SEC

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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...

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 Subpoena Chipotle in Norovirus Outbreak

Looks like that food poisoning in California is leading to all sorts of problems

(Newser) - Sickened customers and employees, bad publicity, and tumbling stock prices were apparently just the beginning of Chipotle's woes. Now the restaurant chain has been slapped with a federal subpoena as part of a criminal investigation into a food poisoning outbreak in August, the AP reports. The subpoena received in...

Feds: Hackers' Simple Scheme Earned Them $100M

They peeked at press releases before they went public

(Newser) - It was surprisingly simple and surprisingly lucrative: Feds say a group of hackers made $100 million by getting a look at corporate press releases before they went public. The hackers tapped into three big companies that distribute such releases—Marketwire, PR Newswire, and Business Wire—and were able to make...

SEC: Companies Must Reveal Pay Gap of CEOs, Workers

SEC puts new rule into motion

(Newser) - Those worried about income inequality will soon have some tangible new figures at their disposal: The SEC today ruled that public companies must start revealing the pay gap between the CEO and a typical worker, reports the Los Angeles Times . Specifically, companies have to disclose median employee compensation—the figure...

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"...

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...

Astronaut Can Watch College Football in Space

Barry Wilmore gets NASA to offer games

(Newser) - Barry Wilmore blasts off for the International Space Station on Sept. 25 for a six-month mission, which is great for him as an astronaut but lousy for him as a college football fan. Solution: NASA has agreed to provide the new SEC network on the ISS so Wilmore can get...

SEC Moves to Control Robot Stock Traders

Commission proposes overhaul to trading rules

(Newser) - The SEC is finally trying to rein in the robots. Chairman Mary Jo White today announced a massive initiative designed to tame high-frequency traders, the Wall Street Journal reports. These automated trades currently make up more than half of all trading volume, yet they've almost totally avoided direct regulatory...

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may...

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing...

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