SEC

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Kim Kardashian Got $250K for Post—Then Was Fined $1.26M

She promoted EthereumMax but didn't disclose she was paid to do so

(Newser) - "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN." So began an Instagram post Kim Kardashian posted in June 2021, in which she pushed EthereumMax’s crypto asset. She did mark it with #ad, but...

Feds Say Crypto Firm Was $300M Ponzi Scheme

Forsage's founders among 11 charged by SEC

(Newser) - Cryptocurrency firm Forsage used technology undreamt of when Charles Ponzi was ripping off investors in the 1920s but regulators say the basic idea was the same: A scam in which investors promised big returns were paid off with money from later investors. The Securities and Exchange Commission has charged 11...

For Twitter, Musk's Move Is 'Worst Case'

Company might win a legal fight to save deal, but analysts say there would be drawbacks

(Newser) - Twitter's stock price has dropped, its public image is damaged, and employee morale is tanking. And that was all before Elon Musk told Twitter and the SEC on Friday that he wants out of the $44 billion deal to buy the company. Twitter said it will fight Musk on...

Those Who Catch Cheating Cheated on Their Ethics Exams

Ernst & Young has to pay a $100M fine to the SEC

(Newser) - It's a scandal rich in irony. Auditors with the giant accounting firm Ernst & Young—the very people whose job it is to catch cheaters—themselves cheated on exams needed to keep their licenses, reports NPR . But the irony gets richer: The accountants cheated on the ethics portion of...

Twitter's Board Unanimously Recommends Deal With Musk

But his purchase of the platform still has a long way to go

(Newser) - The pendulum on the Elon Musk-Twitter courtship has swung from no way to it's happening to it's off to maybe it's on again . A development Tuesday keeps it squarely in the "maybe" camp. Twitter's board recommended unanimously that shareholders approve the proposed $44 billion sale...

Tesla Tells Judge the SEC Scrutiny of Musk Is Harassment

Company says agency is picking on the CEO because he's critical of government

(Newser) - The latest tit-for-tat involving Elon Musk, his company, and the Securities and Exchange Commission could again test the patience of the federal judge who oversaw the 2018 settlement limiting Musk's tweets. When the SEC complained the next year that new tweets from Musk had broken the rules, US District...

SEC: Elon Musk Gave $5.7B in Tesla Shares
From Elon Musk,
a $5.7B Gift

From Elon Musk, a $5.7B Gift

SEC filing indicates Musk donated 5M Tesla shares to unidentified charity or charities in November

(Newser) - Elon Musk kicked off the holiday season at the end of last year with a rather large gift: about $5.7 billion in Tesla shares, donated to an unidentified charity or charities. CNN Business reports that the comped 5,044,000 shares, presented between Nov. 19 and Nov. 29, were...

SEC Filing Puts 50-Second Burr Call Under the Microscope

Agency: Senator's brother-in-law dumped stocks after conferring with Burr in early days of pandemic

(Newser) - In February 2020, Sen. Richard Burr was the head of the Senate Intelligence Committee, as well as a member of the chamber's Health, Education, Labor, and Pensions panel. He also had staffers tasked with helping out with the emerging pandemic. Those ties, and the knowledge on the coronavirus he...

New Facebook Whistleblower Supports Other's Testimony

Washington Post interviews former employee

(Newser) - Another former Facebook employee has told the SEC that profit and growth are more important to the company than stopping misinformation and hate speech. The allegations by a former member of Facebook's Integrity team were made in a new affidavit for the Securities and Exchange Commission, which carries penalties...

SEC Complaints of Facebook Whistleblower Revealed

In her claim, Frances Haugen cites document that says platform removes only 2% of hate speech

(Newser) - 60 Minutes is sharing details of Facebook whistleblower Frances Haugen's complaints to the Securities and Exchange Commission, including her claim that the social network stoked political division by steering conservative-leaning users toward conspiracy theories. One of at least eight complaints, titled "Facebook misled investors and the public...

SEC Not Happy With 2 of Elon Musk's Tweets: Report

'Wall Street Journal' reports on previously undisclosed correspondence

(Newser) - The Securities and Exchange Commission believes Tesla CEO Elon Musk has twice violated a court order requiring the company's lawyers to approve certain tweets about Tesla before he posts them, according to documents obtained by the Wall Street Journal . Regulators sent letters to Tesla in 2019 and 2020 saying...

Shading Sales Figures Costs Automaker $18M

SEC takes BMW's cooperation into account

(Newser) - BMW will pay an $18 million fine to settle allegations that it inflated its monthly US sales numbers for five straight years. The Securities and Exchange Commission said Thursday that the German luxury automaker kept a reserve of unreported sales that it drew on to meet monthly targets from 2015...

Shares Dive After a Tweet About Kodak Loan

SEC is said to be investigating the announcement of the $765M deal

(Newser) - A tweet Friday hit Kodak hard Monday. "Recent allegations of wrongdoing raise serious concerns," the US International Development Finance Corp. posted . "We will not proceed any further unless these allegations are cleared." It was a reference to planned $765 million government loan that would allow Kodak...

Tesla Sells Out of '$69.420' Short Shorts

Musk taunts short sellers with 'fabulous' shorts

(Newser) - After a surge in Tesla's share price, CEO Elon Musk celebrated in typically understated fashion: He taunted short-sellers by selling short shorts through Tesla's online store, apparently setting the price at the first numbers that came into his head: $69.420. CNET notes the 420 part might be...

SEC Puts Damper on Hertz Plan to Sell Possibly 'Worthless' Stock

Car rental company wanted to dump $500M in common stock during bankruptcy proceedings

(Newser) - After a tumultuous few months, Hertz now has another wrench thrown into its works. Unable to endure the coronavirus pandemic, the car rental company filed for bankruptcy protection last month, then noted Monday in a government filing that it planned to sell $500 million in common stock—all while warning...

'Emboldened' by Working From Home, Whistleblowers Emerge
New Influx of Whistleblower
Filings the 'Tip of the Iceberg'
in case you missed it

New Influx of Whistleblower Filings the 'Tip of the Iceberg'

Lawyers say uptick in complaints due to impact of COVID-19, people working from home

(Newser) - While the coronavirus continues to wreak havoc on the economy, it's brought business to one particular group: lawyers for whistleblowers, who've been coming forward in increasing numbers since the pandemic hit. Per an SEC spokesman, the agency received 4,000 or so whistleblower complaints from the middle of...

Whistleblowers to SEC: Facebook Is Hiding Illegal Activity

'WaPo' describes claims, including from an ex-Facebook moderator, on drug, child porn sales

(Newser) - A whistleblower complaint filed with the SEC claims Facebook has failed to adequately police illegal activity on its platform, including sales of drugs and child pornography. The complaint filed Tuesday by critics, including a former Facebook content moderator, further claims Facebook has hidden the extent of illegal activity from its...

Wells Fargo Will Pay US $3B to Settle List of Abuses

Accounts were opened without customers' consent

(Newser) - Wells Fargo agreed Friday to pay the government $3 billion to settle investigations into a series of abuses that went on for years, including opening accounts for customers without their approval. The deal wraps up federal civil and criminal cases, the Wall Street Journal reports, though criminal charges could be...

Boeing 737 Max Could Be Back in the Sky Come January

Per a new American Airlines filing with the SEC

(Newser) - All Boeing 737 Max aircraft were grounded after two crashes involving the jets over the past year killed a total of 346 people. But come January, the planes will likely be in the air again. American Airlines announced in a Securities and Exchange Commission filing on Wednesday that two software...

SEC Is Going After VW's 'Ill-Gotten Gains'

Car maker says it will 'vigorously' defend itself

(Newser) - The SEC is going after Volkswagen. At issue: upwards of $13 billion in bonds and asset-backed securities issued here between April 2014 to May 2015—a period when, the SEC's lawsuit alleges, Volkswagen's upper echelons were well aware that its 500,000 diesel vehicles in the US were...

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