Monthly Archives: May 2024

SEC Charges Robert Scott Murray and Trillium Capital with Fraudulent Scheme to Manipulate Getty Images Stock

The Securities and Exchange Commission today charged Robert Scott Murray and Trillium Capital LLC, a private company controlled by Murray, with a fraudulent scheme to manipulate the stock price of Getty Images Holdings Inc. by announcing a phony offer by Trillium to purchase Getty Images. Murray, of Mashpee, Mass., is a former CEO and CFO of several publicly traded companies.…

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US appeals court accepts broad definition of securities ‘dealer’ in microcap fund case | Reuters

For the second time this year, the 11th U.S. Circuit Court of Appeals has accepted the U.S. Securities and Exchange Commission’s expansive view of who must register as a securities dealer, handing a setback to industry groups that had urged the appeals court to clarify the distinction between dealers and investment funds that trade securities on their own behalf. The…

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Terraform, Do Kwon Agree in Principle to Settle New York Fraud Case With SEC; LUNA Token Surges

Terraform Labs and co-founder Do Kwon have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) over a civil case alleging fraud, according to a court filing Thursday. *** A listing for the District Court for the Southern District of New York refers to a May 29 telephone conference, “without transcription or recording.” Counsels for all…

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Former Investment Banker and Registered Broker Sentenced to 41 Months’ Imprisonment for Cryptocurrency Investment Fraud Scheme | United States Department of Justice

Earlier today, in federal court in Brooklyn, Rashawn Russell, a former investment banker, who was formerly a registered broker with the Financial Industry Regulatory Authority, was sentenced by United States District Judge Hector Gonzalez to 41 months in prison for a cryptocurrency fraud scheme that resulted in approximately $1.5 million in investor losses and for a separate access device fraud…

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Shadow Trading Is Bad Sometimes – Bloomberg

But … why? Medivation was not actually harmed by Panuwat’s trading in Incyte’s stock. Perhaps, as a matter of, like, fairness, or being friendly with the SEC, companies really should have policies saying “you can’t shadow trade in our competitors’ stocks.” But perhaps as a matter of employee relations (and keeping the employees out of trouble), companies should instead have…

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Government Whistleblower Programs Undermine Compliance Culture

Are these whistleblower rewards programs a good thing? From the perspective of enforcement agencies, the draw is clear: more tips, more cases, more enforcement, and more fines. From the perspective of an individual whistleblower, the benefit of these programs is unquestionable. They’re a financial bonanza. A potential reward of millions, and even tens of millions, of dollars is a powerful…

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Elon Musk Agrees to Testify in SEC’s Twitter-Buyout Probe

Elon Musk has agreed to testify in the US Securities and Exchange Commission’s probe of his 2022 acquisition of the social-media platform once known as Twitter. The billionaire will sit for a five-hour deposition after dropping his plan to appeal a court orderthat he comply with a government subpoena, according to a filing Thursday in San Francisco federal court. The…

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Disbarred Attorney Pleads Guilty to Promoting $9.5M Cryptocurrency Ponzi Scheme | United States Department of Justice

A disbarred California attorney pleaded guilty yesterday to conspiring to operate a cryptocurrency Ponzi scheme that defrauded victims of more than $9.5 million. erly Hills, conspired to fraudulently induce victims to participate in a cryptocurrency Ponzi scheme. Kagel and his co-conspirators promoted investment programs that falsely guaranteed high-yield profits and promised to use artificial intelligence trading bots to trade victims’…

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