Tagged: sec

The SEC Posts Agenda & Panelists for Annual Government Business Forum on Small Business Capital Formation

The Securities and Exchange Commission (SEC) has posted the agenda and panelists for the 36th annual Government Business Forum on Small Business Capital Formation. The annual gathering has been held at the SEC HQ in Washington, DC in past years but this event will be… Read More

SEC Halts Ad Packs Ponzi Scam that Raised Over $38 Million

The Securities and Exchange Commission has posted a complaint, filed in September, against Miami-based Pedro Fort Berbel and his company Fort Marketing Group. The SEC says that Berbel and his company operated  a Ponzi scheme that used a fraudulent internet advertising scam under such names… Read More

First Regulated Initial Coin Offering Conference ICO 2.0 Summit Dives Deep into ICO Legal, Regulatory & Economic Implications

On Friday, November 10, 2017, StartEngine, a Regulation Crowdfunding platform based in Los Angeles, California organized ICO 2.0 Summit, the first regulated ICO conference – or at least the first that I’ve seen. While there seem to be an explosion of ICO and Blockchain-related conferences… Read More

The SEC and Regulated ICOs: Be Careful What You Wish For

Man Proposes and God Disposes On November 8, at an Annual  New York City gathering of securities professionals, SEC Chair Jay Clayton went off script – and in doing so provided what is likely to be the clearest guidance we can expect to receive from… Read More

The SEC, the ICO and Avoiding the ICU: A Call for Leadership and Action

As a securities lawyer and a sometimes advocate for smart regulation of capital formation, I must confess: When it comes to addressing the current state of the Initial Coin Offering (ICO) marketplace, I believe that market participants face a crisis of growing proportions. No Hype… Read More

Bogus ICO Perp Faces Possible 5 Years in Jail for RECoin Offer that Did Not Really Exist

Crowdfund Insider reported last month about the RECoin Initial Coin Offering (ICO) that promised tokens backed by real estate that did not really exist. Maksim Zaslavskiy, the alleged mastermind behind a fraud launched from a series of companies including RECoin Group Foundation, DRC World and Diamond… Read More

Unlawful: SEC Warns Celebrities Against Pumping ICOs & Other Investment Opportunities

The Securities and Exchange Commission (SEC) is out with a note, and an investor alert, warning celebrities against the “unlawful” promotion of Initial Coin Offerings (ICOs) and other investment opportunities. The SEC is referencing the multiple, prominent endorsements of ICOs by high profile celebrities such… Read More

ICOs are Securities: Token Based Offerings Poised for a Rude Awakening as US Regulators May Soon Act

The US Securities and Exchange Commission (SEC) pumped their regulatory brakes on Initial Coin Offerings (ICOs) earlier this year. Pointing to the DAO debacle, the Feds said if a tokenized offering is a security it will be regulated, end of story. This  statement was a long… Read More

SEC Cyber Unit May Take Point Monitoring ICOs

The Co-Director of the SEC Division of Enforcement, Stephanie Avakian, gave a speech today tackling the topic of retail investor protection and cybersecurity. Both issues have always been important missions at the SEC but recent cyber intrusions at the Commission (and elsewhere, unfortunately) have brought… Read More

Ponzi Scheme: SEC Posts Final Judgement Against Bitcoin Mining Company Gaw Miners & ZenMiner

The Securities and Exchange Commission has filed its final judgement against Homero Joshua Garza and his two Bitcoin mining companies GAW Miners and ZenMiner. Garza is liable for $9.182 million for restitution and pre-judgement interest of $742,774. This ends the litigation against Garza with his… Read More

SEC Chairman Jay Clayton says ICOs Have Some Good But Also New Avenue for Fraud

The Chairman of the Securities and Exchange Commission, Jay Clayton, visited with the House Financial Services Committee today. In his prepared remarks and along with subsequent questioning, Clayton aptly defended the importance of capital formation and the need to have a robust Initial Public Offering… Read More

SEC Chairman Jay Clayton to Testify Before House Financial Services Committee

SEC Chairman Jay Clayton is scheduled to visit with the House Financial Services Committee tomorrow (October 4) beginning at 10AM ET. Clayton already testified before the Senate Banking Committee a few days back. The hearing is entitled “Examining the SEC’s Agenda, Operations, and Budget.” The… Read More

SEC Updates on EDGAR Hack that Allowed Intruders to Trade on Non-Public Info

SEC Chairman Jay Clayton has provided an updated on the intrusion into EDGAR that occurred back in 2016. Additionally, the SEC Chair said the Commission would be strengthening its defenses agains future attempts to hack the SECs systems. The investigation has now determined that an… Read More

Totally Bogus ICO Shut Down by SEC. RECoin Tokens Never Existed as SEC Claims Fraud.

The Enforcement Division of the Securities and Exchange Commission (SEC) has shut down an Initial Coin Offering (ICO) that claimed to allow investors to participate in an offer backed by diamonds and real estate. The SEC has charged REcoin Group Foundation, DRC World, Diamond Reserve Club, and Maksim… Read More

NYSE Arca Yanks Application to List Bitcoin Investment Trust

NYSE Arca has withdrawn the application that was pending before the Securities and Exchange Commission seeking approval to list shares of the Bitcoin Investment Trust. Grayscale Investments, LLC, is the sponsor of the Trust that currently trades on OTC Markets (OTCQX:GBTC). Grayscale said that earlier this… Read More

StartEngine Update: Equity Crowdfunding Platform Now Seeking to Sell Securities in All 50 States Without A Broker-Dealer

Earlier this week, StartEngine announced it is now aiming to sell securities in all 50 states without a broker-dealer. This news comes less than a month after the equity crowdfunding platform filed with the Securities and Exchange Commission to raise up to $5 million in common equity… Read More

SEC IAC Publishes Agenda for Next Meeting Including Blockchain Panel

The Securities and Exchange Commission (SEC) has published the agenda for the upcoming Investor Advisory Committee (IAC) meeting scheduled for October 12th. The meeting may be a bit more interesting as there is a panel scheduled to discuss Blockchain utilization or Distributed Ledger Technology (DLT)… Read More

We All Get Hacked: SEC Chair Clayton Comments on 2016 Intrusion into EDGAR

SEC Chairman Jay Clayton issued a statement today tackling the importance of cybersecurity and detailing the agency’s approach to cybersecurity as an organization and as a regulatory body. The pronouncement comes at a time following the revelation of the massive Equifax hack that has put… Read More

SEC Investor Advisory Committee to Meet in October, Blockchain on the Agenda

The Securities and Exchange Commission (SEC) Investor Advisory Committee (IAC) has scheduled its next meeting at SEC HQ for October 12th. The meeting is open to the public but the SEC always live streams the proceedings on the SEC web site. According to the announcement… Read More

SEC Chairman Jay Clayton Comments on Final ACSEC Meeting as Transition to New Committee Commences

Yesterday the final meeting of the Securities and Exchange Commission’s Advisory Committee on Small and Emerging Companies (ACSEC) took place in Washington, DC. ACSEC, launched in 2011, will now transition over to the Small Business Capital Formation Advisory Committee – an entity with a similar… Read More