Monthly Archives: July 2021

SEC Charges Founder of Nikola Corp. With Fraud

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on alternative fuels with low or zero emissions, and building an alternative fuel station infrastructure to support those vehicles.  Milton allegedly helped Nikola raise more than $1 billion in…

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Trevor Milton: Grand jury indicts Nikola founder on three counts of fraud

Trevor Milton, founder of EV start-up Nikola, was indicted on three counts of criminal fraud by a federal grand jury for allegedly lying about “nearly all aspects of the business,” according to the indictment, which was unsealed Thursday. The U.S. Attorney’s Office in Manhattan accused the billionaire, who resigned as chairman in September, with two counts of securities fraud, including…

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Wall Street Enforcement to Get Tougher as SEC’s New Top Cop Gets to Work | US News

“Gurbir enjoys a reputation as being a 20-hour-a-day guy,” said John Carney, who ran the same economic crimes unit from 2002-2005. Tough enforcement is a priority for Democrats who say the Trump administration was soft on Wall Street. Under Trump, the SEC focused much more on smaller-scale fraud instead of big corporations, according to Georgetown law professor Urska Velikonja. In…

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FINRA Enforcement Senior Director Justin L. Chretien Joins Carlton Fields in Washington, D.C. | Carlton Fields

Carlton Fields is pleased to announce that acclaimed securities enforcement litigator Justin L. Chretien has joined the firm’s Financial Services Regulatory Practice as a shareholder in Washington, D.C. He was most recently a Financial Industry Regulatory Authority (FINRA) senior director who oversaw hundreds of cases against broker-dealers and associated persons. Source: FINRA Enforcement Senior Director Justin L. Chretien Joins Carlton…

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2021 Mid-Year Securities Enforcement Update

This mid-year update marks the first six months of the Commission under the Biden administration. Change came swiftly, yet is only just beginning. In this update, we look at the significant developments from the first six months of 2021, and consider what to expect from new leadership at the Commission and the Enforcement Division. In sum, it is safe to…

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The SEC’s Continued Focus on Cybersecurity Enforcement | Kramer Levin Naftalis & Frankel LLP

On June 14, the Securities and Exchange Commission (SEC) announced a $490,000 settlement with the real estate services provider First American Financial Corporation (First American) for violations of disclosure controls and procedures related to cybersecurity vulnerabilities. Notably, the SEC’s case against First American did not specifically focus on a cyberattack or allege an underlying securities fraud charge, as many of…

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Sen. Warren warns of cryptocurrency risks, presses SEC on oversight authority | Reuters

“While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said in a statement. “These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority to address these risks, and…

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