SEC

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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... More »

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... More »

Elon Musk in Hot Water Yet Again Over a Tweet

SEC wants Tesla CEO held in contempt

(Newser) - Tesla CEO Elon Musk's tweeting habits have triggered another legal challenge from stock market regulators worried about him using his Twitter account to mislead investors, the AP reports. The latest dust-up emerged late Monday when the Securities and Exchange Commission asked a federal court in New York to hold... More »

Defiant Elon Musk Mocks SEC on Twitter

He calls them the 'Shortseller Enrichment Commission'

(Newser) - Elon Musk is a man of many talents, but knowing when to stop tweeting apparently isn't one of them. The Tesla CEO, who has agreed to pay $20 million and step down as chairman to settle a lawsuit brought by the Securities and Exchange Commission over a "false... More »

Musk's New Fight Poses Huge Risk to Tesla—and Himself

SEC complaint is 'road map to criminal charges,' says one biz journalist

(Newser) - The SEC's decision to sue Elon Musk and seek his ouster as chairman of Tesla came after Musk pulled out of settlement talks at the last minute, reports CNBC . Under the deal, Musk would have paid a fine but admitted no wrongdoing in regard to his infamous tweet in... More »

Musk's Tweet Gets Tesla an SEC Subpoena, Sources Say

Sources tell Fox, New York Times the SEC has opened a formal investigation

(Newser) - There were rumblings that the SEC wanted to talk to Elon Musk about his tweet saying he was considering taking Tesla private and had "funding secured." Now, sources tell Fox Business Network , the San Francisco office of the SEC has indeed subpoenaed Tesla and the investigation is a... More »

So What's Going On With Tesla, Elon Musk?

The SEC wants to know, and rapper Azealia Banks has some theories

(Newser) - It sure has been an interesting week for Tesla CEO Elon Musk, and things might get worse before they get better. The controversy began last Tuesday when Musk startled his own company board by announcing that he might take Tesla private and, in fact, had "funding secured." Now... More »

Elon Musk's Tesla Tweet May Have Been Illegal

Sources say SEC is investigating claim that funding secured for Tesla move

(Newser) - Elon Musk's tweet about potentially taking Tesla private was definitely unorthodox—and it may also have been illegal, according to analysts and regulators. Sources tell the Wall Street Journal that the Securities and Exchange Commission wants to know more about Musk's tweet, specifically the part about funding being... More »

Worst Part of Theranos Scandal Isn't SEC Fraud

It's duping actual patients, writes Bloomberg columnist

(Newser) - She was the first female founder of a Silicon Valley startup to become a billionaire before it all came crashing down. Now Elizabeth Holmes' personal fortune is gone , and she has just settled with federal regulators who say her company, Theranos, lied to investors about its supposedly revolutionary blood-testing equipment.... More »

He Dumped All His Equifax Stock. Now, Criminal Charges

Jun Ying charged with insider trading

(Newser) - Before Equifax went public with news of its massive data breach last September, Jun Ying, the company's then-US chief information officer, exercised and sold all his stock options. Now the SEC says the nearly $1 million move was insider trading, and Ying has been charged to that end in... More »

SEC: Our Filing System Got Hacked

Which could have allowed some illegal trading to transpire

(Newser) - The Securities and Exchange Commission said Wednesday that a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016. Chairman Jay Clayton said a review of the agency's cybersecurity risk profile determined that the previously detected "incident" was caused... More »

Sources: Equifax Execs Who Sold Shares Now Eyed by Feds

There's reportedly a criminal probe into insider trading suspicions

(Newser) - Right after Equifax discovered it had suffered a huge security breach , three senior executives dumped nearly $2 million in shares —and now the feds are looking to see if there was any criminality involved. Per Bloomberg , sources familiar with the investigation say the Justice Department will be seeking evidence... More »

Alleged Insider Trader Maybe Did Too Much Googling

Didn't cover up online search history for 'insider trading' too well, prosecutors say

(Newser) - If you don't want the SEC to pick up on the fact that you've carried out an unusual trade, you probably shouldn't Google "how sec detect unusual trade," or "insider trading in an international account." Those are the phrases that federal prosecutors allege... More »

2 Charged in Ponzi Schemes Tied to Adele, Hamilton

Joseph Meli, Steven Simmons joked about their $81M 'shell game': FBI

(Newser) - Two men were charged Friday with roles in Ponzi schemes that cheated wealthy people, including some who believed they were investing in ticket businesses for popular shows like an Adele concert and Broadway's Hamilton. Joseph Meli, 42, of Manhattan, and Steven Simmons, 48, of Wilton, Conn., were arrested on... More »

SEC May Have Issue With Tesla's Actions After Autopilot Crash

Sources say SEC is investigating possible rules breach

(Newser) - Tesla notified the National Highway Traffic Safety Administration after its first fatal crash involving Autopilot mode , but it didn't bother telling investors about the May 7 crash, and that could land the company in hot water. Sources tell the Wall Street Journal that the Securities and Exchange Commission is... More »

Facebook Makes Move for Zuckerberg's Power If He Leaves

Board wants to curb his voting clout if he departs

(Newser) - It's hard to imagine Facebook without the face of Mark Zuckerberg at its helm, but that's exactly what the site's board of directors is anticipating in its latest proposal to the SEC. Per Reuters , the board submitted a proxy filing Thursday, notifying the federal agency that it... More »

Phil Mickelson Made Nearly $1M on Insider Trading: SEC

Commission names pro golfer in federal lawsuit

(Newser) - The Securities and Exchange Commission is filing a complaint against professional golfer Phil Mickelson related to insider trading, the AP reports. The SEC says gambler William Walters received tips and business information about Dean Foods Co. from Thomas Davis, former head of Dean Foods, between 2008 and 2012. The SEC... More »

Feds Prod Theranos in Criminal Probe

SEC, DoJ now involved in investigations into blood-testing company

(Newser) - A success story gone sour has taken a new turn for Theranos and founder Elizabeth Holmes, with the SEC and the US attorney's office for the Northern District of California now conducting criminal investigations to determine whether the blood-testing company misled investors and others about its technologies, CNNMoney reports.... More »

Feds Subpoena Chipotle in Norovirus Outbreak

Looks like that food poisoning in California is leading to all sorts of problems

(Newser) - Sickened customers and employees, bad publicity, and tumbling stock prices were apparently just the beginning of Chipotle's woes. Now the restaurant chain has been slapped with a federal subpoena as part of a criminal investigation into a food poisoning outbreak in August, the AP reports. The subpoena received in... More »

Feds: Hackers' Simple Scheme Earned Them $100M

They peeked at press releases before they went public

(Newser) - It was surprisingly simple and surprisingly lucrative: Feds say a group of hackers made $100 million by getting a look at corporate press releases before they went public. The hackers tapped into three big companies that distribute such releases—Marketwire, PR Newswire, and Business Wire—and were able to make... More »

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