On Nov. 4, the Department of Defense announced significant changes to the Cybersecurity Maturity Model Certification program, intended to simplify the certification standard and prioritize protection of certain types of controlled defense information.

Read on for an overview of the changes, a timeline for their implementation and implications for defense contractors.

Cressey & Co. has completed a growth investment in Trella Health, according to a news release.

Trella Health, based in Atlanta, provides market intelligence to direct contracting entities, accountable care organizations, healthcare networks and post-acute care providers.

Cressey, with offices in Chicago and Nashville, seeks control and minority equity investments exclusively in…

Securities and Exchange Commission v. Swapnil J. Rege and SwapStar Capital, LLC was filed in the U.S. District Court for the District of New Jersey on October 26, 2021, claiming the defendants violated the Investment Advisors Act by engaging in fraudulent or deceptive conduct upon an advisory client and charging Rege with violating a 2019 SEC Order barring him from associating with an investment adviser.

Christian Fiene and Erik Kiser v. Matthew Schweinzger was filed in the Northern District of Illinois on October 27, 2021, seeking damages of more than $500,000 for state statutory and common law claims related to the Defendant’s role in a Ponzi scheme orchestrated by Zachery Horwitz and his company, 1inMM Capital, LLC (the “Horwitz Scheme”).

The Horwitz Scheme defrauded investors by representing that proceeds from each promissory note placed in 1inMM’s offering were going to be used to purchase the rights of particular movies, which would then be licensed to major streaming services such as HBO and Netflix.  However, Horwitz and 1inMM had no relationship with HBO or Netflix and had no plans to license any movie rights to those companies.

Plaintiffs Fiene and Kiser are two individuals who were duped into investing into the Horwitz Scheme.  Defendant Schweinzger, the Plaintiffs’ former college classmate, is a principal of JJMT Capital, LLC (“JJMT”), which Plaintiffs allege was created for the sole purpose of selling promissory notes to fund the Horwitz Scheme’s fake film licensing deals.  JJMT was paid 15% commission on each investment.

Recent comments from U.S. Securities and Exchange Commission (SEC) Chair Gensler at the Institutional Limited Partners Association Summit and an SEC Division of Examinations (EXAMS) Risk Alert published on the same day highlight the ongoing focus of the SEC on advisory fees, both in the institutional and retail spaces.

In Chair Gensler’s remarks, he expressed concern that private fund investors may not have enough transparent, consistent information regarding private fund fees to “make informed investment decisions.” While he cited previous Risk Alerts issued by EXAMS regarding private fund advisers and the increased regulations imposed on these advisers under the Dodd-Frank Act of 2010, Chair Gensler suggested that it was time to “bring more sunshine and competition to the private funds space.”

Welsh, Carson, Anderson & Stowe (WCAS) has announced it has acquired a majority ownership stake in Leiters.

Leiters, based in Englewood, Colo., and founded in 1926, is a 503B outsourcing provider of hospital and ophthalmology compounded sterile preparations.

WCAS, based in New York, is a private equity firm focused exclusively on the healthcare and…

Securities and Exchange Commission v. BNZ One Capital, LLC, et al. was filed in the United States District Court for the Central District of California on October 28, 2021 claiming Defendants violated the antifraud provisions of the Securities Act,  the Securities Exchange Act,  and Rule 10b-5 thereunder, as well as the registration provisions of the Securities Act. The SEC also brings claims against individual Defendants Barber and Zimmerle for violations of the broker-dealer registration provisions of the Exchange Act and accuses them of being secondarily liable for BNZ’s fraud as control persons pursuant to the Exchange Act.

HGGC and Snapdragon Capital Partners will make a $240 million strategic growth investment in Fullscript, according to a news release.

Fullscript, based in Ottawa, Ontario, describes itself as a supplement dispensing platform and patient adherence tool. Founded in 2011, the company states it generates $300 million in annual revenue.

HGGC, based in Palo…