Tag: SEC

UN report says North Korea laundered $2 billion theft via Hong Kong firm
August 07, 2018 BY Valentina Kirilova

SEC updates list of firms using inaccurate information to solicit investors

The Securities and Exchange Commission (SEC) has announced that it has updated its list of unregistered firms that use misleading information to primarily solicit non-U.S. investors, adding 16 soliciting entities, four impersonators of genuine firms, and nine bogus regulators. The updates by the SEC Division of Enforcement’s Office of Market Intelligence, in coordination with the…

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insider trading
July 25, 2018 BY Valentina Kirilova

SEC detects Silicon Valley executive’s insider trading

The Securities and Exchange Commission (SEC) has announced that a senior executive at a Silicon Valley fiber optics company has agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company. The case stems from the SEC Market Abuse…

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ICO fraud
July 16, 2018 BY Valentina Kirilova

SEC files charges in busted microcap fraud schemes

The Securities and Exchange Commission (SEC) has informed that it has charged a stock promoter and four others involved in an alleged series of microcap fraud schemes that were foiled by FBI undercover work and an SEC trading suspension. According to the SEC’s complaint filed in federal court in southern California on July 6, stock…

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June 29, 2018 BY Valentina Kirilova

SEC and CFTC announce approval of new MoU

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have announced that the two agencies have approved a Memorandum of Understanding (MOU) that will help ensure continued coordination and information sharing between the two agencies. The MOU updates and enhances a 2008 MOU to make it more relevant in the current…

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June 20, 2018 BY Valentina Kirilova

SEC shuts down $102 million ponzi scheme

The Securities and Exchange Commission (SEC) has announced that it has filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S. According to the SEC’s complaint, the defendants defrauded more than 600 investors through sales of securities in issuers they controlled,…

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June 16, 2018 BY Mariela Naydenova

Ethereum Futures on their way?

The SEC has recently announced that Ethereum, the second largest cryptocurrency in the world by market cap, will not be treated as a security by the SEC. The news is an important one, especially for what it might mean for the development of ETH-related "offsprings". Bloomberg reported that the CBOE Global Markets President, Chris Concannon,…

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June 13, 2018 BY Valentina Kirilova

Merrill Lynch charged for failure to supervise RMBS traders

The Securities and Exchange Commission (SEC) announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately…

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May 31, 2018 BY Valentina Kirilova

SEC charges investment professional in $8 million scam

The Securities and Exchange Commission (SEC) has informed the public that it has charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam. According to the SEC’s complaint, Steven Pagartanis, who was affiliated with a registered broker-dealer, told some investors – including retirees who had been Pagartanis’s customers for…

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May 17, 2018 BY Mariela Naydenova

Howey Coins - the SEC with its fake ICO

The SEC has decided to go for an unconventional manner to teach people about ICOs and related scams. The SEC has just launched its very own fake cryptocurrency website, called HoweyCoin website. According to press, the SEC chose the Howey Coins because of the so called Howey Test, where the "an all too good to be…

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