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Securities And Exchange Commission

All articles tagged with #securities and exchange commission

politics1 year ago

"MSNBC Urges SEC to Take Legal Action Against Trump Over Truth Social Stock Surge"

MSNBC suggests that the Securities and Exchange Commission (SEC) should launch an investigation into Donald Trump's "Truth Social" stock surge, insinuating that it could influence the 2024 election. The panel alleges stock manipulation and attempts to encourage the politicization of the SEC to target Trump, as part of a broader lawfare campaign against the former president. This strategy, supported by Democrats and corporate media, has hindered Trump's ability to campaign fairly, with the Biden administration using the justice system to fend off an opponent, despite roadblocks.

via The Federalist|
#2024-presidential-election#donald-trump#lawfare
crime-and-legal1 year ago

"Texas Man Accused of Making $1.8M from Insider Trading by Eavesdropping on Wife's Work Calls"

A Texas man allegedly made $1.76 million from insider trading by eavesdropping on his wife's work calls about a merger, leading to criminal charges and a guilty plea for securities fraud. Tyler Loudon overheard his wife discussing BP's acquisition of TravelCenters of America Inc. and bought stocks ahead of the announcement, resulting in a substantial profit. The Securities and Exchange Commission filed a complaint against him for violating securities laws, and he faces up to five years in federal prison and a $250,000 fine.

via NBC News|
#crime-and-legal#criminal-charges#fraud
fraud2 years ago

"Online Church Pastor Faces Fraud Charges for Pocketing $3.2M in Cryptocurrency Scheme"

The pastor of an online church in Colorado, along with his wife, is facing civil fraud charges for allegedly defrauding parishioners out of $3.2 million through the sale of a cryptocurrency called INDXcoin, which state securities regulators have deemed "essentially worthless." The couple is accused of enriching themselves by promoting the cryptocurrency to members of the Christian community and supporting their lavish lifestyle. The pastor, who claimed divine instruction to take over the cryptocurrency, acknowledged making $1.3 million from investors and stated that "God was going to provide." The couple had no prior experience in operating a cryptocurrency exchange or creating a virtual token before minting INDX two years ago.

via CBS News|
#bitcoin#colorado#cryptocurrency
finance2 years ago

"Morgan Stanley Settles Block Trading Probe for Under $300 Million"

Morgan Stanley is close to reaching a settlement of between $200 million and $300 million to resolve a government probe into its handling of large stock sales, with the penalty to be divided between the Department of Justice and the Securities and Exchange Commission. The investigation relates to "block trades" executed on behalf of clients, and discussions have included the possibility of holding off prosecution in exchange for a penalty. The settlement would remove a longstanding concern for the bank and its former CEO had previously committed to staying on to address the probe.

via Yahoo Finance|
#block-trading-probe#department-of-justice#finance
cryptocurrency2 years ago

"Spot Bitcoin ETFs Gain Momentum as SEC Engages in Key Discussions"

The first-ever spot Bitcoin exchange-traded funds (ETFs) are expected to arrive in the US soon, after a decade-long wait. However, the real challenge lies in obtaining approval from the Securities and Exchange Commission. With numerous issuers vying for approval, it remains to be seen which ones will succeed and how these ETFs will differentiate themselves. The article also raises questions about the prospective investors for these ETFs.

via Bloomberg|
#bitcoin#cryptocurrency#etfs
law-and-politics2 years ago

Supreme Court's Potential Rulings on Financial Fraud and SEC's Authority

The Supreme Court justices expressed concerns about the Securities and Exchange Commission's (SEC) enforcement actions for securities fraud, suggesting that the court may limit the agency's power. Conservative justices questioned the SEC's use of in-house administrative law judges, arguing that it violates an individual's right to a trial by jury. If the court rules against the SEC, it could impact other agencies that use similar proceedings. The case arose after the SEC brought an enforcement action for securities fraud, and the defendant challenged the proceedings, arguing they violated the Constitution. The 5th US Circuit Court of Appeals ruled in favor of the defendant, finding that certain SEC proceedings deprived individuals of their Seventh Amendment right to a civil jury. The Supreme Court seemed focused on this aspect of the case during arguments.

via CNN|
#administrative-state#financial-fraud#law-and-politics
cryptocurrency2 years ago

WisdomTree Partners with Coinbase for Bitcoin ETF Custody

WisdomTree, a New York asset manager, has chosen Coinbase as the custodian for its spot Bitcoin exchange-traded fund (ETF) application submitted to the Securities and Exchange Commission. Coinbase is already the custodian and surveillance-sharing partner for other ETF applicants, including BlackRock. The SEC has until January 15 to approve or deny WisdomTree's Bitcoin Trust.

via Decrypt|
#bitcoin-etf#coinbase#cryptocurrency
finance2 years ago

"SEC Chief Gensler Addresses Bitcoin Fraud and ETF Reviews at Securities Enforcement Forum"

In a speech at the 2023 Securities Enforcement Forum, the Chair of the Securities and Exchange Commission (SEC) emphasized the agency's commitment to combatting fraud and misconduct in the securities markets. The Chair highlighted the importance of economic realities in enforcing securities laws, stating that most crypto assets likely meet the definition of an investment contract and are subject to regulation. The SEC's enforcement program focuses on five themes: economic realities, accountability, high-impact cases, process, and positions of trust. The Chair also emphasized the need for cooperation, fairness, and holding individuals and firms accountable to maintain trust in the markets.

via SEC.gov|
#accountability#crypto-assets#enforcement
financial-crime2 years ago

Podcaster's Ponzi Scheme: Millions Vanished, SEC Claims

The U.S. Securities and Exchange Commission (SEC) has accused an Ohio podcast host, Matt Motil, of running an $11 million Ponzi scheme that defrauded over 50 investors. Motil, who presented himself as the "Cash Flow King," promised to teach investors how to succeed in real estate investing but allegedly used false claims and forged documents to deceive them. The SEC alleges that Motil issued "promissory notes" collateralized by property, misleading investors about their seniority. He targeted a diverse range of investors and profited from the scheme with his wife. Motil filed for bankruptcy but has evaded the SEC's subpoenas. This case highlights the increased scrutiny of smaller-scale scammers by federal regulators.

via CNBC|
#bankruptcy#financial-crime#fraud
finance2 years ago

DWS, Deutsche Bank Subsidiary, Fined $25 Million for ESG Misstatements and Money Laundering Violations

Deutsche Bank subsidiary DWS Investment Management Americas (DIMA) has been charged by the Securities and Exchange Commission (SEC) in two separate enforcement actions. The first action addresses DIMA's failure to develop an Anti-Money Laundering (AML) program for its mutual funds, while the second action concerns misstatements regarding its Environmental, Social, and Governance (ESG) investment process. DIMA has agreed to pay a total of $25 million in penalties to settle the charges. The SEC found that DIMA failed to implement a proper AML program and made misleading statements about its ESG investment controls.

via SEC.gov|
#anti-money-laundering#deutsche-bank#dws-investment-management-americas
finance2 years ago

Goldman Sachs Fined $6 Million by SEC for Inaccurate Trading Data

Goldman Sachs has agreed to pay a $6 million penalty to settle charges brought by the Securities and Exchange Commission (SEC) for failing to provide complete and accurate blue sheet data, which is essential for the SEC's enforcement and regulatory functions. Over a ten-year period, Goldman made over 22,000 deficient blue sheet submissions containing missing or inaccurate trade data for at least 163 million transactions. The SEC found that Goldman lacked adequate processes to verify the accuracy of its submissions. Goldman admitted the findings, agreed to be censured, and has taken remedial actions to improve its reporting systems and controls. Additionally, the Financial Industry Regulatory Authority (FINRA) reached a settlement with Goldman for related conduct.

via SEC.gov|
#blue-sheet-data#compliance#finance
crime2 years ago

Police Chief and Pfizer Employee Among Those Charged in Insider Trading Schemes

Dighton, Massachusetts police chief Shawn Cronin has been charged with insider trading by the U.S. Securities and Exchange Commission (SEC), along with several others, for collectively making over $2.2 million in illegal profits. Cronin allegedly engaged in an insider trading scheme involving the acquisition of one pharmaceutical company by another, receiving insider information from a childhood friend who was a vice president at Alexion Pharmaceuticals Inc. Cronin purchased stocks and options based on this information and shared it with friends, who also invested. Cronin has been charged with securities and tender offer fraud and faces a maximum sentence of 20 years in prison.

via WCVB Boston|
#crime#insider-trading#massachusetts