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☆ 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.

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☆ 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.

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☆ Mormon Church, investment manager fined $5 million by SEC
▼ + stars: | 2023-02-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

Instead, the firm filed forms for shell companies that obscured the church’s portfolio and misstated the firm’s control over the church’s investment decisions, the SEC said. The SEC filed charges against both the church for causing the violations as well as Ensign Peak. To settle the charges, Ensign Peak agreed to pay a $4 million fine and the LDS church agreed to pay a $1 million penalty. Members of the LDS church are expected to donate a tenth of their income to the church, a longtime practice known as tithing. In a statement Tuesday, the LDS said Ensign Peak and the church cooperated with the government to seek a resolution.

New York CNN —FTX founder Sam Bankman-Fried was indicted on eight criminal charges including wire fraud and conspiracy by misusing customer funds, according to an indictment from the US Attorney of the Southern District of New York. Separately Tuesday, US markets regulators charged Bankman-Fried with defrauding investors and customers in his failed crypto exchange FTX. The Securities and Exchange Commission said Bankman-Fried, “orchestrated a years-long fraud” to conceal from FTX investors the diversion of customer funds to Alameda Research, his crypto-trading hedge fund. Star athletes and celebrities who backed FTX also reportedly received a stake in the company, including Tom Brady and Gisele. That meant there was no meaningful distinction between FTX customer funds and Alameda’s funds that Bankman-Fried used as his “personal piggy bank,” the complaint says.

The SEC filed 760 enforcement actions in the year ending Sept. 30, up 9% from the year before, according to the agency’s annual enforcement report, which was made public Tuesday. The SEC imposed a total of $6.44 billion in monetary penalties, the highest amount on record and 67% above the previous year. That made it the second-highest year for both the number of awards and dollar amounts of awards issued, the SEC said. PREVIEWThe SEC whistleblower program in August reversed a Trump-era change that would have put a limit on the amount of awards it could provide. The SEC said it was focusing on actions that would deter future violations while encouraging accountability from major institutions.

☆ ‘Astonishing.’ Morgan Stanley hard drives holding sensitive client data got auctioned off online
▼ + stars: | 2022-09-20 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN Business —Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Since at least 2015 Morgan Stanley did not properly get rid of devices holding sensitive customer data, according to the settlement. In one episode described by the SEC, Morgan Stanley hired a moving company – one that had “no experience or expertise” in data destruction – to decommission thousands of hard drives and servers holding customer data. Morgan Stanley was able to recover some of those devices, which contained “thousands of pieces of unencrypted customer data,” the SEC said. In a statement, Morgan Stanley said it is pleased to have resolved this issue and expressed confidence that no sensitive data was exploited.

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