- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-11-30T18:56:00
LegacyXChange had its securities revoked by the Securities and Exchange Commission (SEC) for failing to file required reports to the agency for four years.
Legacy is an inactive shell company that operates an online platform for buying and selling sports-related products through live auction. After filing to go public in April 2016, Legacy notified the SEC in June 2016 it would be completing its first report late.
“[B]etween July 2016 and November 2020, Legacy failed to file that report, any other required periodic reports, or any additional Forms 12b-25 to notify the commission that it needed additional time to file its periodic reports,” the SEC said in an administrative proceeding Tuesday.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
