Tagged: sec

February 10, 2019 @ 1:25 pm By JD Alois  |  

In a presentation last Friday (along with a Q&A session), SEC Commissioner Hester Peirce discussed innovation, entrepreneurship, and the SEC’s impact on these important aspects of the economy. Delivered remotely to the University of Missouri School of Law, Peirce talked about balancing investor protection while fostering… Read More

February 8, 2019 @ 5:27 pm By Onki Kwan  |  

As I discussed in a previous article, in November 2018, the SEC staff  (the “Staff”) notified Kik Interactive Inc. and the Kin Foundation (collectively, “Kik”) that they would recommend that the SEC file an enforcement action against Kik for violating registration requirements of the securities… Read More

February 8, 2019 @ 10:35 am By JD Alois  |  

Earlier this week, SEC Commissioner Robert Jackson spoke to Roll Call about the potential for Bitcoin or crypto-based Exchange Traded Funds (ETFs). Jackson said he is of the opinion that someone will eventually satisfy the standards the SEC have established. But he also added the caveat… Read More

February 8, 2019 @ 8:23 am By JD Alois  |  

Securities Fraud 101 Yesterday, the Securities and Exchange Commission (SEC) Enforcement Division filed a complaint against online gaming firm Kizzang and founder Robert Alexander. The SEC alleges that from February 2013 to mid 2017, Alexander raised approximately $9 million from 53 different investors. Unfortunately for… Read More

February 4, 2019 @ 12:00 pm By Onki Kwan  |  

Kik Interactive Inc. (“Kik”), a company based in Canada, raised close to $100 million selling Kin tokens during the initial coin offering (ICO) boom of 2017, making it one of the most successful ICOs. It first sold tokens to accredited investors through a SAFT (Simple… Read More

January 31, 2019 @ 8:52 pm By Scott Andersen  |  

On January 22, 2019, the Financial Industry Regulatory Authority (FINRA) released its examination priorities for 2019.  At the top of the list was online funding platform compliance with the securities laws. With an uptick in the offer and sale of securities offerings online with Rule… Read More

January 28, 2019 @ 11:08 pm By JD Alois  |  

Shamoil T. Shipchandler, the Director of the Fort Worth Regional Office of the Securities and Exchange Commission, has departed the agency, according to a note by the SEC. During his tenure in Fort Worth, Shipchandler pursued some “novel cases” including cryptocurrency fraud. Shipchandler oversaw a team… Read More

January 27, 2019 @ 9:30 am By JD Alois  |  

The Securities and Exchange Commission (SEC) is back on the job as President Trump signed a bill that will re-open the government for three weeks – until February 15th. The closure of federal offices was due to a political spat between the Democrats and the… Read More

January 25, 2019 @ 4:31 pm By JD Alois  |  

iFunding was an early entrant into the real estate crowdfunding sector. Once Title II of the JOBS Act became law (Reg D 506c), it opened up a new world of online promotion for securities offerings and real estate almost immediately became one of the hottest… Read More

January 24, 2019 @ 3:41 pm By JD Alois  |  

There has been a good amount of discussion about the impact of the government shutdown and the effect on government employees who are not being paid.  The shutdown is also undermining sectors of the economy that depend on furloughed public employees. One sector of finance that has… Read More

January 24, 2019 @ 9:28 am By Cali Haan  |  

VanEck has withdrawn it’s its SEC application for a rule change that would allow the company to list a Bitcoin ETF on the Cboe exchange. According to the relevant release from the SEC, VanEck first filed for the rule change on June 20th of last… Read More

January 15, 2019 @ 12:04 pm By JD Alois  |  

Even while much of the Securities and Exchange Commission (SEC) is on furlough due to the US government shutdown, today the SEC announced charges against nine defendants for participating a hack into the SEC’s EDGAR system – the database that hosts all mandated securities filings…. Read More

January 2, 2019 @ 12:15 pm By Cali Haan  |  

A Happy New Year, indeed. Paragon Coin (PRG), the crypto token of a “cannabis on blockchain” project sanctioned in November by the SEC, pumped 6800% overnight on New Year’s Eve on the Russian crypto exchange Yobit. When PRG holders woke up in the new year,… Read More

January 2, 2019 @ 7:30 am By Cali Haan  |  

Dr. Philip Frost, a biotech billionaire accused of “fleecing investors…(in) lucrative market manipulation schemes” has agreed to pay $5.5 million in penalties to the American Securities and Exchange Commission (SEC), CNBC reports. Frost is a business associate of Barry Honig, the accused ringleader int he alleged… Read More

December 30, 2018 @ 3:30 pm By Onki Kwan  |  

Recently, the SEC has charged the gamut of ICO players with violating the securities laws, including companies raising money with ICOs, an exchange, and people promoting ICOs. None of the recent cases contained allegations of fraud and in some cases, the companies attempted to comply… Read More

December 28, 2018 @ 8:50 am By JD Alois  |  

The US Securities and Exchange Commission (SEC) has issued a brief statement in light of the government shutdown predicated by the political impasse between the Trump administration and Congress. President Trump has said he will not sign a bill funding the government unless funding for… Read More

December 24, 2018 @ 12:18 pm By JD Alois  |  

Earlier this month, Templum, a digital asset trading platform, submitted a letter to the Securities and Exchange Commission (SEC) requesting regulatory clarity on certain issues in the securities token space. Specifically, Templum asked the SEC to “provide needed guidance related to post-trade activities in the… Read More

December 21, 2018 @ 2:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) settled proceedings against Wealthfront Advisors LLC and Hedgeable, Inc, regarding claims of making false statements and publishing misleading advertising. This enforcement action marks the first the SEC has taken against Robo-advisors – a hot sector of Fintech. Wealthfront, a… Read More

December 19, 2018 @ 8:29 pm By JD Alois  |  

Today, Reg A+ received a big boost from the Securities and Exchange Commission (SEC) as they announced that reporting firms will soon be able to use the security exemption. Old Regulation A was an exemption that just about no one used – ever. It took… Read More

December 19, 2018 @ 2:37 pm By JD Alois  |  

Long requested by Reg A+ fans, the Securities and Exchange Commission (SEC) has approved final rules that will allow reporting companies to utilize the Regulation A (frequently referenced as Reg A+) exemption to raise capital. The amendments to Reg A+ will become effective upon publication in… Read More