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Securitiesfraud

All articles tagged with #securitiesfraud

legalcrime1 year ago•2 min saved

"Guilty Pleas in Insider Trading Case Linked to Trump Media Merger"

Two men, Michael and Gerald Shvartsman, pleaded guilty to insider trading in securities related to the merger of Trump Media & Technology Group (TMTG) with a blank-check company. They illegally traded on inside information, making a total of $22 million in illegal profit. The company's shares have been volatile, and Trump's stake is currently worth about $4 billion. The Shvartsmans are scheduled to be sentenced on July 17, and the average prison sentence for federal fraud cases in the U.S. last year was around two years.

via NBC News|

#guiltyplea #insidertrading #legalcrime

legalcrime1 year ago•2 min saved

"Trump Media Investors Plead Guilty to Insider Trading Scheme"

Two investors in Trump Media, Michael and Gerald Shvartsman, pleaded guilty to securities fraud in connection with an insider trading scheme related to the merger of Digital World Acquisition Corporation and Trump Media & Technology Group. The brothers, along with a third individual, allegedly made over $22 million in illegal profits by trading on nonpublic information about the impending deal. The frenzy on Wall Street began after former President Donald Trump revealed plans to merge his new social media business with a special purpose acquisition company. The guilty pleas serve as a reminder of the consequences of corrupting the integrity of the stock market, and the Trump Media merger finally closed last week, leading to a surge in share price and a financial windfall for Trump.

via CNN|

#guiltyplea #insidertrading #legalcrime

legalcrime2 years ago•2 min saved

Ex-Fintech CEO's Fall From Grace Amidst Securities Fraud Allegations

Dozy Mmobuosi, the founder and former CEO of Tingo Companies, has been indicted on charges of securities fraud, making false filings with the SEC, and conspiracy. He is accused of inflating the financial statements of his companies, Tingo Mobile and Tingo Foods, to falsely represent them as profitable and cash-rich, leading to their sale to U.S.-listed companies. Mmobuosi allegedly profited millions from share sales at inflated prices and is currently at large. The charges are accusations, and he is presumed innocent until proven guilty.

via Department of Justice|

##dozymmobuosi #fbi

legal2 years ago•2 min saved

"Class Action Certified for Johnson & Johnson Shareholders in Talc Disclosure Lawsuit"

A U.S. federal judge has certified a class action lawsuit allowing Johnson & Johnson shareholders to sue the company collectively over allegations of fraudulent concealment of asbestos in its talc products. The class action covers shareholders from 2013 to 2018, with the judge rejecting J&J's argument to shorten the class period. Despite J&J's insistence on the safety of their talc products, the certification follows a series of stock price drops linked to revelations about the asbestos contamination, including a $4.69 billion jury award to 22 women and a Reuters report exposing J&J's long-standing knowledge of the risks. The company also faces over 50,000 lawsuits related to its talc products but has been unsuccessful in using bankruptcy to limit litigation exposure.

via Fox Business|

##asbestoscontamination #classaction