Tagged: enforcement

January 29, 2024 @ 7:25 am By Omar Faridi  |  

The number of enforcement actions issued to global financial institutions in 2023 “reached staggering levels that have rarely been seen in the US,” according to SteelEye’s Annual Fine Tracker. SteelEye analyzed financial penalties issued “by the US Securities and Exchange Commission (SEC) and Commodity Futures… Read More

January 23, 2024 @ 4:20 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has revealed an order demanding Crowd Machine, Metavine, and founder Craig Sproule to disgorge $19,676,401.27 raised in an “unregistered and fraudulent offering of crypto asset securities.” Additionally, pre-judgment interest in the amount of $3,358,147.75 is being added to the… Read More

January 11, 2024 @ 5:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced charges against the CEO of Future Fintech Group (Nasdaq:FTFT). The Future Fintech Group is a financial and digital technology service provider that says it conducts asset management, brokerage, and investment banking services in Hong Kong, operates a… Read More

January 8, 2024 @ 9:21 am By JD Alois  |  

This past Friday, the Securities and Exchange Commission (SEC) revealed an enforcement action that was initially filed last October. According to the SEC, it received a temporary restraining order, an asset freeze, and other relief to halt an ongoing fraud targeting the Indian community that… Read More

January 8, 2024 @ 8:21 am By Tony Zerucha  |  

The United Kingdom’s Financial Conduct Authority (FCA) has imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow, Scotland. Dollar East (International Travel & Money Transfer) Ltd; Hafiz Bros Travel & Money Transfer Limited; and LCC Trans-Sending… Read More

January 2, 2024 @ 9:57 am By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) and the Justice Department sued Colony Ridge, a Texas-based developer and lender, for allegedly “operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.” The lawsuit filed in federal… Read More

December 22, 2023 @ 11:48 am By JD Alois  |  

The Securities and Exchange Commission has settled charges with BarnBridge DAO and its two founders, BarnBridge DAO Troy Murray and Tyler Ward, according to a statement by the Commission. Barnbreige will pay approximately $1.7 million in a penalty regarding allegations that Smart Yield Bonds, a digital… Read More

December 18, 2023 @ 7:17 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) states that the court deciding the case against Binance and its founder Changpeng “CZ” Zhao has formalized the settlement of a $150 million civil monetary penalty personally against Zhao, and Binance to disgorge $1.35 billion of “ill-gotten” transaction fees… Read More

November 21, 2023 @ 3:41 pm By JD Alois  |  

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

November 20, 2023 @ 10:51 pm By JD Alois  |  

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

November 14, 2023 @ 7:30 pm By JD Alois  |  

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

November 1, 2023 @ 1:50 pm By JD Alois  |  

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

November 1, 2023 @ 11:46 am By JD Alois  |  

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

October 30, 2023 @ 6:08 pm By JD Alois  |  

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

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