Articles Tagged with ''SEC''

Morgan Stanley fined for failing to protect clients

Agrees to pay SEC $3.6M for weak policies
Morgan Stanley agreed to pay a $3.6 million fine after regulators determined it failed to detect or prevent the misappropriation of client funds, the U.S. Securities and Exchange Commission said Friday. As part of the agreement, Morgan Stanley did not admit or deny any wrongdoing.
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Another former Equifax employee charged with insider trading

SEC charges former manager for dumping stock before data breach announcement
On Thursday, the Securities and Exchange Commission announced insider trader charges against a former Equifax manager for dumping stock prior to the company’s announcement of a data breach that exposed the data of more than 143 million American consumers to hackers.
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SEC halts $600 million alleged cryptocurrency scam that aimed to revolutionize banking

AriseBank claimed it was building the world’s first “decentralized bank”
The Securities and Exchange Commission halted the operations of a company that claimed it raised $600 million in an initial coin offering as part of an effort to “revolutionize banking” using cryptocurrency. The SEC complaint alleges that AriseBank used social media, a celebrity endorsement (from Evander Holyfield, no less), and other tactics to raise hundreds of millions of dollars in just a few months.
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SEC accuses California men of running $2.18 million home flipping scam

Allegedly took investor funds for personal use
The Securities and Exchange Commission is charging two California men with running a home flipping scam that defrauded dozens of investors out of their retirement savings. According to the SEC, the men actually purchased some properties, and were successful in turning a profit by flipping those properties, but did not make enough money to cover the money they took for their own use.
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Mini-Madoff? SEC accuses Robert Shapiro of running $1.2 billion real estate Ponzi scheme

Allegedly targeted thousands of investors, including many seniors
Late last week, the SEC sued Robert Shapiro, the founder of the Woodbridge group of companies and a well-known luxury real estate developer, for allegedly running a $1.2 billion Ponzi scheme that defrauded more than 8,400 investors by promising high returns on real estate investments.
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Ocwen dodges SEC investigations; settles with 3 more states

Reaches similar agreements with New Mexico, Virginia, West Virginia
The dominoes continue to fall for Ocwen Financial. Last week, Ocwen reached settlement agreements with a total of 10 states that remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year. And Wednesday morning, Ocwen announced that it reached settlements with three additional states to remove each state’s mortgage servicing restrictions.
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SEC says "first ever cryptocurrency backed by real estate" is a fraud

Accuses REcoin’s founder of lying about initial coin offering
Back in July, a company called REcoin Group launched REcoin, which it billed as the “first ever cryptocurrency backed by real estate.” But, according to the Securities and Exchange Commission, REcoin and its initial coin offering were a fraud designed to bilk unwitting investors.
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FBI, SEC reportedly looking into PACE lender Renovate America

WSJ reports on inquiries, company responds
In a lengthy release published in response to the WSJ article, Renovate America confirmed that the company has spoken to both the FBI and SEC about the the company’s business, but the company said that it had been repeatedly assured by federal law enforcement authorities that it is not the subject or target of any investigation.  
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Will pending IPO establish Redfin as a billion-dollar real estate company?

Filing reveals IPO pricing details
Online real estate brokerage Redfin filled in a few blanks originally left empty on its recent initial public offering request with the U.S. Securities and Exchange Commission, revealing the company thinks it is worth around a billion dollars. When the company first filed its request for IPO, it left out key details on how many shares it would sell, along with how much it would sell them for. Well, the wait’s over. Here are the missing details on exactly much capital Redfin wants to raise.
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SEC chair explores reason behind major drop in IPOs

Attempts to find ways to make IPOs more attractive
U.S. Securities and Exchange Commission Chairman Jay Clayton wants to fix the drastic decline in initial public offerings, hoping to in turn give individual investors more access to smaller companies. This is an issue that housing is not immune from. Remember when loanDepot pulled its IPO two years ago?
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