Theranos CEO stripped of control of company for defrauding investors LeapRate

March 15, 2018 BY Valentina Kirilova

Theranos CEO stripped of control of company for defrauding investors

The Securities and Exchange Commission (SEC) announced that it has charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology,…

March 14, 2018 BY Valentina Kirilova

SEC charges former Equifax executive with insider trading

The Securities and Exchange Commission (SEC) has announced that it has charged a former chief information officer of a U.S. business unit of Equifax with insider trading in advance of the company’s September 2017 announcement about a massive data breach that exposed the social security numbers and other personal information of about 148 million U.S.…

March 14, 2018 BY Valentina Kirilova

SEC charges foreign affiliates of KPMG, Deloitte, BDO

The Securities and Exchange Commission (SEC) announced that it has charged foreign affiliates of KPMG, Deloitte & Touche, and BDO for their involvement in audit work that circumvented the full oversight of the Public Company Accounting Oversight Board (PCAOB). The firms agreed to settle the charges by paying penalties or disgorging their profits from the…

March 09, 2018 BY Valentina Kirilova

SEC bars penny stock executive for exploiting investors

The Securities and Exchange Commission (SEC) announced that it has barred the president of a penny stock company from ever again serving as a public company officer or director after he was caught making false and misleading statements about the company to investors in an effort to increase demand for the stock. The SEC confronted…

March 09, 2018 BY Valentina Kirilova

Voya Holdings Inc. advisers to repay clients $3.6 million

The Securities and Exchange Commission (SEC) has announced that it has charged two investment adviser subsidiaries of Voya Holdings Inc. with failing to disclose conflicts of interest and making misleading disclosures in connection with their practice of recalling securities on loan so their affiliates could receive tax benefits. The advisers agreed to pay approximately $3.6…

UN report says North Korea laundered $2 billion theft via Hong Kong firm

March 09, 2018 BY Valentina Kirilova

Oil-and-gas company Americrude Inc. charged for fraud

The Securities and Exchange Commission (SEC) has informed the public that it has charged a Dallas-based oil-and-gas company and two of its executives with defrauding investors out of at least $950,000 through a string of fraudulent oil-and-gas securities offerings. The SEC’s complaint, which was filed yesterday in federal court in the Northern District of Texas,…

March 08, 2018 BY Valentina Kirilova

Merrill Lynch fined $1.25 million for failures in the unregistered sales of securities

The Securities and Exchange Commission (SEC) has announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. company for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of…

February 14, 2018 BY Valentina Kirilova

Associate Director in the Office of International Affairs Alberto Arevalo retires from SEC

The Securities and Exchange Commission (SEC) announced that Alberto Arevalo, an associate director in the Office of International Affairs, will retire later this month after 28 years of public service. Mr. Arevalo joined the SEC in 2004 and has been an associate director since 2014, with responsibility for international enforcement and supervisory cooperation, and technical…

February 05, 2018 BY Valentina Kirilova

SEC halts ongoing fraud by purported hedge fund manager

The Securities and Exchange Commission (SEC) informed that it has charged a purported hedge fund manager in New York City with a brazen offering and investment adviser fraud thereby putting an end to an ongoing scheme. The SEC alleges that, since at least 2014, Nicholas Joseph Genovese and his hedge fund Willow Creek Investments LP…

The world’s largest crypto IPO postponed

January 31, 2018 BY Valentina Kirilova

SEC halts alleged Initial Coin Offering scam

The Securities and Exchange Commission (SEC) informed that it has obtained a court order halting an allegedly fraudulent initial coin offering (ICO) that targeted retail investors to fund what it claimed to be the world’s first “decentralized bank.” According to the SEC’s complaint, filed in federal district court in Dallas on Jan. 25 and unsealed…

Tag: Securities and Exchange Commission