Daily Archives: September 11, 2023, 4:41 pm

SEC Sweep into Marketing Rule Violations Results in Charges Against Nine Investment Advisers

The Securities and Exchange Commission today announced charges against nine registered investment advisers for advertising hypothetical performance to the general public on their websites without adopting and/or implementing policies and procedures required by the Marketing Rule. All nine firms have agreed to settle the SEC’s charges and to pay $850,000 in combined penalties. The firms are: Banorte Asset Management Inc. BTS…

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Wells Fargo $1 Billion Settlement Over Fake Accounts Is Approved – Bloomberg

Wells Fargo & Co.’s $1 billion settlement of a shareholder lawsuit over unauthorized customer accounts was approved by a federal judge, bringing the total amount the bank has agreed to pay to resolve claims over the scandal to nearly $5 billion. US District Judge Jennifer L. Rochon authorized the agreement following a hearing in New York Friday, more than three…

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FTX Probing If Millions In Payments to Shaq, Naomi Osaka Can Be Reversed – Bloomberg

FTX Group advisers have scrutinized whether they can claw back millions of dollars paid to Shaquille O’Neal, tennis star Naomi Osaka and other professional athletes and teams that promoted Sam Bankman-Fried’s crypto platform before its collapse. Financial advisers hired by FTX disclosed in court papers that they’ve analyzed if certain payments dished out to athletes before the company unraveled last…

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CFTC Cracks Down on DeFi Firms Over Crypto Derivatives Trading – WSJ

Three decentralized finance companies agreed to settle charges filed by the Commodity Futures Trading Commission that they illegally offered derivatives trading in cryptocurrency, the agency said Thursday. The CFTC said the companies, Opyn and ZeroEx, both based in California, and North Carolina-based Deridex, illegally offered leveraged and margined retail commodities transactions in cryptocurrency. Deridex and Opyn were also charged with failing…

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Coinbase CEO: SEC leadership has ‘very hostile’ view of crypto regulation – The Global Herald

In an interview with Yahoo Finance, Coinbase Global CEO Brian Armstrong says his company has “good relationships” with SEC staff, but that “leadership there has taken a very hostile view towards crypto…regulation by enforcement posture instead of just engaging in rule making as they’re required to by law.” Armstrong believes ultimately the issues facing the company will be resolved. He…

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