Tag Archives: SEC

CNN reports: A businessman who pumped $75 million into the Trump family-backed crypto token finds himself in a fortunate position this week as federal securities regulators are hitting pause on their civil fraud case against him. On Wednesday, lawyers for the Securities and Exchange Commission and Justin Sun, a 34-year-old Chinese crypto entrepreneur, asked a federal judge to put the …

Popular Information reports: On June 6, 2023, the SEC filed charges against Coinbase, a crypto trading platform, alleging that the company was operating as an unregistered securities broker. The failure to register, according to the SEC, “deprived investors of significant protections.” On February 21, Coinbase CEO Brian Armstrong wrote on X that Coinbase and the SEC had “reached an agreement …

Reuters reports: Lawyers at the U.S. Securities Exchange Commission (SEC) have been told they need to seek permission from the politically appointed leadership before formally launching probes, two sources briefed on the matter said, in a marked change in procedure that could slow down investigations. The change, which has not been previously reported, was made under new leadership at the …

The New York Times reports: U.S. securities regulators sued Elon Musk in federal court in Washington on Tuesday in an enforcement action arising from his $44 billion purchase of Twitter, now called X. The lawsuit against Mr. Musk, who has become a close adviser to President-elect Donald J. Trump, is likely to be one of the more contentious final acts …

CNBC reports: The Securities and Exchange Commission on Thursday charged global financial services firm Cantor Fitzgerald with violating laws related to regulatory disclosures by so-called blank-check companies before they raise money from the public. Cantor’s chairman and CEO, Howard Lutnick, was recently nominated by President-elect Donald Trump to lead the Commerce Department. Lutnick is co-chair of Trump’s transition team. Cantor …

The Washington Post reports: Elon Musk revealed on Thursday that he had received an offer to settle a federal investigation into potential securities fraud stemming from his 2022 purchase of Twitter, now known as X, which his lawyer appeared to dismiss on grounds that the probe was politically motivated. The private talks burst into public view after Musk — now …

The New York Times reports: President-elect Donald J. Trump picked Paul Atkins to serve as chair of the Securities and Exchange Commission, turning to a pro-business conservative and former regulator to run the agency that is in charge of protecting investors from fraud and malfeasance on Wall Street. Mr. Atkins, a lawyer, has been playing an active role in helping …

CNN reports: President-elect Donald Trump’s social media stock had been sinking fast after a short-lived, post-election-victory surge this week. Then, with a single post on Truth Social, he helped boost the stock again – and added a half billion dollars to his net worth as a result. A half-hour into trading Friday, when shares were down again, Trump sent out …

Reuters reports: An Alabama man was arrested on Thursday over criminal charges that he hacked the U.S. Securities and Exchange Commission’s X account earlier this year, in an action that caused bitcoin’s value to spike, federal prosecutors announced. In January, a hacker posted false news about a widely anticipated announcement the SEC was expected to make about bitcoin, shocking the …

Reuters reports: U.S. Securities and Exchange Commission said on Friday it intends to seek sanctions against Elon Musk after he failed to appear for scheduled testimony for the regulator’s probe into his $44 billion takeover of Twitter. In a court filing, the SEC said the sanctions motion would seek an order to show case for why Musk should not be …

Law & Crime reports: The “terminated” CEO and board chairman of Digital World Acquisition Corp. (DWAC), a so-called “blank check” special purpose acquisition company (SPAC) that went on to complete a merger with Trump Media & Technology Group (TMTG), taking Donald Trump’s Truth Social company public, was hit with a securities fraud case on Wednesday. The Securities and Exchange Commission …

CNBC reports: The auditing firm for Trump Media and the auditor’s owner were charged Friday with “massive fraud” by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, …

Engadget reports: The SEC officials investigating Elon Musk over his handling of the Twitter takeover seem to be growing more and more impatient with his legal antics. The two sides have been locked in a dispute over Musk’s refusal to testify in the investigation. Now, in a new filing, the SEC accuses Musk of trying to “misrepresent” the regulator’s investigation. …

Reuters reports: A federal judge ordered Elon Musk to testify again in the U.S. Securities and Exchange Commission’s probe of his $44 billion takeover of Twitter, giving the regulator and the billionaire a week to agree on a date and location for the interview. Judge Laurel Beeler’s order, issued on Saturday night, formalized a tentative ruling she made in December …

The Hill reports: The Securities and Exchange Commission’s (SEC) account on the platform formerly known as Twitter was breached Tuesday, the agency said, after it appeared to announce the approval of several bitcoin investment funds. The SEC’s account on X posted a message earlier Tuesday — featuring a picture of SEC Chairman Gary Gensler — announcing the approval of exchange-traded …

Ars Technica reports: Elon Musk yesterday appealed to the Supreme Court in a last-ditch effort to terminate his settlement with the Securities and Exchange Commission. Musk has claimed he was coerced into the deal with the SEC and that it violates his free speech rights, but the settlement has been upheld by every court that’s reviewed it so far. In …

Bloomberg News reports: Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao arrived in Seattle federal court Tuesday to plead guilty to anti-money laundering charges under a sweeping deal worked out with the Justice Department designed to keep the company operating. Zhao agreed to step down as part of the settlement, which included the Treasury Department and the Commodity Futures Trading …

Ars Technica reports: Elon Musk’s attempt to avoid testifying in a Twitter stock-purchase investigation continued yesterday with Musk asking a court to block a subpoena issued by the Securities and Exchange Commission. Musk’s filing in US District Court for the Northern District of California claimed the SEC is “harassing” him, exceeding its authority to investigate, and making “overly burdensome” demands …

Axios reports: Digital World Acquisition Corp., the special purpose acquisition company that inked a deal to acquire former President Trump’s media and tech company, said on Monday that it has struck a tentative settlement with securities regulators. The SEC’s probe into the merger, which would result in Trump’s Truth Social becoming a publicly traded company, has delayed the deal considerably. …

Bloomberg News reports: US regulators are investigating Elon Musk’s role in shaping Tesla Inc.’s self-driving car claims, the latest effort by watchdogs to scrutinize the actions of the world’s second-richest person. The review is part of an ongoing Securities and Exchange Commission probe of the company’s statements about its Autopilot driver-assistance system. He personally directed the creation of a 2016 …