Daily Archives: February 29, 2024, 5:31 pm

SEC Charges Lordstown Motors with Misleading Investors about Company’s Flagship Electric Vehicle

The Securities and Exchange Commission today charged Lordstown Motors Corp. with misleading investors about the sales prospects of Lordstown’s flagship electric pickup truck, the Endurance. Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020. According to the SEC’s settled order, Lordstown exaggerated the demand for the Endurance, claiming that…

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Winklevoss’s Gemini to Return $1.1 Billion to Customers in NY Settlement – Bloomberg

Gemini Trust Co., the crypto exchange founded by twin entrepreneurs Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers though the Genesis Global Capital bankruptcy as part of settlement with the New York Department of Financial Services. The New York-based firm will also pay a $37 million fine for various compliance failures to the New York Department…

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Sam Bankman-Fried Seeks Lenient Sentence and to Appeal Conviction – The New York Times

Since last summer, he has been housed at the Metropolitan Detention Center in Brooklyn, where he has spent much of his time working on the case, a person with knowledge of the matter said. Mr. Bankman-Fried has also shared crypto market tips with the guards, the person said, recommending investments in the digital coin Solana. Source: Sam Bankman-Fried Seeks Lenient…

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SEC Investigating Whether OpenAI Investors Were Misled – WSJ

The Securities and Exchange Commission is scrutinizing internal communications by OpenAI Chief Executive Sam Altman as part of an investigation into whether the company’s investors were misled. The regulator, whose probe hasn’t previously been reported, has been seeking internal records from current and former OpenAI officials and directors, and sent a subpoena to OpenAI in December, according to people familiar…

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SEC goes after bankrupt Terraform Labs’ $166 mln ‘slush fund’ for Dentons | Reuters

The U.S. Securities & Exchange Commission has argued that Terraform Labs should not be allowed to hire law firm Dentons or pay litigation costs for employees during its bankruptcy, taking aim at a $166 million retainer payment to Terraform’s lawyers. The SEC said that Terraform had sent $166 million to Dentons since the start of 2023, and that those transfers…

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