Tagged: securities and exchange commission

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 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 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 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 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 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

September 5, 2018 @ 4:25 pm By JD Alois  |  

In a Senate vote today, the nomination of Elad L. Roisman as a member of the Securities and Exchange Commission (SEC) was confirmed. Roisman received bipartisan support as 85 Senators voted to approve Roisman and only 14 Democrats voted against his nomination. Selected by President… Read More

August 29, 2018 @ 5:10 pm By JD Alois  |  

Speaking at the 36|86 Entrepreneurship Festival in Nashville today, Securities and Exchange Commission (SEC) Chairman Jay Clayton addressed the all important topic of entrepreneurship and access to capital. During his tenure at the SEC, Clayton has consistently expressed his intent to improve the ability of smaller… Read More

August 27, 2018 @ 8:13 pm By Samuel Guzik  |  

President Trump:  It’s High Time for a few More Tweets to SEC Chairman Jay Clayton Any good litigator can tell you that the difference between success and failure is often the ability to ask the right questions – at the right times – and asking… Read More

August 26, 2018 @ 6:00 pm By Steven McClurg  |  

The SEC Rejects Bitcoin ETF Proposals. The SEC has rejected nine more Bitcoin ETF proposals, one of them from a fairly well-established ETF distributor, ProShares.  The ProShares filing was due for comments on Thursday, but the SEC promptly responded a day early, as well as… Read More

August 24, 2018 @ 11:14 am By Cali Haan  |  

An SEC decision to disapprove the listing of several Bitcoin exchange-traded funds (ETFs) on the New York Stock Exchange(NYSE) has been stayed pending review. Commissioner Hester Pierce announced the stay yesterday on Twitter. The SEC had ruled the day before to deny a rule change… Read More

August 23, 2018 @ 9:43 am By Cali Haan  |  

The SEC has rejected the Cboe BZX Exchange’s request for a rule change to allow it to trade long and short Bitcoin Futures ETFs (exchange-traded funds). The Cboe applied in January for the rule change that would allow its GraniteShares Bitcoin ETF “Long Fund” and… Read More

August 20, 2018 @ 4:16 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Michael (Mike) B. Rothenberg, and his firm Rothenberg Ventures with fraud. Rothenberg, and his company, has agreed to settle the charges without admitting nor denying the allegations incorporated in the SEC complaint. The SEC states that Rothenberg’s… Read More