Daily Archives: March 7, 2023, 9:45 am

SEC Accuses Utah-Based Green United of Running $18M Crypto Mining Scam

The U.S. Securities and Exchange Commission (SEC) has filed suit against Green United, alleging the Utah-based company violated federal securities laws by selling $18 million worth of phony crypto mining equipment. According to the SEC’s complaint, Green United and two individuals – the company’s founder, 46-year-old Utah resident Wright Thurston, and its main promoter, 43-year-old Utah resident Kristoffer Krohn –…

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Tether – Bloomberg

This is, in principle, a very simple and attractive business, but Tether has found it hilariously difficult as an operational matter. In principle the way you do this business is you have people wire you the dollars, and you send them their USDT (on the blockchain), and you keep the dollars in a bank account or money-market fund or Treasury bills or…

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Your Company Has Been Sued for Securities Fraud—Now What? | Insights | Jones Day

According to the Stanford Law School/Cornerstone Research Securities Class Action Clearinghouse, each year since 2001, with just one exception (2006), investors have filed more than 150 securities fraud class actions in the federal courts. More than 400 cases were filed each year between 2017 and 2019, and just shy of 200 were filed in 2022. During that same time period,…

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Risk of Widespread Bitcoin Investing at Heart of Grayscale-SEC Legal Fight – Bloomberg

Grayscale wants to convert its $14 billion Bitcoin Trust, the largest investment vehicle tied to the No. 1 cryptocurrency, into an exchange-traded fund. But the Securities and Exchange Commission rejected the plan in June, saying cryptocurrency markets are too ripe for fraud and manipulation. Grayscale sued, asking a federal appeals court to overturn a decision the company called arbitrary. The…

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PokerStars Owner Enters $4 Million Settlement With U.S. Over Russia Payments – WSJ

The owner of PokerStars and other popular gambling brands will pay $4 million to settle U.S. allegations that the handling of payments to Russia-based consultants violated foreign bribery law. Flutter Entertainment PLC, the Dublin-based owner of FanDuel, Paddy Power and other brands, entered into a settlement with the U.S. Securities and Exchange Commission over alleged violations by PokerStars’ previous owner, the Stars…

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SEC Charges Rio Tinto plc with Bribery Controls Failures

The Securities and Exchange Commission today announced charges against global mining and metals company, Rio Tinto plc, for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme involving a consultant in Guinea. The company has agreed to pay a $15 million civil penalty to settle the SEC’s charges. The SEC’s order finds that, in July…

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