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Category Archives: HedgeCo News

SEC Charges Recidivist Broker-Dealer in Employee’s Long-Running Pump-and-Dump Fraud

(HedgeCo.Net) The Securities and Exchange Commission announced charges against Wedbush Securities Inc. for failing to supervise employee Timary Delorme after the broker-dealer ignored numerous red flags indicating that Delorme was involved in a long-running pump-and-dump scheme targeting retail investors. Delorme […]

Kinross Gold Charged With FCPA Violations

(HedgeCo.Net) The Securities and Exchange Commission today announced a settled action against Canada-based Kinross Gold Corporation for Foreign Corrupt Practices Act violations arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries. According to the […]

SEC Stops Ponzi-Schemer Targeting Retail Investors

(HedgeCo.Net) The Securities and Exchange Commission has announced charges and a preliminary injunction and asset freeze against Niket Shah, a New Jersey resident who stole more than $250,000 in a Ponzi scheme in which his friends and coworkers invested. Based […]

Theranos, CEO Holmes, and Former President Balwani Charged With Massive Fraud

(HedgeCo.Net) The Securities and Exchange Commission has charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud […]

SEC Announces Its Largest-Ever Whistleblower Awards

(HedgeCo.Com) The Securities and Exchange Commission has announced its highest-ever Dodd-Frank whistleblower awards, with two whistleblowers sharing a nearly $50 million award and a third whistleblower receiving more than $33 million. The previous high was a $30 million award in […]

Broker Charged With Repeatedly Putting Customer Assets At Risk

(HedgeCo.Net) The Securities and Exchange Commission has announced that Electronic Transaction Clearing (ETC), a registered broker-dealer headquartered in Los Angeles, has agreed to settle charges that it illegally placed more than $25 million of customers’ securities at risk in order […]

SEC Proposes Transaction Fee Pilot for NMS Stocks

(HedgeCo.Net) The Securities and Exchange Commission has voted to propose new Rule 610T of Regulation NMS to conduct a Transaction Fee Pilot in NMS stocks. The proposed pilot would subject stock exchange transaction fee pricing, including “maker-taker” fee-and-rebate pricing models, […]

Former Equifax Executive Charged With Insider Trading

(HedgeCo.Net) The Securities and Exchange Commission has charged a former chief information officer of a U.S. business unit of Equifax with insider trading in advance of the company’s September 2017 announcement about a massive data breach that exposed the social […]

Foreign Affiliates of KPMG, Deloitte, BDO Charged in Improper Audits

(hedgeCo.Net) The Securities and Exchange Commission today charged foreign affiliates of KPMG, Deloitte & Touche, and BDO for their involvement in audit work that circumvented the full oversight of the Public Company Accounting Oversight Board (PCAOB). The firms agreed to […]

SEC Foils Stock Executive’s Plan to Pump Stock and Exploit Investors

(HedgeCo.Net) The Securities and Exchange Commission today barred the president of a penny stock company from ever again serving as a public company officer or director after he was caught making false and misleading statements about the company to investors […]

Penny Stock “Mailman” Charged With Scalping Investors In Gold Mining Stocks

(HedgeCo.Net) The Securities and Exchange Commission has charged a penny stock promoter based in Florida with defrauding investors in a pair of gold mining stocks by secretly amassing shares before touting the companies publicly. He allegedly sold the bulk of […]

Investment Adviser Settles Charges for Cheating Clients in Fraudulent Cherry-Picking Scheme

(HedgeCo.Net) The Securities and Exchange Commission has announced settled charges against an Austin, Texas-based investment adviser for defrauding his clients through a “cherry-picking” scheme. The adviser, Robert Mark Magee, who is the principal, sole owner, and sole employee of Valor […]

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