Daily Archives: August 15, 2022, 5:44 pm

ESG Funds Face US SEC Probe Over Ceding Votes on Social Issues – Bloomberg

US regulators are expanding their crackdown on misleading labels of investment products with a probe focused on whether managers of funds that are marketed as sustainable are trading away their right to vote on environmental, social and governance issues. For the past several months, Securities and Exchange Commission enforcement lawyers have been peppering firms offering ESG funds with queries, including…

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SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts

According to the SEC’s complaint, in late 2017 and early 2018, hackers accessed at least 31 U.S. retail brokerage accounts and used them to purchase the securities of Lotus Bio-Technology Development Corp. and Good Gaming, Inc. The unauthorized purchases allegedly enabled fraudsters, who already controlled large blocks of Lotus Bio-Tech and Good Gaming stock, to sell their holdings at artificially…

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SEC Names Monique Winkler as Regional Director of San Francisco Office

The Securities and Exchange Commission today announced that Monique C. Winkler has been named Regional Director of the San Francisco Regional Office. Ms. Winkler has served as the office’s Acting Regional Director since March 2022 and as the Associate Regional Director for Enforcement in the San Francisco Regional Office since 2019. Source: SEC.gov | SEC Names Monique Winkler as Regional…

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SEC Names Nicholas Grippo as Regional Director of Philadelphia Office

The Securities and Exchange Commission today announced that Nicholas P. Grippo has been named Regional Director of the Philadelphia Regional Office, effective September 12, 2022. Mr. Grippo currently serves as Chief of the Criminal Division for the U.S. Attorney’s Office for the District of New Jersey (USAO) where he supervises approximately 120 prosecutors and support staff. Source: SEC.gov | SEC…

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WeWork Founder Adam Neumann’s New Start-Up Is Backed By Andreessen Horowitz – The New York Times

Adam Neumann is back. The founder of WeWork, whose spectacular rise and fall has been chronicled in books, documentaries and a scripted television series, has a new venture — and a surprising backer. Mr. Neumann is starting a new company called Flow, focused on the residential real estate market, the DealBook newsletter reports. Notably, it has the financial support of…

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Crypto Reddit Mobilizes After Being Pummeled by Bankruptcies – Bloomberg

A few months ago, Celsius Network LLC’s nearly 47,000-strong Reddit group was filled with talk about how much everyone was earning by lending their coins through the platform. After the company filed for bankruptcy, members began using the forum, among others, to fight for the return of their funds. Reddit, Telegram and Twitter helped drive the meme-stock craze, and now…

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Acala’s Stablecoin Falls 99% After Hackers Issue 1.3B Tokens

Polkadot-based decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD, depegged on Sunday, plummeting 99% after hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens. Acala developers said the bug was caused by a misconfiguration of the iBTC/aUSD liquidity pool shortly after it went live on Sunday. A liquidity pool is a digital pile of…

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