Tagged: enforcement

SEC Obtains Final Judgement on Marijuana Company Offering Totaling $6 Million

The Securities and Exchange Commission (SEC) has obtained final judgment on an enforcement action that involved a securities offering for an erstwhile marijuana-based firm. According to the SEC, on November 19, 2021, the US District Court for the Central District of California entered final judgments… Read More

SEC Files 434 new enforcements in FY21, Crypto, Dark Web, DeFi Among New Targets

A review of the Securities and Exchange Commission’s (SEC) enforcement actions in this fiscal year show a growing threat posed by cryptocurrency and decentralized finance (DeFi) scammers. The year ended Sept. 30. The SEC filed 434 new enforcement actions in FY2021, and that is a… Read More

SEC Halts Two Token Offerings by American CryptoFed, Pending Hearing

The Securities and Exchange Commission (SEC) has halted two token offerings by American CryptoFed DAO LLC, a Wyoming-based organization. According to the SEC, the Division of Enforcement alleges that in September American CryptoFed filed a “materially deficient and misleading registration form known as a Form… Read More

Tether, Bitfinex Ordered to Pay Over $42 Million in Fines by CFTC

The Commodity Futures Trading Commission (CFTC) has ordered Tether and Bitfinex (iFinex) to pay $42.5 million in fines, according to a statement by the regulator. Tether, a leading dollar-based stablecoin, must pay $41 million in regards to claims that Tether (USDT) was fully backed by… Read More

Hemp Firm CanaFarma Hit with Fraud Charges from SEC

The Securities and Exchange Commission (SEC) has leveled fraud charges against erstwhile hemp firm CannaFarma Hemp Products Corp, (CSE:CNFA) and its founders. According to the SEC, the company allegedly committed fraud in a securities offering that raised $15 million from investors. The SEC claims that… Read More

NASAA Says More Enforcement Actions in Past Year

The North American Securities Administrators Association (NASAA), the entity that represents state and provincial securities regulators, has distributed its annual Enforcement Report. In a public statement, NASAA said there have been a growing number of investigations and enforcement actions involving, precious metals, self directed IRAs,… Read More

SEC Charges Two Individuals for Meme Stock Wash Trading

The Securities and Exchange Commission has charged two individuals for engaging in a fraudulent scheme designed to collect liquidity rebates from exchanges by wash trading put options of certain “meme stocks” in early 2021. The SEC’s complaint mentions stocks like GameStop, AMC Entertainment, Blackberry, and… Read More

SEC Files Charges Against Analyst that Allegedly was Front Running Big Trades

The Securities and Exchange Commission has filed charges against a quant analyst for “perpetrating a years-long front-running scheme that generated illicit profits of at least $8.5 million.” Sergei Polevikov, who worked at two asset management firms, allegedly abused his position to benefit from information he… Read More

Funding Portal Trucrowd, Crowdfunding Issuers Hit With SEC Fraud Charges

The Securities and Exchange Commission has leveled fraud charges against TruCrowd and three issuers in allegations of fraud regarding $2 million of unregistered securities apparently offered via two investment crowdfunding offerings. As far as we are aware, this is the first significant enforcement action pertaining… Read More

App Annie Hit with Fraud Allegations from SEC, Settles Charges

The Securities and Exchange Commission (SEC) has leveled fraud charges against App Annie and its co-founder and former CEO Bertrand Schmitt. The SEC says App Annie and Schmitt have agreed to settle the fraud charges and will pay a penalty of over $10 million to… Read More

Digital Asset Enforcement Action: SEC Charges Media Companies with Illegal Unregistered Offering of a Digital Asset Security

The Securities and Exchange Commission continues to file charges against firms that have issued digital assets that may be securities. Today, the SEC has charged New York City-based GTV Media Group Inc. and Saraca Media Group Inc., and Phoenix, Arizona-based Voice of Guo Media Inc,… Read More

ICYMI: Direct Lending Investments Settles with the SEC

Last week in the blitz towards the Labor Day holiday weekend, the Securities and Exchange Commission (SEC) filed an administrative proceeding pertaining to Direct Lending Investments (DLI) and an enforcement action that alleged securities fraud. In mid-2019, the SEC filed charges against DLI and its… Read More

Uniswap Under Investigation by the SEC: Report [u]

Uniswap is under investigation by the US Securities and Exchange Commission (SEC), according to a report by Reuters. Uniswap is a DeFi leader and is said to be the largest decentralized digital asset exchange in operation. The Uniswap protocol facilitates crypto trading by utilizing smart… Read More

Ripple Asks SEC to Share Digital Asset Transactions of Employees. Will the Legal Strategy Work?

The ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple and its founders continues to work its way through the halls of justice.  While the SEC continues to pursue its belief that XRP (the digital currency created by Ripple) has always been… Read More

SEC Gains Judgement Over California Man for False Stock Tweets

The Securities and Exchange Commission (SEC) has obtained a judgment against a California man who allegedly posted false tweets to boost the price of a security that traded on OTC Markets. According to the SEC, Andrew L. Fassari used the Twitter name @OCMillionaire to promote shares… Read More

SEC Hits Former HeadSpin CEO With Fraud Charges

The Securities and Exchange Commission (SEC) today charged Manish Lachwani, the former CEO of HeadSpin, an app testing company, with defrauding investors out of $80 million by falsely claiming the company had achieved strong and consistent growth in acquiring customers and generating revenue. The SEC’s… Read More

SEC Charges Nine in Long Running Global Fraud Scheme

The Securities and Exchange Commission (SEC) this week announced an emergency action charging nine people, including a public company chairman, for their participation in long-running fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales and caused significant harm to retail… Read More

Bitmex Hit with $100 Milllion Penalty Pertaining to CFTC Action Claiming Illegal Crypto Trading, AML Violations and More

The Commodity Futures Trading Commission (CFTC), has announced a consent order against BitMEX and its affiliated entities. The order stems from a CFTC action filed on October 1, 2020, against BitMEX and its three individual founders, Arthur Hayes, Benjamin Delo, and Samuel Reed. The CFTC’s… Read More

US District Court Orders $1.75 Million Penalty in Digital Asset Ploy

The Commodity Futures Trading Commission (CFTC) has issued a notice that the US District Court, Southern District of Texas, has issued a consent order in regards to the Global Trading Club (GTC) and affiliated individual Mayco Alexis Maldonado Garcia, and a separate consent order against Cesar Castaneda and… Read More

Poloniex Hit By SEC Action, Charged with Operating Unlicensed Digital Asset Exchange. Trading Platform Settles

In what may be the first of many, the Securities and Exchange Commission has announced charges against Poloniex for operating an unregistered digital asset exchange. Poloniex has settled with the SEC by agreeing to pay a $10.4 million penalty. Poloniex settled without admitting or denying… Read More

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