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  • U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures

    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame...
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  • U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of 2 Billion Dollars Global Crypto Lending Securities Offering

    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)

    Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o...
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  • U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index

    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of...
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  • SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts

    U.S. Securities and Exchange Commission Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: March 5, 2021) Washington D.C., March 5, 2021 - - The Securities and Exchange Commission today charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T's violations, by selectively disclosing material nonpublic information to research analysts. According to the SEC's complaint, AT&T learned in March 2016 that a steeper-than-expected decline in its first quarter smartphone sales would cause AT&T's revenue to fall short of analysts' estimates for the quarter. The complaint alleges that to avoid falling short of the consensus revenue estimate for the third consecutive quarter, AT&T Investor Relations executives Christopher Womack, Michael Black, ...
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  • U.S. Securities and Exchange Commission Charges Ponzi Scheme Targeting African Immigrants

    U.S. Securities and Exchange Commission Charges Ponzi Scheme Targeting African Immigrants | site |




    (August 28, 2020) - - Today, August 28, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information:

    Washington D.C., Aug. 28, 2020 — The Securities and Exchange Commission today charged two Maryland companies and their principals for a scheme that allegedly defrauded approximately 1,200 investors, many of them African immigrants, of more than $27 million.

    According to the SEC’s complaint, Dennis Jali, John Frimpong, and Arley Johnson, directly and through their companies 1st Million LLC and The Smart Partners LLC, falsely told investors that their funds would be used by a team of skilled and licensed traders for foreign exchange and cryptocurrency trading, promising risk-free returns of between 6% and 42%. The complaint alleges that the defendants often targeted vulnerable African immigrants
    ...
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  • U.S. Securities and Exchange Commission Charges Multinational Telecommunications Company With FCPA Violations

    U.S. Securities and Exchange Commission Charges Multinational Telecommunications Company With FCPA Violations | site |



    (December 6, 2019) - - Today, the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Dec. 6, 2019 — The Securities and Exchange Commission today announced that Sweden-based Telefonaktiebolaget LM Ericsson was charged with engaging in a large-scale bribery scheme involving the use of sham consultants to secretly funnel money to government officials in multiple countries. The bribes netted Ericsson hundreds of millions in profits. To resolve these alleged violations of the Foreign Corrupt Practice Act (FCPA) and charges from a parallel criminal investigation, Ericsson has agreed to pay more than $1 billion to the SEC and the U.S. Department of Justice and to install an independent compliance monitor. The SEC’s complaint alleges that from 2011 through 2017, Ericsson subsidiaries obtained business value
    ...
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  • Department of Housing and Urban Development Charges Minnesota Real-Estate Agent and Homeowners with Discrimination for not Renting to a Family due to their Race, National Origin and Minor Children

    U.S. Department of Housing and Urban Development Charges Minnesota Real-Estate Agent and Homeowners with Discrimination for Refusing to Rent to a Family due to their Race, National Origin and Minor Children






    Washington, DC - - (August 17, 2018) - - The U.S. Department of Housing and Urban Development (HUD) announced today that it has charged the owners of a house in Beltrami County, Minnesota, and their real-estate agent, with discrimination for refusing to rent the house to a family because of race, national origin and their minor children. Read the charge . The Fair Housing Act makes it unlawful to discriminate in housing because of the applicants’ race, national origin and familial status (the presence of children under 18). “Denying housing to a family because of their race and national origin and because they have children not only robs them of a place to call...
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  • U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders

    U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders



    Merrill Ordered to Return More than $10.5 Million to Harmed Customers in RMBS (Residential Mortgage Backed Securities) Case



    Washington, DC - - (June 12, 2018) - - The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. In its order, the SEC found that Merrill Lynch traders and salespersons convinced the bank’s customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities. The order also found that Merril
    ...
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  • Operators of Online High Schools Settle Federal Trade Commission Charges That They Misled Tens of Thousands Consumers with Fake Diplomas

    Operators of Online ‘High Schools’ Settle FTC Charges That They Misled Tens of Thousands Consumers with Fake Diplomas




    Settlements ban defendants from selling or marketing academic degree or certification programs







    - - (February 10, 2017) - - The operators of two online “high schools” have agreed to settle Federal Trade Commission charges that they falsely claimed to be accredited schools but actually were little more than diploma mills that sold worthless pieces of paper.

    The settlements resolve charges the FTC brought in February 2016 against Capitol Network Distance Learning Programs and Stepping Stonez Development, LLC, two separate diploma mills that used names like Capitol High School, Aberdeen Academy, West Madison Falls High School, Columbia Northern High School, and Heritage Western High School.

    Under the terms of the settlements, the defendants are banned from
    ...
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  • U.S. Securities and Exchange Commission Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition

    U.S. Securities and Exchange Commission Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition


    Obtains Court Order Freezing More Than $29 Million in U.S. Accounts







    February 10, 2017


    Washington D.C. - - (February 10, 2017) - - The Securities and Exchange Commission today announced that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in illegal profits from insider trading in advance of the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp. The SEC alleges that in the weeks leading up to the news of the acquisition, Shaohua (Michael) Yin amassed more than $56 million of DreamWorks stock in the U.S. brokerage accounts of five Chinese nationals, including his elderly parents. DreamWorks stock price rose 47.3% once the acquisition was announced. In a complaint filed in U.S. District
    ...
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  • U.S. Department of Housing and Urban Development Charges Oklahoma Landlords with Discriminating Against Veteran with Disabilities

    U.S. Department of Housing and Urban Development Charges Oklahoma Landlords with Discriminating Against Veteran with Disabilities






    February 8, 2017


    Washington, DC - - (February 7, 2017) - - The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging the landlords of a Moore, Oklahoma rental home with violating the Fair Housing Act by denying the reasonable accommodation requests of their tenant, a veteran with disabilities. Read the charge. The Fair Housing Act prohibits housing providers from denying or limiting housing to persons with disabilities, or from refusing to make reasonable accommodations in policies or practices for people with disabilities. This includes waiving pet fees for persons with disabilities who use assistance animals. The case came to HUD’s attention when a combat veteran living with a mental disability who uses an emotional support animal filed a complaint alleg
    ...
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  • VIZIO to Pay $2.2 Million to Federal Trade Commission, State of New Jersey to Settle Charges It Collected Viewing Histories on 11 Million Smart Televisions without Users’ Consent

    VIZIO to Pay $2.2 Million to Federal Trade Commission, State of New Jersey to Settle Charges It Collected Viewing Histories on 11 Million Smart Televisions without Users’ Consent




    February 8, 2017


    Washington, DC - - (February 6, 2017) - - VIZIO, Inc., one of the world’s largest manufacturers and sellers of internet-connected “smart” televisions, has agreed to pay $2.2 million to settle charges by the Federal Trade Commission and the Office of the New Jersey Attorney General that it installed software on its TVs to collect viewing data on 11 million consumer TVs without consumers’ knowledge or consent.

    The stipulated federal court order requires VIZIO to prominently disclose and obtain affirmative express consent for its data collection and sharing practices, and prohibits misrepresentations about the privacy, security, or confidentiality of consumer information they collect. It also requires the company to delete
    ...
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  • U.S. Securities and Exchange Commission Announces Fraud Charges, Asset Freeze in Alleged Nursing Home Investment Scheme

    U.S. Securities and Exchange Commission Announces Fraud Charges, Asset Freeze in Alleged Nursing Home Investment Scheme




    January 24, 2017


    Washington D.C. - - (January 23, 2017) - - The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze obtained against a businessman in South Carolina accused of siphoning funds he raised from investors for the purpose of purchasing or renovating senior housing facilities.

    The SEC alleges that Dwayne Edwards improperly commingled money from several different municipal bond offerings and the revenues of the facilities underlying the offerings. The offerings were each supposed to finance a particular assisted living or memory care facility in Georgia or Alabama. From the commingled funds, Edwards allegedly diverted investor money for personal use as well as to finance other unrelated bond offerings.

    “As alleged in our complaint, investors
    ...
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  • U.S. Federal Trade Commission Charges D-Link Put Consumers’ Privacy at Risk

    U.S. Federal Trade Commission Charges D-Link Put Consumers’ Privacy at Risk

    U.S. Federal Trade Commission Charges D-Link Put Consumers’ Privacy at Risk Due to the Inadequate Security of Its Computer Routers and Cameras




    Device-maker’s alleged failures to reasonably secure software created malware risks and other vulnerabilities






    January 9, 2017


    Washington, DC - - (January 5, 2017) - - The Federal Trade Commission filed a complaint against Taiwan-based computer networking equipment manufacturer D-Link Corporation and its U.S. subsidiary, alleging that inadequate security measures taken by the company left its wireless routers and Internet cameras vulnerable to hackers and put U.S. consumers’ privacy at risk.

    In a complaint filed in the Northern District of California, the FTC charged that D-Link failed to take reasonable steps to secure its routers and Internet Protocol (IP) cameras, potentially compromising sensitive consumer information, including
    ...
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  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame...
    06-17-2021, 09:03 AM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of 2 Billion Dollars Global Crypto Lending Securities Offering
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)

    Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o...
    05-30-2021, 03:54 AM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of...
    05-18-2021, 04:34 AM
  • Staff Reporter 1
    SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: March 5, 2021) Washington D.C., March 5, 2021 - - The Securities and Exchange Commission today charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T's violations, by selectively disclosing material nonpublic information to research analysts. According to the SEC's complaint, AT&T learned in March 2016 that a steeper-than-expected decline in its first quarter smartphone sales would cause AT&T's revenue to fall short of analysts' estimates for the quarter. The complaint alleges that to avoid falling short of the consensus revenue estimate for the third consecutive quarter, AT&T Investor Relations executives Christopher Womack, Michael Black, ...
    03-10-2021, 01:55 PM
  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Ponzi Scheme Targeting African Immigrants
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Ponzi Scheme Targeting African Immigrants | site |




    (August 28, 2020) - - Today, August 28, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information:

    Washington D.C., Aug. 28, 2020 — The Securities and Exchange Commission today charged two Maryland companies and their principals for a scheme that allegedly defrauded approximately 1,200 investors, many of them African immigrants, of more than $27 million.

    According to the SEC’s complaint, Dennis Jali, John Frimpong, and Arley Johnson, directly and through their companies 1st Million LLC and The Smart Partners LLC, falsely told investors that their funds would be used by a team of skilled and licensed traders for foreign exchange and cryptocurrency trading, promising risk-free returns of between 6% and 42%. The complaint alleges that the defendants often targeted vulnerable African immigrants
    ...
    08-31-2020, 02:08 PM

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