Tag: SEC

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Former CEO Imprisoned For $10.4 Million Securities Fraud Scheme Involving Top Italian Cycling Brands

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the staff of the Ridgewood blog

Denver Co, a former CEO of Outdoor Capital Partners, a fund focused on investing in cycling companies, was sentenced to 71 months in prison for securities fraud on Tuesday. Samuel J. Mancini fraudulently raised nearly $11 million from investors with promises to acquire leading Italian cycling brands, including Cinelli, Columbus, De Rosa, De Marchi Apparel, and Limar Helmets. However, none of the acquisitions materialized, leaving investors without returns on their investments.

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Federal Judge Rules SEC Committed ‘Gross Abuse of Power’ in Suit Against Crypto Company

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Gary Gensler is the current chair of the U.S. Securities and Exchange Commission (SEC)

the staff of the Ridgewood blog

Ridgewood NJ, in a ruling issued on Monday, Chief Judge Robert Shelby of the District of Utah found that the SEC’s legal representatives had deceived the court both during the application for a temporary restraining order (TRO) and subsequently when DEBT Box moved to dissolve the order. Judge Shelby emphasized that the order specifically addresses the TRO matter and not the underlying case.

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SEC “X” Account Hacked Briefly Before Bitcoin EFT Approval

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the staff of the Ridgewood blog

Ridgewood NJ, The U.S. Securities and Exchange Commission (SEC) confirmed that its X account, responsible for deciding on the approval of bitcoin ETFs, experienced a compromise, as reported to CoinDesk by Nikhilesh De and Krisztian Sandor. The SEC clarified that it had not granted approval for bitcoin ETF applications, contradicting a brief statement posted on its compromised X (formerly Twitter) account.

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Federal Judge Rules in Favor of Grayscale against the U.S. Securities and Exchange Commission

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the staff of the Ridgewood blog

Ridgewood NJ, a US federal court ruled that the SEC acted unfairly in denying Grayscale’s request to turn its Grayscale Bitcoin Trust product into an ETF. The long-awaited decision gave a big boost to prices across the board in the crypto market and even to crypto-related public equities like Coinbase. While the ruling was favorable, it still doesn’t guarantee immediate ETF approvals. Not only does this help Grayscale’s case as it tries to launch an ETF, but it also likely increases the chances that the spot BTF applications from TradFi giants like Blackrock and Fidelity will go through as well.

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SEC Charges 11 Wall Street Firms for use of Signal, WhatsApp to Evade Regulators’ Scrutiny

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the staff of the Ridgewood blog

Washington D.C. , the Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders. They acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of $289 million as outlined below, and have begun implementing improvements to their compliance policies and procedures to address these violations.

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“This is a big deal”, Ripple Labs notches landmark win in SEC case over XRP

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the staff of the Ridgewood blog

Ridgewood NJ, in a significant breakthrough, Ripple won a longstanding dispute with the SEC, with a US judge ruling that Ripple didn’t breach federal securities law by trading its XRP token on public platforms. However, the SEC claimed a small victory, as Ripple’s XRP sales to institutional investors were considered unregistered security sales. Ripple’s CEO deemed the ruling to be a considerable win for the broader industry. The ruling sparked a wave of green in the crypto market, with crypto prices rocketing up.

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SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency

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Coinbase also charged for the unregistered offer and sale of securities in connection with its staking-as-a-service program

the staff of the Ridgewood blog

Washington D.C., June 6, 2023 —The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.

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SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao

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Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities.

the staff of the Ridgewood blog

Washington D.C., June 5, 2023 —The Securities and Exchange Commission today charged Binance Holdings Ltd. (“Binance”), which operates the largest crypto asset trading platform in the world, Binance.com; U.S.-based affiliate, BAM Trading Services Inc. (“BAM Trading”), which, together with Binance, operates the crypto asset trading platform, Binance.US; and their founder, Changpeng Zhao, with a variety of securities law violations.

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SEC Investor Alert: Exercise Caution with Crypto Asset Securities

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the staff of the Ridgewood blog

Ridgewood NJ, The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities.  Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.  The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant.  The only money you should put at risk with any speculative investment is money you can afford to lose entirely.  Investors should understand that:

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Paxos Has Been Ordered by New York Regulators to Stop Issuing Binance USD Stablecoin

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Ridgewood NJ, Paxos has been ordered by New York regulators to stop issuing Binance USD due to concerns that it can’t safely issue the token. The SEC is planning to sue Paxos for violating investor protection laws. It reportedly sent a notice to Paxos to inform the company of potential violations and enforcement actions. Paxos will stop issuing new BUSD tokens on February 21. The stablecoin will remain fully supported by Paxos until at least February 2024. Binance will support BUSD for the foreseeable future.

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Hoboken Trader Charged by SEC along with Seven other Social Media Influencers in $100 Million Pump and Dump Scheme

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the staff of the Ridgewood blog

Hoboken NJ,  the Securities and Exchange Commission today announced charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks.

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Kim Kardashian pays over $1 million to settle SEC charges linked to a crypto promo on Instagram

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the staff of the Ridgewood blog

Ridgewood NJ, Kim Kardashian has agreed to pay more than $1 million to settle SEC charges against her. Kardashian promoted a crypto asset on Instagram without disclosing that she was being paid for the promotion. She fully cooperated with the SEC to avoid a protracted dispute. The agreement allows Kardashian to move forward with her other business pursuits, but she will not be allowed to promote crypto securities for three years.

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Crypto Exchange Coinbase facing an SEC investigation

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the staff of the Ridgewood blog

Ridgewood NJ, Coinbase is facing an investigation from the US SEC over whether it allowed users to trade unregistered securities. The SEC started taking a closer look at the exchange after it added over 100 additional tokens to its platform. Coinbase is confident that its diligence process keeps securities off its platform. The investigation is separate from the SEC’s case against Coinbase’s former product manager and two other people for insider trading.

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Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation

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Largest Penalty Ever Imposed by SEC Against an Audit Firm

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Washington DC , the Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter. EY admits the facts underlying the SEC’s charges and agrees to pay a $100 million penalty and undertake extensive remedial measures to fix the firm’s ethical issues.

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Broad Reach Capital Mastermind of $100 Million Securities Fraud Scheme Gets Prison

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the staff of the Ridgewood blog

Newark NJ, an investment fund manager was sentenced today to 109 months in prison for orchestrating a $100 million securities fraud scheme, U.S. Attorney Philip R. Sellinger announced.

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