Securities and Exchange Commission

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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...

Things May Get Worse for Elizabeth Holmes
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

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...

Fallout From Apple's Decision to Slow Phones Just Got Worse

SEC and the Justice Department are investigating

(Newser) - US authorities are investigating Apple's slowing of older iPhones, according to published reports. The Wall Street Journal and Bloomberg reported Tuesday that the Department of Justice and the Securities and Exchange Commission are investigating whether Apple violated securities laws. In December, Apple apologized for the slowdown after a blogger'...

SEC: Our Filing System Got Hacked
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

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...

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...

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...

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...

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...

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...

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....

Feds Looking Into the University of Phoenix

Online college under the microscope by the FTC

(Newser) - The University of Phoenix, which runs an online college popular among military veterans, is under federal investigation for possible deceptive or unfair business practices, its parent company the Apollo Education Group told shareholders yesterday. In an SEC filing, the company disclosed that it had received a "civil investigative demand"...

Bigfoot Hunter Plans Stock Offering
 Next for Bigfoot Hunter: IPO 
Jan 21, 2015 3:48 AM CST

Next for Bigfoot Hunter: IPO

Profits could be elusive or nonexistent, analysts warn

(Newser) - If you trust the business sense of a guy who thought a rubber gorilla suit was a Bigfoot carcass, the Wall Street Journal may have uncovered an exciting investment opportunity for you. Tom Biscardi, the self-proclaimed "leading expert" on Bigfoot, has founded a firm called Bigfoot Project Investments and...

Olive Garden Investor Slams Chain Over ... Breadsticks

294-page manifesto also complains about asparagus length, logo, pasta water

(Newser) - Everyone who was lucky enough to nab an Olive Garden all-you-can-eat pass , get ready. Starboard Value, an investor trying to wrest control from Olive Garden's parent company, submitted a nearly 300-page filing to the SEC yesterday outlining that it takes umbrage with the restaurant's unlimited breadstick policy, stating...

Twitter Reveals Revenue in IPO Papers

Social media giant has lost $419M in all

(Newser) - Twitter unsealed the documents today for its planned IPO and says it hopes to raise up to $1 billion. The company is also revealing for the first time the amount of money it makes: Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses...

JPMorgan Probed Over Hiring Practices in China

SEC investigates hire of powerful Chinese official's kids

(Newser) - Still under scrutiny for the London Whale fiasco , JPMorgan is now facing a new scandal: the SEC's anti-bribery unit is apparently now investigating whether the bank hired the children of powerful Chinese officials to help it win business in the Middle Kingdom. The New York Times has its hands...

SEC Digging for a Mole on Wall Street

Issues subpoenas to get to the bottom of health care leaks

(Newser) - The SEC is trying to ferret out who leaked word of a coming government health care decision to stock traders, allowing them to get an unfair jump on the competition. The agency has issued subpoenas to a number of companies and individuals related to the case, the Washington Post reports....

Senate Approves Obama's Choice to Head SEC

Mary Jo White said she will hold 'all wrongdoers' accountable

(Newser) - The US Senate has confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved today by a Senate voice vote. She will replace Elisse Walter, who has been...

Obama to Pick Prosecutor to Head SEC: Report

Mary Jo White to head SEC, Richard Cordray to head CFPB

(Newser) - Is the SEC about to get tougher? President Obama intends to nominate former US Attorney Mary Jo White to head the organization, sources tell the AP . White spent nearly a decade prosecuting white collar criminals in Manhattan, and has a reputation as a particularly dogged prosecutor of financial fraud cases...

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