Tagged: sec

SEC Enters Final Judgement Against Richard J. Greenlaw, Who Created 20 Different Cannabis Companies and Raised Money on Craigslist

The Securities and Exchange Commission has obtained final judgement against Richard J. Greenlaw, a founder of a medical marijuana company. According to the SEC, Greenlaw created 20 affiliated entities and then raised $500,000 from investors by using Craigslist – the popular online classified site. The twenty cannabis-related… Read More

SEC Launches New “FinHub” for Innovation and Financial Technology

The Securities and Exchange Commission (SEC) has launched a new “FinHub” described as a strategic hub for innovation and financial technology or Fintech. According to the SEC, the FinHub will serve as a resource for public engagement on the SEC’s Fintech related issues and initiatives. These… Read More

Big Ten: The SEC Schedules Annual Government-Business Forum at Ohio State

The Securities and Exchange Commission (SEC) has scheduled the annual Government-Business Forum on Small Business Capital Formation for this coming December and this year they are taking the event to the Buckeye state. The SEC announced today the Forum will be held at the Ohio State… Read More

SEC Provides Temporary Relief for Issuers Using Reg CF & Reg A+ Impacted by Hurricane Michael

The Securities and Exchange Commission (SEC) issued temporary rules for companies that issued securities under Regulation Crowdfunding (Reg CF) and Regulation A (Reg A+). The rules provide relief for victims of Hurricane Michael. The “interim final temporary rule”  extends the deadline for issuers subject to… Read More

Stanford-Trained Brazilian Professor Warns SEC Not to Approve Bitcoin ETF

A Stanford-trained Brazilian professor of computer science has left several of the sacred cows of Bitcoin wounded in the field after submitting a systematic take down of several of the coin’s tropes questioning manipulators in a submission to the US Securities and Exchange Commission (SEC)…. Read More

SEC Expands Scrutiny of Companies That Sold ICOs to Unaccredited Investors

The American Securities and Exchange Commission (SEC) has been following up on “scores” of subpoenas it sent in January to companies issuing ICOs (initial coin offerings) and is now focussing on those and “many more” that sold ICOs to unaccredited investors, Yahoo Finance reports. Based… Read More

Fraud: SEC Shuts Down Blockvest ICO that Allegedly Falsely Claimed SEC Approval & Created a Fictitious Regulator: the “Blockchain Exchange Commission”

The Securities and Exchange Commission (SEC) has taken action against an initial coin offering (ICO) that falsely claimed to be approved by the SEC. The enforcement action was filed against Blockvest LLC and company founder Reginald Buddy Ringgold, III. Additionally, the SEC obtained an emergency… Read More

What We Can Learn From the SEC’s Lawsuit Against Elon Musk

On September 27, 2018, the SEC filed a lawsuit against Elon Musk for committing securities fraud because of some tweets he published on August 7, 2018. A mere two days later, September 29, 2018, Musk settled with the SEC. As part of their settlement agreement,… Read More

Update: LendingClub SEC / DOJ Settlement Totals $6 Million

Last week, CI reported that the Securities and Exchange Commission (SEC) had charged LendingClub Asset Management LLC (part of Lending Club), and former President Renaud Laplanche with fraud for improperly using fund money to benefit LendingClub. A settlement was quickly agreed to by all parties… Read More

SEC Chair Jay Clayton Comments on Elon Musk & Tesla Enforcement Action and Settlement

“…when companies and corporate insiders make statements, they must act responsibly, including endeavoring to ensure the statements are not false or misleading and do not omit information a reasonable investor would consider important in making an investment decision.” – Jay Clayton, Chairman of the SEC… Read More

LendingClub Responds to SEC Charges & Settlement Pertaining to Former Executives Misconduct

LendingClub (NYSE:LC) has responded to the just announced charges and settlement by the Securities and Exchange Commission (SEC) pertaining to allegations of misconduct by former executives. Specifically, LendingClub Asset Management, along with former Executives Renaud Laplanche and Carrie Dolan, have entered into a settlement with… Read More

SEC Charges Former LendingClub Execs, including Founder Renaud Laplanche, with Misleading Investors, Breach of Fiduciary Responsibilities

The Securities and Exchange Commission (SEC) has charged LendingClub Asset Management LLC, and former President Renaud Laplanche with fraud for improperly using fund money to benefit LendingClub.  LendingClub Asset Management, Laplanche, and former CFO Carrie Dolan, also were charged with improperly adjusting fund returns. The… Read More

SEC & CFTC Join in Charging Austria Based Dealer Using Bitcoin for Swaps for Violating US Law

The Securities and Exchange Commission (SEC) announced an enforcement action today against an Austria based international securities dealer with providing securities swaps funded by Bitcoin. The SEC charges Patrick Brunner, CEO of 1pool Ltd. a/k/a 1Broker – registered in the Marshall Islands, with violations of US… Read More

SEC Lawsuit Against Real Estate Crowdfunding Platform iFunding Alleges Fraud Scheme to Misappropriate Investor Funds [u]

The Securities and Exchange Commission (SEC) has filed a complaint against real estate crowdfunding platform iFunding, along with co-founders William Skelley and Sohin Shaw. The complaint alleges that Skelley and Shaw pursued a “fraudulent scheme to misappropriate investor funds.” CI Senior Contributor and securities attorney… Read More

SEC Says Canadians Accused of “Plexcoin” ICO Fraud Refusing to Cooperate

The SEC told a New York courtroom Tuesday that two defendants accused of selling a fraudulent ICO (initial coin offering) called “Plexcoin” have been ignoring court orders to document their assets and are refusing to “participate meaningfully” in an SEC court action against them. According… Read More

Group of Crypto / Blockchain Industry Leaders Addresses SEC on Fund Innovation & Digital Assets

A letter authored by a group of prominent cryptocurrency / blockchain advocates was forwarded to the Securities and Exchange Commission (SEC) this week. The letter was addressed to Dalia Blass, Director of the Division of Investment Management at the SEC, specifically mentioning the Commission’s Staff… Read More

GAW Miners Fraud Perp Homero Joshua Garza Sentenced to Prison

The saga of the GAW Miners / ZenMiner fraud has come to an end. On September 13, 2018, the perpetrator of the fraud, Homero Joshua Garza, was sentenced to 21 months of imprisonment. The criminal action was completed alongside an SEC civil enforcement action. The US… Read More

SEC Co-Director of Enforcement Discusses Initial Coin Offering Misconduct, Emphasizes Need for Balance in Fostering Innovation

In a speech delivered this week, Stephanie Avakian, Co-Director of the Division of Enforcement at the Securities and Exchange Commission (SEC), discussed their approach to dealing with the avalanche of initial coin offerings (ICOs) and digital assets in general. Avakian said that as of the Q2… Read More

CryptoMom: SEC Commissioner Hester Peirce Talks Crypto, Cautions that Regulators Can be Too Risk Averse thus Undermining Fintech Innovation

Securities and Exchange Commissioner (SEC) Hester Peirce delivered a speech at the Cato Fintech event in SF this week tackling an important topic: That of regulators (and policymakers in general) being too risk averse. This is a truism in policy. We elect, or appoint, public… Read More

Securities Litigations Against Cryptocurrency Projects in US Have Tripled in 2018

Securities litigations against cryptocurrency projects in the US have tripled in 2018, Law.com reports, and the SEC under new Chairperson Jay Clayton is leading the charge in 30% of cases. In “Securities Litigation Report of 2018,” legal analytics firm Lex Machina found 45 cases filed… Read More

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