Daily Archives: November 4, 2019, 1:36 pm

SEC Charges Issuer and CEO with Violating Whistleblower Protection Laws to Silence Investor Complaints

The SEC’s amended complaint alleges that Collectors Café and Kontilai attempted to resolve investor allegations of wrongdoing by conditioning the return of investor money on the investors signing agreements prohibiting them from reporting potential securities law violations to law enforcement, including the SEC. According to the complaint, these agreements violate the SEC’s whistleblower protection rules. The complaint alleges the defendants went so…

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Study: Single anonymous market manipulator pushed bitcoin to $20,000

A forensic study on bitcoin’s 2017 boom has found that nearly the entire rise of the digital currency at the time is attributable to “one large player,” although the market manipulator remains unidentified. Finance professors John Griffin and Amin Shams – instructors at University of Texas and the Ohio State University, respectively – analyzed over 200 gigabytes of data for…

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SEC Chief Enforcement Accountant Cites the Use of Data Analytics, Self-Disclosure and Cooperation as Key Factors in Investigating Accounting Misconduct | BakerHostetler – JDSupra

With more than 130 highly trained enforcement accountants at his disposal, Matthew Jacques, the Chief Accountant of the Securities and Exchange Commission (“SEC”), provided a firsthand glimpse into current enforcement objectives for policing accounting and auditor misconduct. Mr. Jacques was a featured panelist at the Securities Docket annual conference at the Mayflower Hotel in Washington, D.C. on Wednesday, October 23,…

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Supreme Court will consider stripping SEC of power to seize illegal profits – Los Angeles Times

The U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency’s most potent legal weapons. The appeal by Charles Liu and Xin Wang contends that “disgorgement” isn’t one of the remedies Congress has authorized the SEC to seek against people…

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Under Armour Is Subject of Federal Accounting Probes – WSJ

Federal authorities are investigating Under Armour Inc. UA 2.22% ’s accounting practices in a probe examining whether the sportswear maker shifted sales from quarter to quarter to appear healthier, according to people familiar with the matter. As part of the probe, which hasn’t been made public, investigators questioned people in Baltimore, where the company is based, as recently as last…

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