Largest Penalty Ever Imposed by SEC Against an Audit Firm
the staff of the Ridgewood blog
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.
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.
Ridgewood NJ, Elon Musk has purchased a 9% stake in Twitter. Musk raised questions on whether the platform was undermining democracy and restricting free speech in recent weeks. He had considered starting a rival social media network. US security regulators have fined Musk for his tweets in the past. Musk is still facing heavy pressure from the SEC over his tweets.
Ridgewood NJ, the climate crazies are pushing for even higher energy prices , the three Democrats on the SEC – led by Chairman Gary Gensler – voted yesterday to start a 60 day comment period on a proposed rule (“The Enhancement and Standardization of Climate-Related Disclosures for Investors”) to force all publicly traded companies to disclose their greenhouse gas emissions. Including “indirect emissions.”
Ronald Reagan “Most Terrifying Words – ‘I’m from the government and I’m here to help.’”
the staff of the Ridgewood blog
Washington DC, more bad news ,the White House is preparing to release an executive order as early as next month that will outline a comprehensive government strategy on cryptocurrencies. Many agencies have issued guidance letters, informal statements, and public rules regarding crypto laws, but these efforts have not yet been coordinated into a single document. Senior officials have met multiple times to discuss the directive and federal agencies have been studying or providing regulatory guidance around digital assets for years.
Paramus NJ, it was a difficult week for financier Anthony Scaramucci, first an SUV owned by the former White House communications director was stolen from outside a Ridgewood Avenue residence in Paramus on Sunday. According to police Scaramucci forgot to lock the car.
Trenton NJ, a New York man today admitted perpetrating a scheme to defraud more than 70 investors through a long-running securities offering fraud that raised more than $4 million and caused investor losses of more than $3.5 million, Acting U.S. Attorney Rachael A. Honig announced.
Newark NJ. an investment fund manager today admitted orchestrating a $100 million securities fraud scheme, Acting U.S. Attorney Rachael A. Honig announced.
Washington DC, terrifying thought of the day, the Senate’s new infrastructure bill may shape the future of cryptocurrency in the US. The bill promises public spending on major projects and it proposes taxes on crypto brokers to fund the projects. There are two competing amendments, one that exempts miners, hardware manufacturers, and developers, and another that only exempts proof-of-work cryptocurrencies. The definition of brokers in the original bill was so broad that anyone involved in cryptocurrency services would have to report to the IRS information on their customers, which would be impossible for most of the industry. The vote on the rival amendments is expected to take place on Saturday.
Also recall, buy bitcoin with credit card can be found on the Paybis website.
Washington DC, Wall Street and Silicon Valley all want to know: where does Securities and Exchange Commission Chair Gary Gensler stand on cryptocurrency?
Washington DC, Robinhood says it is being widely investigated over its role in January’s GameStop bonanza; is subject to at least 49 class action lawsuits. Robinhood still intends to go public on Thursday. The company is subject to at least 49 class-action lawsuits over its restriction of the purchase of GameStop stock in January. It is under investigation by a series of regulators, state attorneys general, the SEC, and the US Department of Justice. The company’s CEO had his cell phone seized by federal attorneys. Robinhood acknowledges that the fallout from its restrictions has the potential to be disastrous for the company.
Trenton NJ, Attorney General Gurbir S. Grewal announced that a New York City man was charged with theft today for allegedly stealing approximately $794,000 from investors in New Jersey and New York and using much of the money to gamble.
The Division of Criminal Justice today filed a criminal complaint charging Sam A. Antar, 44, of New York, N.Y., with second-degree theft by deception and second-degree securities fraud. The charges are the result of an investigation by the Division of Criminal Justice Financial & Cyber Crimes Bureau.
NEWARK NJ, A South Carolina man was indicted today on charges that he defrauded at least 20 people by soliciting investments in a phony foreign currency trading scheme, Attorney for the United States Rachael Honig announced.
Thomas Lanzana, 51, of Pawleys Island, South Carolina, and formerly of New Jersey, was charged by indictment with two counts of wire fraud and one count of commodities fraud. He was previously charged with the same offenses by criminal complaint on Aug. 10, 2018.
NEWARK NJ, An investment fund manager was arrested today in connection with an alleged $100 million securities fraud scheme, U.S. Attorney Craig Carpenito announced.
Brenda Smith, 59, of Philadelphia, Pennsylvania, is charged by complaint with four counts of wire fraud and one count of securities fraud. Smith was arrested in Philadelphia and is scheduled to appear this afternoon before U.S. Magistrate Judge Cathy L. Waldor in Newark federal court.
Penny stocks are an enticing way to get into stocks because you don’t need that much to invest, but can still make a profit. But the stock game, and an exciting game at that, isn’t easy and you need to learn and study what it’s all about before you even think of trading. And like a game or sport, you want the odds to be in your favor to win.
Let’s first get our feet grounded a bit to know more about penny stocks.
What are penny stocks?
According to the Securities Exchange Commission (SEC), the penny stock definition is any trading under $5.00 per share. The reason they’ve gained so much popularity over the years is because they’re cheap. Small traders don’t have the capital to invest in mega companies, so they invest in smaller companies. These stocks might require a different approach than other stocks. Penny stocks can also be risky and volatile. If the price is spiking high and low and moving quickly and/or erratically, the stock would be considered volatile. This can happen in a very brief time, sometimes in just hours or even minutes. For the record, this can either work for you or against you.
How risky is it?
Living is risky, especially if you tend to live haphazardly. No one is going to lie to you here and tell you penny stocks don’t come with their own risks, so you shouldn’t act haphazardly. But risk is just the nature of all stocks. So, we’ll give you some starting tips that you really need to follow to lessen your risks.
Trust no one:
It sounds cool that you got an inside tip from someone. But don’t take things at face value and check that tip up by yourself no matter who or where you got it from.
Check the company:
You need to know what to check for. It’s easy to present a business concept, but how well that company is doing is another story. How well are they and their growing market share expanding? Do they have solid intellectual property, as well as copyrights and trademark? Are they prepared for the long haul against competition? It can happen that you invest penny stocks in a struggling company that takes a surprising turn for the better. You need guidance on which companies are worth investing in and basically learn how to invest.
Start with paper trading:
If you really want to get good at penny stocks you can start with what is called paper trading. In this trading, you’re investing in real companies but with no money or make believe money; hence the name paper trading. You won’t lose a penny and at the same time hone your skills.
Patience
The answer to ‘can you make money with penny stocks?’ is always a yes. But you need to understand better the ins and outs of it and the different strategies used. You also need to learn more about patterns on the market and how to spot them. Your best way to make money is by applying the rules of general trading, and remain patient as well.
