SEC

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SEC: RadioShack Revival Was a $112M Ponzi Scheme

REV founders allegedly misled investors while reviving bankrupt retail brands

(Newser) - Two men behind a company known for buying up bankrupt retail brands like RadioShack, Pier 1 Imports, and Modell's Sporting Goods now face accusations of orchestrating a $112 million Ponzi scheme. In a lawsuit filed Monday in Florida, the Securities and Exchange Commission alleges that Alex Mehr and...

Trump Pushes to End a Long Business Practice

Companies should file earnings reports every six months, not three, says the president

(Newser) - President Trump is reviving a push to end the decades-old tradition of quarterly earnings reports. Once every six months is a much better idea, he wrote on Truth Social . Trump argued that less frequent reporting would save public companies money and free up executives to focus on the fundamentals...

Financier Accused of $50M Ponzi-Style Investment Scam

Paul Regan is accused of defrauding hundreds after promising 'guaranteed' returns

(Newser) - Federal prosecutors in Manhattan have charged financier Paul Regan with fraud, alleging that he defrauded over 300 investors out of at least $50 million. Prosecutors say two companies Regan ran, Yield Wealth and Next Level Holdings, operated "like a Ponzi scheme, using money obtained from earlier investors to...

SEC Drops Case Against Largest US Crypto Exchange
SEC Drops Case
Against Crypto Giant
Feb 21, 2025 11:36 AM CST

SEC Drops Case Against Crypto Giant

Coinbase exchange says now is the 'time to build'

(Newser) - Coinbase says the Securities and Exchange Commission has dismissed its case against the cryptocurrency platform , per the AP . The move, not yet confirmed by the SEC, signals a further shift away from what the Wall Street Journal calls "years of hard-line enforcement against the crypto market." The Trump...

SEC Sues Elon Musk
SEC Sues Elon Musk
Jan 14, 2025 8:58 PM CST

SEC Sues Elon Musk

Agency says he bought Twitter stock at 'artificially low prices' after failing to disclose stake

(Newser) - The Securities and Exchange Commission filed a lawsuit against Elon Musk Tuesday, though the suit may not have a future after the agency—and the country—gets new leadership next week. The lawsuit filed in Washington, DC, accuses Musk of ignoring a deadline in early 2022 to disclose that he...

McMahon Settles With SEC Over Hush Money Payments

Agency says ex-WWE CEO didn't disclose $10.5M settlements with 2 women

(Newser) - The Securities and Exchange Commission has settled charges against former WWE CEO Vince McMahon over his failure to disclose to the sports entertainment company's board and others that he signed two settlement agreements worth $10.5 million with two women so they wouldn't reveal potential claims against himself...

Alleged Hacker Didn't Help His Case With Online Searches

'How can I know for sure if I am being investigated by the FBI' was one of Eric Council Jr.'s queries

(Newser) - In January, the price of bitcoin saw a temporary surge after a fake Securities and Exchange Commision post online. Now, an Alabama man has been arrested for his role in that post. The AP reports that Athens resident 25-year-old Eric Council Jr. was taken into custody on Thursday, for allegedly...

Billionaire Carl Icahn Ordered to Pay $2M Fine

Feds say investor failed to disclose having leveraged his company's securities for personal loans

(Newser) - Billionaire Carl Icahn and his company were charged by US regulators with failing to disclose personal loans worth billions of dollars that were secured using securities of Icahn Enterprises as collateral. Icahn and his company have agreed to pay $1.5 million and $500,000 in civil penalties, respectively, to...

A Warren Buffett 'Mystery' Has Been Solved

His Berkshire Hathaway has scooped up a major stake in Chubb insurance giant, worth about $6.7B

(Newser) - Both CNN and the Wall Street Journal call it a "mystery" that's now been solved: Warren Buffett's Berkshire Hathaway has revealed a major stake that's been kept hush-hush since last year. The outlets report that the investment is in global insurance giant Chubb, and that Buffett'...

Truth Social's Auditor Is in Hot Water With the SEC

Agency accuses BF Borgers of 'deliberate and systemic failures' in more than 1.5K filings

(Newser) - The auditing company responsible for keeping tabs on the parent company for Donald Trump's Truth Social platform apparently needed an auditor for itself. On Friday, the Securities and Exchange Commission accused BF Borgers of "massive fraud," saying the "sham audit mill" found "deliberate and systemic...

SCOTUS Has Bad News for Musk Over Tesla Tweets

High court rejects his appeal on mandate that he gets approval before posting online about his company

(Newser) - The Supreme Court on Monday rejected an appeal from Elon Musk over a settlement with securities regulators that requires him to get approval in advance of tweets related to Tesla. The justices didn't comment in leaving in place lower-court rulings against Musk, who complained that the requirement amounts to...

He Eavesdropped on Wife's Work Calls, Made $1.8M

Tyler Loudon of Texas, convicted of securities fraud, now has to surrender all of it

(Newser) - For many people, working from home involved drowning out the spouse working feet away at the kitchen table. For Tyler Loudon of Houston, it involved the opposite. The 42-year-old "took advantage of his remote working conditions" to listen in on his wife's work calls, gaining confidential information he...

SEC Reluctantly Approves New Bitcoin Funds

Agency says action 'did not approve or endorse bitcoin'

(Newser) - The Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying that it is still deeply skeptical about cryptocurrencies and that it "did not approve or endorse bitcoin" in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for...

Bitcoin Price Spikes After SEC's X Account Hacked

Agency says post about ETF approval was 'unauthorized'

(Newser) - The Securities and Exchange Commission says a post from its X account that caused a spike in the price of bitcoin was the work of hackers. The post claimed that the SEC had granted approval for bitcoin exchange-traded funds, known ETFs, "for listing on all registered national securities exchanges,...

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...

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...

SEC Goes After Coinbase, Biggest US Crypto Exchange

Move comes one day after the agency's lawsuit against an even bigger player, Binance

(Newser) - The hits keep coming for the crypto industry. One day after the SEC sued Binance , the world's largest cryptocurrency exchange, the agency went after Coinbase, the biggest exchange in the US. The SEC accused Coinbase of essentially operating as a securities exchange without registering as one, reports the Wall ...

Report: Bank Was at Center of Criminal Probe Before Collapse

Per Bloomberg, the feds were looking into Signature Bank's dealings with crypto clients

(Newser) - On Tuesday, a spokesperson for the New York State Department of Financial Services insisted that the shuttering of Signature Bank, the third US financial institution to collapse in just a matter of days, had "nothing to do with crypto," per Reuters . By Tuesday evening, however, Bloomberg suggested that...

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...

Feds Say Software CEO Stole Millions While Workers Went Unpaid

Slync's Chris Kirchner charged in $67M fraud

(Newser) - The co-founder and former CEO of logistics software company Slync is accused of scamming investors for tens of millions of dollars to live a lavish lifestyle while employees went unpaid. Chris Kirchner, 35, is accused of misappropriating $28 million between March 2020 and August 2022, when he was ousted by...

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