Securities and Exchange Commission

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Lawmakers to SEC: Musk Lied About Neuralink

They say his statement 'no monkey has died as a result of a Neuralink implant' is false

(Newser) - Elon Musk could be facing yet another SEC securities fraud investigation, this time tied to his brain implant company Neuralink. Four Democratic lawmakers wrote to the SEC on Tuesday, claiming they've seen evidence, including veterinarian records, showing animals deaths occurred that "relate directly to the safety and marketability...

Bitcoin Surges, Then Falls Thanks to a Bogus Tweet

Price surges 10% in minutes, then falls again, over misinformation involving the SEC

(Newser) - The world maybe didn't need another example of the volatility of cryptocurrency, but it got one anyway on Monday. The price of bitcoin jumped about 10% to nearly $30,000 in a matter of minutes, all thanks to a bogus news report, reports Insider . The price then quickly shed...

$1B Headed Back to Investors in Trump's Struggling Truth Social Deal

But Trump Media paints the move as 'in the best interest of ... completing our merger'

(Newser) - The publicly listed shell company that raised $1 billion to merge with former President Trump's media company won't end up with any of it. Investors have canceled $467 million in funding, Digital World Acquisition Corp. said in a Thursday regulatory filing. DWAC CEO Eric Swider said in a...

Crypto Founder Who Made Big Claims Charged in $1B Fraud

SEC: Richard Heart bought $4M black diamond with proceeds from Hex, the 'highest appreciating asset' ever

(Newser) - A cryptocurrency entrepreneur who paid more than $4 million for the world's largest black diamond allegedly purchased the rock with proceeds from a $1 billion crypto fraud. The SEC on Monday announced fraud charges against Hex founder Richard Heart, also known as Richard Schueler. Heart marketed the ethereum-based Hex...

Fugitive 'Cryptocrash' Boss Is Arrested in Montenegro

Do Kwon of Terraform Labs faces charges in 2 countries over $42B crash

(Newser) - A cryptocurrency boss facing fraud charges in the US and South Korea has been arrested far away from both in Montenegro. Terraform Labs founder Do Kwon, charged in connection with the $40 billion collapse of the firm's cryptocurrency, has been wanted in South Korea since September. He and another...

Lindsay Lohan Among Celebrities Charged by SEC in Crypto Scheme

Influencers didn't reveal they were being compensated for endorsements, filing says

(Newser) - The Securities and Exchange Commission announced Wednesday that it charged eight celebrities with endorsing cryptocurrencies without revealing they were being compensated. Actress Lindsay Lohan and boxer Jake Paul were among those charged with violating investor-protection laws, the Hill reports. Crypto entrepreneur Justin Sun and three of his companies also were...

NBA Hall of Famer, SEC Settle Crypto Case

SEC chief calls Paul Pierce case a reminder to celebrities

(Newser) - NBA Hall of Famer Paul Pierce has agreed to pay about $1.4 million to settle charges that he touted EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset, the Securities and...

Ex-McDonald's CEO Hit With Another Big Fine

SEC finds Steve Easterbrook misled investors over his 2019 firing

(Newser) - Steve Easterbrook is continuing to pay for his relationships with underlings while serving as CEO of McDonald's. Already forced to return a $105 million severance package so as to settle a lawsuit from his former employer, he's now been fined $400,000 by the Securities and Exchange Commission...

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...

Boeing Agrees to Pay $200M in SEC's 737 Investigation

Allegations involve misleading statements to company's investors

(Newser) - Boeing will pay the federal government $200 million to settle an investigation into statements the company and its chief executive made to investors after two fatal crashes of its 737 Max jetliners. The Securities and Exchange Commission also announced Thursday that Dennis Muilenburg, the former CEO, agreed to pay another...

Ex-Congressman Arrested on Insider Trading Charges

Stephen Buyer acted on nonpublic information as a corporate consultant, agency says

(Newser) - Former Republican Rep. Stephen Buyer was arrested Monday on insider trading charges, one of nine people facing unrelated prosecutions. The Securities and Exchange Commission said it's launched criminal and civil cases against the former Indiana lawmaker over transactions made after he left office, the New York Times reports. The...

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...

Judge Says Musk Made Knowingly False Statements

Next, a jury will need to decide how much damage he caused

(Newser) - In a pre-trial ruling, a federal judge in California has determined that Elon Musk was "inaccurate and reckless" when—out of the blue one summer morning in 2018—he tweeted, "Am considering taking Tesla private at $420. Funding secured.” Musk had indeed talked to Saudi investors about...

Now Elon Musk Is Trying to Buy Twitter

Billionaire makes 'best and final offer,' with a bid to scoop up social media platform for $54.20 a share

(Newser) - Over the weekend, Elon Musk tweeted : "Is Twitter dying?" If it is, the SpaceX and Tesla CEO thinks he's the one who can save it, and he's opened up his wallet to make his "best and final offer." In a Thursday filing with the Securities...

Report: SEC Has Its Eye on Elon Musk's Brother

Kimbal Musk sold $108M in shares the day before Elon Musk posted Twitter poll

(Newser) - In November, Elon Musk sold Tesla shares worth billions of dollars after polling Twitter users about the move. The Securities and Exchange Commission is now taking a close look at stock sales made by his brother, Kimbal Musk, a day before the poll was posted, the Wall Street Journal reports,...

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...

Phony 'Hollywood Success Story' Sentenced to 20 Years

Actor Zachary Horwitz, aka Zach Avery, hears his fate after bilking investors in $650M Ponzi scheme

(Newser) - Update: A Hollywood actor accused of running a multimillion-dollar Ponzi scheme was sentenced Monday to 20 years behind bars in federal prison, reports CNN Business . Per a DOJ release , Zachary Horwitz (aka Zach Avery), 35, was ordered by Judge Mark C. Scarsi, of the US District Court for the Central...

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...

Reddit Files for IPO
Look Who's Going Public

Look Who's Going Public

Reddit files for IPO, wants users to be shareholders

(Newser) - Reddit is going public. The popular social media site known for "ask me anything" conservations with celebrities and the hot WallStreetBets investors forum , said late Wednesday that it has confidentially filed paperwork for an initial public offering with the Securities and Exchange Commission. "The number of shares to...

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