The SEC’s Director of Enforcement is now under investigation for corruption according to a new case in Trenton, New Jersey.
Senator Michael Testa has called for immediate legislative action to investigate the New Jersey Attorney General’s Office and its handling of a 2019 prosecution involving a businessman with ties to U.S. Senator Bob Menendez.
Gurbir Singh Grewal is an American attorney and prosecutor who is currently the Director of the Division of Enforcement for the Securities and Exchange Commission.
He served as the sixty-first attorney general of the State of New Jersey from January 2018 until July 2021.
Prior to that, he served as the Bergen County Prosecutor, the chief law enforcement officer for New Jersey’s most populous county.
Earlier in his career, Grewal served as an Assistant United States Attorney for the District of New Jersey, where he was Chief of the Economic Crimes Unit, and an Assistant United States Attorney for the Eastern District of New York, where he was assigned to the Business and Securities Fraud Unit.
Testa, a member of the Senate Judiciary Committee, urged the Legislature to return to Trenton to authorize subpoena power for the committee and to retain special counsel, reports Shore News Network.
This move is aimed at facilitating a comprehensive investigation into the Attorney General’s Office under the administration for former Attorney General Gurbir Grewal.
“When you have allegations of elected officials pressuring our State attorney general’s office to influence the outcome of a prosecution, the State must demand answers,” said Testa.
“We cannot ignore the alleged corruption and influence peddling that occurred within our State offices.”
New Jersey Attorney General Matt Platkin said that his office will begin an investigation into the claim.
Other SEC News Today
Goldman Sachs (NYSE:GS) was charged $6 million in penalties for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC.
According to the SEC’s order, over a period of approximately ten years, Goldman made more than 22,000 deficient blue sheet submissions to the SEC.
The order finds that, as a result of 43 different types of errors, these submissions contained missing or inaccurate trade data for at least 163 million transactions.
The order further finds that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions, the report states.
“Firms must provide complete and accurate blue sheet data in response to our requests,” said Thomas P. Smith Jr., Associate Regional Director in the New York Regional Office.
“Blue sheet data is vital to the Commission’s ability to carry out its enforcement and regulatory functions and to protect investors and maintain market integrity.”
Separately, the Financial Industry Regulatory Authority (FINRA) reached a settlement with Goldman for related conduct.
Investors in the MMTLP community are wondering when the next deep investigation by the SEC and FINRA will occur.
Blue sheets were denied to retail investors in June, but it only resulted in bigger outreach to Congress and other who could raise awareness.
Now Congress has has ordered an MMTLP share count in a new letter to SEC Chairman Gary Gensler and FINRA CEO Robert Cook.
What is keeping regulators from fully dialing into the MMTLP fraud case? Only time will tell.
The MMTLP case is a developing story — share this article to raise awareness.
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