Regulation & Compliance: Page 10
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xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Three Sued Over Blockchain Firm Trading
The controlling shareholder of Long Blockchain has been charged with tipping off his broker about the company’s pivot to blockchain technology before it was publicly announced.The U.S. Securities and Exchange Commission said Eric Watson, a New Zealand national, engaged in an insider trading schem...
By Matthew Heller • July 12, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Google Hit With Antitrust Suit Over Play Store
A group of 36 states and the District of Columbia has launched a new legal attack on Google, alleging it uses anti-competitive tactics to maintain its “virtually unchallenged power” in the Android app market.As The New York Times reports, a recent slew of antitrust complaints against Google has l...
By Matthew Heller • July 8, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
FTC Moves to Beef up Antitrust Enforcement
The U.S. Federal Trade Commission has voted to scrap a 2015 policy statement that limited its ability to bring enforcement actions over anticompetitive conduct.The guidance required the commission to follow the “consumer welfare” standard in deciding whether to sue companies for “unfair methods o...
By Matthew Heller • July 2, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
FTC Charges Broadcom With Unfair Competition
Chipmaker Broadcom has been charged with using exclusivity deals with customers to create “insurmountable barriers” for competitors.The U.S. Federal Trade Commission said Friday it had voted unanimously to charge Broadcom with engaging in anticompetitive conduct to maintain its monopoly power in ...
By Matthew Heller • July 2, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Trump CFO Weisselberg Charged With $1.7M Fraud
Trump Organization CFO Allen Weisselberg has been charged with a $1.7 million “off-the-books” tax fraud in an indictment that could increase the pressure on him to turn on his longtime boss, former President Donald Trump.The much-anticipated grand jury indictment unsealed on Thursday alleges Weis...
By Matthew Heller • July 1, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Taps New Jersey AG as Enforcement Chief
The U.S. Securities and Exchange Commission has turned to a veteran prosecutor to police Wall Street, naming New Jersey Attorney General Gurbir Grewal as director of its enforcement unit.The appointment of Grewal — the nation’s first Sikh state attorney general — follows the brief tenure of Alex...
By Matthew Heller • June 30, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Robinhood to Pay $70M to Settle FINRA Probe
Robinhood, the online brokerage that promised to “demystify finance,” has agreed to pay nearly $70 million to settle allegations that, among other things, it provided customers with false and misleading information.The settlement with the Financial Industry Regulatory Authority, announced on Wedn...
By Matthew Heller • June 30, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
U.K. Cracks Down on Crypto Exchange Binance
In the latest example of the regulatory crackdown on the cryptocurrency industry, the U.K.’s financial watchdog has barred Binance from offering certain services in the country.The Financial Conduct Authority said in a news release that a U.K. affiliate of Binance “is not permitted to undertake a...
By Matthew Heller • June 28, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Mutual Fund Operators Accused of $100M Fraud
The operators of an offshore mutual fund that told investors it would invest their money in Treasury securities have been charged with misappropriating investor funds to buy Treasuries for themselves.The U.S. Securities and Exchange Commission said Ofer Abarbanel, 46, and Victor Chilelli, 51, hav...
By Matthew Heller • June 22, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Healthcare Firm Charged With $4 Million Fraud
A healthcare company and its founder have been charged with defrauding investors of nearly $4 million by misrepresenting it had secured funding from a bank and failing to disclose the founder’s criminal history.The U.S. Securities and Exchange Commission said Josiah David pitched Premier Healthca...
By Matthew Heller • May 19, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
S&P Dow Jones Fined $9M Over Index Glitch
S&P Dow Jones Indices has agreed to pay $9 million to settle charges that it published stale index values during an unprecedented market spike in February, causing huge losses on a futures contract issued by Credit Suisse.According to the U.S. Securities and Exchange Commission, the S&P 5...
By Matthew Heller • May 17, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Italian Watchdog Fines Google in Antitrust Case
Italy’s competition watchdog has fined Google 102 million euros ($123 million) for excluding a third-party app from its Android Auto in-car assistant. In announcing it had sanctioned Google for abuse of a dominant market position, the Italian Competition Authority (Autorita’ Garante della Concorr...
By Matthew Heller • May 13, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Reviewing Rules for ‘Gamified’ Trading Apps
The U.S. Securities and Exchange Commission is considering updating its rules to protect investors who use “gamified” apps such as Robinhood to make trades.In prepared testimony for a House committee hearing, SEC Chairman Gary Gensler expressed concerns about apps that use features common to vide...
By Matthew Heller • May 6, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Apple, Google Take Flak Over App Platforms
Apple and Google came under attack at a U.S. Senate antitrust hearing, with one witness describing Apple’s app platform as an “iron-fisted monopoly.”Representatives of the tech giants told U.S. senators on Wednesday that the companies’ tight control over their app stores and the associated commis...
By Matthew Heller • April 22, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
House OKs Bill to Make Weed Banking Legal
The U.S. House of Representatives has passed a bill aimed at enabling financial institutions to do business with cannabis companies in legal marijuana states.The SAFE Banking Act, which passed the House on a 321-101 vote on Monday, creates a safe harbor from being prosecuted by a federal banking ...
By Matthew Heller • April 20, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Goldman Analyst Barred for Insider Trading
A former Goldman Sachs analyst who traded shares in two companies after learning that a colleague was upgrading his recommendation on the firms has been barred from working in the securities industry.The Financial Industry Regulatory Authority said Tuesday that Brian Maguire had accepted the indu...
By Matthew Heller • April 20, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Florida Sues to Lift Ban on U.S. Cruise Sailings
The state of Florida has filed a lawsuit to get cruise ships sailing again, saying the federal lockdown on the industry has brought it to the “brink of financial ruin.”Cruises in the U.S. have been banned since the Trump administration ordered the lockdown in March 2020 amid COVID-19 outbreaks an...
By Matthew Heller • April 9, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Coinbase Fined $6M Over Crypto Trade Reporting
Coinbase has agreed to pay $6.5 million to settle charges that it misrepresented the volume and liquidity of digital assets including bitcoin on its GDAX cryptocurrency exchange platform.In an administrative order, the Commodity Futures Trading Commission faulted Coinbase’s reporting of transacti...
By Matthew Heller • March 22, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
uBiome Founders Charged With $60 Million Fraud
The married co-founders of uBiome have been charged with defrauding investors out of $60 million by falsely portraying the company as a medical testing success story that generated reliable revenue from insurance reimbursements.The U.S. Securities and Exchange Commission said CEO Jessica Richman,...
By Matthew Heller • March 19, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Seven Accused of $45M Pump-and-Dump Fraud
A California man was charged on Tuesday with collaborating with his father and five others in a pump-and-dump scheme that defrauded investors in a tech company of nearly $45 million.The U.S. Securities and Exchange Commission said Kalistratos “Kelly” Kabilafkas of Moorpark, Calif., concealed his ...
By Matthew Heller • March 2, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC to Update Rules on Climate Risk Disclosure
The U.S. Securities and Exchange Commission has announced it will review public companies’ climate-related disclosures as part of an effort to update guidelines that are more than a decade old.Acting SEC Chair Allison Herren Lee said commission staff would use insights from the review to “begin u...
By Matthew Heller • Feb. 25, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Coinseed Accused of Illegal Digital Token Sales
Cryptocurrency platform Coinseed has been charged with selling unregistered securities in the form of digital tokens and misrepresenting the financial services experience of its management team, including its former CFO.Both New York Attorney General Letitia James and the U.S. Securities and Exch...
By Matthew Heller • Feb. 18, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Sues Morningstar Over CMBS Ratings
Morningstar has been charged with failing to disclose changes to its model for determining the ratings of commercial mortgage-backed securities that resulted in lower projections of loan losses.The U.S. Securities and Exchange Commission tightened its oversight of credit ratings agencies after th...
By Matthew Heller • Feb. 17, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
White House Shows Concern Over Chip Shortage
The Biden administration said Thursday it is working with the semiconductor industry to address a chip shortage that has impacted automobile production around the world.The shortage has alarmed lawmakers, with Sen. Rob Portman, Ohio Republican, warning the White House last week that it “threatens...
By Matthew Heller • Feb. 11, 2021 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Merck Drops Out of COVID-19 Vaccine Race
After making a late entry into the race to develop a COVID-19 vaccine, Merck is dropping out due to disappointing test results, shelving two drug candidates that scientists hoped would be a major addition to the antivirus fight.The pharma giant said Monday that in initial clinical studies, the va...
By Matthew Heller • Jan. 25, 2021
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