The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws.
The SEC’s...
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Category: Securities and Exchange Commission Investigations
Deutsche Bank pays $130 million to settle SEC DOJ investigation into foreign bribes and manipulation of commodities markets
Deutsche Bank Aktiengesellschaft (Deutsche Bank or the Company) has agreed to pay more than $130 million to resolve the government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) and a separate investigation into a commodities fraud scheme.
According to admissions and court documents, between 2009 and 2016, Deutsche Bank, acting through its employees...
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Prudential subsidiary Pruco Securities settles SEC case for $18.3 million on allegations of breach of fiduciary duty on mutual fund selections
Prudential subsidiary Pruco Securities will pay approx$18.3 million to settle an SEC investigation concerning alleged breaches of its fiduciary duty related to the firm’s mutual fund share class selection and wrap fee programs. The SEC says that Pruco, a registered investment adviser and broker-dealer, recommended clients buy and hold mutual fund share classes paying...
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Robinhood pays $65 million to settle charges over omissions in statements about selling customer order info to trading firms for big money
The SEC says that between 2015 and 2018, the brokerage company Robinhood made misleading omissions about routing customer orders, known as “payments for order flow,” which constituted its largest source of income. The SEC says that because the firm received “unusually high payment for order flow rates,” customers’ orders...
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SEC awards more than $300,000 to a whistleblower with auditing responsibillities
The Securities and Exchange Commission awarded more than $300,000 to a whistleblower with auditing responsibilities who helped lead to the successful enforcement of SEC and related actions.
The whistleblower learned of securities law violations in connection with their audit responsibilities. Individuals with audit or compliance responsibilities are usually not eligible for such SEC awards, but...
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GE to pay $200 million to settle SEC investigation over disclosure issues in its gas-turbine and insurance programs
General Electric will $200 million penalty to settle federal claims that it misled investors by...
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BlueCrest Capital Management hedge fund to pay $170 million to settle SEC charges for failure to disclose internal investment fund
BlueCrest Capital Management hedge Fund will pay $170 million to settle with the U.S. Securities and Exchange Commission over charges that it misled clients about an internal fund used to invest company insiders’ wealth, which was...
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DOJ’s Cryptocurrency Enforcement Network to attack criminal activities as reports of fraud and theft mount
A new U.S. Justice Department report is taking aim at the “emerging threats and enforcement challenges” associated with digital currencies, establishing a “Cryptocurrency Enforcement Framework” to address the massive uptick of fraud, criminal activity and theft in the Cryptocurrency trading including BitCoin and cybercurrency platforms. The Department of Justice says that while...
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Apple pays up to $800 million to settle investigation by states on deliberate slowing down of older iphones to extend battery life
Apple will pay $113 million to 34 states over its practice of deliberately slowing down older iPhones to extend their battery life. This will settle an investigation by the states including California and Arizona over how the company was not transparent about its iPhone battery problems that led to unexpected...
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Online eSports gambling platform Unikrn Inc., in Seattle to pay $6.1 SEC penalty for unregistered initial coin offering (ICO) of digital securities
Unikrn Inc., an operator of an online eSports gaming and gambling platform headquartered in Seattle, Washington, will pay the Securities & Exchange Commission $6.1 million for conducting an unregistered initial coin offering (ICO) of digital asset securities. Unikrn agreed to settle the charges by paying a $6.1 million penalty, substantially all of the company's...
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