(CNBC) Microsoft’s massive investment in OpenAI has put the company at the center of the artificial intelligence boom. But it’s not the only place where the software giant is opening its wallet to meet the surging demand for AI-powered services. […]
Former Coinbase Manager and His Brother Agree to Settle Insider Trading Charges Relating to Crypto Asset Securities
(HedgeCo.Net) The Securities and Exchange Commission has announced that former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding […]
Former Wells Fargo Senior Executive to Pay $3-Million to Settle Fraud Charges for Misleading Investors About Abusive Sales Practices
(HedgeCo.Net) The Securities and Exchange Commission has announced its settlement with the former head of Wells Fargo & Co.’s Community Bank, Carrie L. Tolstedt, in which she has agreed to pay a $3 million penalty stemming from charges brought in […]
CFTC Charges Five Defendants with Fraudulent Digital Assets Trading Scheme
(HedgeCo.Net) The Commodity Futures Trading Commission has filed a civil enforcement action in the U.S. District Court for the Central District of California against David Carmona formerly of Elmhurst, New York, Juan Arellano Parra formerly of Chino, California, Moses Valdez […]
CFTC Orders an Advisor to Pay More Than $4 Million for Fraud and Registration Violations
(Hedgeweek) The Commodity Futures Trading Commission has issued an order filing and simultaneously settling charges against Sharief Deona McDowell, of Loma Linda, California, for fraud in connection with options on commodity futures contracts by a commodity trading advisor (CTA) and […]
SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud
(HedgeCo.Net) The Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl […]
SEC Obtains Final Judgment Against Investment Adviser in Microcap Stock Trading Scheme
(HedgeCo.Net) The U.S. District Court for the Central District of California entered a final consent judgment against Thomas Carter Ronk imposing injunctive relief, a five-year officer-and-director bar, a five-year penny stock bar, and a civil penalty. According to the SEC’s […]
Texas Resident Charged with Acting as an Unregistered Broker
(HedgeCo.Net) The Securities and Exchange Commission has announced charges against Daniel E. Levin, from Dallas-Fort Worth, with acting as an unregistered broker-dealer. According to the SEC’s complaint filed on May 9, 2023, Levin solicited investors to purchase approximately $2.6 million […]
SEC Obtains Judgments Against Unregistered Brokers for Conducting a Fraudulent Offering of Crypto Asset Securities
(HedgeCo.Net) The U.S. District Court for the Northern District of Illinois has entered final judgments against Chicago Crypto Capital LLC (“CCC”), its owner, Brian Amoah, and former salesman Elbert “Al” Elliott, whom the SEC previously charged with violations of the […]
CFTC and State Regulators in California and Hawaii Charge Los Angeles Area Precious Metals Dealer in Ongoing $61 Million Fraud Targeting the Elderly
(HedgeCo.Net) The Commodity Futures Trading Commission and state regulators in California and Hawaii have announced they have filed a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer, its […]
SEC Charges Red Rock Secured, Three Executives in Fraud Scheme Targeting Retirement Accounts
(Hedgeco.Net) The Securities and Exchange Commission has announced charges against El Segundo, California-based Red Rock Secured LLC, its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in connection with a fraudulent scheme […]
Philips to Pay More Than $62 Million to Settle FCPA Charges
(HedgeCo.Net) The Securities and Exchange Commission has announced that Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales of […]
HSBC and Scotia Capital Hit with $22 Million in Combined Penalties for Widespread Recordkeeping Failures
(HedgeCo.Net) The Securities and Exchange Commission has charged HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. for widespread and longstanding failures by both firms and their employees to maintain and preserve electronic communications. To settle the charges, HSBC and […]
Swap Dealer Pays Over $6.8 Million for Violations of Swap Dealer Business Conduct Standards
(HedgeCo.Net) The Commodity Futures Trading Commission has issued an order simultaneously filing and settling charges against New York-based, provisionally registered swap dealer Mizuho Capital Markets LLC for trade practice violations of the Swap Dealer Business Conduct Standards in the Commodity […]
SEC Obtains Judgment Against Former CEO and General Counsel Who Raised Millions of Dollars from Investors Through False Statements
(HedgeCo.Net) The United States District Court for the District of Connecticut has entered a final judgment against former Connecticut resident Ronald D. Swanson ordering him to pay over $927,000 in disgorgement and penalties in a securities offering fraud action previously […]
