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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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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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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Securities & Exchange Commission has 4,000 lawyers on staff but few programmers to decipher algorithms controlling todays investments

There are 4,000 lawyers at the U.S. Securities and Exchange Commission, but the agency has few programmers who can actually understand  the algorithms involved in today’s investments. SO says  SEC Commissioner Robert Jackson, who remarked that the rapid growth of digital assets and computer-driven investment advice has become a key challenge for regulators trying to […]

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Canadian Securities Regulators crack down on exchange practices relating to crytocurrency assets

The Canadian Securities Administrators (CSA) have stated that merely providing users with a contractual right or claim to a crypto asset could subject the exchange to sanctions. The CSA stated that transactions without immediate delivery constitute derivatives sales. Even where the custodied asset is commonly considered as a commodity such as Bitcoin, it could be […]

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Securities and Exchange Commission investigating BMW for possible “punching” sales numbers to falsely inflate company value

The Securities and Exchange Commission investigating   Bayerische Motoren Werke AG (BMW) for possible manipulation of  sales figures, according to The Wall Street Journal. The SEC is specifically looking into whether BMW has been engaging in a practice known as sales punching in the U.S.,  which  is when a company boosts sales figures by having dealers […]

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