Articles about Sec

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 …
Defeated-looking young man puts his head against table in front of laptop and pile of papers in conference room. Pic via Shutterstock

Software bug costs Citigroup $7m after legit transactions mistaken for test data for 15 years

A programming blunder in its reporting software has led to Citigroup being fined $7m (£5m). According to the US Securities and Exchange Commission (SEC), that error [PDF] resulted in the financial regulator being sent incomplete "blue sheet" information for a remarkable 15 years – from May 1999 to April 2014. The mistake was …
Kieren McCarthy, 13 Jul 2016
Wall Street Charlie Sheen

Cali bloke accused of illegally trousering $68k using mom's Apple AuthenTec gobble tip-off

A California chap is accused of illegally using inside information to pocket more than $68,000 when Apple took over mobile security biz AuthenTec. Andrew Kerr, 41, of Livermore, allegedly got a tip-off from his mom about the upcoming acquisition and immediately bought a bunch of shares in AuthenTec. She learned of the deal …
Iain Thomson, 29 Jun 2016
Cash in brown paper envelope CC 2.0 attribution StockMonkeys.com

Ex-SAP exec and pals accused of $500,000 insider trading scam

A former SAP executive and his associates allegedly ran an insider trading ring to net hundreds of thousands of dollars. Chris Salis was, until recently, global vice president and general manager for procurement at SAP. US financial watchdog the SEC claims he used his inside knowledge of SAP's takeover of Business Objects in …
Iain Thomson, 16 Jun 2016
Bribes

Akamai-oh-my: Network biz coughs up $650k over China bribes rap

Content delivery network Akamai will pay the US government more than $650k to settle charges it bribed Chinese officials to secure service contracts. The US Securities and Exchange Commission (SEC) said that it has inked a non-prosecution agreement (NPA) with Akamai that includes the network pipeline specialist paying back $ …
Shaun Nichols, 8 Jun 2016
Lawyer up

Oracle to sue cloud sales 'whistleblower' for 'malicious prosecution'

Oracle isn't known as a shrinking violet when it comes to legal battles, and it's coming out swinging over allegations that it was playing fast and loose with its cloud revenue reporting. On Wednesday, Svetlana Blackburn filed a lawsuit with the US district court in San Francisco claiming that she was fired from the company …
Iain Thomson, 2 Jun 2016

SEC warns cybersecurity is biggest threat to financial system

The chair of the US Securities and Exchange Commission (SEC), Mary Jo White, has warned that the biggest risk the financial system faces is cybersecurity. Speaking at the Financial Regulation Summit in Washington DC, White warned the industry that their policies and procedures were not up to scratch and without them they faced …
Kieren McCarthy, 18 May 2016

Lending Club CEO booted out for dodgy deals

The CEO of online money merchant Lending Club, Renaud Laplanche, has been fired, raising more questions over tech startups and how far from business norms - and the law - they have strayed in an effort to make money. Laplanche resigned this week after an internal investigation revealed the company - a lauded startup "unicorn" …
Kieren McCarthy, 10 May 2016

Texas Attorney General charged in 32-bit 'eco-friendly server scam'

The US Securities and Exchange Commission (SEC) has charged the CEO of Texas server manufacturer Servergy, one of its board members, and the state's Attorney General with fraud over claims of revolutionary low-powered computer hardware. The SEC alleges that between 2009 and 2013 Servergy's then-CEO William Mapp misled …
Iain Thomson, 11 Apr 2016

SEC chair blasts Silicon Valley for its hokey valuations

The chair of the US Securities and Exchange Commission (SEC) has given Silicon Valley a poke in the eye concerning its over-valuation of tech stocks. Speaking at Stanford University in the heart of Silicon Valley, Mary Jo White warned that the federal regulator did not look kindly on the wild – and wildly inaccurate – self- …
A Chinese laundry on the back streets of Shanghai

SEC: Qualcomm hired relatives of Chinese officials to seal biz deals

Qualcomm has coughed up some cash after it was accused of bribing Chinese officials by giving their relatives plum jobs. The California chip designer today settled out of court with US financial watchdog the SEC for $7.5m. The deal ends an embarrassing investigation into claims the company broke the Foreign Corrupt Practices …
Suitcase full of money

US software biz fined $28 million for bribing Chinese buyers with free vacations, gifts

Massachusetts-based software maker PTC and two of its Chinese subsidiaries have been fined $28m for bribing buyers in the Middle Kingdom. US regulator the SEC found that PTC, which builds design and process management software, broke the Foreign Corrupt Practices Act (FCPA) between 2006 and 2011. The American biz bunged …
Iain Thomson, 16 Feb 2016

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