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☆ Woman pleads guilty in $1.6 million counterfeit Series I savings bond scheme
▼ + stars: | 2023-10-05 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — A woman pled guilty to helping process more than $1.6 million in counterfeit Treasury Department Series I savings bonds through financial institutions around the country, the U.S. Department of Justice announced Thursday. Summer Marie Creech, 45, of Fontana, California, entered a guilty plea Wednesday for conspiracy to make, pass and transfer counterfeit U.S. securities and passing counterfeit U.S. securities. Creech forged counterfeit bonds using authentic bond numbers and sent them to co-conspirators who used stolen identification to negotiate the forgeries at financial institutions in the Southern District of Texas and other locations, according to the DOJ. Lewis pled guilty May 1 to passing counterfeit bonds through banks in the Houston and Brownsville areas of Texas, U.S. Immigration and Customs Enforcement announced. Series I bonds rose in popularity as the country experienced a period of high inflation during the Covid-19 pandemic.

Persons: WASHINGTON —, Summer Marie Creech, Creech, Creech's, Daniel Alan Lewis, Lewis Organizations: U.S . Department of Justice, Southern District of, DOJ, Immigration, Customs Enforcement Locations: Fontana , California, Southern District, Southern District of Texas, Houston, Brownsville, Texas, U.S

☆ SpaceX countersues Justice Department, seeking to dismiss hiring discrimination case
▼ + stars: | 2023-09-20 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Elon Musk's SpaceX sued the U.S. Department of Justice in a Texas federal court, as the company aims to stop the DOJ's hiring discrimination case on constitutional grounds. Unlike SpaceX's suit, filed in the Southern District of Texas, the DOJ suit was filed within a division of the agency that adjudicates immigration cases, a key point of contention in the company's response. "SpaceX has not engaged in any practice or pattern of discriminating against anyone, including asylees or refugees. SpaceX's suit names a trio of defendants, including U.S. Attorney General Merrick Garland. SpaceX's hiring tops the acceptance rates of even the most selective, elite U.S. colleges, as "only about 1% of applications result in a hire," according to the company.

Persons: Elon, Akin Gump Strauss Hauer, Feld, General Merrick Garland Organizations: SpaceX, U.S . Department of Justice, DOJ, Southern District of, U.S, Export Administration, Persons Locations: Texas, U.S, Southern District, Southern District of Texas

☆ Federal judge again declares Obama-era DACA program unlawful
▼ + stars: | 2023-09-13 | by ( Priscilla Alvarez | ) edition.cnn.com time to read: +3 min

CNN —A federal judge in Texas ruled Wednesday that a regulation intended to preserve the Obama-era Deferred Action for Childhood Arrivals program is unlawful, delivering a major blow to the Biden administration. The Biden administration released a rule last year to “preserve and fortify” DACA, largely maintaining the criteria for the program. Hanen’s ruling comes after a federal appeals court largely upheld his previous ruling finding DACA unlawful. In his Wednesday ruling, Hanen cited the ongoing legal fight over the program and put the onus on Congress. Democrats and Republicans have been sympathetic to the hundreds of thousands of undocumented immigrants who were brought to the US as children, many of whom were under the age of 10.

Persons: Biden, –, Andrew Hanen, ” Hanen, Hanen, Hanen’s, ” Organizations: CNN, Southern, Southern District of, Department of Homeland Security, Department of Justice, Justice, of Homeland Security, ” DACA, Republican, “, Republicans Locations: Texas, Southern District, Southern District of Texas, United States, DACA, ”

☆ Prison healthcare giant Corizon reaches tentative bankruptcy deal that could shortchange prisoners; Sen. Elizabeth Warren pledges oversight
▼ + stars: | 2023-09-01 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +9 min

Sen. Elizabeth Warren has called Corizon's use of the Two-Step "an alarming red flag." Sylvia Jarrus for InsiderCorizon Health rebranded as Tehum Care Services last year and filed for bankruptcy in February. The other company, Corizon, later rebranded as Tehum, received most of the parent company's liabilities — and then declared bankruptcy. Warren is "actively looking" into the Corizon Two-Step, Sarabia confirmed last week, before the settlement was announced. US Bankruptcy Court, Southern District of TexasSome creditors have worried for months that the company would reach a settlement on unfavorable terms.

Persons: Elizabeth Warren, Isaac Lefkowitz, Sen, William Kelly, Sylvia Jarrus, Tehum, Tracey Grissom, Hector Garcia, Corizon, Christopher Lopez, Aaron Kaufman, Kaufman, YesCare, Alex Sarabia, Warren, Sarabia, Warren's, it's, Dick Durbin, Johnson, Durbin, Judge Lopez, Nick Zluticky, Lopez, Zluticky Organizations: Corizon Health, Health, Corizon, Tehum Care, Alabama, US, Southern, Southern District of Texas, Alabama Department of Corrections, Court, Tehum, Committee Locations: Sen, Texas, Saginaw , Michigan, Michigan, New Mexico, Tehum, Southern District, Corizon's Texas, Delaware

☆ Judge Temporarily Blocks Texas Law That Would Restrict Drag Shows
▼ + stars: | 2023-08-31 | by ( Eduardo Medina | More About Eduardo Medina | ) www.nytimes.com time to read: +1 min

A federal judge on Thursday temporarily blocked a new Texas law that would restrict drag shows, a victory for L.G.B.T.Q. groups that have criticized the measure as an attack against drag performers and organizers. If a permanent injunction is granted, the ruling would most likely be appealed by the state. 12, which was set to go into effect on Friday, seeks to “regulate sexually oriented performances,” which has been widely understood to mean drag shows, and to restrict those performances in front of minors. Republicans in the Texas Legislature who support the law said it would protect children from seeing drag shows.

Persons: Judge David Hittner Organizations: U.S, Southern, Southern District of Texas, Republicans, Texas Legislature, Broadway Locations: Texas, Southern District

☆ Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.
▼ + stars: | 2023-08-21 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +63 min

The nurse practitioner on duty that day was employed by Corizon Health, Inc., one of the nation's largest private prison healthcare providers. Under federal law, a bankruptcy judge may respond to evidence of self-dealing or perjury by appointing a trustee to take control of the bankrupt company, bankruptcy experts told Insider. Just six months before the Garcia family was scheduled to have their day in court, Corizon filed for bankruptcy. "The Corizon bankruptcy is presently in a court ordered mediation, and we are seeking a global resolution for all the parties involved." Goldberger's attorney, Joseph Haspel, responded to queries with a statement saying that "Mr. Goldberger is a passive investor" in Corizon, Tehum, YesCare, Perigrove, and Perigrove 1018.

Persons: Hector Garcia, Garcia, wriggling, Adria Malcom, Corizon, Bryan Baker, —, Doña Ana, Corizon ., Garcia's, Daniel Jimenez, Gina Macias, Belen Lowery, Hector Garcia , Jr, it's, Johnson, Tehum, Sen, Elizabeth Warren, I've, Isaac Lefkowitz, James Hyman, YesCare, Lefkowitz, Ian Cross, Lynn LoPucki, Tracey Grissom, William Kelly, Kelly, Hector Garcia Jr, Hector Jr, Ricky, he'd, Hector Garcia's, Ana County , New Mexico Hector Jr, Matt Coyte, Coyte, Hyman, didn't, Sara Tirschwell, Kholood, Tirschwell, Jason S, Ana County, Nick Tomecek, Christopher Atkinson, Wendy McGee, McGee, Stephanie Kiger, Anita Skipper, Atkinson, He's, Simche Steinberger, England, Steinberger's, Steinberger, Michael Flacks, Sylvia Jarrus, Cross, he's, David Gefner, Abraham Goldberger, Gefner, Perigrove, Terrence A, they'd, Oved, Goldberger, CHS Dana Anna, Flacks, Moneyman, Joel Landau, Joseph Haspel, Haspel, Andrew Levander, Landau, James Hyman's, It's, Genesis, David Harrington, Bill de Blasio, there'd, Hindenburg, David Paterson, Mark Roe, availing, Dick Durbin, Gefner . Lefkowitz, Tirschwell —, Davidson Kempner, Tim Hunter, Tirschwell's, catastrophically, Tirschwell's playbook, Jeff Sholey, Sholey, Steven Storch, Daniel's Organizations: Detention, Insider, Corizon Health, Inc, Housing, University of Missouri Health Care, Arizona Department of Corrections, Rehabilitation, Senate Banking Committee, Court, Middle, University of Florida, Alabama, futon, Health Services, New, Arizona, BlueMountain Capital Management, Flacks, Revenue, Corizon, New York Times, Tehum Care Services, CHS, YesCare Holdings, Okaloosa, Wyoming Department of Corrections, University of West, YesCare, Public, Alabama Department of Corrections, . Alabama Department of Corrections, Tehum, US, University of Missouri, LinkedIn, Flacks Group, Consulate Health Care, Justice Department, YesCare Corp, United Staffing Solutions, Charlotte, CHS Okaloosa, United, Solutions, Pharmacorr, Trade Center, Securities and Exchange Commission, Hindenburg Research, Alabama Department, Corrections, Geneva Consulting, Genesis Healthcare, Trade, Geneva, New York Stock Exchange, Pinta Capital Partners, The, Pinta Capital, New York Gov, Staffing Solutions, DG Realty, Harvard Law School, ACLU, Public Justice, Lawyers, Seven Trade, World Trade, Gefner, Southern, Southern District of Texas, The Alabama Department of Corrections, Southern Poverty Law Center, Medicare, Services, Quest Turnaround Advisors, New York City, Republican, city's Campaign Finance, CFB, Campaign Finance, Finance Locations: Ana, Las Cruces , New Mexico, facility's, Doña, Jimenez's, Las Cruces, Houston, New, Rockland County, Texas, Middle District, Tennessee, Michigan, Virginia, New York, Oregon, Idaho, New Mexico, Ana County , New Mexico, Corizon, Florida, New York City, A, York, Nashville, Missouri, Brentwood , Tennessee, Delaware, Okaloosa, Florida's panhandle, Okaloosa County, Okaloosa County , Florida, University of West Florida, YesCare, Wyoming, Shawnee County , Kansas, Bernalillo County , New Mexico, Tehum, Perigrove, Suffern, Brooklyn, America, Manhattan, Suffern , New York, Geneva, nonpayment, United States, Rivington, Alabama, Southern District, Wexford, Maine, Corizon's Texas, Mexico, Tirschwell's, YesCare Corp

☆ Diamond Sports calls in mediators as it pushes toward a reorganization plan
▼ + stars: | 2023-08-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

On Thursday, a bankruptcy judge approved Diamond's request to bring in mediators as it is negotiates with creditors to reach a reorganization plan. Two judges from the U.S. Bankruptcy Court in the Southern District of Texas — Judges David Jones and Marvin Isgur — will preside as mediators. Last week, Diamond won court approval to extend the period of time it has to come up with a reorganization plan. Diamond has until Sept. 30 to file a reorganization plan, weeks ahead of the opening of the 2023-24 NBA and NHL seasons. Besides shedding its hefty debt load, Diamond is looking to reset some of its rights deals with teams to reflect so-called market rates.

Persons: Christopher Lopez, David Jones, Marvin Isgur —, Diamond Organizations: Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports Group, NBA, NHL, U.S, Bankruptcy, Southern District of Texas, Diamond, Nexstar Media Group, Gray Television, Scripps Co, CNBC, Phoenix Suns Locations: Cleveland, America, Southern District

The Texas Bankers Association (TBA), American Bankers Association (ABA) and a small Texas bank sued in April, saying the CFPB had no authority to issue the rule because an appeals court found the regulator's funding structure unlawful. U.S. District Court Judge Randy Crane in McAllen, Texas, granted a preliminary injunction blocking the CFPB from enforcing the rule against members of both groups and McAllen-based Rio Bank. Crane blocked the rule pending a ruling by the U.S. Supreme Court on the CFPB's funding structure. The law also required the small business loan rule. 23-00144, U.S. District Court, Southern District of Texas.

Persons: Randy Crane, Crane, Dodd, Frank, Jody Godoy, Nick Zieminski Organizations: Consumer Financial Protection Bureau, Supreme, Texas Bankers Association, American Bankers Association, ABA, U.S, Rio Bank, Circuit, Appeals, Federal Reserve, Congress, U.S . Constitution, Consumer Financial, Court, Southern District of Texas, Thomson Locations: Texas, U.S, McAllen , Texas, McAllen, U.S ., Southern District, New York

☆ Medtech firm Surgalign files for Chapter 11 bankruptcy
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 19 (Reuters) - Beleagured U.S. medical technology company Surgalign Holdings (SRGA.O) filed for a voluntary Chapter 11 bankruptcy on Monday. Surgalign filed for the bankruptcy with estimated assets and liabilities in the range of $50 million to $100 million in the Bankruptcy Court for the Southern District of Texas. The Deerfield, Illinois-based company said in March that it had reduced its workforce by about 20% and cut non-essential spending, and realigned resources. In November last year, the company approved a corporate restructuring plan, which included discontinuing some of its lower-performing units as well as intending to continue its brand and product rationalization programs. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Surgalign, Rishabh, Rashmi Organizations: Surgalign Holdings, Southern, Southern District of Texas, Thomson Locations: Southern District, The Deerfield , Illinois, Bengaluru

☆ Instant Pot was once the hot new kitchen gadget. Now it's filed for bankruptcy.
▼ + stars: | 2023-06-14 | by ( Morning Brew | ) www.businessinsider.com time to read: +3 min

Instant Pot was a kitchen gadget darling, but it's now gone cold. Now, the parent company of Instant Pot is declaring bankruptcy to get its finances in order. Its parent company, Instant Brands, which also owns Pyrex and CorningWare, filed for Chapter 11 bankruptcy Monday to get its battered finances in order. The group ramped up hiring and pushed Instant Brands to come out with new gadgets, like air fryers and an air purifier (which flopped). Instant Brands, whose labels also include Corelle, Snapware, CorningWare, Visions and Chicago Cutlery, said it has received a commitment for new financing from its existing lenders.

Persons: it's, —, Ben Gadbois Organizations: Service, Instant Brands, Cornell Capital, Corelle Brands, Brands, NPD Group, US, Court, Southern, Southern District of, Associated Press Locations: Southern District, Southern District of Texas, Chicago

Since Jones and his company are bankrupt, the trials would not normally be allowed to proceed without bankruptcy court permission. Jones has said that he can not afford to pay the Sandy Hook defamation judgments, and is attempting to resolve all legal claims against him through a settlement in bankruptcy. Leonard Pozner and Veronique De La Rosa, whose six-year-old son Noah was killed in the Sandy Hook shooting, would proceed to trial in October. Without a placeholder value, the Texas defamation claims could be given far less weight than the defamation claims that have already resulted in $1.5 billion in verdicts, according to Jones’ court filings. The case is Alex Jones, U.S. Bankruptcy Court for the Southern District of Texas, No.

Persons: Sandy Hook, Alex Jones, Jones, Christopher Lopez, Lopez, Sandy, Leonard Pozner, Veronique De La Rosa, Noah, De, De La Rosa, Marcel Fontaine, Fontaine, De La, Fontaine's, Jennifer Hardy, Vickie Driver, Crowe, Ray Battaglia, Pozner, Willkie Farr, Gallagher Read, Dietrich Knauth Organizations: U.S, Speech Systems, De La, CNN, Bankruptcy, Southern, Southern District of, Dunlevy, Systems, Thomson Locations: U.S, Houston, Newtown , Connecticut, Texas, Parkland , Florida, Southern District, Southern District of Texas

☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
▼ + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.

Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York

☆ Justice Dept. Reaches Cleanup Deal With Houston After Civil Rights Inquiry
▼ + stars: | 2023-06-06 | by ( Glenn Thrush | ) www.nytimes.com time to read: +1 min

The Justice Department has reached an agreement with the City of Houston to improve trash removal and environmental monitoring after an investigation into the widespread dumping of garbage, including human bodies, in predominantly Black and Latino neighborhoods. The pact, announced on Tuesday, was the result of a yearlong inquiry by the department’s civil rights division into dozens of complaints from residents. It includes a commitment by Mayor Sylvester Turner to fund cleanup projects, under the supervision of federal officials for three years. The agreement, which followed weeks of negotiation between department officials and municipal leaders in Houston, is part of the Biden administration’s larger environmental justice agenda, which seeks to redress the disproportional impact of waste, air and water pollution on communities of color around the country. “No one should have to live next to discarded tires, bags of trash, rotting carcasses, infected soils and contaminated groundwater, all caused by illegal dumping,” Alamdar S. Hamdani, the U.S. attorney for the Southern District of Texas, said on Tuesday during a news conference in Houston.

Persons: Sylvester Turner Organizations: Department, City, Biden, Southern, Southern District of Locations: Houston, Black, U.S, Southern District, Southern District of Texas

☆ British chemicals producer Venator files for U.S. Chapter 11 protection
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 14 (Reuters) - British chemicals producer Venator Materials Plc (VNTR.N) filed for Chapter 11 bankruptcy protection in the United States, the company said in a court filing late on Sunday. Venator has estimated both assets and liabilities in the range of $1 billion to $10 billion, according to a filing in the U.S. Bankruptcy Court for the Southern District of Texas. Venator undertook a strategic review of its business earlier this year in an attempt to strengthen its liquidity after one of its top investors, J&T MS 1 SICAV, criticised the British company's poor financial performance. Reporting by Nilutpal Timsina in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's Cineworld shareholders to be wiped out in restructuring plan
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/3] People are seen at a Cineworld in Leicester’s Square, amid the coronavirus disease (COVID-19) outbreak in London, Britain, October 4, 2020. It does not provide for any recovery for its existing shareholders, the group said. The group's chapter 11 companies are seeking to confirm the plan on an "expeditious timeline", Cineworld said, adding that it continues to operate its global business and cinemas as usual without interruption. The plan filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, is yet to be approved. Cineworld, which expects to emerge from Chapter 11 in the first half of 2023, said any transaction resulting from the marketing process may delay emergence beyond that point.

☆ Cineworld files restructuring plan in US
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Cineworld (CINE.L), the world's second-largest cinema chain operator, said on Tuesday it had filed a plan of reorganisation with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company had placed a majority of its business under U.S. Chapter 11 bankruptcy protection in September. The proposed restructuring does not provide for any recovery for holders of its existing equity interests, the struggling cinema chain said on Tuesday. Cineworld, which expects to emerge from Chapter 11 is the first half of 2023, also said any sale transaction resulting from the marketing process may delay emergence beyond the first half. Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Cineworld looks to raise $2.26 billion to emerge from bankruptcy
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Cineworld Group Plc (CINE.L) is planning to raise $2.26 billion, according to a court filing on Sunday, as the theater chain aims to emerge from Chapter 11 bankruptcy in the first half of 2023. The fundraising will consist of a first lien senior secured debt credit facility of $1.46 billion and issuance of new common stock for an aggregate purchase price of $800 million, according the filing with the U.S. bankruptcy court in the Southern District of Texas. Cineworld filed for U.S. bankruptcy protection in September to try to restructure its debt after being hit by the pandemic and a lack of blockbuster movies. The proceeds of the capital raising will be used to meet costs and expenses relating to the restructuring, and also to pay fees, other expenses and provide working capital to reorganized debtors, according to the filing. Reporting by Maria Ponnezhath in Bengaluru; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.

☆ U.S. mattress maker Serta Simmons files for bankruptcy protection
▼ + stars: | 2023-01-24 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The Doraville, Georgia-based company, whose roots date to 1870, filed for Chapter 11 protection from creditors on Monday night with the U.S. Bankruptcy Court in the Southern District of Texas. Serta Simmons also lined up $125 million in financing to keep operating, including to pay its 3,600 employees. The company's brands include Serta, Simmons, Beautyrest and Tuft & Needle. Serta Simmons' advisers include the law firm Weil, Gotshal & Manges, Evercore Group LLC and FTI Consulting Inc. The case is In re Serta Simmons Bedding LLC et al, U.S. Bankruptcy Court, Southern District of Texas, No.

☆ Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey
▼ + stars: | 2023-01-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated.

☆ Shareholders sue Southwest Airlines over flight meltdown
▼ + stars: | 2023-01-13 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/Shelby Tauber//File PhotoJan 12 (Reuters) - Shareholders filed a lawsuit against Southwest Airlines Co (LUV.N) on Thursday, accusing the carrier of fraudulently concealing problems that led last month to an operational meltdown and more than 15,000 flight cancellations. Flight operations at Dallas-based Southwest buckled shortly before Christmas as a fierce winter storm swept across the United States. The carrier largely restored normal operations by Dec. 30, several days after other airlines had recovered. In an interview on Thursday, Jordan said Southwest was looking at all operations to avoid a repeat of the meltdown. The case is Teroganesian v Southwest Airlines Co, U.S. District Court, Southern District of Texas, No.

The Securities and Exchange Commission has charged seven social media influencers with securities fraud, saying Wednesday that they were part of a $100 million scheme to use social media platforms Twitter and Discord, as well as podcasts, to manipulate the price of certain stocks. Discord is a private chatroom and messaging platform that is popular with gaming influencers and, more recently, financial influencers. According to the SEC, seven of the defendants promoted stocks to their hundreds of thousands of Twitter followers and in stock trading rooms on Discord since at least January 2020. They would then promote the stock to their followers and inflate the share price, announcing price targets and teasing upcoming news about the company. Those stocks are often ripe for manipulation because they receive less attention and have lower trading volumes.

☆ DOJ, SEC Charge Eight Social-Media Influencers for Alleged Securities Fraud
▼ + stars: | 2022-12-14 | by ( Jennifer Calfas | ) www.wsj.com time to read: 1 min

The Securities and Exchange Commission said the influencers involved took advantage of their large followings. Federal prosecutors and the Securities and Exchange Commission charged eight social-media influencers over an alleged stock-manipulation scheme in which they used their platforms to alter stock prices and illicitly make more than $100 million. The criminal and civil complaints, both filed in the U.S. District Court for the Southern District of Texas, detailed accusations against these influencers of encouraging their followers online to buy certain stocks they had purchased without sharing their intent to dump them after share prices or trading volumes climbed. The SEC also accused an eighth person of aiding and abetting the operation.

☆ SEC Charges Eight Influencers in $100 Million Securities Fraud
▼ + stars: | 2022-12-14 | by ( Jennifer Calfas | ) www.wsj.com time to read: 1 min

The Securities and Exchange Commission charged eight influencers in an alleged $100 million stock-manipulation scheme in which they used their platforms on Twitter Inc. and Discord to alter stock prices, the agency said Wednesday. The complaint, filed in the U.S. District Court for the Southern District of Texas, accuses seven of these influencers of encouraging their followers online to buy certain stocks they had purchased. But when share prices or trading volumes climbed, the influencers often sold their shares “without ever having disclosed their plans to dump the securities while they were prompting them,” the SEC said.

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. "Securities fraud victimizes innocent investors and undermines the integrity of our public markets,” said Assistant Attorney General Kenneth Polite of the Justice Department's Criminal Division. His attorney did not respond immediately to a request for comment. Rybarczyk and Deel did not respond immediately to requests for comment. Reporting by Chris Prentice and Nate Raymond; Editing by Mark Porter and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

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