SEC says financial firm is at center of Ponzi scheme; Indy partner faces lawsuits
Legal problems are piling up against a now-defunct Georgia financial firm called Drive Planning LLC and its Indianapolis-based managing partner, Gerardo Linarducci.
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Investors say they are owed money from life settlements
The Indiana Secretary of State is investigating multiple complaints it has received against Roger Dobrovodsky and/or his business entities, which include EDU Financial Strategies, EDU Holding Trust, EDU Trust Services LLC and EDU Wealth Advisors LLC.
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Speedway’s Wilshaw project facing more delays after developer fails to disclose SEC trouble
Town of Speedway leaders are pumping the brakes on a proposed $2.5 million loan to help pay for the long-delayed Wilshaw hotel project after learning that one of the companies involved wasn’t forthcoming about federal fines for past business dealings.
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SEC fines firms $393M in latest WhatsApp probe cases
The fines add to the billions of dollar that big banks previously agreed to pay the SEC and the U.S. Commodity Futures Trading Commission to settle similar investigations into use of messages on personal phones and WhatsApp.
Robinhood receives SEC notice for alleged securities violations at crypto unit
The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
National accounting firm accused of fraud affecting more than 1,500 SEC filings
One of the nation’s most prolific auditors, BF Borgers faces permanent suspension from practicing as accountants before the SEC and a total of $14 million in fines.
Regulators seek to compel Elon Musk to testify in Twitter acquisition probe
The SEC said in a filing that Musk failed to appear for testimony on Sept. 15 despite an investigative subpoena served by the SEC and having raised no objections at the time it was served.
New SEC rule requires public companies to disclose cybersecurity breaches in 4 days
The new rules also require publicly traded companies to annually disclose information on their cybersecurity risk management and executive expertise in the field. The idea is to protect investors.
SEC proposes artificial-intelligence crackdown for Wall Street firms
Wall Street’s top regulator is moving to prohibit investment firms from using artificial intelligence to generate more business at the expense of their customers’ best interests, one of the first bids by a federal agency to craft rules for the technology.
Money-market funds brace for biggest regulatory revamp in years
Conference rooms are being reserved and snacks stockpiled as participants in the $5.5 trillion space await the U.S. Securities and Exchange Commission’s vote Wednesday on rules reshaping the money-market industry for the third time since 2008.
Former Celadon execs to pay $50,000 to settle accounting fraud case
The judgment also bars Eric Meek and Bobby Peavler from serving as an officer or director of a public company for the next three years.
SEC questions Twitter on how it counts fake accounts
The SEC’s Division of Corporation Finance asked the questions in a June 15 letter, shortly before Tesla CEO Elon Musk raised the issue as grounds to back out of a deal to buy Twitter for $44 billion.
UPDATE: Ex-U.S. congressman Buyer among 9 charged in insider trading cases
Stephen Buyer is accused in court papers of engaging in insider trading during a merger of T-Mobile and Sprint, among other deals. It said he leveraged his work as a consultant and lobbyist to make illegal profits.
Crypto industry would get its preferred regulator under new bill
A new bipartisan proposal would give the rapidly-expanding sector a victory by handing authority to the Commodity Futures Trading Commission, seen by the industry as a more benevolent regulator.
Green progress is aim of SEC reporting proposal for public companies
The proposal would require disclosure of risks climate change pose to companies and the amount of greenhouse gas emissions produced by companies and by their supply chain.
New corporate climate change disclosures proposed by SEC
The required disclosures would include greenhouse gas emissions produced by companies directly or indirectly—such as from consumption of the company’s products, vehicles used to transport products, business travel and energy used to grow raw materials.
SEC subpoenas Elanco records related to sales practices
Greenfield-based Elanco Animal Health Inc. disclosed on Monday that it received a subpoena from the U.S. Securities and Exchange Commission on July 1 related to its channel inventory and sales practices prior to mid-2020.
Public companies using SEC filings to talk up diversity, but few sharing data
Eli Lilly and Co. included in its proxy statement an intricate graphic breaking down the presence of women and minorities in its overall workforce and in management.
Biden picks Chopra, Gensler for financial oversight roles
President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau. He announced the move Monday, along with his intent to nominate Gary Gensler as the next chair of the Securities and Exchange Commission.
Group led by ex-Brightpoint CEO launches 2nd, and bigger, blank check company
Novus Capital Corp II, a SPAC targeting businesses enabling smart technology evolution, filed Wednesday with the Securities and Exchange Commission to raise up to $250 million in an initial public offering.
Nasdaq seeks mandatory rule on board diversity for listed companies
The proposal filed with the U.S. Securities and Exchange Commission on Tuesday, if approved, would require all companies listed on the exchange to publicly disclose consistent, transparent diversity statistics about their board of directors.
Supreme Court rules SEC can recoup money in fraud cases
By an 8-1 vote, the justices ruled that the Securities and Exchange Commission can seek to recover the money through a process called disgorgement.