Week of September 21 - 27, 2026

🗓️ September 21, 2026

• SEC Files Settled Action Against Mobile Home Park Company and its CEO in Alleged Fraudulent Offering. The Securities and Exchange Commission filed settled charges against Wavemark Capital, LLC and its founder, Michael Ayala, for allegedly operating a $9.6 million fraudulent offering involving mobile home investments. From approximately October 2021 through February 2025, they raised about $9.6 million from nearly 100 investors through Wavemark Income Fund, LLC by offering promissory notes. The defendants promised returns of 12% to 14% but allegedly misused the funds for Ponzi-like payments and other expenses. Without admitting the allegations, they consented to final judgments, including disgorgement of $8,817,909, prejudgment interest of $736,725, and a civil penalty of $236,451 for Ayala. 🔗 Read more
• CFTC Innovation Task Force to Host Frontier Forum Series on Innovative Financial Technologies. Washington - The Commodity Futures Trading Commission’s Innovation Task Force announced the Frontier Forum Series, which will host public roundtables on technologies transforming American financial markets. Each Forum will facilitate dialogue on financial technologies and market structures, bringing together leaders from public and private sectors to discuss promoting responsible innovation while protecting market participants. Chairman Michael S. Selig emphasized the need for the CFTC to engage directly with those involved in these technologies. 🔗 Read more
• Suspension of licence – Targetlocal Ltd. The Gambling Commission has suspended the combined remote operating licence of Targetlocal Ltd, trading as Ken Howell’s Sports Betting, due to anti-money laundering failings. The suspension, effective immediately, allows consumers to access their accounts and withdraw funds, but the business must treat consumers fairly and keep them informed during the review process. The suspension does not affect Targetlocal Ltd’s non-remote general betting standard licence. 🔗 Read more

🗓️ September 22, 2026

• Federal Reserve Board announces approval of application by BancFirst Corporation. The Federal Reserve Board approved BancFirst Corporation’s application to acquire and merge with Spirit BankCorp, Inc., indirectly acquiring SpiritBank. Additionally, the Board approved BancFirst’s merger with SpiritBank and the establishment and operation of branches at SpiritBank’s locations. 🔗 Read more
• SEC Censures OTC Link LLC for Repeated Compliance Failures Related to Regulation SCI. Washington D.C. - The Securities and Exchange Commission censured New York-based broker dealer OTC Link LLC and ordered it to pay a $575,000 civil penalty for violations of Regulation Systems Compliance and Integrity (SCI) between August 2016 and March 2025. OTC Link LLC failed to establish, maintain, and enforce necessary policies and procedures for its alternative trading system, including system security and access control, despite repeated examinations by the SEC. Without admitting the findings, OTC Link LLC agreed to a cease-and-desist order, a censure, and the civil penalty. 🔗 Read more
• SEC Files Proposed Settlement with Respect to Former Financial Services Professional and Associate for Front-Running Scheme. The SEC filed proposed final judgments in the U.S. District Court for the Southern District of New York regarding claims against Lawrence Billimek and Alan Williams for a multi-year front-running scheme that generated approximately $47 million in illegal trading profits. If approved, the judgments would permanently enjoin Billimek and Williams from violating several securities laws and order disgorgement of funds, with amounts satisfied by a parallel criminal case order of forfeiture. The case was initiated by the SEC’s Market Abuse Unit, with litigation conducted by Terry Miller and investigation by David Bennett, Jeffrey Oraker, and John Rymas. 🔗 Read more
• FINRA Orders American Portfolios to Pay $1.2 Million in Restitution and $400,000 in Fines for UIT Supervision Failures. FINRA has ordered American Portfolios Financial Services, Inc. to pay $1,232,939 in restitution, plus interest, to customers and fined the firm $400,000 for failing to supervise UIT recommendations, leading to unnecessary costs for customers. From January 2018 to October 2024, the firm lacked a system to ensure compliance with FINRA rules, resulting in 295 investors incurring excess fees. American Portfolios consented to FINRA’s findings without admitting or denying the charges, and the restitution will range from $102.27 to $399,055.29 per investor. 🔗 Read more

🗓️ September 23, 2026

• SEC Publishes Updated Market Statistics, Highlighting Increase in IPOs and Proceeds Raised. Washington D.C. - In the first half of 2026, IPO and follow-on offering activity showed significant year-over-year growth. There were 208 IPOs raising over $137 billion, a 16% increase in the number of IPOs and nearly a 400% increase in proceeds compared to the first half of 2025. Follow-on offerings totaled 557, raising over $111 billion, marking a 10% increase in the number of offerings and a 33% increase in proceeds. These statistics are available on the SEC’s public statistics and data visualizations webpage. 🔗 Read more
• SEC Charges South Florida Resident and His Company for Alleged Investment Scheme Defrauding Law Enforcement. The Securities and Exchange Commission charged CMI Capital LLC and its founder, Michael D. Williams, for a fraudulent investment scheme that raised approximately $860,000 from at least 18 investors, many of whom are law enforcement officers in South Florida. Williams allegedly made false statements to convince investors to put money into two funds, one of which was falsely claimed to have a portfolio value of over $5 million and returns exceeding 140 percent. He misappropriated approximately $384,000 for personal expenses but has repaid more than $375,000 to certain investors since August 2024. The SEC’s complaint charges Williams and CMI Capital with violating several federal securities laws, and without admitting the allegations, they agreed to judgments that would enjoin them from future violations and impose disgorgement and civil penalties. 🔗 Read more
• ESAs call for vigilance over external dependencies, cyber threats and private credit risks. The European Supervisory Authorities (EBA, EIOPA, and ESMA) have identified external dependencies, emerging technologies, and private credit as key vulnerabilities for the EU financial system in their Autumn 2026 risk update. They warn that reliance on non-EU providers and infrastructures could amplify the impact of geopolitical shocks and operational disruptions, with particular concerns about ICT service providers outside the European Economic Area and growing cyber risks linked to AI models. Despite these challenges, the EU financial system remains resilient, but the ESAs urge supervisors and market participants to strengthen preparedness and monitor risks closely. 🔗 Read more
• ESMA sets new supervisory priority on digital innovation from 2027. The European Securities and Markets Authority (ESMA) will introduce a new Union Strategic Supervisory Priority (USSP) focused on digital innovation to ensure supervisors can oversee new technologies like artificial intelligence and tokenisation. This initiative will run alongside the existing USSP on cyber and operational resilience and follows the conclusion of the USSP on ESG disclosures, which began in 2023. ESMA aims to remain flexible to address future technological developments and continue improving sustainability information for investors. 🔗 Read more
• Four arrests and £20,000 seized in illegal gambling raids. The Gambling Commission and Manchester City Council’s Licensing Team supported Greater Manchester Police in raids on four properties in Manchester City Centre, seizing mobile phones, gambling-related items, and over £20,000 in cash. Four people were arrested on various charges, including immigration offences, running an unlicensed takeaway, and money laundering. The operation highlights the collaborative efforts to combat illegal gambling and associated criminal activities. 🔗 Read more

🗓️ September 24, 2026

• Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. The Federal Reserve Board is seeking public input on two proposals to regulate Board-supervised payment stablecoin issuers under the GENIUS Act. The first proposal mandates that stablecoins be fully backed by permissible reserve assets and introduces standardized capital and risk management standards, along with rules for asset safekeeping and clarifications for banks. The second proposal outlines a specific application process for banks, requiring business plans and financial information, and establishes procedures for appeals and final decisions. 🔗 Read more
• Federal Reserve Board issues enforcement action with former employee of Sandy Spring Bank. The Federal Reserve Board announced enforcement actions, including a consent prohibition against Renee Nicole Brown, a former employee of Sandy Spring Bank, for embezzlement by a bank employee. 🔗 Read more
• SEC Files Proposed Final Judgment as to Former CEO of Technology Company in Alleged $80 Million Offering Fraud. The U.S. Securities and Exchange Commission filed a consent and proposed final judgment against Manish Lachwani in a civil enforcement action. The SEC’s complaint, filed on August 25, 2021, alleges that Lachwani inflated HeadSpin’s valuation from at least 2018 through 2020 by falsifying financial metrics and sales records, leading to a valuation revision from $1.1 billion to $300 million after an internal investigation. 🔗 Read more
• The EBA identifies priorities for the review of MiCA. The European Banking Authority (EBA) has published its response to the European Commission’s consultation on the review of the Regulation on Markets in Crypto-assets (MiCA), recommending that the Commission prioritize specific issues due to the rapidly evolving crypto sector. The EBA suggests strengthening the framework for third-country multi-issuer schemes, reviewing reserve requirements, clarifying crypto-asset classifications, regulating crypto-asset lending, and revising the reporting framework to support effective supervision and risk monitoring. The EBA aims to ensure a robust, proportionate, and future-proof regulatory framework for the EU crypto-asset sector. 🔗 Read more

🗓️ September 25, 2026

• Federal Reserve Board announces approval of application by Peoples Bancorp Inc. The Federal Reserve Board approved Peoples Bancorp Inc.’s application to merge with Citizens National Corporation, indirectly acquiring Citizens Bank of Kentucky, Inc. Additionally, the Board approved Peoples Bank’s merger with Citizens Bank of Kentucky, Inc. and the establishment of branches at Citizens Bank of Kentucky, Inc.’s locations. 🔗 Read more
• SEC Files Settled Action Against Trucking Companies and Founder Who Operated Alleged $127 Million Ponzi Scheme. The Securities and Exchange Commission filed settled charges against Kristopher A. Lunsford and his companies, AKL Transport LLC and Southern Truck Leasing LLC, for raising at least $127 million from approximately 765 investors through a fraudulent truck-leasing investment scheme. Lunsford allegedly misappropriated approximately $33 million of investor funds for personal use, while $52 million was diverted to pay earlier investors in a Ponzi fashion. The SEC’s complaint also states that the claim of operating approximately 2,000 trucks was materially overstated. In a parallel action, the U.S. Attorney’s Office announced criminal charges against Lunsford on September 25, 2026. 🔗 Read more
• FDIC Publishes August Enforcement Actions. Washington - The Federal Deposit Insurance Corporation (FDIC) published a list of administrative enforcement actions taken against banks and individuals in August 2026, including nine orders such as consent orders, prohibition orders, and a supervisory directive. No administrative hearings are scheduled for October 2026. For more details, visit the FDIC’s web page. 🔗 Read more
• Sunwest Bank Assumes All Deposits and Certain Assets of Nano Banc, Irvine, California. Washington - Nano Banc of Irvine, California, was closed by the California Department of Financial Protection and Innovation, with the FDIC appointed as receiver and Sunwest Bank of Sandy, Utah, assuming all deposits and certain assets. As of June 30, 2026, Nano Banc reported total assets of $736 million and total deposits of $686 million, with Sunwest Bank agreeing to assume all deposits and purchase approximately $476 million of the bank’s assets. The FDIC estimates the failure will cost the Deposit Insurance Fund approximately $114 million, a figure that may change as retained assets are sold. 🔗 Read more
• CFTC Charges Cash FX Group S.A., and CEO; Three Others With $950 Million Fraud Scheme. The Commodity Futures Trading Commission filed a complaint against Cash FX Group S.A., its CEO Huascar Jose Lopez Castillo, The Conversion Pros, Inc., its CEO Ronald Pope, and Justin Halladay, alleging they operated a multilevel marketing Ponzi scheme, fraudulently soliciting over $950 million from the public. The defendants falsely claimed to trade retail foreign currency contracts with expert traders and AI, promising up to 15% weekly returns, while misappropriating nearly all participant funds and providing false account statements, resulting in participants losing at least $406 million. The CFTC seeks restitution, disgorgement, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations. 🔗 Read more
• EU/EEA banks display strength amid a challenging risk environment. The European Banking Authority’s Risk Dashboard for Q2 2026 highlights that EU/EEA banks remain strong with robust capital and liquidity buffers, continued lending growth, and high profitability despite an uncertain environment. The Common Equity Tier 1 ratio is 16.1%, with strong liquidity ratios, and lending to households and non-financial corporations has grown by 5.2% and 6.3% year-on-year, respectively. However, geopolitical tensions, potential interest rate hikes, and high asset valuations pose ongoing risks. 🔗 Read more
• The EBA consults on revised technical standards for joint decisions on institution-specific capital and liquidity requirements. The European Banking Authority (EBA) has initiated a public consultation on proposed revisions to the Implementing Technical Standards (ITS) for the joint decision process of institution-specific prudential requirements under Article 113 of the Capital Requirements Directive. These revisions aim to simplify and enhance the efficiency of the regulatory framework, reflecting developments since the ITS were first adopted in 2014, and include targeted amendments to align with current supervisory practices and incorporate qualitative measures. The overall goal is to streamline the process, improve consistency in assessments, and update the scope to include Pillar 2 Guidance and leverage ratio-related requirements. 🔗 Read more