Search Results for: SEC

The US Supreme Court Friday issued a 9-0 opinion in Axon Enterprise, Inc. v. Federal Trade Commission, holding that separate legal challenges to the structure of the Security and Exchange Commission (SEC) and the Federal Trade Commission (FTC) may proceed in federal court. The opinion, written by Justice Elena Kagan, stipulates that district courts retain federal question [...]

The Securities and Exchange Commission Tuesday announced charges against the Church of Jesus Christ of Latter-day Saints and its investment management company for failing to file necessary forms and providing inaccurate information. The SEC first raised concerns about the church’s reporting practices in 2019. The SEC specifically claimed that the church’s investment manager, Ensign Peak [...]

Russian national Vladislav Klyushin Tuesday was convicted by a federal jury in Boston for his role in the orchestration of a $90 million hacking and insider trading scheme. The jury found Klyushin guilty of conspiracy to gain unauthorized access to computers, wire and securities fraud, and conspiracy to commit wire fraud and securities fraud. In [...]

Crypto firm Paxos Trust Company LLC Monday announced the New York Department of Financial Service (NYDFS) ordered them, effective February 21, to cease issuing new BUSD tokens with fellow crypto firm Binance. However, Paxos “will continue to manage BUSD dollar reserves.”  Paxos claimed that, throughout the company’s existence, it “has always prioritized the safety of [...]

The US Securities and Exchange Commission (SEC) Monday settled with Bloomberg Finance L.P. over claims that the company made misleading disclosures relating to its paid subscription service BVAL, which provides daily pricing for over 2.5 million securities to more than 1,300 financial institution customers. Bloomberg agreed to pay the SEC a $5 million penalty and cease [...]

The Securities and Exchange Commission (SEC) Thursday charged Nexo Capital Inc. with failing to register a security that allowed consumers to earn interest on cryptocurrency. Nexo agreed to pay the SEC a $22.5 million penalty and cease the unregistered offer and sale of its “Earn Interest Product” (EIP) to US investors. Nexo also agreed to [...]

Ex-CEO of crypto company FTX Sam Bankman-Fried Tuesday pleaded not guilty to criminal charges including wire fraud, conspiracy, money laundering and election finance violations. In light of his bond release, Bankman-Fried also requested on Tuesday that his bail be modified to ensure that his bail suretors’ identities are redacted. The motion was challenged by news [...]

The US Court of Appeals for the Second Circuit Tuesday reversed insider trading convictions against four defendants over leaks from a US healthcare agency. In the 2-1 decision, the court dismissed various fraud and theft charges against former hedge-fund partners Theodore Huber and Robert Olan, political intelligence consultant David Blaszczak and former US Centers for [...]

The Consumer Financial Protection Bureau (CFPB) Tuesday ordered Wells Fargo to pay $3.7 billion regarding its “widespread mismanagement” affecting over 16 million consumer accounts. Specifically, Wells Fargo must pay $2 billion to consumers in addition to a $1.7 billion civil penalty which will be put into the CFPB’s Civil Penalty Fund to compensate victims of federal consumer financial [...]

The Securities and Exchange Commission (SEC) Tuesday brought civil charges against Samuel Bankman-Fried, CEO and co-founder of the crypto trading platform FTX Trading Ltd. US prosecutors also unsealed criminal charges against Bankman-Fried on Tuesday following his arrest in the Bahamas. The SEC alleges that Bankman-Fried defrauded equity investors and customers of FTX by diverting assets [...]