SEC

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Alleged Hacker Didn't Help His Case With Online Searches

'How can I know for sure if I am being investigated by the FBI' was one of Eric Council Jr.'s queries

(Newser) - In January, the price of bitcoin saw a temporary surge after a fake Securities and Exchange Commision post online. Now, an Alabama man has been arrested for his role in that post. The AP reports that Athens resident 25-year-old Eric Council Jr. was taken into custody on Thursday, for allegedly...

Billionaire Carl Icahn Ordered to Pay $2M Fine

Feds say investor failed to disclose having leveraged his company's securities for personal loans

(Newser) - Billionaire Carl Icahn and his company were charged by US regulators with failing to disclose personal loans worth billions of dollars that were secured using securities of Icahn Enterprises as collateral. Icahn and his company have agreed to pay $1.5 million and $500,000 in civil penalties, respectively, to...

A Warren Buffett 'Mystery' Has Been Solved

His Berkshire Hathaway has scooped up a major stake in Chubb insurance giant, worth about $6.7B

(Newser) - Both CNN and the Wall Street Journal call it a "mystery" that's now been solved: Warren Buffett's Berkshire Hathaway has revealed a major stake that's been kept hush-hush since last year. The outlets report that the investment is in global insurance giant Chubb, and that Buffett'...

Truth Social's Auditor Is in Hot Water With the SEC

Agency accuses BF Borgers of 'deliberate and systemic failures' in more than 1.5K filings

(Newser) - The auditing company responsible for keeping tabs on the parent company for Donald Trump's Truth Social platform apparently needed an auditor for itself. On Friday, the Securities and Exchange Commission accused BF Borgers of "massive fraud," saying the "sham audit mill" found "deliberate and systemic...

SCOTUS Has Bad News for Musk Over Tesla Tweets

High court rejects his appeal on mandate that he gets approval before posting online about his company

(Newser) - The Supreme Court on Monday rejected an appeal from Elon Musk over a settlement with securities regulators that requires him to get approval in advance of tweets related to Tesla. The justices didn't comment in leaving in place lower-court rulings against Musk, who complained that the requirement amounts to...

He Eavesdropped on Wife's Work Calls, Made $1.8M

Tyler Loudon of Texas, convicted of securities fraud, now has to surrender all of it

(Newser) - For many people, working from home involved drowning out the spouse working feet away at the kitchen table. For Tyler Loudon of Houston, it involved the opposite. The 42-year-old "took advantage of his remote working conditions" to listen in on his wife's work calls, gaining confidential information he...

SEC Reluctantly Approves New Bitcoin Funds

Agency says action 'did not approve or endorse bitcoin'

(Newser) - The Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying that it is still deeply skeptical about cryptocurrencies and that it "did not approve or endorse bitcoin" in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for...

Bitcoin Price Spikes After SEC's X Account Hacked

Agency says post about ETF approval was 'unauthorized'

(Newser) - The Securities and Exchange Commission says a post from its X account that caused a spike in the price of bitcoin was the work of hackers. The post claimed that the SEC had granted approval for bitcoin exchange-traded funds, known ETFs, "for listing on all registered national securities exchanges,...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

Crypto Founder Who Made Big Claims Charged in $1B Fraud

SEC: Richard Heart bought $4M black diamond with proceeds from Hex, the 'highest appreciating asset' ever

(Newser) - A cryptocurrency entrepreneur who paid more than $4 million for the world's largest black diamond allegedly purchased the rock with proceeds from a $1 billion crypto fraud. The SEC on Monday announced fraud charges against Hex founder Richard Heart, also known as Richard Schueler. Heart marketed the ethereum-based Hex...

SEC Goes After Coinbase, Biggest US Crypto Exchange

Move comes one day after the agency's lawsuit against an even bigger player, Binance

(Newser) - The hits keep coming for the crypto industry. One day after the SEC sued Binance , the world's largest cryptocurrency exchange, the agency went after Coinbase, the biggest exchange in the US. The SEC accused Coinbase of essentially operating as a securities exchange without registering as one, reports the Wall ...

Report: Bank Was at Center of Criminal Probe Before Collapse

Per Bloomberg, the feds were looking into Signature Bank's dealings with crypto clients

(Newser) - On Tuesday, a spokesperson for the New York State Department of Financial Services insisted that the shuttering of Signature Bank, the third US financial institution to collapse in just a matter of days, had "nothing to do with crypto," per Reuters . By Tuesday evening, however, Bloomberg suggested that...

NBA Hall of Famer, SEC Settle Crypto Case

SEC chief calls Paul Pierce case a reminder to celebrities

(Newser) - NBA Hall of Famer Paul Pierce has agreed to pay about $1.4 million to settle charges that he touted EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset, the Securities and...

Feds Say Software CEO Stole Millions While Workers Went Unpaid

Slync's Chris Kirchner charged in $67M fraud

(Newser) - The co-founder and former CEO of logistics software company Slync is accused of scamming investors for tens of millions of dollars to live a lavish lifestyle while employees went unpaid. Chris Kirchner, 35, is accused of misappropriating $28 million between March 2020 and August 2022, when he was ousted by...

Ex-McDonald's CEO Hit With Another Big Fine

SEC finds Steve Easterbrook misled investors over his 2019 firing

(Newser) - Steve Easterbrook is continuing to pay for his relationships with underlings while serving as CEO of McDonald's. Already forced to return a $105 million severance package so as to settle a lawsuit from his former employer, he's now been fined $400,000 by the Securities and Exchange Commission...

Kim Kardashian Got $250K for Post—Then Was Fined $1.26M

She promoted EthereumMax but didn't disclose she was paid to do so

(Newser) - "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN." So began an Instagram post Kim Kardashian posted in June 2021, in which she pushed EthereumMax’s crypto asset. She did mark it with #ad, but...

Feds Say Crypto Firm Was $300M Ponzi Scheme

Forsage's founders among 11 charged by SEC

(Newser) - Cryptocurrency firm Forsage used technology undreamt of when Charles Ponzi was ripping off investors in the 1920s but regulators say the basic idea was the same: A scam in which investors promised big returns were paid off with money from later investors. The Securities and Exchange Commission has charged 11...

For Twitter, Musk's Move Is 'Worst Case'

Company might win a legal fight to save deal, but analysts say there would be drawbacks

(Newser) - Twitter's stock price has dropped, its public image is damaged, and employee morale is tanking. And that was all before Elon Musk told Twitter and the SEC on Friday that he wants out of the $44 billion deal to buy the company. Twitter said it will fight Musk on...

Those Who Catch Cheating Cheated on Their Ethics Exams

Ernst & Young has to pay a $100M fine to the SEC

(Newser) - It's a scandal rich in irony. Auditors with the giant accounting firm Ernst & Young—the very people whose job it is to catch cheaters—themselves cheated on exams needed to keep their licenses, reports NPR . But the irony gets richer: The accountants cheated on the ethics portion of...

Twitter's Board Unanimously Recommends Deal With Musk

But his purchase of the platform still has a long way to go

(Newser) - The pendulum on the Elon Musk-Twitter courtship has swung from no way to it's happening to it's off to maybe it's on again . A development Tuesday keeps it squarely in the "maybe" camp. Twitter's board recommended unanimously that shareholders approve the proposed $44 billion sale...

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