SEC CHARGES
Bitcoin rally and ‘short memories’ reignite everything in crypto
Bitcoin's rally is reviving animal spirits in the financial world, with a surge in deal flow and investments. The crypto market sees a return of bull market hallmarks, including celebrity endorsements and new tokens creation at a rapid pace.
Dollar steady; ether fuels crypto rally
Cryptocurrencies rallied, led by a surge in ether on growing anticipation of an impending approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Robinhood's crypto business drives massive earnings beat
Online brokerage Robinhood Markets beat estimates for first-quarter profit on Wednesday, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue.
Grayscale Bitcoin Trust's shares jump after first inflow since January
Some outflows were also tied to the wave of bankruptcies in the crypto industry, as companies that collapsed in the last two years pulled money out of the fund to repay their creditors.
Trump Media's newly hired auditing firm was just busted by the SEC for 'massive fraud'
The Securities and Exchange Commission (SEC) charged auditing firm BF Borgers and its owner, Benjamin F. Borgers, with "massive fraud" for deliberate failures in over 1,500 audits. Despite being hired by Trump Media and Technology Group just 37 days prior, the charges are unrelated to their work for the company. The firm agreed to a $12 million fine, with Benjamin Borgers facing a $2 million fine and both agreeing to permanent suspensions from handling SEC-related matters. The SEC found that BF Borgers fabricated documentation, failed to follow accounting rules, and falsely stated that their work met audit standards.
Hush money trial: Donald Trump says his team plans to file lawsuit on judge's gag order
Donald Trump Updates: Trump media auditor charged by SEC with 'massive fraud,' permanently barred from public company auditsHush money trial: Donald Trump says his team plans to file lawsuit on judge's gag order
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Girish Mathrubootham steps down as Freshworks CEO; Dennis Woodside takes charge
Freshworks president Dennis Woodside appointed as new CEO. Mathrubootham to be redesignated as executive chairman. Recently his performance-based stock incentives were cancelled recently citing macroeconomic concerns. The Freshworks stock fell nearly 25% as the news sparked a massive selloff. Freshworks was founded in Chennai in 2010, primarily targeting small and medium businesses with its CRM software.
Grayscale CEO sees bitcoin ETF outflows reaching equilibrium
Grayscale Bitcoin Trust navigates stabilizing outflows amidst SEC-approved rivals and intense competition from BlackRock and Fidelity. Plans for Bitcoin Mini Trust and spot ether ETF in progress as CEO Sonnenshein anticipates fee reduction in mature markets.
Want to invest in SpaceX or Stripe? There's a fund for that
A new fund, Destiny Tech100, is offering a publicly traded fund that contains shares of 23 private tech companies including Stripe, SpaceX, OpenAI, Discord and Epic Games. The fund, which began trading on the New York Stock Exchange last week, plans to expand its holdings to include stock in 100 startups.
Binance to end support for USDC stablecoin on Tron blockchain network
Binance stops USDC transactions via Tron blockchain, Circle halts USDC creation. Lawsuit against Justin Sun. USDC, $32.1B circulation, 8th largest crypto. Tron associated with transfers linked to terror groups.
Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges
The deal resolves January 2023 charges the SEC filed against Genesis and Gemini Trust Company LLC over their joint crypto lending program. It was one of a spate of enforcement actions the SEC has taken against large firms in the crypto sector.
US SEC fines two investment advisers over AI claims
Toronto-based Delphia Inc and San Francisco-based Global Predictions Inc, which did not admit or deny the SEC's charges, agreed to pay a combined $400,000 in fines to settle the civil charges related to "AI washing," the SEC said in a statement.
Terraform Labs co-founder Do Kwon to miss start of US SEC fraud trial
In a letter filed in federal court in Manhattan, Do Kwon's lawyer David Patton said Kwon will not seek to adjourn the trial date, regardless of when he is ultimately extradited. Patton had made a similar pledge in January.
Husband makes Rs 14 crore profit by stock trade after overhearing wife's office calls during WFH
Tyler Loudon, husband of a BP Plc manager, has been charged with insider trading, faces possible federal prison time and fines. He profited $1.76 million or Rs 14 crore from investing in a truck stop company.
JPMorgan CEO Dimon sells about $150 million of his shares, SEC filing says
Dimon and his family intend to sell 1 million of their 8.6 million shares, the bank had said in a filing last October. Dimon, one of the longest serving chief executives on Wall Street, has sold off 821,778 shares of the bank so far.
US SEC trial against Terraform Labs postponed to allow Do Kwon extradition
In an order, US District Judge Jed Rakoff in Manhattan pushed back the trial to March 25 from Jan. 29, with no further delays even if Kwon were not extradited.
Bitcoin ETFs come with risks: Here are key things you should know
Several established financial institutions, including Fidelity and BlackRock, have coalesced around bitcoin because it is the world's first and largest cryptocurrency. But bitcoin remains an enigma to most everyday investors, and it's hard to separate the buzz from any true potential. It's also wildly volatile. In other words, it's a bet.
Morgan Stanley banker who lifted hedge funds from 'kiddie table' with stock tips
A big block of shares would come up for sale, and block-trading head Pawan Passi would tip off the funds. One even told Passi he had put that investor “in the game” (adding a colorful modifier) and that the investor “would be at the kiddie table” if not for him.
SEC charges Morgan Stanley, former exec Passi with fraud in block trading business
The deal resolved allegations of deception from the Manhattan U.S. attorney's office and charges of fraud and compliance failures from the Securities and Exchange. The total payments include penalties to both agencies as well as restitution, and forfeiture of ill-gotten gains, the Justice Department and SEC said in their statements.
Bitcoin ETF approval: Can Indians also invest?
Like any investment, Bitcoin ETFs come with their own set of pros and cons. However, one notable advantage is that investors can gain exposure to Bitcoin through regulated entities, alleviating concerns about cryptocurrency storage.
How a hack of the SEC's social media account caused a Bitcoin frenzy, briefly
At 4:11 pm Tuesday, the official X account of the SEC announced that regulators had approved a new investment product tracking the price of Bitcoin, an apparent victory for the embattled crypto industry.
Man can't be charged in cases where wife is 18 years of age or more: HC on 'marital rape'
Justice Ram Manohar Narayan Mishra, while acquitting a husband under section 377 of IPC for allegedly committing 'unnatural sex' with his wife, noted that "ingredients of unnatural sex, comprised under Section 377 IPC are included in Section 375 (a) IPC as observed by the High Court of Madhya Pradesh".
US SEC charges FTX's former auditor over independence violations
The U.S. Securities and Exchange Commission (SEC) has charged accounting firm Prager Metis with multiple violations of auditor independence. The SEC stated that between December 2017 and October 2020, Prager Metis added indemnification provisions to engagement letters for over 200 audits and other work, hindering the firm's required independence.
US SEC charges 12 firms with record keeping failures
Securities and Exchange Commission (SEC) said the companies, including Interactive Brokers Corp, Fifth Third Securities and Nuveen Securities, agreed to pay a total of $79 million and admitted they violated the record keeping rules
Lyft to pay $10 million civil penalty over disclosure failures
Lyft has agreed to pay $10 million to settle Securities and Exchange Commission charges it failed to disclose a board member's financial interest in a transaction involving the company, the U.S. regulator said on Monday.
Fintech firm Titan Global to pay over $1 million to settle US SEC charges
Titan, a New York-based registered investment adviser, misled investors with statements made on its website about hypothetical returns from August 2021 to October 2022, the SEC said in a statement.
US SEC charges Youtuber Richard Heart with unregistered crypto offerings fraud
The SEC charged Heart and his PulseChain entity with fraud for misappropriating at least $12 million of offering proceeds to purchase luxury goods including sports cars.
Ripple ruling: Crypto firms facing US SEC charges find hope in verdict, look to fight back
Thursday's ruling that Ripple Labs Inc did not violate securities law by selling its XRP token on exchanges was the first major setback for the SEC in a decade of enforcement against the cryptocurrency industry.
SEC brings charges against cryptocurrency trading platform Coinbase
The SEC has charged Coinbase with operating an unregistered national securities exchange, broker, and clearing agency, as well as failing to register the offer and sale of its staking-as-a-service program. The complaint claims Coinbase has made billions unlawfully since at least 2019 by facilitating the buying and selling of crypto securities without proper registration.
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