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☆ This biographer exchanged emails with Bernie Madoff from prison for a decade. Here’s what he learned
▼ + stars: | 2024-07-28 | by ( Annie Nova | ) www.cnbc.com time to read: +10 min

Richard Behar Courtesy: Lizzie CohenYou probably haven't heard Bernie Madoff's name in awhile, but that doesn't mean the infamous fraudster's story is over, or the pain he inflicted. Irving Picard, an 83-old court-appointed trustee, still spends his days trying to claw back money from the those who benefitted from Madoff's Ponzi scheme, and to reduce the staggering losses of others. 'Prison was a great relief for him'AN: How did Madoff say life in prison changed him? In prison, he'd typically wake up in his cell at around 4 a.m., make coffee in bed with an instant hot water machine, then read, or listen to NPR until breakfast. RB: Bernie said he was under constant stress over the Ponzi, and would talk out loud to himself sometimes in the office, because of the pressure.

Persons: Richard Behar, Lizzie Cohen, Bernie Madoff's, Irving Picard, Madoff, Elie Wiesel, Ruth, he's, Behar, Richard Behar's, Mark, MADOFF, BERNARD L, he'd, Annie Nova, I've, I'm, scammers, —, Bernard Madoff, Stephen Chernin, I'd, Bernie, Chris Hondros, wasn't, Picard, John Moscow, Irving, Picard isn't, It's Organizations: CNBC, Behar's, Forbes, Manhattan Federal, Getty, NPR, SEC, Manhattan Locations: North Carolina, New York City

☆ A small New York hedge fund has secretly managed $7 billion for a Russian oligarch for over a decade, the SEC says
▼ + stars: | 2023-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The SEC this week charged a small New York hedge fund with acting as an unregistered investment advisor. Concord Management earned tens of millions of dollars advising a Russian tycoon, the SEC said. The New York Times said the businessman in question was the former Chelsea FC owner Roman Abramovich. The regulator added that since 1999, Concord had made over $80 million managing the client's assets, which, as of January 2022, were worth $7.2 billion. The New York Times reported Tuesday that Concord had managed money for the oligarch Roman Abramovich, citing a person familiar with the matter.

Persons: Roman Abramovich, Michael Matlin, Matlin, Abramovich, Vladimir Putin Organizations: SEC, Concord Management, The New York Times, Chelsea FC, Service, Securities and Exchange Commission, Russian, Russian Federation, New York Times, Concord, European Union, English Locations: York, Russian, Wall, Silicon, Moscow, Westchester County, Concord, United Kingdom, Chukotka, Russia, Kremlin, Ukraine

☆ Mark Cuban slams the SEC and says the Coinbase suit shows why no one trusts them
▼ + stars: | 2023-06-08 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Mark Cuban slammed the SEC's decision to sue Coinbase this week. The famed investor said the regulator could have helped the exchange comply instead of sue. The SEC this week sued Coinbase and Binance for allegedly operating illegally in the US. "They don't want to help companies get to compliance they want to challenge them to get to compliance," Cuban wrote. On Tuesday, the SEC unveiled its lawsuit against Coinbase, a day after it sued Binance and its CEO, Changpeng Zhao.

Persons: Mark Cuban, Coinbase, —, doesn't, SEC didn't, Binance, Changpeng Zhao, Gary Gensler Organizations: SEC, Service, Securities, Exchange, Twitter, Coinbase Locations: Cuban

☆ SEC awards record $279 million to whistleblower
▼ + stars: | 2023-05-05 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — The nation's top securities regulator on Friday announced it had given a $279 million award through its whistleblower program — the largest in its history. The Securities and Exchange Commission said the unnamed whistleblower provided information and assistance that led to a successful enforcement action, which the agency didn't describe. The payout is well more than double the second-largest award of $114 million, issued in October 2020. Whistleblower payments are withdrawn from an investor protection fund established by Congress. Rewards can range from 10% to 30% of the money collected when sanctions exceed $1 million.

☆ Banks ask SEC to stop short-seller attacks on their stocks driven by social-media speculation
▼ + stars: | 2023-05-05 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

A leading banking group called for the SEC to do more to stop speculative short selling in bank stocks. The American Banking Section said social-media speculation about banks was disconnected from their financial reality. "ABA is, however, unalterably opposed to short selling practices that distort the markets through manipulation and abuse," he said. Nichols called for the SEC to take a clearer stance against what he called market manipulation and abusive short selling practices. "The harm caused by short selling that runs counter to economic fundamentals ultimately falls on small investors, who see value destroyed by others' predatory behavior."

☆ Lawmakers urge SEC to crack down on Chinese retail giant Shein over alleged forced labor
▼ + stars: | 2023-05-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — Bipartisan lawmakers are urging the nation's top markets regulator to require Chinese fast-fashion giant Shein to disclose potential forced labor practices ahead of the company's possible initial public offering in the United States. "As a global company, Shein takes visibility across our entire supply chain seriously. We have zero tolerance for forced labor." "Other experts argue that it is appropriate to presuppose that any product made in the XUAR is made with forced labor." Independent coalition Shut Down Shein has also called on the SEC to deny IPO registration to Shein unless it provides proof of compliance with the Uyghur Forced Labor Prevention Act.

☆ Coinbase says it could get sued by the SEC, which has identified 'potential violations of securities law' at the exchange
▼ + stars: | 2023-03-23 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Coinbase said it got a Wells notice from the SEC alerting it of possible enforcement action. The regulator told the crypto exchange it had identified potential violations of securities law, but little more. Coinbase said Wednesday that it got a Wells notice from the SEC alerting it of potential enforcement action for possible violations of securities law after "a cursory investigation," but that the SEC didn't expand much more. The exchange said the notice from the SEC touched on unspecified portions of its listed digital assets, its staking service, its self-custody crypto wallet and an aspect of its exchange called Coinbase Prime. The famed money manager now holds a 7% stake in the crypto exchange worth $837 million.

☆ Analysis: An elite Wall Street bank gets a $35 million lesson: Just call tech support
▼ + stars: | 2022-09-20 | by ( Analysis Allison Morrow | Cnn Business | ) edition.cnn.com time to read: +5 min

Here's the deal: Morgan Stanley just got slapped with a $35 million fine for "astonishing" failures that led to the mishandling of sensitive data on some 15 million customers, my colleague Matt Egan writes. Eventually, the devices, still loaded up with sensitive data, wound up on an auction site. "If not properly safeguarded, this sensitive information can end up in the wrong hands and have disastrous consequences for investors." Morgan Stanley agreed to pay the fine without admitting or denying the findings in the settlement. "We have previously notified applicable clients regarding these matters, which occurred several years ago, and have not detected any unauthorized access to, or misuse of, personal client information," Morgan Stanley said in a statement.

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