Articles about Sec

Seagate: Happy Xmas, staff – thanks for everyth... um, you 500. Can we have a word?

Seagate has said it will reduce its global headcount by 500 staffers, not long after its CEO praised all of its employees for continually going "above and beyond". In a statement filed with the SEC yesterday afternoon, it said it has "committed to an additional restructuring plan to reduce its cost structure". It will "reduce …
Chris Mellor, 12 Dec 2017
Bitcoin, photo via Shutterstock

US authorities issue strongly worded warnings about crypto-investments

The chair of the United States Securities and Exchange Commission (SEC) has issued a strongly worded Statement on Cryptocurrencies and Initial Coin Offerings that recommends extreme caution for anyone contemplating any kind of involvement in such investments. The main thrust of Chairman Jay Clayton's words urged individual …
Simon Sharwood, 12 Dec 2017
A businessman in handcuffs

SEC's cyber-cops cyber-file cyber-first cyber-fraud cyber-charges

The SEC's new online crime unit says it has frozen what officials believe to be a fraudulent cryptocurrency. The US securities watchdog claims Canada-based PlexCorps and its owners, Dominic Lacroix and Sabrina Paradis-Royer, are violating anti-fraud statutes by promising US investors impossible returns on investments in their …
Shaun Nichols, 5 Dec 2017
Paris Hilton DJs .  Editorial credit: ANDREA DELBO / Shutterstock.com

Beware Paris Hilton's investment advice, SEC tells investors

The United States' Securities and Exchange Commission (SEC) has warned investors that celebrities may not understand that their endorsements of initial coin offerings are in breach of the law. The financial watchdog has issued advice in which it warns that “Investors should note that celebrity endorsements may appear unbiased …
Paying a court fine

Healthcare insurance cheat-bot bros Zenefits cough up $1m to make SEC probe go away

America's financial watchdog will extract $1m from controversial insurance reseller Zenefits and its former CEO to settle claims they lied to investors. The SEC said ex-boss Parker Conrad and the biz he founded Zenefits have agreed to shell out the dosh to end an investigation into whether they misled shareholders about the …
Shaun Nichols, 27 Oct 2017
SAnDIsk_Z400s

SanDisk man tipped off his family to Fusion-io fusion, bagged $220k in share snatch – says SEC

An ex-SanDisk manager and his family have been accused in the US of insider trading after profiting from the biz's acquisition of Fusion-io. America's financial watchdog the SEC alleged [PDF] that, while working for SanDisk, Anand Jayapalan tipped off three members of his family to the deal to make a quick profit on Fusion-io …
Shaun Nichols, 1 Oct 2017

US watchdog alert: Don't fall victim to crapto crypto-coin cons, people

America's financial regulator has warned investors to steer clear of shady alt-coin investment schemes. The SEC says that, following a rash of suspended initial coin offerings, people should take a closer look at the money-raising campaigns before parting with their money. Initial coin offerings are like business IPOs: when a …
Shaun Nichols, 29 Aug 2017
manager

Bank IT fella accused of masterminding multimillion-dollar insider-trading scam

A banking IT expert orchestrated an insider-trading caper that raked in millions of dollars for him and his pals, it was claimed on Wednesday. Between August 2013 and April 2017, Daniel Rivas, 32, worked for an unnamed New York bank in its capital markets technology division. He was hired as a consultant for a new banking …
Iain Thomson, 17 Aug 2017
stock trader image

Top tip for all you insider traders: Don't Google 'insider trading' from your work PC

An MIT postdoctoral staffer was arrested and charged with insider trading after he allegedly searched online for tips on committing the crime. Fei Yan, of Cambridge, Massachusetts, is accused of securities and wire fraud: he allegedly used information from his wife's law practice to make favorable stock trades that netted more …
Shaun Nichols, 14 Jul 2017
A man diving from a cliff

Brickbat unwraps in lap of crap Snapchat yap app technocrat brats after stock splat mishap

Snap Inc is being sued by its shareholders who claim that executives misled investors about the value of SnapChat app maker ahead of its IPO earlier this year. The lawsuit [PDF], filed this month in the California Central US District Court, accuses Snap, CEO Evan Spiegel and CFO Drew Vollero of violating US securities laws. …
Shaun Nichols, 12 Jul 2017
Burning money, photo via Shutterstock

Bogus Bitcoiners battered with US$12 million penalty

America's Securities and Exchange Commission has won its case against two bogus – and now shuttered – Bitcoin companies operated by Homero Joshua Garza. At the end of May, the SEC won its case in a Connecticut federal court, and at that time requested the penalties, which amount to $10 million from the defunct companies in “ …
fraud

Wow, someone managed to make money on Fitbit stock – oh, 'fraudulently'

While Fitbit investors may be weeping over the wearable upstart's slumped share price, at least one person made out like a bandit on the stock, allegedly. On Friday, America's financial watchdog, the SEC, filed fraud charges against Robert Murray, of Virginia, accusing him of ramping up Fitbit's stock price temporarily via …
Iain Thomson, 19 May 2017
hacking

Chinese stock traders hacked lawyers, profited from Intel's Altera gobble, now fined $9m

Three Chinese miscreants have made millions on the stock market using insider information stolen from US law firms. That's according to America's financial watchdog, the SEC, which this month won a default judgment against the trio. The blokes infiltrated systems used by two New York law firms, extracted confidential …
Iain Thomson, 10 May 2017

Did your in-flight entertainment widget suck? It's Panasonic's fault, claims software biz

Panasonic has been hit with a lawsuit accusing the electronics giant of monopolizing the market for in-flight entertainment (IFE) devices with a series of dirty tricks. Software maker CoKinetic says that Panasonic Avionics has been illegally rigging their in-flight entertainment hardware not to work with software provided by …
Shaun Nichols, 3 Mar 2017
A businessman in handcuffs

Surveillance software boss thrown in the clink for cooking the books

The head of a defunct surveillance and communications software company has been given the longest-ever prison sentence for back-dating stock options. Jacob "Kobi" Alexander will spend the next 30 months behind bars, ordered by Judge Nicholas Garaufis of the US District Court in Brooklyn, New York. Alexander had been the CEO …
Shaun Nichols, 24 Feb 2017
Stock traders

Nutanix's $209m, $13-a-share IPO revealed in homework to watchdog

Hyperconverged upstart Nutanix has submitted more details about its forthcoming IPO to the US financial watchdog, the Securities and Exchange Commission (SEC). The San Jose-based biz will seek to raise up to $209,300,000 in the offering by selling 14,000,000 shares of Class A voting stock at a starting price of $11 to $13. An …
Shaun Nichols, 19 Sep 2016
A child selling newspapers

Bloke faces years in the clink for using hacker-leaked press releases in $30m trading scam

A US stock trader has admitted he profited from insider trading – by buying and selling shares using tip-offs from Ukrainian newswire hackers. Leonid Momotok, 48, of Suwanee, Georgia, pleaded guilty in a Brooklyn court on Monday to charges of conspiracy to commit wire fraud. He could get up to 20 years behind bars in addition …
Shaun Nichols, 3 Aug 2016
Poison pill

Micron sets a canary to watch over its stock in case of takeover

A filing in the Securities Exchange Commission has set the hounds running on speculation that Micron Technology is the latest takeover target in the ongoing consolidation of the chip business. The filing, in the arcane language of SEC documents, gets to the point in this statement: “[N]o person will become an Acquiring …

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