Tag: SEC

SEC fraud
November 19, 2021 BY Steffy Bogdanova

SEC issues charges in crypto investment scams

Michele Wein Layne, Regional Director of the SEC’s Los Angeles Regional Office, said: Defendant Ryan Ginster allegedly engaged in a fraudulent scheme raising millions in cryptocurrency using online investment programs and then converted the cryptocurrency for his own benefit. Individuals who hide behind the anonymity of cryptocurrency transactions to defraud investors should expect that the…

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October 28, 2021 BY Steffy Bogdanova

CFTC and SEC charge SwapStar with investment fraud

The regulators noted that Rege and SwapStar used part of the money to trade commodity interests through accounts they owned. Some of the client funds were used to pay bogus gains to some clients, to return original investments amounts to others and to pay for some of Rage's personal expenses. Additionally, Rage failed to disclose…

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SEC
October 21, 2021 BY Steffy Bogdanova

Credit Suisse ordered to pay $475 million in charges related to Mozambican bond offerings

The SEC highlighted that this stems from Credit Suisse's deficient internal accounting controls. The failed to properly address significant and known risks concerning bribery. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement said: When it comes to cross-border securities law violations, the SEC will continue to work collaboratively with overseas law enforcement and…

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Whistleblower
September 20, 2021 BY Steffy Bogdanova

SEC awards two whistleblowers with $11.5 million

Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower said: This case demonstrates the Commission's continued commitment to rewarding individuals who provide high-quality tips, and particularly timely ones. These whistleblowers reported credible information that aided the Commission's investigation and their subsequent cooperation allowed the Commission to better understand the violations that formed the…

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US court orders actor Steven Seagal to pay full crypto fine
August 30, 2021 BY Steffy Bogdanova

US court orders actor Steven Seagal to pay full crypto fine

Seagal agreed to pay $157,000 in disgorgement and a $157,000 penalty, without admitting or denying wrongdoing. However, the motion picture celebrity made one payment of $75,000 and never paid the rest, a letter from Maureen Peyton King, a lawyer for the SEC, states. According to the US regulator, Seagal has not responded to the SEC…

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Whistleblower
August 30, 2021 BY Steffy Bogdanova

SEC awards 5 whistleblowers with $2.6 million

SEC awarded a whistleblower over $350,000 for providing independent analysis which led to a successful enforcement action. With unusual effort and expertise developed over many years, the individual identified patterns among publicly available information which allowed the regulator to quickly identify and prevent wrongdoing and to preserve assets. Emily Pasquinelli, Acting Chief of the SEC’s…

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Whistleblower
August 03, 2021 BY Steffy Bogdanova

Whistleblowers receive more than $4 million from SEC

Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower said: Today's awards underscore the important role that whistleblowers play in detecting and halting securities laws violations. Each of the whistleblowers provided high-quality information that made an important contribution to the success of the underlying enforcement action. So far, the agency has awarded over…

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Robinhood
July 29, 2021 BY Steffy Bogdanova

Robinhood attracts heavy regulatory demands

As a public company Robinhood will now be required to release quarterly financial results. Those will include previously undisclosed information on the crypto and options trading contribution to the company’s revenue. The public listing will also require the company to announce any sort of information that may affect its stock price such as government probes,…

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Whistleblower
July 19, 2021 BY Steffy Bogdanova

Whistleblower receives more than $1 million from SEC

So far, the agency has awarded over $939 million to a total of 182 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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