SEC Settles Ownership Disclosure Charges With Alphabet, Goldman and Others

By Josh Beckerman

The Securities and Exchange Commission settled charges against 23 entities and individuals for allegedly failing to reported in a timely manner information about their stock holdings and transactions.

Alphabet, Goldman Sachs and the Bank of Nova Scotia were among the companies that settled, the SEC said on Wednesday.

The charges stem from enforcement initiatives focused on 13D and 13G filings as well as the Forms 3, 4 and 5 for certain corporate insiders. The settlements are the latest by the SEC in its continuing efforts to address compliance related to the disclosure of stock holdings.

"Without admitting or denying the findings, all of the entities and individuals agreed to cease and desist from committing and causing violations of the respective charged provisions and to pay civil penalties," the SEC said. The penalties totaled more than $3.8 million.

For Alphabet, the SEC said the Google parent didn't timely file 13F forms for its stakes in Duolingo and GitLab. Alphabet agreed to pay a $750,000 penalty, the SEC said.

The most eagerly awaited quarterly 13F ownership filings include those from Berkshire Hathaway and hedge funds, but prominent corporate 13F filers include Nvidia.

A year ago, the SEC charged several companies and people alleging failure to timely report ownership information. Last week, the agency announced charges against 11 institutional investment managers, alleging failure to file Form 13F, including Focus Financial Network and TD Private Client Wealth.

Oaktree Capital Management and Fortress Investment Group were among those that settled for allegedly failing to file reports in a timely manner, the SEC said on Wednesday. In addition, the SEC alleged that Legacy Housing and Celsius Holdings contributed to filing failures by insiders, and those charges were settled as well.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 25, 2024 18:37 ET (22:37 GMT)

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