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☆ Trump Media stock tumbles as the SEC charges its auditor with 'massive fraud'
▼ + stars: | 2024-05-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Trump Media's stock price dropped on Friday after its auditor was accused of "massive fraud." The auditor BF Borgers did not comply with common accounting standards, the SEC said. BF Borgers CPA PC, which audited the financials of Trump Media, had "deliberate and systemic failures to comply" with public company accounting standards, the regulatory agency said. BF Borgers settled the SEC charges by paying a $12 million penalty, while Borgers, the owner, paid a separate $2 million penalty. "Trump Media looks forward to working with auditing partners in accordance with today's SEC order," a spokesperson for TMTG said.

Persons: BF, —, Benjamin Borgers, BF Borgers, Borgers, Ben Borgers, Gurbir Grewal, TMTG Organizations: Trump, SEC, Service, Trump Media, Securities and Exchange Commission Locations: SEC's

☆ Trump Media's auditor charged with 'massive fraud' by SEC
▼ + stars: | 2024-05-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Trump Media's auditor, BF Borgers, committed fraud in 1,500 filings, the SEC said. "Trump Media looks forward to working with new auditing partners," a spokesperson said. AdvertisementThe Securities and Exchange Commission on Friday charged accounting firm BF Borgers and its owner, Benjamin Borgers, with "massive fraud." "Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a TMTG spokesperson told Business Insider. AdvertisementDespite losing money and being cagey about how its user base compares to its social media rivals, Trump Media is now valued at over $6.3 billion.

Persons: Trump, BF Borgers, —, Benjamin Borgers, Donald Trump's, Borgers, BF, Grewal Organizations: BF, SEC, Trump Media, Service, Securities, Exchange Commission, Trump Media & Technology, Bloomberg, Public Company, American Institute of Certified Public Accountants, Business, Truth

☆ Trump Media’s accounting firm charged with ‘massive fraud’
▼ + stars: | 2024-05-03 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

“Trump Media looks forward to working with new auditing partners in accordance with today’s SEC order,” Trump Media spokesperson Shannon Devine told CNN in a statement. According to filings, Borgers served as Trump Media’s independent registered accounting firm before the social media company went public in March. Later in March, the audit committee of Trump Media approved the hiring of Borgers as the public company’s accounting firm. The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included. Trump Media is chaired and majority owned by former President Donald Trump, who is also the most popular user on Truth Social.

Persons: BF, Benjamin Borgers, “ Borgers, ” Gurbir Grewal, Trump Media , “, ”, Shannon Devine, Borgers, BF Borgers, Donald Trump Organizations: New, New York CNN, Trump Media & Technology, Securities and Exchange Commission, SEC, Truth Social, Trump Media, BF Borgers, “ Trump Media, ” Trump Media, CNN, Trump, Borgers Locations: New York

☆ Terraform Labs and founder Do Kwon found liable in US civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) edition.cnn.com time to read: +4 min

Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon falsely attributed the recovery to the reliability of TerraUSD’s algorithms, according to the regulator. Earlier in the case, Terraform argued that securities laws did not apply to the cryptocurrencies it developed. After a final judgment in the case, Terraform will be able to challenge that ruling on appeal.

Persons: Kwon, Terraform’s blockchain, Luna, Jed Rakoff, Terraform, Gurbir Grewal, ” Grewal, ”, Laura Meehan, ” Meehan, Terraform’s, Louis Pellegrino, ” Pellegrino, Rakoff Organizations: Labs, US Securities and Exchange Commission, SEC, SEC Division Locations: Manhattan, Singapore, Montenegro, United States, South Korea

The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ US SEC sues Kraken crypto exchange over failure to register
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. In June, the SEC filed similar lawsuits against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest in the United States. Monday's lawsuit seeks a civil fine, disgorgement of ill-gotten gains, and a halt to acting as a crypto exchange without registering. The case is SEC v Payward Inc et al, U.S. District Court, Northern District of California, No.

Persons: Dado Ruvic, Gary Gensler's, Kraken, Gurbir Grewal, Binance, Jonathan Stempel, Chris Prentice, David Gregorio, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Binance, Payward Inc, Payward Ventures Inc, Blockchain, Digital Currency Group, Hummingbird Ventures, Tribe Capital, Payward, Court, Northern District of, Thomson Locations: San Francisco federal, United States, San Francisco, U.S, Northern District, Northern District of California, New York

The country's canned seafood industry is moving well beyond tuna sandwiches, a pandemic-era trend that began with Americans in lockdown demanding more of their cupboard staples. U.S. canned seafood industry sales have grown from $2.3 billion in 2018 to more than $2.7 billion so far this year, according to market research firm Circana. “I was eating the same canned fish that my great grandmother Rose in Brooklyn was eating in the 1930s," she said. “I thought that was just insane.”Her company, Fishwife Tinned Seafood Co., set out to offer high-quality, sustainably sourced seafood. “Our mission is really to just galvanize the canned fish industry and transform and make it what we think it can be,” Millstein said, adding that means offering much more “than tuna fish sandwiches."

Persons: Fishionado, Kris Wilson, Becca Millstein, coronavirus, “, ” Millstein, Rose, ”, Millstein, “ They’re, Simi Grewal, Manel, ” Maria Finn, John Steinbeck's, John Field, he's, ___ Watson Organizations: FRANCISCO, West Coast, Conservas, U.S . Food, Drug Administration, Greenpeace, National Marine Fisheries Service Locations: Europe, U.S, Danish, San Francisco, Houston, New York, tastings, TikTok ., Los Angeles, Spain, Portugal, Brooklyn, West, canneries, Oregon, Washington, Chengdu, Pacific, Bay, Patagonia, California, Monterey, San Diego

☆ The Cybersecurity Lawsuit That Boards Are Talking About
▼ + stars: | 2023-11-18 | by ( Sarah Kessler | More About Sarah Kessler | ) www.nytimes.com time to read: +2 min

Most experts agree that, regardless of the lawsuit’s outcome, it could affect how companies handle cybersecurity risks. In July, the agency adopted new cybersecurity disclosure requirements set to take effect in December. They require companies to report material attacks within four days and to make yearly disclosures about their cybersecurity risk management, strategy and governance. In a June speech, the S.E.C.’s enforcement director, Gurbir Grewal, said it had “zero tolerance for gamesmanship” around cybersecurity disclosures. No CISO can now risk basically painting an unrealistically positive picture of cybersecurity.”

Persons: Gurbir Grewal, ” Wolff, ‘, Ramakrishna, it’ll, ”, Jake Williams, CISOs Organizations: cybersecurity

☆ SEC alleges SolarWinds and key executive misled investors about cybersecurity prior to 'massive' cyberattack
▼ + stars: | 2023-10-31 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +6 min

"We allege that, for years, SolarWinds and Brown ignored repeated red flags about SolarWinds' cyber risks, which were well known throughout the company," SEC enforcement director Gurbir Grewal said in a press release. SolarWinds went public in 2018, and made only "generic" disclosures about cybersecurity risk in both its prospectus and in continued filings, the complaint said. However, the SEC alleged that SolarWinds and Brown knew that the company's cybersecurity practices were weak, pointing to an internal presentation from Brown that was made the same month SolarWinds went public. It appears to be one of the first times the SEC has alleged a company misled and defrauded investors over cybersecurity risks. In reality, Brown knew that the company was not following those best practices, the SEC alleged.

Persons: SolarWinds, Tim Brown, Brown, Gurbir Grewal, weren't, Solarwinds, Kevin Thompson, Sudhakar Ramakrishna, Mr, Alec Koch Organizations: SolarWinds Corp, New York Stock Exchange, Securities and Exchange Commission, SEC, software, Orion, unf, Regulators, MGM Resorts, CNBC Locations: New York, U.S, Russian, Clorox, SolarWinds

U.S. regulators on Monday sued SolarWinds, a Texas-based technology company whose software was breached in a massive 2020 Russian cyberespionage campaign, for fraud for failing to disclose security deficiencies ahead of the stunning hack. Detected in December 2020, the SolarWinds hack penetrated U.S. government agencies including the Justice and Homeland Security departments, and more than 100 private companies and think tanks. Koch added that “we look forward to defending his reputation and correcting the inaccuracies in the SEC’s complaint." Brown's current title at SolarWinds is chief information security officer. Capitalizing on the supply-chain hack, the Russian cyber operators then stealthily penetrated select targets including about a dozen U.S. government agencies and prominent software and telecommunications providers.

Persons: SolarWinds, Tim Brown, Brown, Alec Koch, Koch, Gurbir S, Grewal, “, ”, Biden, Chad Wolf Organizations: Securities and Exchange Commission, Justice and Homeland Security, SEC, Fortune, New, Homeland Locations: Texas, Russian, New York, SolarWinds, cyberattacks, Austin , Texas, North America, Europe, Asia

☆ US SEC will go to court if someone is 'playing games' during probes -official
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - A top U.S. Securities and Exchange Commission official on Wednesday said the SEC will turn to courts to enforce its subpoena authority when someone is "playing games" or trying to delay investigations. THE TAKEThe SEC's enforcement director Gurbir Grewal said the agency rarely turns to a court to enforce its subpoena authority, but will do so when necessary. Grewal estimated the agency pursued about a dozen such actions last year. KEY QUOTE:"We need to have accountability and we need to get that message out to the public," Grewal said at an industry conference.

Persons: Jim Bourg, Gurbir Grewal, Grewal, Elon Musk, Chris Prentice, Jonathan Oatis Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Rights, Exchange, Thomson Locations: Washington

☆ Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat
▼ + stars: | 2023-10-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company's chief legal officer, Paul Grewal, told CNBC. The SEC was recently dealt a major court setback when a judge ruled that the regulator had no basis to deny digital asset management Grayscale's bid to turn its huge GBTC bitcoin fund into an ETF. The SEC last week declined to appeal that ruling by a key deadline, likely paving the way for a bitcoin-related ETF to be approved in the coming months. "I think that the the firms that have stepped forward with robust proposals to our for these products and services are among some of the biggest blue-chips in financial services," Grewal added. But, Grewal said, it's likely now that the regulator will approve a bitcoin ETF soon, highlighting the regulator's failure in court to block Grayscale from converting its GBTC bitcoin fund into an ETF.

Persons: Coinbase, Paul Grewal, Grewal, CNBC's Arjun Kharpal, it's Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

☆ The Whimsical Yet Edgy Jewelry Brand That Celebrities Love
▼ + stars: | 2023-10-20 | by ( Upasana Das | ) www.nytimes.com time to read: +1 min

Studded with pearls, the leather glovelette carried an OH V monogram with a stallion head, surrounded by an onyx dragonfly, imago butterflies and a Kaputt crystal. The monogram is a signature house aesthetic for Outhouse Jewelry, a brand created by two sisters: Kaabia and Sasha Grewal. The monogram is ever-present in each piece of jewelry they create, signifying metamorphosis and a move beyond conventional femininity. And even when “they’re bridal, they can still be very contemporary.”Outhouse has steadily crossed international waters in its popularity. “You would never take a look at their collection and peg it as just an Indian jewelry brand,” said Archana Thani, a jewelry curator and consultant as well as the former managing editor of Vogue India.

Persons: Alia Bhatt, Karl Lagerfeld’s, Kaabia, Sasha Grewal, ” Kaabia Grewal, “, ”, Archana Thani Organizations: Jewelry, Vogue India

☆ Coinbase picks Ireland as main EU hub amid Europe expansion
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase picks Ireland as main EU hub amid Europe expansionPaul Grewal, Coinbase’s chief legal officer, discusses why the company is ramping up presence in Ireland amid a key piece of European crypto regulation.

Persons: Coinbase, Paul Grewal Organizations: EU Locations: Ireland

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

As the death toll rises in the Israel-Hamas war, they have become seats of anguish. On many campuses, these students agree on one thing: Their colleges, which are increasingly staking out positions of neutrality, have not done enough to support them. College officials, already under pressure to allow conservative opinions on campus, have been trying to preserve free speech and open debate. Some students were angry that a statement from the university president did not go far enough to acknowledge Palestinian deaths. “It shouldn’t be hard to support Palestinian rights and dignity ... while still condemning what Hamas did to Israeli civilians,” Spitalnick said.

Persons: ”, Alex Morey, ” Morey, —, Stanford, Richard Saller, Jenny Martinez, Martinez, we’re, Nadia Ali, Ashkenazie, Zareena Grewal, Grewal, “, ” Eytan, they’ve, Israel, Hussam Ayloush, Ayloush, Israel “, “ Harvard’s, Lawrence Summers, ” Summers, Claudine Gay, ” Harvard Hillel, Amy Spitalnick, ” Spitalnick, Chris Megerian, Collin Binkley Organizations: Jewish, College, Foundation, Rights, Stanford University, ”, Columbia University, Israel, Palestinian, Hamas, Yale University, “, Yale, Islamic, Harvard University, Palestine Solidarity Committee, Media, Harvard, Twitter, university’s Hillel, Jewish Council, Public Affairs, Hillel, Tufts University, Associated Press, Carnegie Corporation of New, AP Locations: Israel, Gaza, California, Manhattan, ” Eytan Israel, Palestine, U.S, Washington, Carnegie Corporation of New York

☆ Yale is citing freedom of speech amid student anger after a professor called Israel a 'murderous genocidal settler state'
▼ + stars: | 2023-10-14 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A Yale University professor called Israel "genocidal" and "murderous." A student-led petition calling for her ouster has more than 44,000 signatures. In response to the backlash, Yale University has reasserted its commitment to freedom of speech. AdvertisementAdvertisementAccording to the petition, Grewal posted to X, formerly known as Twitter, on October 7 to say that she was praying for the people of Palestine. Crispe said in the petition that condoning violence and advocating for a terrorist organization are values that that "run contrary to the values of Yale University."

Persons: Yale, —, Netanel Crispe, Zareena Grewal, Grewal, Crispe Organizations: Yale University, Service, Hamas, Yale, NBC Connecticut, West Bank Locations: Israel, Palestine, Gaza

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

☆ Canadian Sikh protests outside Indian mission off to a muted start
▼ + stars: | 2023-09-25 | by ( Wa Lone | ) www.reuters.com time to read: +3 min

Trudeau said last week Canada was pursuing "credible allegations" that Indian government agents may have been involved in Nijjar's murder. The Indian High Commissioner to Canada, Sanjay Kumar Verma, said concerned authorities have been informed of the protests. Nijjar, who worked as a plumber, left the north Indian state of Punjab a quarter-century ago and became a Canadian citizen. He has supported the formation of an independent Sikh homeland, called Khalistantan, to be created out of Punjab. The Canadian government has amassed both human and signals intelligence in a months-long investigation into the Sikh separatist leader, CBC News reported last week, citing unidentified sources.

Persons: Blair Gable, Justin Trudeau, Hardeep Singh Nijjar, Jatinder Singh Grewal, Trudeau, Grewal, Sanjay Kumar Verma, Verma, David Cohen, Wa, Denny Thomas, Chizu Nomiyama, Jonathan Oatis Organizations: High Commission of, REUTERS, Rights, Justice, Canada, Reuters, Sunday, Indian, Toronto Police Department, Canadian, CBC News, CTV News, Wa Lone, Thomson Locations: High Commission of India, Ottawa , Ontario, Canada, Toronto, British Columbia, Ottawa, Vancouver, Surrey, India, Delhi, Punjab, Canadian

☆ Regulators Charge Money Manager Tied to Russian Oligarch
▼ + stars: | 2023-09-19 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The sanctions forced Mr. Abramovich to sell the Chelsea Football Club, the famed London soccer team. Authorities also froze more than $13 billion in assets held by financial institutions in Britain, the Cayman Islands, the Isle of Jersey and the British Virgin Islands. In June last year, the United States seized two jets believed to be owned by Mr. Abramovich. complaint covers activity beginning in 2012 when, the regulator said, the firm and Mr. Matlin, now 59, should have registered as investment advisers. The regulator said that over the next decade, the firm and Mr. Matlin had taken in $85 million in compensation.

Persons: Abramovich, Matlin, Concord, Gurbir, Grewal, ’, ” Jon Hammond, Michael Matlin Organizations: Chelsea Football Club, London, Authorities, British Virgin Islands, Concord, Concord Management Locations: Britain, Cayman Islands, Isle of Jersey, British Virgin, United States, Concord, British Virgin Islands, Jersey

☆ Analysis-Grayscale victory big boost for decade-long spot bitcoin ETF push
▼ + stars: | 2023-08-30 | by ( Hannah Lang | Chris Prentice | ) www.reuters.com time to read: +5 min

FILE PHOTO: Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin’s underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree.

Persons: Dado Ruvic, Grayscale’s, It’s, ”, Christopher LaVigne, Withers, “, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, ” Coinbase, Withers ’ LaVigne Organizations: WASHINGTON, REUTERS, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, BlackRock, Supreme Locations: Washington, New York, WilmerHale, BlackRock

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin's underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock (BLK.N), Fidelity and WisdomTree (WT.N).

Persons: Dado Ruvic, Grayscale's, It's, Christopher LaVigne, Withers, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, Coinbase, LaVigne, Carolina Mandl, Tom Wilson, Michelle Price, Jonathan Oatis Organizations: REUTERS, Rights, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, CME, BlackRock, Supreme, Thomson Locations: Washington, New York, WilmerHale, London

☆ Wells Fargo repays clients $40 million for excessive investment advice fees
▼ + stars: | 2023-08-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Wells Fargo paid back $40 million to almost 11,000 customers who for years were overcharged on fees for investment advice, the Securities and Exchange Commission said Friday. Wells Fargo neither admitted nor denied the allegations, the agency said. However, internal systems failed to account for those reduced advisory fees in some cases, the SEC said. (AG Edwards and Wachovia merged in 2007; Wells Fargo and Wachovia then did so in 2008.) Caroline Szyperski, a spokesperson for Wells Fargo, said the firm is "pleased to resolve this matter."

Persons: Wells Fargo, Wells, There's, — AG, Gurbir Grewal, Caroline Szyperski Organizations: Securities and Exchange Commission, SEC, Finance, —, — AG Edwards, Wachovia —, Edwards, Wachovia Locations: Wells Fargo

☆ Wells Fargo overcharged nearly 11,000 investment accounts with advisory fees, SEC alleges
▼ + stars: | 2023-08-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday. Wells Fargo agreed to pay a $35 million civil penalty to settle the matter, without admitting or denying the SEC charges. The agency said Wells Fargo also paid account holders about $40 million — including interest — to reimburse customers who’d been overcharged. The SEC also said Wells Fargo overcharged some clients who opened accounts prior to 2014 through the end of 2022. Wells Fargo spokesperson Caroline Szyperski said Wells Fargo Advisors conducted a “thorough review” of accounts and has fully reimbursed affected customers.

Persons: Wells, Wells Fargo, “, ” Gurbir Grewal, Edwards, Caroline Szyperski, “ We’re Organizations: New, New York CNN, Securities, Exchange Commission, SEC, Wells Fargo Advisors, Wachovia, Advisors Locations: New York, Wells Fargo overcharged, Wells, Wells Fargo

☆ A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
▼ + stars: | 2023-08-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The SEC and CFTC have fined a group of Wall Street firms a combined $549 million. The firms admitted to employees using WhatsApp and other messaging services for business purposes. A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes. The Securities and Exchange Commission is fining nine firms a total of $289 million, while the Commodity Futures Trading Commission issued $260 million in fines, for a combined sum of $549 million. The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the CFTC's statement said it's imposed more than $1 billion in penalties to date.

Persons: Grewal, SEC Wells, Houlihan Lokey Organizations: SEC, CFTC, Wall Street, BNP, BMO Capital Markets, Morning, Securities, Exchange, Futures Trading, Americas Securities, Capital Markets, Mizuho Securities USA, Company, Wedbush Securities, Nikko Securities America Locations: Wells Fargo, Wall

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