Tagged: enforcement

May 13, 2024 @ 7:42 am By Omar Faridi  |  

Upstart has reportedly received a subpoena from the US Securities and Exchange Commission (SEC) pertaining to the Fintech company’s disclosures as they relate to use of its AI algorithms/models and loans. This, according to Upstart’s quarterly filing released this past Tuesday. The California-headquartered alternative lender… Read More

May 7, 2024 @ 3:27 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Curt Kramer and his wholly-owned businesses Power Up Lending Ltd., Geneva Roth Remark Holdings, Inc., and 1800 Diagonal Lending, LLC (formerly known as Sixth Street Lending LLC), for operating as unregistered securities dealers. According to… Read More

May 7, 2024 @ 12:35 pm By JD Alois  |  

Coinbase co-founder and CEO Brian Armstrong welcomed Robinhood (NASDAQ:HOOD) to the Wells Notice club. This past week, it was reported that Robinhood has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that SEC staff is recommending an enforcement action by… Read More

May 7, 2024 @ 8:49 am By Omar Faridi  |  

Robinhood Markets, Inc. (NASDAQ:HOOD) announced that it had received a Wells Notice from the US Securities and Exchange Commission (SEC) staff. As reported on May 6, 2024, Robinhood Crypto (RHC) received a Wells Noticer “indicating [staff] will recommend that the Commission file an enforcement action.”… Read More

May 3, 2024 @ 9:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged BF Borgers CPA PC and its owner, Benjamin F. Borgers with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings… Read More

April 29, 2024 @ 10:20 am By JD Alois  |  

Crypto mixer zkSNACKs and Wasabi Wallet service is now blocking US citizens from using its service. Crypto mixers have gained the ire of the US Department of Treasury, which believes that they are frequently used by bad actors to cover their tracks for nefarious activities…. Read More

April 12, 2024 @ 12:20 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has penalized five individual investment advisors for allegations of violating marketing rules. According to the SEC, each entity has settled the charges and agreed to pay $200,000 in combined penalties. The five firms are as follows: GeaSphere LLC Bradesco… Read More

April 6, 2024 @ 12:12 pm By Michael Wong  |  

Following a nine-day trial, a jury in the United States District Court for the Southern District of New York has found Terraform Labs PTE Ltd. and its former CEO, Do Kwon, guilty of defrauding investors in crypto asset securities. The verdict comes after the Court’s… Read More

April 2, 2024 @ 1:02 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has published the final judgment regarding GA Investors, which is said to have operated dozens of fraudulent websites, including GA-Investors.org. The final judgment was entered by default and includes a demand for GA Investors to pay more than $1.1… Read More

April 1, 2024 @ 7:16 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted that it has obtained a final judgment against defendants Ryan Felton, FLiK, and CoinSpark. The SEC had previously charged the defendants in 2020 for two initial coin offerings (ICOs) that were deemed to be fraudulent. Felton, FLiK,… Read More

March 26, 2024 @ 3:05 pm By JD Alois  |  

KuCoin has been hit with charges alleging the operation of an unlicensed crypto or digital asset derivatives exchange. The Commodity Futures Trading Commission (CFTC) filed the civil enforcement action in the US District Court for the Southern District of New York. The CFTC charged Mek… Read More

March 19, 2024 @ 11:24 am By JD Alois  |  

Genesis Global Capital, LLC has settled charges filed by the Securities and Exchange Commission (SEC) that emerged due to the Commission’s claims that its Gemini Earn program involved the sales of securities. The Earn program, powered by Genesis, allowed crypto investors to generate income while… Read More

March 18, 2024 @ 12:04 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against two firms claiming these entities made “misleading statements” in regard to the utilization of artificial intelligence (AI). Delphia (USA) Inc. and Global Predictions Inc. have both agreed to settle the SEC’s charges and pay $400,000… Read More

March 14, 2024 @ 6:47 pm By JD Alois  |  

The Securities and Exchange Commission has filed charges against CryptoFX LLC, alleging a $300 million crypto Ponzi scam. The SEC states that 17 individuals have been charged in a plot based in Texas that targeted the Latino community in the US as well as other… Read More

March 12, 2024 @ 12:25 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained a default judgment against Sameer Ramani, a friend of a former Coinbase (NASDAQ:COIN) employee, pertaining to insider trading claims regarding crypto. Last year, the SEC filed an enforcement action against Coinbase executive Ishan Wahi and his brother, Nikhil Wahi…. Read More

March 6, 2024 @ 11:32 am By JD Alois  |  

Reflecting on the enforcement action taken against ShapeShift, SEC Commissioners Hester Peirce and Mark Uyeda have criticized the Commission’s slapdash approach toward crypto under Chairman Gary Gensler. The Commissioners have issued a dissenting opinion on the enforcement action. In an Administrative Proceeding, it was determined… Read More

February 16, 2024 @ 9:41 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has penalized Van Eck, an exchange-traded fund (ETF) and mutual fund manager, for not disclosing the role of an “influencer” in the launch of a new ETF. The specific ETF was the VanEck Social Sentiment (VEAC) ETF (NYSE:BUZZ). Van… Read More

February 15, 2024 @ 3:36 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has obtained a final judgment against She Beverage and its principles, including Lupe L. Rose, Sonja F. Shelby, and Katherine E. Dirden. The charges pertain to a suit filed by the SEC in 2021. Approximately 2000 investors were impacted… Read More

February 14, 2024 @ 6:10 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says it has received a court order to enforce a subpoena targeting two crypto promoters who participated in the NovaTech investment program. The US District Court for the Northern District of Texas granted the SEC’s request for documents issued… Read More

February 9, 2024 @ 10:27 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has assessed a combined penalty of $81 million to sixteen financial services firms for transgressions involving electronic communications. Each penalized firm has agreed to the penalties. The SEC Division of Enforcement said there have been “pervasive and longstanding uses… Read More