The Securities and Exchange Commission (SEC) has announced that it has charged a New Jersey-based broker with misusing his access to customers’ brokerage accounts to enrich himself and family members at the expense of his customers, many of whom had entrusted him with their retirement accounts. The SEC uncovered the alleged fraud with data analysis…
Read more
The Securities and Exchange Commission (SEC) has announced that Connecticut-based United Technologies Corporation will pay $13.9 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by making illicit payments in its elevator and aircraft engine businesses. According to the SEC’s order, United Technologies subsidiary Otis Elevator Co. made unlawful payments to…
Read more
The Securities and Exchange Commission (SEC) has informed the public that it has charged two brokers for recommending excessive levels of trading that were costly for retail customers but lucrative for the brokers. In separate complaints filed in federal court in Manhattan on Friday, the SEC alleges that Florida resident Emil Botvinnik and New York…
Read more
The Securities and Exchange Commission (SEC) has announced that it has charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock. According to the SEC’s…
Read more
The Securities and Exchange Commission (SEC) has informed the public that it is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action. The $39 million award is the second-largest award in the history of the SEC’s whistleblower program. Whistleblowers…
Read more
The Securities and Exchange Commission (SEC) has announced that it has charged a professional football player and a former investment banker with insider trading in advance of corporate acquisitions facilitated through coded text messages and FaceTime conversations. The SEC alleges that after meeting at a party, Mychal Kendricks began receiving illegal tips from Damilare Sonoiki,…
Read more
The Securities and Exchange Commission (SEC) has announced that Legg Mason Inc. will pay over $34 million to resolve an SEC charge that the company violated the Foreign Corrupt Practices Act (FCPA) in a scheme to bribe Libyan government officials. According to the SEC’s order, between 2004 and 2010, a former Legg Mason asset management…
Read more
The SEC is serious about regulating the Bitcoin "market", it seems. The Security and Exchange Commission has just denied a total of nine Bitcoin ETF applications from several investors, including ProShares, Direxion and GraniteShares. The rejection of the nine applications by the three candidates was announced one day prior to the deadline (23rd August). ProShares…
Read more
Bitcoin's price has plummeted recently and the digital coin is trading at around $6,000. Investors are eagerly awaiting to see if there will be a Bitcoin ETF approved by the SEC this Thursday, 23rd of August, 2018. After some initial delay, the SEC will "make or break" the Bitcoin market for sure. The most awaited…
Read more
The Securities and Exchange Commission (SEC) has announced that Ameriprise Financial Services Inc. will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC’s order, five Ameriprise representatives committed numerous fraudulent acts, including forging client documents, and stole more than $1 million…
Read more