Articles about sec

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 …
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

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