So far, the agency has awarded over $762 million to a total of 148 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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Horwitz and 1inMM allegedly promised investors more than 35% in returns and for years paid presumed returns on earlier investments with money from new investments. The SEC claims that Horwitz misappropriated investor funds for his personal use. He purchased a multi-million-dollar home, trips to Las Vegas, and to paid a celebrity interior designer. Michele Wein…
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So far, the agency has awarded over $741 million to a total of 136 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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Pierce commented: It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look. Electric car-maker Tesla announced its $1.5 billion investment…
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So far, the agency has awarded over $738 million to total of 134 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 for…
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The SEC also awarded over $100,000 to a whistleblower whose independent analysis led to a successful enforcement action. Among other things, the whistleblower conducted an analysis using information from publicly available documents to calculate an estimate of an important metric for a company, and then showed that the company's disclosures regarding that metric were implausible.…
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Since July 2020, Qin and Virgil Capital have told investors who requested redemptions from the Sigma Fund, that their interests would be transferred to VQR Multistrategy Fund LP, another fund under the control of Qin but with separate management and operations. The regulator’s complaint alleges that no funds were transferred and the redemption requests remain…
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Jane Norberg, Chief of the SEC’s Office of the Whistleblower said: Today's three awards demonstrate the SEC's continuing commitment to making awards to individuals who provide high-quality information that assists the agency in bringing successful enforcement actions. These awards also show that the Commission will take into account the unique facts and circumstances of each…
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Stephanie Avakian, Director of the SEC’s Enforcement Division, commented: Robinhood provided misleading information to customers about the true costs of choosing to trade with the firm. Brokerage firms cannot mislead customers about order execution quality. Joseph Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit, added: Robinhood failed to seek to obtain the best…
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So far, the agency has awarded over $731 million to total of 124 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 for…
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