Tagged: enforcement

February 7, 2024 @ 1:48 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed another enforcement action targeting a digital asset firm. The SEC has filed charges against TradeStation Crypto, alleging an unregistered offering of a “crypto asset lending product.” TradeStation Crypto has settled the charges without admitting or denying the… Read More

February 5, 2024 @ 7:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has posted a note that the California court has entered judgments against former Bitwise CEOs Jake Soberal and Irma Olguin, Jr. The SEC alleged that the two former executives had misled investors about the company’s finances. Without admitting or… Read More

February 2, 2024 @ 5:33 pm By JD Alois  |  

The Securities and Exchange Commission has filed fraud charges against American Bitcoin Academy operated by Rockwell Capital Management and founder Brian Sewel. The company and Sewel have agreed to settle the charges without admitting or denying the allegations. Rockwell Capital Management has also agreed to… Read More

February 2, 2024 @ 10:53 am By JD Alois  |  

The Australian Securities and Investments Commission (ASIC) has received a “court-enforceable” decision addressing the operations of Elepay (Elevare Pay Easy Pty Ltd), a buy now pay the later provider (BNPL). According to a statement issued by ASIC, Elepay failed to Target Market Determination (TMD) before… Read More

February 1, 2024 @ 10:19 am By JD Alois  |  

Paytm, the operating name of One 97 Communications Limited (PAYTM.NS), shares cratered today as the Reserve Bank of India (RBI) decided to halt deposits in its digital wallet and accounts. Paytm describes itself as India’s most loved payments app. The company also operates Paytm Payments… Read More

January 29, 2024 @ 10:24 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against HyperFund and its principles alleging a $1.7 billion “Crypto Pyramid scheme.” Founders Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) were said to have promoted HyperFund which allegedly claimed guaranteed returns for… Read More

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