SEC charges penny stock dealer for failing to register LeapRate

March 25, 2020 BY Steffy Bogdanova

SEC charges penny stock dealer for failing to register

Carolyn Welshhans, Associate Director in the Division of Enforcement stated: The privilege of being a dealer in our securities market comes with important responsibilities and regulatory obligations, including submitting to regulatory inspections and oversight of operations. By failing to register with the Commission, Mr. Keener evaded important safeguards that help protect the integrity of our…

March 24, 2020 BY Steffy Bogdanova

SEC temporarily allows additional flexibility to investment companies affected by Covid-19

Chairman Jay Clayton commented: Today’s temporary action will provide an additional tool that funds can use to manage their portfolios for the benefit of their investors in the current market environment. This action provides funds with additional flexibility to navigate volatile markets while meeting their obligations to investors. The temporary flexibility is a latest step…

March 24, 2020 BY Steffy Bogdanova

Whistleblower awarded $1.6 Million

Jane Norberg, Chief of the SEC’s Office of the Whistleblower commented: The violations would have been difficult to detect without the whistleblower’s information and assistance. This matter highlights the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources. So far, the agency has awarded over…

March 18, 2020 BY Steffy Bogdanova

Jury finds investment adviser and its owner guilty for fraud

Previously, the court gave partial summary judgement Westport Capital and McClue were in violation of the Investment Advisers Act by aiding and abetting unauthorized principal transactions. The trail examined whether the defendants acted intentionally or not. On Monday, jurors returned a verdict in the SEC's favor on these counts. Adam Aderton, Co-Chief of the SEC's…

March 11, 2020 BY Steffy Bogdanova

SEC freezes fraudulent offering by Florida investment adviser

Securities and Exchange Commission acquired an asset frieze against Kinetic Investment Group LLC, Florida-based investment adviser, and Michael Scott Williams, its managing member on suspicion of fraudulent, unregistered securities offering. The offering reached raised approximately $39 million from at least 30 investors located mostly in Florida and Puerto Rico. The complaint filed with SEC alleges…

March 02, 2020 BY Steffy Bogdanova

Whistleblower awarded $7 million

The Securities and Exchange Commission announced last week a more than $7 million reward to a whistleblower who provided crucial information and assistance in a SEC action, including the identification of witnesses. Jane Norberg, Chief of the SEC’s Office of the Whistleblower, commented: The whistleblower showed great tenacity and effort in attempting to expose the…

March 02, 2020 BY Steffy Bogdanova

Hester Peirce’s final battle with SEC as Wilshire Phoenix BTC ETF is rejected

Securities and Exchange Commissioner (SEC) Commissioner Hester Peirce has issued a statement expressing her disagreement with the Commission’s rejection of Wilshire Phoenix’s Bitcoin Exchange Traded Fund application. Peirce criticizes the SEC for unfair and narrow-minded treatment of Bitcoin-related products. Her term ends in a little over three months, in the beginning of June, some suggest…

February 28, 2020 BY Steffy Bogdanova

Actor Steven Seagal charged with unlawful promotion of ICO

The Securities and Exchange Commission (SEC) announced yesterday that it settled charges against actor Steven Seagal for not disclosing payments he received for promoting investments in an initial coin offering (ICO) by Bitcoiin2Gen (B2G). SEC found that the 69-year-old actor failed to disclose the amount $250,000 in cash and $750,000 worth of B2G tokens he…

February 12, 2020 BY Steffy Bogdanova

SEC files charges against cryptocurrency scammer defrauding physicians

The Securities and Exchange Commission (SEC) filed charges against an Ohio-based businessman who set up a digital asset scam defrauding around 150 investors, among which many physicians. Michael W. Ackerman allegedly, along with two other businessmen, raised at least $33 million from investors, claiming he developed a proprietary algorithm that traded in cryptocurrencies and generated…

January 24, 2020 BY Steffy Bogdanova

Whistleblowers awarded after helping stop fraud

The Securities and Exchange Commission (SEC) announced yesterday that two whistleblowers were awarded for providing timely and crucial information in two separate cases of fraud. Both whistleblowers assisted SEC in stopping fraudulent schemes exploiting retail investors. The first whistleblower alerted SEC of fraudulent actions and the agency awarded them with more than $277,000 for his…

Tag: SEC