Category: Charges

'Frack Master' pleads guilty to massive fraud, faces 12 years in prison
October 24, 2018 BY Valentina Kirilova

'Frack Master' pleads guilty to massive fraud, faces 12 years in prison

The Securities and Exchange Commission (SEC) has announced it has agreed to a settlement with Christopher A. Faulkner—the self-proclaimed “Frack Master”—in connection with his wide-ranging securities-fraud scheme that raised over $80 million from hundreds of investors nationwide. Faulkner has simultaneously entered into a plea agreement relating to the same misconduct under which he will serve…

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Regulation
October 22, 2018 BY Valentina Kirilova

ASIC charges former financial services responsible manager

Mr Andrew Law, of Biggera Waters, Queensland, has been charged with three offences under the Corporations Act after allegedly making false or misleading statements in documents submitted to Australian regulator ASIC. Mr Law’s charges were first listed before Queensland’s Southport’s Magistrates Court on 15 October 2018. ASIC also alleges that in December 2013, Mr Law…

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SFC fines
October 01, 2018 BY Valentina Kirilova

Credit Suisse to pay $10 million to settle SEC charges

The Securities and Exchange Commission (SEC) has announced that Credit Suisse Securities (USA) LLC has agreed to settle charges brought by the SEC and the Office of the New York Attorney General regarding material misrepresentations and omissions made in connection with its now-closed Retail Execution Services (RES) business’ handling of certain customer orders. The settlements…

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Bitcoin
September 28, 2018 BY Valentina Kirilova

SEC charges bitcoin-funded securities dealer and CEO

The U.S. Securities and Exchange Commission (SEC) has announced that it has filed charges against an international securities dealer and its Austria-based CEO for allegedly violating the federal securities laws in connection with security-based swaps funded with bitcoins. According to the SEC’s complaint, 1pool Ltd. a/k/a 1Broker, registered in the Republic of the Marshall Islands,…

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Tesla plunges 10% after reporting a worse-than-expected loss, co-founder steps down
September 28, 2018 BY Valentina Kirilova

SEC charges Elon Musk with misleading tweets

The Securities and Exchange Commission (SEC) has announced that it has charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc. (NASDAQ:TSLA), with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private. On August 7, 2018, Musk tweeted to his 22 million Twitter followers that…

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DFSA launches Cyber Threat Intelligence Platform
September 27, 2018 BY Valentina Kirilova

SEC charges Voya Financial Advisors Inc. with deficient cybersecurity procedures

The Securities and Exchange Commission (SEC) has announced that a Des Moines-based broker-dealer and investment adviser has agreed to pay $1 million to settle charges related to its failures in cybersecurity policies and procedures surrounding a cyber intrusion that compromised personal information of thousands of customers. The SEC charged Voya Financial Advisors Inc. (VFA) with…

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insider trading
September 26, 2018 BY Valentina Kirilova

Former CEO of Sirtex Medical Limited charged with insider trading

Mr Gilman Edwin Wong, the former Chief Executive Officer and director of Sirtex Medical Limited, appeared yesterday at the Downing Central Local Court in Sydney charged with one count of insider trading under the Corporations Act, Australian regulator ASIC informed earlier today. ASIC alleges that Mr Wong was in possession of inside information, concerning Sirtex’s…

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Malaysian SC announces relief measures for capital market licensed entities
September 19, 2018 BY Valentina Kirilova

Bursa Malaysia Securities reprimands HB Global Limited

Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded HB Global Limited (HBGLOB) in respect of the company’s fourth quarterly report for the financial year ended 31 December 2016 (QR Dec 2016) announced on 28 February 2017 which was in contravention of paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements…

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asic charges
September 17, 2018 BY Valentina Kirilova

Individual jailed over boiler room scam

UK financial regulator the FCA has announced that Michael Nascimento was today sentenced to 11 years’ imprisonment for his role in a share fraud carried out through a series of boiler room companies which led to the loss of more than £2.8 million of investors’ money. He was the controlling mind, instigator and the main…

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