

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DOJ and SEC Crack Down on Market Manipulation: Enforcement Actions Against Short Sellers Signal Increased Scrutiny
DOJ Update, SEC Enforcement Update K. Braeden Anderson DOJ Update, SEC Enforcement Update K. Braeden Anderson

DOJ and SEC Crack Down on Market Manipulation: Enforcement Actions Against Short Sellers Signal Increased Scrutiny

In a decisive move against market manipulation, the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) have launched parallel enforcement actions targeting prominent activist short seller Andrew Left and his firm, Citron Capital LLC. These actions underscore the increased scrutiny short sellers face and highlight the enduring prevalence of "short-and-distort" campaigns—where short sellers spread false or misleading information to drive down a company's stock price for financial gain.

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