Tagged: sec

October 16, 2018 @ 1:31 pm By Cali Haan  |  

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 to the US Securities and Exchange Commission (SEC). In early July, the SEC… Read More

October 12, 2018 @ 3:07 pm By Cali Haan  |  

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

October 11, 2018 @ 12:05 pm By JD Alois  |  

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

October 1, 2018 @ 9:46 pm By Onki Kwan  |  

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

October 1, 2018 @ 5:04 pm By JD Alois  |  

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

September 30, 2018 @ 11:22 am By JD Alois  |  

“…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

September 28, 2018 @ 2:43 pm By JD Alois  |  

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

September 28, 2018 @ 2:07 pm By JD Alois  |  

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

September 27, 2018 @ 6:38 pm By JD Alois  |  

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

September 27, 2018 @ 1:33 pm By JD Alois  |  

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

September 27, 2018 @ 1:00 pm By Cali Haan  |  

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

September 22, 2018 @ 10:41 am By JD Alois  |  

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

September 21, 2018 @ 10:13 am By JD Alois  |  

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

September 21, 2018 @ 9:49 am By JD Alois  |  

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

September 18, 2018 @ 11:14 am By JD Alois  |  

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

September 17, 2018 @ 9:42 am By Cali Haan  |  

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

September 14, 2018 @ 5:00 pm By Joshua Ashley Klayman  |  

As has been reported widely, digital token sales (sometimes referred to as initial coin offerings or ICOs) arguably are becoming increasingly important as a new form of capital raising.  To date, certain regulators (including the U.S. Securities and Exchange Commission (the “SEC”)) have provided ongoing… Read More

September 11, 2018 @ 12:55 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says that TokenLot, a self professed ICO Superstore, will settle charges regarding allegations the firm operated as an unregistered broker dealer. The SEC notes this is the first case charging unregistered broker-dealers for selling digital tokens after the SEC… Read More

September 11, 2018 @ 12:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has taken its first-ever enforcement action against a hedge fund manager based on its investments in digital assets. The SEC has issued an Order finding Crypto Asset Management LP (CAM) as operating as an unregistered investment company. The SEC… Read More

September 10, 2018 @ 9:22 am By JD Alois  |  

Riot Blockchain (NASDAQ: RIOT), a crypto company that engages in mining, development of exchange and mining pool platforms, and other investments within the sector, has announced a restructuring following the departure of CEO and Chairman John O’Rourke. O’Rourke departed the firm following an enforcement action by the… Read More