The third award SEC issued was $1.5 million to a whistleblower whose information shaped staff’s investigative strategy and significantly contributed to the success of the covered action. The individual provided substantial and ongoing assistance to the SEC by helping them identify issues. Creola Kelly, Chief of the SEC’s Office of the Whistleblower, said: Credible tips…
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So far, the agency has awarded over $1.2 billion to a total of 238 individuals since the first award was issued in 2012. Payment of the awards is taken out of an investor protection fund set up by Congress. It is financed through monetary sanctions of security law violations paid to SEC. To be eligible…
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Milton also failed to disclose important details about the refueling time of its prototype vehicles, the status of its headquarters’ hydrogen station, the expected cost and sources of electricity for its hydrogen production, and the economic risks that may arise from its proposed partnership with a leading auto manufacturer. Gurbir S. Grewal, Director of the…
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The SEC further detailed that the five defendants shared portions of their profits by funneling them through a Russian information technology company founded by Kliushin and for which Yermakov and Rumiantcev serve as directors. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said: With this action, the SEC, using its powerful analytical tools,…
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Additionally, directors and officers will be required to put in writing that they are not aware of any important nonpublic information when they enter into the plans. The proposal also includes updates that would require more comprehensive disclosure about issuers’ policies and procedures against insider trading, as well as their actions around the timing of…
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Arcaro has already pleaded guilty to BitConnect-related activity, including to charges of conspiracy to commit wire fraud. BitConnect was one of the largest crypto scams. It is estimated that it cheated investors out of $2 billion during its 2017 ICO peak. Arcaro and Future Money have agreed on the entry of judgments. Arcaro is permanently…
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According to SEC, Auzins carried out a second scheme, where from April 2019 to July 2019 he fraudulently offered the unregistered securities of Innovamine, which supposedly provides cloud mining program. SEC stated that “Auzins claimed that investors could contribute digital assets to Innovamine, and then the company would perform mining activities and provide investors with…
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Debih allegedly traded on the tips he received from the investment bankers and recommended to others to trade. SEC has charged seven other people in connection with these schemes. Debih is charged violating the antifraud provisions of the Securities Exchange Act of 1934. He has agreed to the entry of a judgment which, if approved…
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Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower said: Today’s whistleblowers provided information and assistance that proved critical to several enforcement actions. Their information allowed the agency to conserve significant resources and to bring each action more efficiently. So far, the agency has awarded over $1.2 billion to a total of 233…
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The SEC stated in its official alert: These phone calls and voicemail messages are in no way connected to the SEC. If you receive a communication that appears to be from the SEC, do not provide any personal information unless you have verified that you are dealing with the SEC. The SEC does not seek…
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