The U.S. Securities and Exchange Commission also known as the S.E.C., is an independent agency of the United States federal government which was created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the S.E.C. is to enforce the law against market manipulation.
History[]
In June 2022, Carly Spencer inadvertently committed insider trading when she purchased stock after knowing about the upcoming merger of ELQ International and Aurora Media. She told Aurora's founder Drew Cain and her sonMichael Corinthos, the CEO of Aurora's digital division. As Quartermaines, Drew and Michael both owned stocks in ELQ.
In November, her best friendOlivia Quartermaine found out and kept quiet about Carly's insider trading. When her husbandNed Quartermaine hears what Carly did, he threatened to report her to the S.E.C. Olivia is upset to find out Ned is threatening Carly.
In January 2023, Carly and Drew became lovers and chose to keep it quiet.
In March, Carly and Drew decide to go public with their relationship as the merger never happened. Her rivalNina Reeves overhears that Carly and Drew are staying away from each other for some reason. She talks to her best friend and fellow Carly-rival Ava Jerome and they figure out that Carly did insider trading. Nina decides to not tell the S.E.C. as she is getting along with her sickdaughterWillow Tait.
In April, after arguing with Carly, Nina decides to contact the S.E.C. Later she calls attorney Martin Grey to find out if he started the S.E.C. proceedings against Drew and Carly. She wants them exposed but tells Martin to keep her name out of it. After Michael and Willow's wedding, two S.E.C. agents arrive at the Quartermaine Mansion looking for Drew and Carly. They bring in Carly, showing her photographic evidence of a relationship with Drew to prove a trail leading to her insider trading. They believe Drew has run off (especially as Carly cannot give away his location/scheme to stop Victor Cassadine), and freeze both her and Drew's financial assets.
Separately, both her attorney Diane Miller and ex-husbandSonny Corinthos attempted to convince Carly to roll on Sonny, feeling the SEC would want a bigger fish like him. Carly point-blank refused, stating she did the crime and can handle paying for her mistakes.
On June 8, after Ned overhears Nina and Martin saying she called the SEC, he confronts her and then slips on his way to tell Drew. He hits his head on the side of the pool and wakes up thinking he is Eddie Maine.
On June 22, 2023, Drew pleaded guilty, with his attorney Zeke Robinson drafting a deal to be approved, including a fine and 3 months in minimum security prison. Instead, he was levied a hefty fine and sentenced to 3 years in Pentonville Penitentiary for insider trading, after the deal he proposed to the SEC was rejected by the presiding judge.
On July 5, 2023, Carly tells Sam that she wants to sell Greystone Manor in order to help pay the $5 million fine she owes the SEC. She plans to use the money from the sale to pay off the fine, move to a condo on Charles Street with Donna, and live off the rest of the proceeds. Carly doesn't want to sell the house because of all the memories tied there, but feels she has no other option.
On October 13, a SEC informant called Michael and informed him of who reported Carly to the SEC for insider trading.
On October 25, Michael blackmails Nina into asking for his permission when she wants to see Willow. He also wants her to give the Metro Court back to Carly but when she hears about it, Carly refuses.
On November 13, Ned is back as himself and remembers Nina called the SEC but Olivia convinces Ned not to say anything. He agrees for now.
On December 12, Ned blackmails Nina into finding insider information on Aurora Media or he will tell Willow what Nina did.
Gallery[]
SEC agents arrive to arrest Drew Cain and Carly Spencer (2023)
SEC evidence (2023)
Carly tells Sam McCall her plan for the SEC fine (2023)
A mysterious SEC agent reveals the informant (2023)
Michael Corinthos has Nina Reeves' crime on the record (2023)
.jpg){kind=link}