Tagged: enforcement

Binance to Pay $4.3 Billion Penalty to Settle DOJ Charges, Founder Changpeng Zhao to Exit Business

Binance, the largest crypto exchange in the world, has cut a deal with the US Department of Justice (DOJ) that appears to allow Binance to stay in operation. According to multiple reports, Binance will pay a hefty $4.3 billion penalty and plead guilty to charges,… Read More

Next: SEC Charges Kraken With Operating Unregistered Securities Exchange

The  Securities and Exchange Commission (SEC) has charged Kraken with operating an unregistered securities exchange as the agency continues its pursuit of crypto firms deemed to be transgressing securities laws. The SEC charged Payward Inc. and Payward Ventures, Inc., which do business as Kraken. Kraken… Read More

SEC Reports 784 Enforcement Actions During 2023 Fiscal Year Including Crypto, Reg A+ and More

The Securities and Exchange Commission (SEC) has published a report on enforcement actions during fiscal year 2023. In total, the agency pursued 784 enforcement actions, including administrative proceedings, which compares to 760 enforcement actions during fiscal year 2022. The SEC issued the following statement on… Read More

SafeMoon, Founder Kyle Nagy and Executives Hit with SEC Enforcement Action, Criminal Charges Regarding Crypto Offering

The Securities and Exchange Commission has charged SafeMoon LLC, founder Kyle Nagy, SafeMoon US LLC, its CEO John Karony, and CTO Thomas Smith, for fraud through the unregistered sale of a crypto asset security. Simultaneously, criminal charges were filed in the US Attorney’s Office for… Read More

SolarWinds Comments on SEC Enforcement Action: Another Example of Agency Overreach

Earlier this week, the Securities and Exchange Commission (SEC) filed an enforcement action against SolarWinds (NYSE:SWI) for fraud and failures in regard to “allegedly known cybersecurity risks and vulnerabilities.” CI has received a statement from a SolarWinds spokesperson refuting the SEC’s allegations. The SolarWinds representative… Read More

SEC Charges SolarWinds with Egregious Cyber Shortcomings, Misleading Investors

The Securities and Exchange Commission (SEC) has charged SolarWinds (NYSE:SWI) and its chief information security officer with fraud and failures in regard to “allegedly known cybersecurity risks and vulnerabilities.” The hack has been attributed to Russian criminals. The SEC believes that investors were harmed by… Read More

Judgement Issued by Court in SEC Action Against Digital Asset Issuer Thor Technologies

The Securities and Exchange Commission (SEC) has received a judgment in its enforcement action against Thor Technologies. In 2022, the SEC filed an enforcement action against Thor alleging an unregistered security offering as Thor had issued a “crypto asset security” and did not qualify for… Read More

Ripple Issues Statement on SEC’s Decision to Halt Lawsuit Against Chris Larsen and Brad Garlinghouse

It was reported yesterday that the Securities and Exchange Commission (SEC) had dropped its charges against Ripple executives Brad Garlinghouse (CEO) and Chris Larsen (Chairman). Charges remain for Ripple itself. Ripple has posted a release on the legal victory, calling it a “stunning capitulation by… Read More

UK FCA Fines Equifax £11 million for Security Breach of Consumer Information

The UK Financial Conduct Authority (FCA) has fined Equifax Ltd £11,164,400 for a security breach that exposed UK consumer’s information. The FCA says the security breach is one of the largest cybersecurity breaches in history. The FCA notes that in 2017, hackers accessed the personal… Read More

TransUnion Target of Regulatory Action by CFPB, FTC, Must Pay $23 Million Penalty

The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have taken regulatory action against global credit profiling firm TransUnion (NYSE: TRU), claiming the company failed in regard to rental background checks. Additionally, the two agencies claimed TransUnion withheld the names of third parties… Read More

“Ponzi-Like”: SEC Blocks Zera Financial from Ongoing Effort Promising 36% Annual Return. Funds Dissipated

The Securities and Exchange Commission (SEC) has filed an enforcement action against  Zera Financial and Luis A. Romero. The complaint states that. Zera and Romero have raised more than $2.28 million from about 168 investors. The money is said to have been “dissipated.” The SEC… Read More

Strategic Legacy Investment Group, SLIG High-Interest Liquid Savings Company Charged by SEC with Ponzi Accusations

The Securities and Exchange Commission (SEC) has charged Pedram Abraham Mehrian and two companies he controlled with allegations of conducting a multi-year Ponzi-like scheme. The SEC claims that Mehrian misled investors who purchased $17.5 million in promissory notes. The SEC claims that Mehrian and two… Read More

SEC Charges Podcaster, the Cash Flow King, with Ponzi Plot that Garnered $11 Million from 50 Investors

The Securities and Exchange Commission has charged Matthew Motil with allegations he operated a Ponzi like scam that pilfered $11 million from 50 investors. Motil, based in North Olmstead, Ohio, ran a podcast called “The Cash Flow King.” According to the SEC’s complaint, Motil promoted… Read More

It was “Fan Crowdfunding” – SEC Commissioners Peirce and Uyeda Criticize Stoner Cats NFT Enforcement Action

Earlier today, the Securities and Exchange Commission (SEC) announced an enforcement action against Stoner Cats and the creation of non-fungible tokens (NFTs) that were sold to the public. In total, Stoner Cats sold over $8 million in these NFTs which then were available for resale… Read More

Stoner Cats NFT Offering Deemed Unregistered Securities Offering by SEC, Company Settles Paying $1 Million Penalty

Stoner Cats 2 LLC has been charged by the Securities and Exchange Commission (SEC) for pursuing an unregistered securities offering with the issuance of non-fungible tokens (NFTs). This is the second enforcement action targeting an NFT issuer as it broadens its targets in the digital… Read More

Payments for Order Flow Firm Virtu Target of SEC Enforcement Action

Virtu, one of the most active firms in the payment for order flow sector, has been hit with an enforcement by the Securities and Exchange Commission (SEC). According to the SEC’s allegations, Virtu allowed access to material, nonpublic information (MNPI) which could have been used… Read More

Crowdfunding: Yieldstreet Hit with Charges of Misleading Investors Pertaining to Marine Deconstruction Loans, Settles with SEC

The Securities and Exchange Commission (SEC) says it has settled charges against Yieldstreet, a top alternative investment platform mainly serving accredited investors. According to the SEC, Yieldstreet failed to disclose critical information pertaining to an asset-backed securities offering that totaled $14.5 million. Yieldstreet has settled… Read More

CFTC Orders Utah Man to Pay $2.5 Million for “Leveraged Bitcoin Fraud”

The Commodity Futures Trading Commission (CFTC) has ordered that Jacob Orvida, a Utah man, pay restitution and a penalty of $2.5 million for allegations of fraud in a leveraged Bitcoin ploy. According to the CFTC, Orvida solicited investors to join a commodity pool to trade… Read More

US Commodity Futures Trading Commission Targets Three DeFi Providers, Coinfund Says Regulation by Enforcement is Catastrophic

The US Commodity Futures Trading Commission (CFTC) announced charges targeting three DeFi, or decentralized finance, operations yesterday. These included Deridex, ZeroX, and Opyn. The CFTC alleges the offering of illegal derivatives trading. The CFTC charged Deridex and Opyn with failing to register as a swap… Read More

Crypto Firm Linus Financial Settles with SEC Regarding Unregistered Securities Allegations Pertaining to a Crypto Lending Product

The Securities and Exchange Commission has settled charges against Linus Financial, Inc. for failing to register the offers and sales of its retail crypto lending product, the Linus Interest Accounts. The SEC decided against having Linus pay penalties as the company took “prompt remedial actions”… Read More

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