Cardinal Health pays SEC $8 million to end charges its subsidiary paid bribes to Chinese government employed healthcare professionals

Cardinal Health, Inc. has agreed to pay more than $8 million to resolve charges with the SEC that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, Cardinal’s internal accounting controls were not sufficient to detect improper payments made by employees […]

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Securities and Exchange Commission rejects Wilshire Phoenix bid for Bitcoin based exchange traded fund (ETF)

The U.S. Securities and Exchange Commission (SEC) rejected Wilshire Phoenix’s bid for a bitcoin-based exchange-traded fund (ETF). In SEC Ruling, the Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section […]

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Wells Fargo to pay $3 Billion settlement with DOJ and SEC foropening millions of accounts without customer authorization

Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., have agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers […]

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IOTA shuts down entire network after hackers target IOTA wallet app to steal $1.6 million of IOTA cryptocurrency user funds

The IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency, has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds. The attack happened  on February 12, 2020, according to a message the foundation posted on its official Twitter account. According to published […]

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China’s telecom giant Huawei charged with racketeering conspiracy and conspiracy to steal U.S. trade secrets

Huawei, China’s giant and the world’s largest telecom company has been indicted on charges of racketeering conspiracy and conspiracy to steal U.S. trade secrets. In addition, charges have also been filed showing Huawei’s Business in North Korea and Assistance to the Government of Iran in Performing Domestic SurveillanceAs revealed by the government’s independent investigation and […]

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Cryptocurrency company owner targeting docs with proprietary alogorithm said to get extraordinary profits charged by SEC with fraud

The Securities and Exchange Commission  filed charges against an Ohio-based businessman who allegedly orchestrated a digital asset scheme that defrauded approximately 150 investors, including many physicians. The SEC alleges that Michael W. Ackerman, along with two business partners, raised at least $33 million by claiming to investors that he had developed a proprietary algorithm that […]

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U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system

The U.S. Treasury has issued a new report which says that a lack of requirements to disclose a company’s beneficial ownership information is one of the most critical vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The Treasury’s Financial Crimes Enforcement Network, or FinCEN, in 2018 issued a […]

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Critical ourt case pitting the S.E.C. and cryptocurrency firm Telegram to define cryptocurrency as security, currency or commodity

A major court case between the Securities & Exchange Commission and the well-known startup Telegram is shaping up to be a defining case over cryptocurrency. The company is Telegram which has been charged with violating investor protection laws. The S.E.C. says that Telegram’s digital coins are actually a security and not a currency. The case […]

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Global statistics across multiple continents to signify insider-trading ring.

U.S. Officials Uncover Three-Continent Insider-Trading Ring

A recent case involving an insider-trading ring highlights the importance of reporting fraud to the federal government. Under the Securities and Exchange Commission (SEC) whistleblower program, a person who voluntarily provides the government with original, actionable information concerning a past, ongoing, or potential violation of U.S. securities laws is entitled to financial compensation if the […]

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