Search Results for: Securities AND Exchange Commission (SEC)

The US Court of Appeals for the Second Circuit Tuesday reversed insider trading convictions against four defendants over leaks from a US healthcare agency. In the 2-1 decision, the court dismissed various fraud and theft charges against former hedge-fund partners Theodore Huber and Robert Olan, political intelligence consultant David Blaszczak and former US Centers for [...]

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The Consumer Financial Protection Bureau (CFPB) Tuesday ordered Wells Fargo to pay $3.7 billion regarding its “widespread mismanagement” affecting over 16 million consumer accounts. Specifically, Wells Fargo must pay $2 billion to consumers in addition to a $1.7 billion civil penalty which will be put into the CFPB’s Civil Penalty Fund to compensate victims of federal consumer financial [...]

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The Securities and Exchange Commission (SEC) Tuesday brought civil charges against Samuel Bankman-Fried, CEO and co-founder of the crypto trading platform FTX Trading Ltd. US prosecutors also unsealed criminal charges against Bankman-Fried on Tuesday following his arrest in the Bahamas. The SEC alleges that Bankman-Fried defrauded equity investors and customers of FTX by diverting assets [...]

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Why was the cryptocurrency exchange FTX valued at $32 billion before it filed for bankruptcy? Many of the world’s most sophisticated investors believed it was worth that much and invested billions based on that valuation. They failed to detect the company’s massive misconduct and their investments were completely wiped out over the course of a [...]

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The US Supreme Court Monday heard oral arguments in Securities and Exchange Commission v. Cochran. The court will decide whether the federal district courts have the ability to hear challenges against US Securities and Exchange Commission (SEC) proceedings, or whether those challenges must remain within the SEC’s administrative courts. Michelle Cochran was a public accountant [...]

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CVS Health Co. (CVS) and Walgreens Co. (Walgreens), a subsidiary of its parent company Walgreens Boots Alliance, Inc., Wednesday, announced that each company reached a preliminary settlement deal totaling approximately $10 billion in order to end thousands of lawsuits related to ongoing opioid-related litigation. As part of its settlement, beginning in 2023, CVS will pay a total [...]

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The US Securities and Exchange Commission (SEC) Wednesday adopted compensation recovery listing standards and disclosure rules which will “require issuers to develop and implement a policy providing for the recovery of erroneously awarded incentive-based compensation received by current or former executive officers.” The SEC stated that the rule applies even if the public company executive [...]

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Trevor Milton, founder of automotive manufacturer Nikola Corp., on Friday was convicted of fraud following his misrepresentations and lies regarding the company’s technology. Milton made multiple representations regarding the technologies of his zero-emissions trucking business. Alongside other issues, a jury found that he lied about the costs of using hydrogen fuel as energy which he [...]

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