Breaking News

Items Tagged with 'Securities and Exchange Commission'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • Former Bankrate CFO gets 10 years for cooking the books to the tune of $25 million

    Pleaded guilty to defrauding shareholders out of $25 million
    The former chief financial officer of Bankrate will spend the next 10 years in prison after admitting in court earlier this year that he falsified the company’s accounts in a scheme that ended up costing shareholders $25 million. According to the Department of Justice, Edward DiMaria used his position at Bankrate to artificially boost the company’s earnings from 2010 through 2014.
    Read More
  • Former Colliers real estate broker admits to trying (and failing) to bribe foreign government official

    Joo Hyun Bahn paid off intermediary, who kept money for himself
    A former real estate broker at Colliers International Group admitted that he tried to bribe a foreign government official in order to secure a massive commercial real estate deal, but failed in that effort when the intermediary who was supposed to pass the money to the government official kept it for himself.
    Read More
  • NFL player Mychal Kendricks accused of insider trading on News Corp’s acquisition of Move

    Former Browns linebacker admits to getting tips from former Goldman Sachs analyst
    Former Cleveland Browns linebacker Mychal Kendricks admitted Wednesday that he engaged in insider trading when he used privileged information from a former Goldman Sachs analyst to make a profit of nearly $280,000 when News Corp acquired Move back in 2014.
    Read More
  • 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.
    Read More