Tagged: enforcement

October 22, 2023 @ 5:35 pm By JD Alois  |  

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

October 20, 2023 @ 1:19 pm By JD Alois  |  

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

October 13, 2023 @ 11:10 am By JD Alois  |  

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

October 12, 2023 @ 10:39 am By JD Alois  |  

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

October 4, 2023 @ 10:19 am By JD Alois  |  

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

September 28, 2023 @ 11:42 am By JD Alois  |  

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

September 25, 2023 @ 4:07 pm By JD Alois  |  

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

September 13, 2023 @ 7:23 pm By JD Alois  |  

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

September 13, 2023 @ 3:40 pm By JD Alois  |  

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

September 12, 2023 @ 6:44 pm By JD Alois  |  

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

September 12, 2023 @ 3:17 pm By JD Alois  |  

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

September 8, 2023 @ 5:26 pm By JD Alois  |  

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

September 8, 2023 @ 10:04 am By JD Alois  |  

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

September 8, 2023 @ 8:41 am By JD Alois  |  

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

August 29, 2023 @ 4:25 pm By JD Alois  |  

SEC Commissioners Hester Peirce and Mark Uyeda have joined to issue a statement on the enforcement action taken by the Commission against NFT issuer Impact Theory. Yesterday, the SEC revealed its first enforcement action against an NFT issuer, with the firm settling the allegations without… Read More

August 28, 2023 @ 12:31 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Impact Theory and the issuance of an NFT or non-fungible token that was deemed to be an unregistered offering of crypto asset securities. This is the first NFT offering that the SEC has targeted for… Read More

August 24, 2023 @ 8:44 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged former New Jersey State Correctional Police Officer John A. DeSalvo with fraud in relation to the offering of the “Blazer Token,” which the SEC believes is a “crypto asset security.” At the same time, the US Attorney’s… Read More

August 21, 2023 @ 11:36 am By JD Alois  |  

The SEC has charged Titan Global Capital Management, described as a “Fintech investment advisor,” with touting hypothetical performance that was misleading. Titan has settled the allegations without admitting or denying the SEC’s claims. The firm has paid a small penalty of $192,454 in disgorgement as… Read More

August 16, 2023 @ 8:59 am By JD Alois  |  

BAM Trading Services Inc. and BAM Management US Holdings Inc. have filed a motion for a protective order in the ongoing legal battle with the Securities and Exchange Commission (SEC). BAM is the corporate name for Binance.US. This past June, the SEC filed charges against… Read More

August 13, 2023 @ 10:09 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) revealed an enforcement action against Coinbase (NASDAQ:COIN) back in June. Among other allegations, the SEC claims that Coinbase is operating as an unregistered securities exchange. The SEC targeted Coinbase even though it had clearly approved the firm to become… Read More