Tagged: enforcement

July 11, 2024 @ 3:43 pm By JD Alois  |  

The UK Financial Conduct Authority has ramped up its name and shame approach to scofflaws who allegedly commit financial services crimes. While in the US, the Securities and Exchange Commission, has long publicly posted their enforcement actions this is not as common in the UK…. Read More

June 30, 2024 @ 11:50 am By Omar Faridi  |  

Consensys claims that it fully expected the US Securities and Exchange Commission (SEC) to follow through on its threat to claim their MetaMask software interface must register as a securities broker. Consensys further noted via social media that the SEC has been pursuing an “anti-crypto… Read More

June 28, 2024 @ 1:35 pm By JD Alois  |  

Consensys, founded by an Ethereum co-founder, has been hit with charges by the Securities and Exchange Commission (SEC) alleging the offer and sales of unregistered securities via its Metamask staking service. Metamask offers staking of Ethereum for users to generate “rewards.” Consensys is one of… Read More

June 28, 2024 @ 10:53 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged BorrowMoney.com with allegations of fraud. The enforcement action by the SEC also cites Aldo Piscitello, who is said to be the sole officer and majority shareholder of the firm. According to the BorrowMoney website, the company claims:… Read More

June 24, 2024 @ 6:23 pm By Omar Faridi  |  

Federal Trade Commission (FTC) law enforcement actions have reportedly resulted in more than $324 million in refunds to consumers in 2023, the agency said in its annual report on refunds. The FTC Annual Report on Refunds to Consumers provides “a breakdown of the total amount… Read More

June 19, 2024 @ 10:51 am By Omar Faridi  |  

Blockchain and smart contract development firm Consensys has shared an important update via social media, noting that Ethereum (ETH) has “survived” the SEC. ConenSys confirmed that they are announcing a major win for Ethereum developers, technology providers, and industry participants. ETHEREUM SURVIVES THE SEC. Today… Read More

June 18, 2024 @ 5:40 pm By JD Alois  |  

Boxabl’s former Investor Relations executive, Yanni Tassev, has been charged with fraud by the Securities and Exchange Commission (SEC). The complaint states that Tassev was hired in July 2021 and became VP of Investor Relations in November 2022. Boxabl is an early-stage firm in the… Read More

June 14, 2024 @ 7:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) reports that Terraform Labs PTE, Ltd. and founder Do Kwon will pay a $4.5 billion penalty as they have been found guilty of a “years-long fraud.”  It was previously reported that the SEC was seeking a $5.3 billion settlement…. Read More

June 10, 2024 @ 7:45 pm By Omar Faridi  |  

The FDIC has recently released a consent order made against a Tennessee banking institution as part of its publication of January 2024 Enforcement Decisions and Orders. The FDIC said that within 60 days of the effective date of the consent order, the banking institution needs… Read More

May 28, 2024 @ 7:29 pm By JD Alois  |  

Intelligent Money Ltd., a SIPP provider, has entered administration. The UK Financial Conduct Authority (FCA) posted today that the authorized firm entered administration after the Financial Ombudsman Service upheld the final decision pertaining to the platform’s operations. Simultaneously, the company revealed that Quai Administration Services… Read More

May 23, 2024 @ 8:48 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) has fined HSBC £6,280,100 for the poor treatment of its customers. According to the FCA, HSBC failed to properly consider people’s circumstances when they had missed payments. This transgression took place between June 2017 and October 2018. The FCA… Read More

May 22, 2024 @ 12:28 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has penalized the Intercontinental Exchange (NYSE:ICE), the operator of the New York Stock Exchange, for failing to notify the SEC promptly of a cyber intrusion. ICE has agreed to pay a $10 million penalty to settle the allegations without… Read More

May 13, 2024 @ 10:39 am By JD Alois  |  

FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDQ:FAT) has been hit with allegations of fraud. This past Friday, the Securities and Exchange Commission (SEC) filed fraud charges against FAT, its former CEO and current Chairman, Andrew Wiederhorn, and its former CFOs, Ron Roe and Rebecca Hershinger,… Read More

May 13, 2024 @ 9:39 am By Omar Faridi  |  

SoFi’s (NASDAQ: SOFI) brokerage division will be required to pay a $1.1 million penalty to the Financial Industry Regulatory Authority (FINRA) for alleged fraud detection shortcomings which reportedly enabled fraudsters to create SoFi Money accounts by using fake or stolen identities online. SoFi Securities allegedly… Read More

May 13, 2024 @ 7:42 am By Omar Faridi  |  

Upstart has reportedly received a subpoena from the US Securities and Exchange Commission (SEC) pertaining to the Fintech company’s disclosures as they relate to use of its AI algorithms/models and loans. This, according to Upstart’s quarterly filing released this past Tuesday. The California-headquartered alternative lender… Read More

May 7, 2024 @ 3:27 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against Curt Kramer and his wholly-owned businesses Power Up Lending Ltd., Geneva Roth Remark Holdings, Inc., and 1800 Diagonal Lending, LLC (formerly known as Sixth Street Lending LLC), for operating as unregistered securities dealers. According to… Read More

May 7, 2024 @ 12:35 pm By JD Alois  |  

Coinbase co-founder and CEO Brian Armstrong welcomed Robinhood (NASDAQ:HOOD) to the Wells Notice club. This past week, it was reported that Robinhood has received a Wells Notice from the Securities and Exchange Commission (SEC). A Wells Notice indicates that SEC staff is recommending an enforcement action by… Read More

May 7, 2024 @ 8:49 am By Omar Faridi  |  

Robinhood Markets, Inc. (NASDAQ:HOOD) announced that it had received a Wells Notice from the US Securities and Exchange Commission (SEC) staff. As reported on May 6, 2024, Robinhood Crypto (RHC) received a Wells Noticer “indicating [staff] will recommend that the Commission file an enforcement action.”… Read More

May 3, 2024 @ 9:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged BF Borgers CPA PC and its owner, Benjamin F. Borgers with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings… Read More

April 29, 2024 @ 10:20 am By JD Alois  |  

Crypto mixer zkSNACKs and Wasabi Wallet service is now blocking US citizens from using its service. Crypto mixers have gained the ire of the US Department of Treasury, which believes that they are frequently used by bad actors to cover their tracks for nefarious activities…. Read More