Tesla Names New Board Chair in Settlement With Regulators
Tesla’s board has named one of its own as chairman to replace Elon Musk, complying with terms of a fraud settlement with U.S. securities regulators.
Read moreSEC
Citibank Must Pay $39M
Citibank agreed Wednesday to pay $38.7 million to settle SEC charges of improperly handling pre-released American Depository Receipts.
Read moreDark Pool Penalty
ITG Inc. and Alternet Securities reached a $12 million settlement Wednesday of SEC charges of regarding misstatements and omissions about ITG’s dark pool, POSIT, and failure to protect POSIT subscribers’ confidential trading information.
Read moreRecidivist
A Miami felon cost day traders he was “assisting” at least $3.6 million, the SEC claims in a federal complaint.
Read moreSecurities Fraud
Investment adviser Douglas P. Simanski, of Altoona, Pa., pleaded guilty Friday to having defrauded his customers of $3.9 million, as the SEC alleged in a parallel complaint.
Read moreUS Regulators Subpoenaed Tesla Production Data, Company Says
U.S. securities investigators have subpoenaed information from Tesla about production forecasts for the Model 3 electric car that were made last year, the company acknowledged in a regulatory filing Friday.
Read moreBogus!
The SEC on Wednesday added 28 entities to its Public Alert: Unregistered Soliciting Entities, or PAUSE list, of “unregistered entities that use misleading information to solicit primarily non-U.S. investors.”
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Class Claims Adient Stock Cascaded Downward After Operational Problems Came to Light
Shareholders claim in a class action against Irish automotive seating manufacturer Adient PLC that the company failed to disclose operational
Read moreSecurities Fraud
The SEC claims in a federal complaint that stockbroker Sean Kelly stole $1 million from customers of his Lion’s Share companies and spent it on himself, and kept stealing it even after being subpoenaed.
Read moreCryptocurrency Fraud
The SEC unsealed a federal fraud complaint against Reginald Buddy Ringgold III aka Rasool Abdul Rahim El, of San Diego, whom it accuses of lying repeatedly and falsely claiming SEC affiliation for his wholly bogus “licensed and regulated tokenized cryptocurrency exchange and index fund,” codefendant Blockvest LLC.
Read moreCriminal Securities Fraud
Christopher A. Faulkner, the self-proclaimed “Frack Master,” will disgorge $23.8 million he skimmed from an $80 million securities fraud involving his Breitling Energy Corp., the SEC ordered Tuesday. Faulkner is also serving 12 years for in federal prison for securities fraud, money laundering, and tax evasion.
Read moreInvestor Visa Fraud
Jean Chen and her law office defrauded EB-5 immigrant investors of $12 million, the SEC claims in a federal complaint.
Read moreBrazen Fraud
Despite owing $1.5 million to the SEC for previous securities violations, Bruce J. Fixelle, 58, of Hillsdale, N.J., and his companies Aurora Capital Management and Genesis Advisory Services took more than $300,000 from new investors, “all of which he misappropriated,” the SEC claims in a federal complaint.
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9th Circuit Upholds SEC Summary Judgment Against Convicted Heart Tronics Fraudster
The 9th Circuit sided with the Securities Exchange Commission in an action against Heart Tronics Inc. and attorney Mitchell Stein, who fraudulently inflated the company’s stock price while working as its outside counsel.
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Investors Sue After Essendant Spurns Merger in Favor of Staples Deal
Essendant Inc. faces a class action from investors after terminating a merger agreement with Genuine Parts Co. in favour of an offer from Staples.
Read moreSecurities Fraud
A federal judge ordered $7.5 million in disgorgement and penalties Tuesday against Payson Petroleum executives Matthew Carl Griffin and William Daniel Griffin, whom the SEC accused of securities fraud.
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Sprint Shareholders Sue for More Info on $59 Billion T-Mobile Deal
(CN) – Shareholders claim in a class action that the acquisition of Sprint by rival T-Mobile for an estimated $59
Read more$20 Million Ponzi
The SEC brought a federal complaint accusing Todd Elliott Hitt, 53, of Arlington, Va., of running his real estate companies, Kiddar Capital and Kiddar Group Holdings, as a $20 million Ponzi scheme “to support his extravagant lifestyle.”
Read more$165 Million Stock Fraud
The SEC claims in a federal complaint that a UK citizen who lives in France fraudulently sold $165 million in stocks through his company Wintercap.
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