Tag: SEC

SFC fines
September 13, 2018 BY Valentina Kirilova

United Technologies to pay $14 million for violating FCPA

The Securities and Exchange Commission (SEC) has announced that Connecticut-based United Technologies Corporation will pay $13.9 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) by making illicit payments in its elevator and aircraft engine businesses. According to the SEC’s order, United Technologies subsidiary Otis Elevator Co. made unlawful payments to…

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UN report says North Korea laundered $2 billion theft via Hong Kong firm
September 11, 2018 BY Valentina Kirilova

SEC charges two brokers with fraud

The Securities and Exchange Commission (SEC) has informed the public that it has charged two brokers for recommending excessive levels of trading that were costly for retail customers but lucrative for the brokers. In separate complaints filed in federal court in Manhattan on Friday, the SEC alleges that Florida resident Emil Botvinnik and New York…

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sec charges
September 10, 2018 BY Valentina Kirilova

SEC charges microcap fraudsters for roles in lucrative market manipulation schemes

The Securities and Exchange Commission (SEC) has announced that it has charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock. According to the SEC’s…

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ASIC applauds the enactment of stronger whistleblowing laws
September 07, 2018 BY Valentina Kirilova

SEC awards more than $54 million to two whistleblowers

The Securities and Exchange Commission (SEC) has informed the public that it is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action. The $39 million award is the second-largest award in the history of the SEC’s whistleblower program. Whistleblowers…

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insider trading
August 30, 2018 BY Valentina Kirilova

Professional football player and former investment banker charged with insider trading

The Securities and Exchange Commission (SEC) has announced that it has charged a professional football player and a former investment banker with insider trading in advance of corporate acquisitions facilitated through coded text messages and FaceTime conversations. The SEC alleges that after meeting at a party, Mychal Kendricks began receiving illegal tips from Damilare Sonoiki,…

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SFC fines
August 28, 2018 BY Valentina Kirilova

Legg Mason Inc. fined over $34 million by SEC

The Securities and Exchange Commission (SEC) has announced that Legg Mason Inc. will pay over $34 million to resolve an SEC charge that the company violated the Foreign Corrupt Practices Act (FCPA) in a scheme to bribe Libyan government officials. According to the SEC’s order, between 2004 and 2010, a former Legg Mason asset management…

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August 23, 2018 BY Mariela Naydenova

The nine applications for Bitcoin ETFs - all rejected by the SEC

The SEC is serious about regulating the Bitcoin "market", it seems. The Security and Exchange Commission has just denied a total of nine Bitcoin ETF applications from several investors, including ProShares, Direxion and GraniteShares. The rejection of the nine applications by the three candidates was announced one day prior to the deadline (23rd August). ProShares…

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August 20, 2018 BY Mariela Naydenova

Will there be a Bitcoin ETF on 23rd of August?

Bitcoin's price has plummeted recently and the digital coin is trading at around $6,000. Investors are eagerly awaiting to see if there will be a Bitcoin ETF approved by the SEC this Thursday, 23rd of August, 2018. After some initial delay, the SEC will "make or break" the Bitcoin market for sure. The most awaited…

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SFC fines
August 16, 2018 BY Valentina Kirilova

SEC fines Ameriprise Financial Services $4.5 million

The Securities and Exchange Commission (SEC) has announced that Ameriprise Financial Services Inc. will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC’s order, five Ameriprise representatives committed numerous fraudulent acts, including forging client documents, and stole more than $1 million…

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insider trading
August 09, 2018 BY Valentina Kirilova

SEC charges U.S. Congressman with insider trading

The Securities and Exchange Commission (SEC) has announced the filing of insider trading charges against Congressman Christopher Collins, the U.S. Representative for New York’s 27th Congressional District, his son, Cameron Collins, and a third individual, Stephen Zarsky. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced related…

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