Securities & Exchange Commission charges day trading education firm for unregistered security based swap transactions

Tradenet Capital Markets Ltd has been charged by the Securities and Exchange Commission with offering and selling security-based swaps to over 5,000 retail investors without registration and for failing to transact its swaps on a registered national exchange. The SEC’s order says that from November 2017 to June 2020, Tradenet sold investors packages of materials […]

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Securities and Exchange Commission announces record $114 million whistleblower reward. More to come.

The highest award for information leading to a successful investigation and settlement was announced by the Securities and Exchange Commission (SEC) which awarded a whistleblower more than $114 million. The whistleblower was awarded $52 million for aiding the SEC and another $62 million for helping another unidentified agency with a related enforcement action. The award […]

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United States sues Nutter Home Loans for forging certifications and using unqualified underwriters to ok Gov insured reverse mortgages

   The United States has filed a complaint under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the False Claims Act against Nutter Home Loans, f/k/a James B. Nutter & Co. (Nutter), for forging certifications and using unqualified underwriters to approve Federal Housing Administration (FHA) insured Home Equity Conversion Mortgages (HECM). The […]

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Gilead Sciences Inc. pays $97 million to settle whistleblower case investigated by DOJ for paying kickbacks covering co-pays of Letairis

 Gilead Sciences, Inc. (Gilead), based in Foster City, California, must pay $97 million to settle claims that it violated the False Claims Act by illegally using a foundation as a conduit to pay the copays of thousands of Medicare patients taking Gilead’s pulmonary arterial hypertension drug, Letairis, the Justice Department announced today. “This settlement demonstrates […]

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SEC investigating Robinhood for selling its client stock market orders to high-frequency traders duplicate

The United States Securities & Exchange Commission is investigating Robinhood Markets over its sale of its clients’ stock market orders to high-frequency traders, according to the Wall Street Journal. Sometime in 2018, the company changed its website to more clearly explain how it makes money. It is unclear at this time as to whether any […]

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Nasdaqs temporary operations move to Chicago may stymie high speed traders’ front-running gambit or will they evade it?

High-frequency traders and hedge funds which have an advantage to “see” orders and buy shares based on what others are trading, then sell them at fractionally higher prices. This is a form of front running and many are now saying that this advantage is essentially handicapping other traders, imposing a form of tax on global […]

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SEC orders Telegram Group to give back $1.2 Billion to investors for unregistered digital tokens and pay $18.5 million penalty

The Securities and Exchange Commission (SEC) has ordered the Telegram Group Inc. (Telegram) and its wholly-owned subsidiary, TON Issuer Inc to repay $1.2 Billion to investors for violating federal securities laws in their unregistered offering of digital tokens called “Grams.” Telegram must return more than $1.2 billion to investors and to pay an $18.5 million […]

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Securities and Exchange Commission may increase its investigations of U.S. Sanctions violations by companies

Late last year, the Securities and Exchange Commission (“SEC”) penalized a public company for violating U.S. economic sanctions. The violation cited the “books and records” and “internal controls” provisions of the Securities Exchange Act of 1934 (the “Exchange Act”). On September 26, 2019, the SEC issued an Order instituting a settled cease-and-desist proceeding against Quad, a […]

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