The Securities and Exchange Commission today charged Gautam Adani and Sagar Adani, executives of Adani Green Energy Ltd., and Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of a massive bribery scheme. According to the SEC’s allegations, the bribery scheme was orchestrated to enable the two renewable energy companies to capitalize on a multi-billion-dollar solar…
President-elect Donald Trump’s team is holding discussions with the digital asset industry about whether to create a new White House post solely dedicated to cryptocurrency policy, according to people familiar with the transition efforts. Trump’s team is vetting candidates to serve in such a role, the people said. If created, it would be the first ever crypto-specific White House job,…
A Virginia man pleaded guilty today for committing insider trading and making false statements about his trading to his employer, the Federal Reserve Bank of Richmond (FRBR). According to court documents, Robert Brian Thompson, 43, of Mosley, worked as a bank examiner and senior manager with supervisory duties for the FRBR. Due to his position, Thompson was privy to confidential information…
The regulators zinged the companies for failing to preserve text messages between employees and customers via phone apps outside the communication channels investment firms normally monitor. Despite the headline-grabbing size of the penalties, and the deluge of training programs firms have launched to bolster compliance, use of the apps remains pervasive. But the enforcement spree, like many of SEC Chair…
Executives at many companies are using AI to refine word choice in their prepared remarks, for instance, in deciding whether to say the quarter was “strong” or “solid,” said Dan Sandberg, head of quantitative research and solutions at S&P Global Market Intelligence. The firm’s tool recently preferred “strong,” based on the earnings metrics of other companies that used the word…
A federal judge on Tuesday rejected Pfizer’s bid to recoup about $75.2 million left over from a U.S. Securities and Exchange Commission insider trading settlement with billionaire Steven A. Cohen’s former hedge fund SAC Capital Management. U.S. District Judge Victor Marrero in Manhattan said Wyeth, a drugmaker Pfizer bought in 2009, did not qualify as a victim of the securities…