Tagged: sec

February 2, 2022 @ 3:30 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced a “bifurcated” judgment against an issuer 420 Real Estate LLC and its CEO Willard Jackson, parties that raised money on an investment crowdfunding platform. As was reported last fall, the SEC had filed fraud charges against TruCrowd… Read More

January 31, 2022 @ 8:06 am By Omar Faridi  |  

Digital asset firm Gemini says that they’re pleased to confirm that Gemini Galactic Markets (Gemini Galactic), an affiliate of the Gemini Trust Company, has received approval from FINRA to serve as a broker-dealer registered with the US Securities and Exchange Commission (SEC) and has officially… Read More

January 30, 2022 @ 12:25 pm By Omar Faridi  |  

Fidelity is reportedly trying to make its own moves into the fast-evolving Metaverse economy. Fidelity, which manages trillions of dollars in customer assets, has submitted an application with the US Securities and Exchange Commission (SEC) this past Friday for an exchange-traded fund (ETF), known as… Read More

January 27, 2022 @ 10:03 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has approved BSTX as a national securities exchange thus ushering in an era of a regulated exchange utilizing blockchain technology. The complete SEC filing is available below. BSTX is a joint venture between BOX Digital Markets, LLC and tZERO. … Read More

January 26, 2022 @ 4:47 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has settled actions against two Arizona-based Fintechs ZipRemit and Lendaily. The SEC that final judgments have been entered against the two firms along with CEO Gary Prior. Without admitting or denying the allegations of the amended complaint, Pryor, ZipRemit,… Read More

January 24, 2022 @ 10:05 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has once again denied an attempt to list a Bitcoin Exchange Traded Fund (ETF). In a filing last week, the SEC outlined its justification “disapproving a proposed rule change to list and trade shares of the First Trust SkyBridge… Read More

January 20, 2022 @ 9:12 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has settled with tZERO ATS for transgressing certain rules. An ATS, or alternative trading system, is similar to an exchange as approved operators may facilitate trading of securities. According to the SEC, tZERO ATS must cease and desist from committing… Read More

January 18, 2022 @ 5:39 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against Paul A. Garcia of Severance, Colorado, for allegedly stealing approximately one-quarter of investor funds raised for Gold Hawgs Development Corp. Gold Hawgs reportedly sought to develop a gold hawg token that would be backed… Read More

January 10, 2022 @ 10:25 am By JD Alois  |  

Senator Pat Toomey and Representative Patrick McHenry have sent a letter to SEC Chairman Gary Gensler criticizing his decision to limit comment periods on proposed rulemaking. McHenry is the Ranking Member on the House Committee on Financial Services and Toomey is the Ranking Member on… Read More

January 10, 2022 @ 9:41 am By JD Alois  |  

At least one former enforcement executive from the Securities and Exchange Commission (SEC) is predicting the demise of crypto – or at least a significant setback for digital assets. John Reed Stark, former head of the SEC’s Internet Enforcement team says that new rules from… Read More

January 9, 2022 @ 7:00 pm By JD Alois  |  

Doug Ellenoff of Ellenoff, Grossman and Schole Shares Insight into Booming SPAC Market. Special purpose Acquisition Companies or SPACs had a blowout year in 2021.  While the financing vehicle has been around for decades, in recent years SPACs have rocketed in popularity. SPACs are an… Read More

January 6, 2022 @ 5:00 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges regarding allegations of a fraudulent initial coin offering (ICO). According to the SEC, Crowd Machine, Inc. and Metavine, Inc., allegedly sold unregistered digital asset securities. The SEC also charged Craig Spoule, an Australian citizen, as orchestrating… Read More

January 3, 2022 @ 9:39 am By JD Alois  |  

Last week, the Securities and Exchange Commission (SEC) filed an administrative proceeding in regards to Vincent Petrescu, the founder of the crowdfunding platform TruCrowd. In September of 2021, TruCrowd was hit with fraud charges, in the complaint SEC v. Robert Samuel Shumake, Jr, along with… Read More

December 27, 2021 @ 1:40 pm By Omar Faridi  |  

The blockchain and crypto-assets space has grown tremendously during the past 18 months due in part to the acceleration of the ongoing digital transformation. Many more consumers and business organizations are completing tasks online instead of visiting physical locations to avoid the further spread of… Read More

December 21, 2021 @ 11:02 am By JD Alois  |  

Earlier this week, the Securities and Exchange Commission hit JPMorgan (NYSE:JPM) with a $125 million penalty. JP Morgan Securities, a subsidiary of JP Morgan, was fined for “widespread and longstanding failures by the firm and its employees to maintain and preserve written communications,” said the… Read More

December 20, 2021 @ 10:47 am By JD Alois  |  

SEC Commissioner Elad Roisman has submitted his resignation to President Joe Biden indicating he will exit the Commission next month. Commissioner Roisman issued the following statement: “Today, I sent a letter to President Biden, informing him that I intend to resign my position by the… Read More

December 13, 2021 @ 8:16 pm By JD Alois  |  

SEC Commissioners Hester Peirce and Elad Roisman have once again voiced their concern regarding SEC Chairman Gary Gensler’s regulator agenda – a list that was recently updated. Last summer, Gensler published his regulatory agenda and now an update is available. When Gensler posted his initial… Read More

December 12, 2021 @ 12:33 pm By JD Alois  |  

Empower Oversight Whistleblowers & Research (EMPOWR) is a nonprofit, nonpartisan organization dedicated to enhancing independent oversight of government and corporate wrongdoing, has filed a lawsuit challenging the Securities and Exchange Commission (SEC) to disclose conflicts of interest regarding the regulation of crypto. EMPOWR has filed… Read More

December 10, 2021 @ 9:35 am By JD Alois  |  

SPACS, or special purpose acquisition companies, have had a gangbuster year boosting the number of initial public offerings that have taken place. While SPACs have been around for many years, in recent times the vehicles have surged in popularity as a shortened path to take… Read More

December 9, 2021 @ 3:56 pm By JD Alois  |  

The Securities and Exchange Commission (SEC), Office of the Advocate for Small Business Capital Formation, is a relatively new entity at the SEC. The Advocate was created in recognition of the fact that smaller firms in need of growth capital too frequently get ignored by… Read More