US regulator fines 33 firms and execs for not reporting trades

US REGULATORS yesterday imposed a total of $2.6m (£1.6m) in fines on 33 companies, corporate executives and major shareholders after they agreed to reach a settlement after being charged with not reporting transactions in company stock.

The US Securities and Exchange Commission (SEC) said that companies included well-known companies such as Jones Lang LaSalle and Sankaty Advisors LLC, a unit of the private equity firm Bain Capital.

Andrew Ceresney, the SEC’s enforcement director, said that actions marked the first time the agency had systemically targeted companies and executives over these types of disclosure violations.

A further case against Ligang Wang, a vice-president of China Shen Zhou Mining & Resources, will be heard before an administrative law judge. The SEC alleged that Wang failed to report sales of more than 165,000 shares of company stock. The SEC said it had revoked China Shen Zhou’s registration of common stock in June.