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☆ As shutdown looms, companies should go public 'before Friday'-US SEC chief
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. Gensler said the agency would lose more than 90% of its workforce to unpaid furloughs, leaving a "skeletal" staff to perform essential functions. "If a company were deciding to go public or raise offerings, they'd want to go effective before Friday if they're ready to," Gensler said. Gensler also acknowledged that should a major disruption occur on Wall Street, "senior leadership would be there but again we'd be down to a skeletal staff." Major Wall Street indices were down markedly shortly toward 1700 GMT, adding to recent days' losses driven by investor concerns about the path of interest rates, with a possible shutdown also weighing on trading.

Persons: Andrew Kelly, Gary Gensler, Gensler, we'd, Joe Biden, Douglas Gillison, Lance Tupper, Lewis Krauskopf, Paul Simao, David Holmes, Alistair Bell Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Birkenstock, Wednesday, Washington, Democratic, SEC, Republican, Clarios, Thomson Locations: Washington ,, Washington, New York

☆ 'Shark Tank' watch: Kevin O'Leary warns about commercial real estate, Barbara Corcoran expects house prices to climb, and Daymond John touts Apple and Amazon
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Three "Shark Tank" investors weighed in on stocks, real estate, and cryptocurrencies. Daymond John loves Apple and Amazon; Kevin O'Leary likes index funds but worries about commercial space. AdvertisementAdvertisementA trio of "Shark Tank" investors shared their views on stocks, real estate, and cryptocurrencies in a Fox Business interview on Tuesday. Kevin O'Leary touted index funds, rang the alarm on commercial real estate, and predicted the crypto industry will clean up its act. AdvertisementAdvertisement"Stock picking is really hard," the founder of O'Leary Funds and O'Leary Ventures said.

Persons: Daymond John, Apple, Kevin O'Leary, Barbara Corcoran, —, Daymond John trumpeted Apple, he's, she's, Stocks O'Leary, O'Leary, John, Amazon's, Corcoran, Crypto O'Leary, Sam Bankman, Fried's, I'm Organizations: Service, Fox, O'Leary Funds, O'Leary Ventures, Apple, Foods, The Corcoran Locations: bitcoin

☆ Gensler is testifying before Congress and facing increasing lawsuits over his many rule changes
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Securities and Exchange Commission Chair Gary Gensler is testifying before the House Financial Services Committee today. Republicans are increasingly apoplectic about the more than 40 rules Gensler has been proposing, especially now that he has begun adopting them. Gensler grilled for proposed and adopted rulesRepublicans will be particularly keen to talk about some of the bigger issues Gensler has been tackling. Some are hoping that a few Democrats will join the Republicans and ask Gensler to slow down. Now that he has begun adopting many of these rules, the financial services industry seems to be saying, "See you in court."

Persons: Gary Gensler, Gensler, That's, Biden, Kirsten Wegner, Wegner, Virtu, Doug Cifu, Cifu, What's Organizations: U.S . Treasury, Washington , D.C, Securities, Exchange, Financial Services, Senate Banking, Republicans, Gensler, Commission, Modern Markets, Trader's Magazine, SEC, Virtu Locations: Washington ,

Crypto companies have been expanding in Washington to combat growing regulatory scrutiny, especially from the SEC which says the industry has been flouting its rules. "Everybody wants to make sure that what they're doing isn't going to be erased by the government," said Kara Calvert, head of U.S. policy at Coinbase, referring to the crypto industry. A House vote before year-end is possible, but the outlook is dimmer in the Senate, where industry-friendly crypto bills have failed to gain traction. And Senate Banking Committee Chair Sherrod Brown of Ohio has shown little interest in making it a priority to advance the House bills. "The last thing we need is for the crypto industry to write their own rulebook — too many Ohioans have been burned by fraud and scams," said Brown in a statement to Reuters.

Persons: Dado Ruvic, Katherine Dowling, Coinbase, OpenSecrets, Brian Armstrong, Kara Calvert, Mark Hays, Sherrod Brown of, Brown, Ian Katz, Hannah Lang, Michelle Price, Richard Chang Organizations: REUTERS, Coinbase, Financial, National Defense, U.S . Securities, Exchange Commission, SEC, Binance, Reuters, OpenSea, Financial Reform, Senate, Capital Alpha Partners, Thomson Locations: Washington, NFTs, Sherrod Brown of Ohio, Ohio

☆ MicroStrategy purchased another $150 million in bitcoin since August as prices tumbled
▼ + stars: | 2023-09-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

AdvertisementAdvertisementSoftware firm MicroStrategy spent $147.3 million on bitcoin purchases over the past two months, using stock sales to help finance the investment, an SEC filing shows. To finance the $150 million bitcoin acquisition, 403,362 company shares were sold. A previous filing from that month indicated that MicroStrategy could sell up to $750 million in stock to fund its bitcoin expansion. In the same timeframe, Microstrategy stock has fallen 20%. Earlier in the year, a 72% rally in bitcoin helped MicroStrategy achieve its first profitable quarter in over two years.

Persons: MicroStrategy, —, Michael Saylor Organizations: SEC, Service, Bloomberg Locations: bitcoin

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. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Sept 26 (Reuters) - The U.S. Securities and Exchange Commission said on Tuesday it settled fraud charges against Hyzon Motors (HYZN.O) of misleading investors. In the second quarter of 2023, Hyzon accrued a $22 million loss contingency, based upon its management's assessment of the SEC investigation. Knight and Mark Gordon, Hyzon's former chief financial officer, each reimbursed Hyzon $252,000 and $122,500, respectively, for bonuses they received during the twelve-month period after Hyzon misstated its financial statements, the SEC said. Reporting by Kanishka Singh in Washington; Editing by Leslie Adler and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Craig Knight, Max Holthausen, Hyzon, Knight, Mark Gordon, Hyzon's, Kanishka Singh, Leslie Adler, Sonali Paul Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, Exchange, Hyzon Motors, SEC, Hyzon's, Thomson Locations: Washington ,, Washington

The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. DWS Investment Management Americas made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission (SEC) said in a statement. Separately, the SEC found DWS failed to develop a mutual fund anti-money laundering program as required by law. Reuters in July reported that the SEC was preparing to slap DWS with a fine after a two-year probe into allegations of "greenwashing". Under Democratic leadership, the SEC has pledged to crack down on the inflating of ESG credentials to attract investors.

Persons: Andrew Kelly, DWS, Goldman Sachs, BNY, Chris Prentice, Chizu Nomiyama, Emelia Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Deutsche Bank, DWS Investment Management, SEC, Regulators, Democratic, BNY Mellon, Thomson Locations: Washington ,, Germany

In those cases, the SEC asked companies to review staff messages and report to the agency how many discussed work. SEC staff reviewed only a sample of messages themselves, according to three sources with knowledge of the previous investigations. As with broker-dealers, the SEC initially sought details on investment advisers' record-keeping policies. The SEC later demanded that the investment advisers hand over the messages, the sources said. The agency is ignoring important differences in investment advisers' recordkeeping requirements, said Jennifer Han, the MFA's executive vice president and chief counsel.

Persons: Carlo Allegri, Wall, Carlyle, Gary Gensler, Jaclyn Grodin, Storrs, JPMorgan Chase, Wells, Goldman Sachs, Morgan Stanley, Jennifer Han, Chris Prentice, Michelle Price, Marguerita Choy Organizations: New York Stock, REUTERS, Securities and Exchange Commission, SEC, Reuters, Carlyle Group, Apollo Global Management, KKR, Co, TPG, Blackstone, Citadel, Apollo, Goulston, JPMorgan, Bank of America, Association, Bloomberg, Carolina, Thomson Locations: Manhattan, New York City , New York, U.S

☆ 'Cash-flow' podcaster made off with millions in Ponzi scheme, SEC alleges
▼ + stars: | 2023-09-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

But Motil's self-described success was an elaborate façade, according to regulatory filings and Ohio bankruptcy proceedings. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. "Nearly everything about his scheme was a lie," the financial regulator's complaint read. In one instance, according to the SEC, Motil managed to get more than $1 million from 20 different investors for just one single-family home valued at no more than $130,000. Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged.

Persons: Matt Motil, Motil, Amy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, CNBC, U.S, Trustee, Federal Trade Commission Locations: Washington ,, An Ohio, Ohio

☆ DWS to pay $25 mln over US charges over ESG misstatements, other violations
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +1 min

Photographer: Alex Kraus/Bloomberg via Getty ImagesDeutsche Bank-controlled investment firm DWS will pay $25 million to settle charges over misstatements regarding its environmental, social, and governance (ESG) investing and failures in policies designed to prevent money laundering, U.S. regulators said on Monday. DWS Investment Management Americas, a registered investment adviser, made "concerning" misstatements regarding its ESG investment process, the U.S. Securities and Exchange Commission said in a statement. Representatives for DWS, which did not admit or deny the SEC's findings, did not respond to requests for comment. Separately, regulators found DWS failed to develop a mutual fund anti-money laundering program as required by law. The firm did not have systems in place that were "reasonably designed" to flag potential money laundering, the SEC said in a separate order.

Persons: Alex Kraus Organizations: Deutsche Bank AG, Deutsche Bank, Bloomberg, Getty Images Deutsche Bank, DWS Investment Management, U.S . Securities, Exchange Commission, SEC, DWS Locations: Frankfurt, Germany

☆ Crypto is growing up: Goodbye yacht parties and NFTs, hello regulation and practical tech
▼ + stars: | 2023-09-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +8 min

The three-day Messari Mainnet conference in New York was less expensive and less fun than it was a year ago. That's the sense I got after spending three days rubbing shoulders with crypto founders, blockchain pros, politicians and executives at Messari Mainnet in New York City. Coinbase hosted reporters at a press breakfast during Messari Mainnet 2023. AdvertisementAdvertisementThe long shadow of Gary GenslerGary Gensler, the chairman of the Securities and Exchange Commission, did not attend Messari Mainnet, but no one could stop saying his name. "Gary Gensler cannot state whether ethereum is a security or not," Ramaswamy told the audience.

Persons: Phil Rosen, Carlos Domingo, they're, Anthony Scaramucci, Jesse Pollak, Base, Coinbase, Crypto, Jess Houlgrave, WalletConnect, Houlgrave, Gary Gensler Gary Gensler, Scaramucci, Vivek Ramaswamy, Ramaswamy, Gensler, Gary Gensler, Coinbase's Pollak, Pollak, Messari Organizations: Service, Skybridge Capital, White House, Coinbase, Securities and Exchange Commission, Jiminy Cricket, SEC Locations: New York, Wall, Silicon, New York City, ethereum, Singapore, Hong Kong

☆ SEC fines Goldman Sachs $6 million over inaccurate, incomplete trading information
▼ + stars: | 2023-09-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

WASHINGTON — The U.S. Securities and Exchange Commission on Friday announced a $6 million penalty against Goldman Sachs for providing incomplete and inaccurate trading information to the regulator. The banking giant made more than 22,000 deficient "blue sheet" submissions over a roughly 10-year period, affecting at least 163 million transactions, according to an SEC order. The SEC routinely sends these electronic requests to brokers for securities trading information to identify buyers and sellers. The firm is "pleased to have resolved this matter," Abbey Collins, a spokesperson for Goldman Sachs, told CNBC. But the SEC also found that Goldman had insufficient internal processes to verify the accuracy of its blue sheet submissions.

Persons: WASHINGTON, Goldman Sachs, Thomas P, Smith Jr, Goldman, Abbey Collins, Collins Organizations: The U.S . Securities, Exchange Commission, SEC, New York Regional Office, CNBC Locations: The

☆ 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

☆ US SEC poised to ban deceptive ESG, 'growth' fund labels
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +3 min

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. The vote by the U.S. Securities and Exchange Commission would update a two-decade-old "Names Rule" requiring that investment fund names match the assets they contain. The SEC since 2021 has also focused on prosecuting ESG-related misconduct and "greenwashing," bringing enforcement actions and levying fines. The 80% investment requirement currently applies to other fund characteristics such as risk. As a result of the change, 76% of investment funds would be subject to the "Names Rule" up from the current 60%, SEC officials said prior to the vote.

Persons: Andrew Kelly, William Birdthistle, Douglas Gillison, Sonali Paul Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, Exchange, SEC's Division of Investment Management, SEC, Trade, Thomson Locations: Washington ,, SEC's

☆ US SEC charges investment firm linked to Russian billionaire
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 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 RightsCompanies Concord Management, Ltd FollowWASHINGTON, Sept 19 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday charged Concord Management and its owner with failing to register with regulators while operating as an investment adviser to an unidentified billionaire former Russian official. Concord Management LLC of Tarrytown, New York, and owner Michael Matlin were operating as unregistered investment advisers to a single client, a former Russian official with apparent connections to the Russian Federation, the SEC said in a statement. Matlin founded Concord in 1999 to provide investment advice and supervise investments in U.S. private funds, the SEC said. The firm monitored investments for the Russian individual until March 2022, when the United Kingdom and European Union sanctioned the unidentified client, it said.

Persons: Jim Bourg, Michael Matlin, Matlin, Abramovich, Chris Prentice, Rami Ayyub, Katharine Jackson, Josie Kao, Mark Potter, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Concord Management, WASHINGTON, Russian, Russian Federation, Concord, New York Times, Reuters, European Union, Thomson Locations: Washington, Tarrytown , New York, United Kingdom, New York

☆ The meme stock mania is now a movie. Here's what has happened to GameStop and AMC
▼ + stars: | 2023-09-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

There's Anthony Ramos' Marcus, a GameStop cashier, being lectured by his parents that this stock trading thing isn't real. Reddit versus Wall StreetMany social media traders discussed the meme stock moment in David vs Goliath terms — the retail traders versus the hedge funds. Several brokerages limited trading in meme stocks at the height of the meme stock mania. In the second quarter of 2019, before the meme stock mania began, the company generated about $1.3 billion in net sales. The AMC stock sales have diluted the holdings of individual shareholders, and the market cap of AMC is still down more than 50% from its peak.

Persons: Pete Davidson, Paul Dano's Keith Gill, Kitty, There's Anthony Ramos, Marcus, Jenny, hasn't, David, Gabe Plotkin, Seth Rogen, Capital, Robinhood, Chewy, Ryan Cohen, Matthew Furlong, shakeups, Adam Aron, Plotkin Organizations: Sony Pictures Entertainment, GameStop, YouTube, Ferrari, AMC Entertainment, AMC, SEC, Amazon, Wall Street titans, Charlotte Hornets

☆ Casino's have some of the worst cybersecurity, says TrustedSEC's David Kennedy
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCasino's have some of the worst cybersecurity, says TrustedSEC's David KennedyDavid Kennedy, TrustedSEC CEO, joins 'Power Lunch' to break down the latest casino hacks.

Persons: TrustedSEC's David Kennedy David Kennedy

☆ Ethereum co-founder says 'clear heads will prevail' in the SEC's legal battles with crypto firms
▼ + stars: | 2023-09-14 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

The co-founder of Ethereum, Joseph Lubin, said "clear heads will prevail" as the U.S. Securities and Exchange Commission continues to dispute with crypto firms in court over whether crypto tokens are considered securities. "I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail," Lubin told CNBC's "Capital Connection" on Thursday. Crypto firms such as Binance, Coinbase and Ripple are fighting lawsuits with the SEC, which has accused them of law violations. The SEC sued Ripple and its co-founders in 2020 of violating securities laws by selling its native cryptocurrency XRP without first registering it with the SEC. In the same month, Binance was charged for several securities law violations.

Persons: Ethereum, Joseph Lubin, Lubin, CNBC's, Binance Organizations: U.S . Securities, Exchange Commission, ConsenSys, SEC Locations: America

☆ Real-estate crowdfunding is a house of cards. PeerStreet's bankruptcy reveals why.
▼ + stars: | 2023-09-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Like many PeerStreet investors who spoke with Insider, Mincher has a strong résumé. Another form of crowdfunding, equity crowdfunding, works a bit like the stock market without the onerous and expensive process of initial public offerings. The PeerStreet investors who spoke with Insider said the outcome of this case could determine whether they stick with real-estate crowdfunding. Others, such as Fundrise, have moved away from crowdfunding in favor of a model for private real-estate investment trusts, similar to the BREIT later offered by Blackstone. Fritton, the former Patch of Land CEO, said Fundrise's fund model was the wave of the future for real-estate crowdfunding.

Persons: Michael Burry, Christian Bale, Burry's, Crowdfunding, Burry, Andreessen Horowitz, they're, Braun Mincher, PeerStreet, who've, Judge Laurie Selber Silverstein, Brew Johnson, he's, Braun, Mincher, —, it's, Michael Burry Astrid Stawiarz, Ian Ippolito, Ippolito, John McNellis, PeerStreet Ippolito, McNellis, El, Marc Andreessen, Phil McCarten, Silverstein, wouldn't, Sean Quinn, Doug Lyon, Lyon, that's, Jason Fritton, Kirk Brett, there's, Brett, iFunding, CrowdStreet, Nightingale's Elie Schwartz, Nightingale, Schwartz, Yieldstreet, Fritton Organizations: CNBC, Main, PeerStreet, Facebook, McNellis Partners, Funding Trust, Fairfield University, Magnetar, Adler, Securities and Exchange Commission, Department of Justice, Securities, Exchange Commission, SEC, Investors, Blackstone Locations: Delaware, El Segundo , California, crowdfunding, There's

☆ The SEC is asking questions about Boxabl, the tiny-home startup that boasts Elon Musk and Post Malone as fans
▼ + stars: | 2023-09-13 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

In its six years of existence, Boxabl has captured the public's imagination with its innovative tiny homes and celebrity endorsements from the likes of Elon Musk and the musician Post Malone. Three former company employees, meanwhile, said they had been contacted and interviewed in recent weeks by the SEC to speak about Boxabl, including the company's business practices. In its recent financial statement, Boxabl noted that the remaining units "that were previously reserved for that project can now be sold for other projects." In its recent financial filing, Boxabl said it paid Firooznia $210,000 in 2022 for "consulting services." Leader Capital would have netted roughly $3.7 million in the deal, which it said fell apart because of the delay.

Persons: Boxabl, Elon Musk, Post Malone, cofounders, Paolo, Galiano Tiramani, Cory Jarvis, Dave Cherry, Travis Hess, Hess, Pronghorn, it's, Hamid Firooznia, Firooznia, Caroline Larkin, Paolo Tiramani, Larkin Organizations: Securities, Exchange, SEC, Arizona's Department of Housing, Staff, Pronghorn, Leader Locations: Salt Lake City , Utah, North Las Vegas, Guantánamo, Arizona, Arizona , California, Nevada, New York City, Portland , Oregon

☆ MGM Resorts cyberattack and outage stretches into third day
▼ + stars: | 2023-09-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

MGM continued to describe the situation as a "cybersecurity issue" in its SEC filing. The company has not yet brought its corporate email, restaurant reservation and hotel booking systems back online. Credit agency Moody's warned on Wednesday that the cyber incident highlighted "key risks" within MGM and could negatively affect the company's credit rating. In 2020, MGM acknowledged that it had lost the personal information of more than 10 million customers in a hack. Other than a brief update Tuesday confirming that the company had brought its gaming floors back online, MGM has provided little further information.

Persons: Moody's Organizations: MGM Resorts, U.S . Securities, Exchange Commission, MGM, SEC, Ticketmaster, FBI, CNBC

[1/2] The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. A lawyer for Stoner Cats did not respond immediately to requests for comment. Stoner Cats is an adult animated series about house cats that become sentient after being exposed to their owner's medical marijuana, which is used to alleviate early Alzheimer's symptoms. The NFTs provided holders with exclusive access to watch "Stoner Cats" online.

Persons: Andrew Kelly, NFTs, Jane Fonda, Mila Kunis, Ashton Kutcher, Seth MacFarlane, Chris Rock, Stoner, Carolyn Welshans, Jonathan Stempel, Chris Prentice, Deepa Babington Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Stoner, U.S, Securities, SEC, Investors, Stoner Cats, Thomson Locations: Washington ,, New York

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. YieldStreet, a New York investment firm that offers alternative assets to investors, failed to disclose a heightened risk related to the collateral behind one of its securities offerings, the SEC said in a statement. In September 2019, YieldStreet offered securities to finance a loan it made to companies to transport and deconstruct a retired ship. It did not tell investors of a heightened risk that they would not be able to seize the ship if the borrowers stole the funds and defaulted, as they ultimately did. Reporting by Chris Prentice; editing by Jonathan Oatis and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, YieldStreet, Osman Nawaz, Chris Prentice, Jonathan Oatis, Paul Simao Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Yieldstreet Inc, U.S, Securities, YieldStreet, Thomson Locations: Washington ,, New York

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Sept 12 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday said it has charged a former national office leader at audit firm Marcum LLP over quality control failures, the regulator said in a statement. The SEC said Alfonse Gregory Giugliano, a certified public accountant, failed to sufficiently address and remediate deficiencies in the firm's quality control system. In his role as a National Assurance Services Leader, he was aware of numerous deficiencies in Marcum's quality control system, the SEC said. The SEC in June charged marcum with a $10 million penalty for standards violations related to its audit work for hundreds of special purpose acquisition companies, or SPACs.

Persons: Andrew Kelly, Marcum, Alfonse Gregory Giugliano, Giugliano, Nikola, Chris Prentice, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, National Assurance Services Leader, DraftKings Inc, Thomson Locations: Washington ,

☆ Bitcoin briefly dips under $25,000 ahead of fresh inflation data this week
▼ + stars: | 2023-09-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

The cryptocurrency market fell to start the week as traders turned their focus to new inflation data and digested the latest in the SEC's legal battle with Ripple. Bitcoin fell more than 2.8% to trade at $25,004.45, according to Coin Metrics. Bitcoin briefly dipped below $25,000, the first time below that key support level since June. XRP dropped 5%, according to Coin Metrics, along with the Polygon token. Polkadot 's coin lost 4%, while Binance Coin , Solana's sol token and litecoin were down by about 3% each.

Persons: Bitcoin, Altcoins, XRP, Darius Tabatabai Organizations: Metrics, Securities and Exchange Commission, Vertex

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