Articles Tagged with ''SEC''

SEC joins DOJ in giving up case against mortgage bond trader Jesse Litvak

SEC abandons pursuit of former Jefferies managing director
Over the summer, the Department of Justice gave up its five-year pursuit of former Jefferies managing director and mortgage-backed securities trader Jesse Litvak, ending the DOJ’s effort to jail the trader for allegedly lying to customers about mortgage bond trades. And now, the Securities and Exchange Commission has done the same thing.
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SEC: Former construction company CEO lied about post-Katrina business to raise stock price

Former CEO of Home Solutions of America fined and sanctioned
The former CEO and chief financial officer of a disaster restoration and construction business conspired with other company executives to lie about the company’s business in the wake of Hurricane Katrina to drive up the company’s stock price, the Securities and Exchange Commission said Tuesday.
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WSJ: California becomes first state to mandate gender-balanced boards

Gov. Jerry Brown signed the bill into law on Sunday, legal fights ahead for the ambitious diversity bid
Over the weekend, California became the first state to mandate that publicly held companies based in the state have at least two to three women on their boards of directors. The new law mandates that all publicly traded companies with headquarters in the state to have at least one woman on their boards by the end of next year and that by 2021, companies with at least five board directors will have to include two or three women or face financial penalties.
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Monday Morning Cup of Coffee: Elon Musk settles with SEC, steps down as Tesla chairman

Plus, former Ocwen exec coughs up cash for insider trading, CFPB official is blasted for racism
Securities fraud, insider trading and allegations of racism inside the CFPB – we’ve got a solid dose of drama to kick off your week. Read about the details of Elon Musk’s settlement with the SEC – and the hefty fine he and Tesla will pay to wronged investors. Plus, a former Ocwen exec pays the price for insider trading, and a CFPB official suffers serious backlash from his colleagues when racists blog posts emerge from his past.
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Elon Musk accused of securities fraud over Tesla tweets

SEC claims Musk’s tweets about taking Tesla private violated securities laws
Tesla Chairman and CEO Elon Musk committed securities fraud when he tweeted about taking the company private without actually securing funding as he claimed he had, the Securities and Exchange Commission claimed Thursday.
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Airbnb petitions SEC for rule change to allow hosts to become shareholders

Proposed change would allow gig economy workers to become part owners of gig-based companies
Airbnb is asking the Securities and Exchange Commission for a rule change so its hosts can become part owners in the company, according to a report from CNBC’s Sara Salinas. The rule in question is Rule 701, an SEC rule governing equity awards of private companies. The changes proposed would allow “gig economy” workers to take up shares in the company.
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SEC hits Moody’s with $15 million fine over mortgage bond ratings

Credit ratings agency will also pay $1.25 million for “ratings symbol deficiencies”
In the wake of the financial crisis, the country’s largest credit ratings agencies all touted new ratings methodologies that were, in theory, designed to guard against the sorts of malfeasance that surrounded mortgage bond ratings in the run-up to the crisis. But it looks like the new mortgage bond rating system at one of the nation’s largest credit ratings agencies was far from perfect.
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SEC going after brokers for peddling shares in $1.2 billion real estate Ponzi scheme

Claims brokers were unlicensed while selling shares in Woodbridge companies
The Securities and Exchange Commission is already pursuing charges against Robert Shapiro, the founder of the Woodbridge group of companies, for allegedly bilking thousands of investors out of hundreds of millions of dollars via a $1.2 billion real estate Ponzi scheme. And now, the regulator is going after brokers who sold shares in the collapsed group of companies.
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Fannie Mae multifamily posts solid Q2

Originations are up and delinquencies are low, but there is one bad mark on the scorecard
Fannie Mae multifamily had a good quarter. Originations posted solid gains and the GSE's loans are performing exceptionally, but it took a major hit in one key metric. Read on to find out more.
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