SEC – News Stories About SEC - Page 2

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

Jun 2, 2021 3:24 AM CDT

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...

BMW to Pay $18M Fine Over Inflated Sales Totals

Shading Sales
Figures Costs
Automaker $18M

Sep 24, 2020 5:30 PM CDT

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

Aug 10, 2020 2:27 PM CDT

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...

Musk Mocks Short Sellers With $69 Tesla Short Shorts

Tesla Sells Out of
'$69.420' Short Shorts

Jul 6, 2020 2:49 PM CDT

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...

Hertz Had a $500M Stock Plan. The SEC Just Said Hold Up

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

Jun 18, 2020 7:43 AM CDT

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'

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...

Drugs, Child Porn Are Sold on Facebook: SEC Complaint

Whistleblowers to
SEC: Facebook Is
Hiding Illegal Activity

May 27, 2020 11:05 AM CDT

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

Feb 21, 2020 4:30 PM CST

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

Oct 9, 2019 11:16 AM CDT

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'

Mar 15, 2019 5:33 AM CDT

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...

Elon Musk
in Hot Water
Yet Again
Over a Tweet

Feb 26, 2019 1:33 AM CST

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...

Defiant
Elon Musk
Mocks SEC
on Twitter

Oct 5, 2018 3:36 AM CDT

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...

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

the rundown

Sep 28, 2018 11:11 AM CDT

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...

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

Aug 15, 2018 2:29 PM CDT

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...

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

the rundown

Aug 14, 2018 11:40 AM CDT

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...

Elon Musk's Tesla Tweet
May Have Been Illegal

Aug 9, 2018 2:16 AM CDT

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...

Worst Part
of Theranos
Scandal Isn't
SEC Fraud

the rundown

Mar 15, 2018 9:40 AM CDT

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....

He Dumped All
His Equifax Stock.
Now, Criminal Charges

Mar 14, 2018 11:10 AM CDT

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...

SEC: Our Filing System
Got Hacked

Sep 21, 2017 6:46 AM CDT

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...

Sources: Equifax Execs Who
Sold Shares Now Eyed by Feds

Sep 18, 2017 2:47 PM CDT

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...