Daily Archives: August 1, 2022, 8:40 pm

SEC Charges Eleven Individuals in $300 Million Crypto Pyramid Scheme

The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States…. According to the SEC’s complaint, in January 2020, Vladimir Okhotnikov, Jane Doe a/k/a Lola Ferrari, Mikhail Sergeev, and Sergey…

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West Virginia Punishes Banks That It Says Don’t Support Coal – The New York Times

West Virginia on Thursday morning announced that five major financial institutions, including Goldman Sachs and JPMorgan, would be barred from doing business with the state because they have stopped supporting the coal industry. The announcement, made by West Virginia’s treasurer, Riley Moore, is the first time a state has moved to sever banking relationships with major Wall Street firms over…

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SEC: Statement in Honor of National Whistleblower Day

Over the past decade, the SEC’s whistleblower program has played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice. Since issuing its first award in 2012, the SEC has awarded more than $1.3 billion to 278 individuals. With the help of these whistleblowers, the SEC brought…

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Voyager Digital’s Clash With US Regulators Followed by Broader FDIC Warning

The day after demanding Voyager Digital erase its claims that customers’ funds would get government protections, the U.S. Federal Deposit Insurance Corporation has issued a broader warning to bankers that they need to keep their crypto partners in line. The agency, which maintains an insurance fund to pay back depositors if their banks fail, doesn’t extend that protection to failing…

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