SEC halts Telegram Group’s business in U.S. stopping its plans to sell cryptocurrency or digital tokens here and possibly elsewhere

The Securities and Exchange Commission today announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds.Telegram and its subsidiary sold approximately 2.9 billion digital tokens […]

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Federal judge enters final judgment against NY brokerage firm Lek Securities and CEO S charged with manipulative US trading by Ukraine firm

Federal court judge entered final judgments against New York-based brokerage firm Lek Securities Corp. and Chief Executive Officer Sam Lek, who were charged by the Securities and Exchange Commission with facilitating manipulative U.S. trading by a Ukraine-based firm over a three-year period. The SEC’s complaint, filed in March 2017, alleged that Lek Securities and Sam Lek helped […]

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BMO Harris Financial and BMO Asset Management Corp to pay SEC over $37 million for failing to disclose conflicts and management fees

The Securities and Exchange Commission today announced that two BMO advisers have agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain aspects of how the advisers selected investments in their retail investment advisory program, known as the Managed Asset Allocation Program (MAAP), which included the selection of more […]

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Mylan pays $30 million to settle SEC charges of accounting and disclosures and misclassification of EpiPen

The Securities and Exchange Commission today announced charges against Pennsylvania-based pharmaceutical company Mylan N.V. for accounting and disclosure failures relating to a Department of Justice (DOJ) probe into whether Mylan overcharged Medicaid by hundreds of millions of dollars for EpiPen, its largest revenue and profit generating product. Mylan agreed to pay $30 million to settle the […]

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Former Comscore Inc. CEO charged by SEC with accounting and disclosure fraud overstating revenue by $50 Million

The  Global information and media analytics firm, Comscore, Inc., and its former CEO Serge Matta has been charged by the Securities and Exchange Commission with engaging in a fraudulent scheme to overstate revenue by approximately $50 million and making false and misleading statements about key performance metrics. The SEC’s orders find, among other things, that […]

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SEC targets Commonwealth Financial Network and other advisors for conflicts and hiding revenue sharing with brokers running trades

The U.S. Securities and Exchange Commission (SEC) is investigating several major investment advisor companies for failure to reveal conflicts of interest including revenue-sharing arrangements resulting in millions in income. In one recent lawsuit filed against Commonwealth Financial Network, The SEC says the firm has failed to disclose material conflicts of interest related to revenue sharing […]

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Securities and Exchange Commissions awards more than $1.8 million to whistleblower for “stellar” information of overseas conduct

The Securities and Exchange Commission awarded more than $1.8 million to a whistleblower who provided critically important information assisting  an enforcement action involving overseas misconduct. TheSEC’s redacted award order (pdf) didn’t provide other details about the whistleblower or the company involved. By law, the SEC protects the confidentiality of whistleblowers and doesn’t disclose information that […]

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Securities & Exchange Commission awards more than $1.8 million to whistleblower

The Securities and Exchange Commission today announced an award of more than $1.8 million to a whistleblower whose information and assistance was critically important to the success of an enforcement action involving misconduct committed overseas. After alerting the agency to the violations, the whistleblower provided extensive and ongoing cooperation during the course of the investigation, […]

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S.E.C. charges Reggie Middleton and Veritaseum of fraud in token offering scheme of $14.8 million and freezes $8 million in assets

The Securities and Exchange Commission has charged Reginald Middleton and Veritasuem Inc. and Vertaseum, LLC ,wo entities under his control, for a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities.  On Aug. 12, 2019, the court entered an emergency freeze to preserve at least $8 million of […]

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SEC whistleblower program revealing major frauds and awards are increasing, the latest $50 million to two whistleblowers in JP Morgan case

The Securities and Exchange Commission’s latest reward of  $50 million to two whistleblowers is an indicator that the program is successfully unveiling major frauds and more are anticipated. The $50 million awards relate to an SEC investigation stemming from whistleblower info which resulted in J.P. Morgan wealth management subsidiaries paying $267 million and admitting wrongdoing […]

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