According to insiders, the US authorities are investigating the transactions between investment bank B. Riley Financial Inc. and a major client involved in securities fraud, as well as the use of this client's assets to help the investment bank obtain a loan from Nomura Holdings Inc. The spokesperson for the US Securities and Exchange Commission declined to comment, and the investigation is still in its early stages. The agency's review does not necessarily mean that anyone has engaged in any improper behavior, nor does it necessarily mean that legal action will be taken, and Nomura Securities is not the focus of the investigation. A spokesperson for B. Riley stated in an email statement that they have not received any information from the SEC regarding this matter, and they will fully cooperate if the SEC conducts an investigation.