Securities and Exchange Commission

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Alleged Hacker Didn't Help His Case With Online Searches

'How can I know for sure if I am being investigated by the FBI' was one of Eric Council Jr.'s queries

(Newser) - In January, the price of bitcoin saw a temporary surge after a fake Securities and Exchange Commision post online. Now, an Alabama man has been arrested for his role in that post. The AP reports that Athens resident 25-year-old Eric Council Jr. was taken into custody on Thursday, for allegedly...

Billionaire Carl Icahn Ordered to Pay $2M Fine

Feds say investor failed to disclose having leveraged his company's securities for personal loans

(Newser) - Billionaire Carl Icahn and his company were charged by US regulators with failing to disclose personal loans worth billions of dollars that were secured using securities of Icahn Enterprises as collateral. Icahn and his company have agreed to pay $1.5 million and $500,000 in civil penalties, respectively, to...

A Warren Buffett 'Mystery' Has Been Solved

His Berkshire Hathaway has scooped up a major stake in Chubb insurance giant, worth about $6.7B

(Newser) - Both CNN and the Wall Street Journal call it a "mystery" that's now been solved: Warren Buffett's Berkshire Hathaway has revealed a major stake that's been kept hush-hush since last year. The outlets report that the investment is in global insurance giant Chubb, and that Buffett'...

Truth Social's Auditor Is in Hot Water With the SEC

Agency accuses BF Borgers of 'deliberate and systemic failures' in more than 1.5K filings

(Newser) - The auditing company responsible for keeping tabs on the parent company for Donald Trump's Truth Social platform apparently needed an auditor for itself. On Friday, the Securities and Exchange Commission accused BF Borgers of "massive fraud," saying the "sham audit mill" found "deliberate and systemic...

SCOTUS Has Bad News for Musk Over Tesla Tweets

High court rejects his appeal on mandate that he gets approval before posting online about his company

(Newser) - The Supreme Court on Monday rejected an appeal from Elon Musk over a settlement with securities regulators that requires him to get approval in advance of tweets related to Tesla. The justices didn't comment in leaving in place lower-court rulings against Musk, who complained that the requirement amounts to...

ExxonMobil Sues Own Investors in Warning to Climate Activists

Lawsuit to test SEC rules as investor groups abandon climate proposal

(Newser) - ExxonMobil investors have abandoned calls for the company to act more aggressively to curb emissions from its operations after ExxonMobil sued them in response. In what the Financial Times reports is "likely to have a chilling effect on similar forms of shareholder activism," ExxonMobil took "the unusual...

He Eavesdropped on Wife's Work Calls, Made $1.8M

Tyler Loudon of Texas, convicted of securities fraud, now has to surrender all of it

(Newser) - For many people, working from home involved drowning out the spouse working feet away at the kitchen table. For Tyler Loudon of Houston, it involved the opposite. The 42-year-old "took advantage of his remote working conditions" to listen in on his wife's work calls, gaining confidential information he...

SEC Reluctantly Approves New Bitcoin Funds

Agency says action 'did not approve or endorse bitcoin'

(Newser) - The Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying that it is still deeply skeptical about cryptocurrencies and that it "did not approve or endorse bitcoin" in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for...

Bitcoin Price Spikes After SEC's X Account Hacked

Agency says post about ETF approval was 'unauthorized'

(Newser) - The Securities and Exchange Commission says a post from its X account that caused a spike in the price of bitcoin was the work of hackers. The post claimed that the SEC had granted approval for bitcoin exchange-traded funds, known ETFs, "for listing on all registered national securities exchanges,...

Lawmakers to SEC: Musk Lied About Neuralink

They say his statement 'no monkey has died as a result of a Neuralink implant' is false

(Newser) - Elon Musk could be facing yet another SEC securities fraud investigation, this time tied to his brain implant company Neuralink. Four Democratic lawmakers wrote to the SEC on Tuesday, claiming they've seen evidence, including veterinarian records, showing animals deaths occurred that "relate directly to the safety and marketability...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

$1B Headed Back to Investors in Trump's Struggling Truth Social Deal

But Trump Media paints the move as 'in the best interest of ... completing our merger'

(Newser) - The publicly listed shell company that raised $1 billion to merge with former President Trump's media company won't end up with any of it. Investors have canceled $467 million in funding, Digital World Acquisition Corp. said in a Thursday regulatory filing. DWAC CEO Eric Swider said in a...

Crypto Founder Who Made Big Claims Charged in $1B Fraud

SEC: Richard Heart bought $4M black diamond with proceeds from Hex, the 'highest appreciating asset' ever

(Newser) - A cryptocurrency entrepreneur who paid more than $4 million for the world's largest black diamond allegedly purchased the rock with proceeds from a $1 billion crypto fraud. The SEC on Monday announced fraud charges against Hex founder Richard Heart, also known as Richard Schueler. Heart marketed the ethereum-based Hex...

Fugitive 'Cryptocrash' Boss Is Arrested in Montenegro

Do Kwon of Terraform Labs faces charges in 2 countries over $42B crash

(Newser) - A cryptocurrency boss facing fraud charges in the US and South Korea has been arrested far away from both in Montenegro. Terraform Labs founder Do Kwon, charged in connection with the $40 billion collapse of the firm's cryptocurrency, has been wanted in South Korea since September. He and another...

Lindsay Lohan Among Celebrities Charged by SEC in Crypto Scheme

Influencers didn't reveal they were being compensated for endorsements, filing says

(Newser) - The Securities and Exchange Commission announced Wednesday that it charged eight celebrities with endorsing cryptocurrencies without revealing they were being compensated. Actress Lindsay Lohan and boxer Jake Paul were among those charged with violating investor-protection laws, the Hill reports. Crypto entrepreneur Justin Sun and three of his companies also were...

NBA Hall of Famer, SEC Settle Crypto Case

SEC chief calls Paul Pierce case a reminder to celebrities

(Newser) - NBA Hall of Famer Paul Pierce has agreed to pay about $1.4 million to settle charges that he touted EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset, the Securities and...

Ex-McDonald's CEO Hit With Another Big Fine

SEC finds Steve Easterbrook misled investors over his 2019 firing

(Newser) - Steve Easterbrook is continuing to pay for his relationships with underlings while serving as CEO of McDonald's. Already forced to return a $105 million severance package so as to settle a lawsuit from his former employer, he's now been fined $400,000 by the Securities and Exchange Commission...

Kim Kardashian Got $250K for Post—Then Was Fined $1.26M

She promoted EthereumMax but didn't disclose she was paid to do so

(Newser) - "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN." So began an Instagram post Kim Kardashian posted in June 2021, in which she pushed EthereumMax’s crypto asset. She did mark it with #ad, but...

Boeing Agrees to Pay $200M in SEC's 737 Investigation

Allegations involve misleading statements to company's investors

(Newser) - Boeing will pay the federal government $200 million to settle an investigation into statements the company and its chief executive made to investors after two fatal crashes of its 737 Max jetliners. The Securities and Exchange Commission also announced Thursday that Dennis Muilenburg, the former CEO, agreed to pay another...

Ex-Congressman Arrested on Insider Trading Charges

Stephen Buyer acted on nonpublic information as a corporate consultant, agency says

(Newser) - Former Republican Rep. Stephen Buyer was arrested Monday on insider trading charges, one of nine people facing unrelated prosecutions. The Securities and Exchange Commission said it's launched criminal and civil cases against the former Indiana lawmaker over transactions made after he left office, the New York Times reports. The...

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