The U.S. Securities and Exchange Commission has ended its probe into the latest venture of Fyre Festival founder Billy McFarland, his attorney told the New York Law Journal and Law.com. In a brief letter to defense attorney Harlan Protass, the SEC indicated on Nov. 21 that an investigation into McFarland and his entities had concluded and that the commission will…
The US Securities and Exchange Commission is investigating allegations that Wells Fargo, Morgan Stanley and other Wall Street groups have been systematically cheating customers out of billions of dollars of interest payments. The probe into “cash sweep” accounts comes as a number of firms have upped the interest they are paying clients. But the rates being offered to savers, particularly…
Multiple federal regulators are probing Morgan Stanley over how it vets clients who are at risk of laundering money through the bank’s sprawling wealth-management division. The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are involved, according to people familiar with the matter. That is in addition to the Federal Reserve,…
Cleary’s investigation will examine whether there are conflicts of interest involving Sullivan & Cromwell “which were not adequately addressed” when the firm applied to be lead counsel, according to a proposed Justice Department order. A central feature of the review will likely be whether the firm intentionally or recklessly omitted things about its FTX relationship, Frisch said. The Trustee has…
Archer-Daniels-Midland Co. placed its chief financial officer on leave and cut its earnings outlook pending an investigation into the agricultural trading giant’s accounting practices. CFO Vikram Luthar has been put on administrative leave, effective immediately, and Ismael Roig will serve as interim CFO, the company said in a statement on Sunday. The shares were down as much as 16% in…
Silvergate Bank announced it would delay the filing of its annual report on Wednesday, sending its stock price plunging over 10% in after-hours trading. The crypto-friendly bank has said it would have to delay the filing of its annual 10-K report for the 2022 fiscal year, and would need more than an additional two weeks to complete it. “The Company…
The regulator has contacted investors in the hedge fund in recent months as part of an investigation into what Melvin founder Gabriel Plotkin and other senior executives told them following the meme-stock rally in January 2021 and whether it misled investors when it raised money last year. The SEC has obtained from Melvin its general communications with investors and has…
Widely circulated reports that the U.S. Securities and Exchange Commission (SEC) is investigating $20 billion crypto exchange Coinbase are just the tip of the iceberg, according to a staffer from U.S. Senator Cynthia Lummis’ (R-Wy) office. The staffer says every U.S. crypto exchange—and the largest crypto exchange in the world, Binance—are in various stages of being investigated. There are more…
The U.S. Securities Exchange Commission is investigating Didi Global Inc over its $4.4 billion initial public offering in the United States in June last year, the Chinese ride-hailing giant said. Didi was cooperating with the U.S. securities regulator’s investigation related to the offering, “subject to strict compliance” with Chinese law, the company said in its annual filing on Monday. Source:…
All of Wall Street should pay close attention. The Hwang case marks an upswing of federal investigations into a slew of suspected trading abuses. Three other broad inquiries have emerged in recent months to examine so-called block trades, short sales, and well-timed wagers. They all center on the same question: Are markets rigged? Source: Is Stock Market Rigged? Bill Hwang…