Tag: SEC charges

Bitcoin
September 28, 2018 BY Valentina Kirilova

SEC charges bitcoin-funded securities dealer and CEO

The U.S. Securities and Exchange Commission (SEC) has announced that it has filed charges against an international securities dealer and its Austria-based CEO for allegedly violating the federal securities laws in connection with security-based swaps funded with bitcoins. According to the SEC’s complaint, 1pool Ltd. a/k/a 1Broker, registered in the Republic of the Marshall Islands,…

Read more
Tesla plunges 10% after reporting a worse-than-expected loss, co-founder steps down
September 28, 2018 BY Valentina Kirilova

SEC charges Elon Musk with misleading tweets

The Securities and Exchange Commission (SEC) has announced that it has charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc. (NASDAQ:TSLA), with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private. On August 7, 2018, Musk tweeted to his 22 million Twitter followers that…

Read more
DFSA launches Cyber Threat Intelligence Platform
September 27, 2018 BY Valentina Kirilova

SEC charges Voya Financial Advisors Inc. with deficient cybersecurity procedures

The Securities and Exchange Commission (SEC) has announced that a Des Moines-based broker-dealer and investment adviser has agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion that compromised personal information of thousands of customers. The SEC charged Voya Financial Advisors Inc. (VFA) with…

Read more
SFC fines
September 12, 2018 BY Valentina Kirilova

SEC charges ICO Superstore with operating as unregistered broker-dealer

The Securities and Exchange Commission (SEC) has announced that TokenLot LLC, a self-described “ICO Superstore,” and its owners will settle charges that they acted as unregistered broker-dealers. This is the SEC’s first case charging unregistered broker-dealers for selling digital tokens after the SEC issued The DAO Report in 2017 cautioning that those who offer and…

Read more
UN report says North Korea laundered $2 billion theft via Hong Kong firm
August 30, 2018 BY Valentina Kirilova

SEC charges former cash advance firm CEO with defrauding retail investors

The Securities and Exchange Commission (SEC) has announced charges against 1 Global Capital LLC and its former chief executive officer for allegedly defrauding at least 3,400 retail investors, more than one-third of whom invested their retirement funds. The Florida-based cash advance company and former CEO Carl Ruderman allegedly fraudulently raised more than $287 million since…

Read more
SFC fines
August 29, 2018 BY Valentina Kirilova

Moody’s fined $16.25 million by SEC

The Securities and Exchange Commission (SEC) has announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks the first time…

Read more
sec charges
August 28, 2018 BY Valentina Kirilova

Transamerica entities to pay $97 Million to investors

The Securities and Exchange Commission (SEC) has announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors. According to the SEC’s order, investors put billions of dollars into mutual funds and strategies using the faulty models developed by investment adviser AEGON…

Read more
sec charges
August 21, 2018 BY Valentina Kirilova

SEC charges founder in fraudulent scheme

The Securities and Exchange Commission (SEC) has announced that it has charged the founder of San Francisco-based venture capital funds and his investment advisory firm with overcharging investors to fund personal projects, including sending millions of dollars to his own virtual reality production company. The SEC’s complaint alleges that Michael B. Rothenberg, 34, marketed his…

Read more
SFC fines
August 17, 2018 BY Valentina Kirilova

Citigroup pays more than $10 million for inadequate controls

The Securities and Exchange Commission (SEC) has announced that Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls, and trader supervision. The charges stem from $81 million of losses due to trader mismarking and unauthorized proprietary trading and $475 million of losses…

Read more