PROVIDENCE, R.I. (AP) — Wells Fargo Securities has agreed to pay an $800,000 civil penalty to settle a U.S. Securities and Exchange Commission lawsuit over Rhode Island's failed $75 million deal...
WASHINGTON (AP) — U.S. regulators charged Volkswagen and former CEO Martin Winterkorn with defrauding investors during its massive diesel emissions scandal.
At Kraft Heinz, a fed investigation and a $15.4B write-down
PITTSBURGH (AP) — Kraft Heinz disclosed an investigation by federal regulators and said it will slash the value of its Oscar Mayer and Kraft brands by $15.4 billion, major setbacks for a company...
Nissan says it’s ‘cooperating fully’ with inquiry by US SEC
TOKYO (AP) — Nissan Motor Co. said Monday it has received an inquiry from the U.S. Securities and Exchange Commission, suggesting investigations into dealings by its former chairman Carlos Ghosn could expand beyond Japan.
The Japanese automaker confirmed "we have received an inquiry from the SEC, and are cooperating fully. We cannot provide further details."
Jay Peak Resort now officially up for sale
JAY, Vt. (AP) — A troubled Vermont ski resort is now for sale following years of uncertainty brought on by a defrauding of the federal EB-5 program.
The U.S. Securities and Exchange Commission alleged in 2016 that former owner Ariel Quiros and his partner Bill Stenger misused $200 million in foreign investor funds, with Quiros personally pocketing some $50 million.
SeaWorld says DOJ probe into ‘Blackfish’ statements is over
ORLANDO, Fla. (AP) — SeaWorld Entertainment Inc. says it has been notified that the U.S. Department of Justice is ending its probe into whether company officials misled investors about the negative impact the documentary "Blackfish" was having on its business.
Feds open criminal probe into natural gas explosions
BOSTON (AP) — Federal prosecutors are conducting a criminal investigation into the natural gas explosions and fires that rocked three communities near Boston in September, a utility company said Thursday.
Tesla’s Musk buys about $10M in company stock
Tesla CEO Elon Musk has added nearly $10 million worth of company stock to his portfolio.
Musk's trust bought nearly 30,000 shares on the open market Monday. The purchases were disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.
The filing says Musk will buy another $20 million worth of stock in a transaction with the automaker that should close by next week.
Biopharmaceutical company fined for misleading investors
BOULDER, Colo. (AP) — A Colorado-based biopharmaceutical company has been penalized more than $20 million for misleading investors about the efficacy of a lung cancer drug under development before raising $300 million in a public stock offering.
SeaWorld, ex-execs must pay $5M to settle ‘Blackfish’ claim
ORLANDO, Fla. (AP) — SeaWorld and two former executives on Tuesday agreed to pay more than $5 million to settle federal fraud claims that they misled investors about the negative impact the 2013 documentary "Blackfish" had on business.
Man fined for illegally soliciting medical pot investors
PORTLAND, Maine (AP) — The U.S. Securities and Exchange Commission says a Kittery man has agreed to pay nearly $400,000 in fines and interest for illegally soliciting investors for a medical cannabis operation on Craigslist.
Judge adds to money owned by imprisoned ex-Detroit mayor
DETROIT (AP) — The amount of money owed by imprisoned former Detroit Mayor Kwame Kilpatrick is growing.
JACKSON, Miss. (AP) — A judge is taking bids to decide who should collect assets and repay victims of a $100-million-plus fraud.
U.S. District Judge Carlton Reeves last week told Mississippi's secretary of state and the U.S. Securities and Exchange Commission to each submit proposals.
Arthur Lamar Adams pleaded guilty May 9 to wire fraud. Authorities say the 58-year-old Jackson resident persuaded investors to loan him money, promising high returns from bogus rights to cut timber.
MILWAUKEE (AP) — Investors have committed to an initial round of funding to bring back Midwest Express Airlines.
A report filed with the U.S. Securities and Exchange Commission shows $750,000 has been raised so far to revive the airline once known for its extra wide seats and warm chocolate chip cookies.
Former Midwest executive Greg Aretakis is president of the new company working to bring back the airline that was purchased by Republic Airways in 2009 and then merged into Frontier Airlines.
JACKSON, Miss. (AP) — A judge will decide who should collect assets and repay victims of a $100-million-plus fraud.
U.S. District Judge Carlton Reeves heard arguments Friday from Mississippi's secretary of state and the U.S. Securities and Exchange Commission on plans to hire a receiver. Records show Reeves plans to rule later.
JACKSON, Miss. (AP) — The U.S. Securities and Exchange Commission and Mississippi's secretary of state are fighting over who should collect assets and repay victims of a $100 million-plus fraud.
Arthur Lamar Adams pleaded guilty last week to one count of wire fraud.
MONTPELIER, Vt. (AP) — A former Vermont ski resort owner accused of massive fraud involving foreign investors' money has agreed to surrender an airport hangar in Coventry.
Miami businessman Ariel Quiros reached a settlement with the U.S. Securities and Exchange Commission in February in which he agreed to pay back more than $81 million and surrender Jay Peak and Burke Mountain ski resorts and other property.
- The Detroit NewsTesla lawyer exits as Musk misfires tweetFebruary 21, 2019
- The Herald-DispatchBraidy Industries takes step to become publicJanuary 4, 2019
- The Herald-DispatchBraidy Industries takes step to become publicJanuary 4, 2019
- Connecticut PostAre you susceptible to a Ponzi scheme?December 23, 2018
- Houston ChronicleRegulator settles fraud case with Houston developersDecember 14, 2018
If you are an investor, I highly recommend that you listen to a recording of a telephone conversation between a fraudster and a victim — an actual fraud caught in action. In the recording, which was made by the victim, the fraudster is posing as a compliance officer from the U.S. Securities and Exchange Commission. The most disturbing aspect of the call is that the fraudster is pretending to be helping the victim, in this case, to confirm a trade.
Romney seeks Marriott post he can’t hold as a US Senator
SALT LAKE CITY (AP) — Mitt Romney is running for re-election to Marriott International's board of directors, but his campaign said Monday that he'll resign from that post if elected in November to the U.S. Senate, which bars senators from serving as an officer or board member of any publicly-held company.
Supreme Court: Dodd-Frank whistleblower protection is narrow
WASHINGTON (AP) — The Supreme Court ruled Wednesday that whistleblower protections passed by Congress after the 2008 financial crisis only apply to people who report problems to the U.S. Securities and Exchange Commission, not more broadly.
Firm accused of duping investors in house-flipping venture
SANTA ANA, Calif. (AP) — A California real estate firm and its executives are accused of siphoning off proceeds from a venture financed mostly from investors' retirement savings.
The Latest: No securities fraud case over Mississippi plant
JACKSON, Miss. (AP) — The Latest on a disputed Mississippi power plant (all times local):
Southern Co. says the U.S. Securities and Exchange Commission has ended its securities fraud investigation into whether the utility misled investors about progress at a Mississippi power plant and won't recommend any enforcement action.
Supreme Court wrestles with whistleblower protection issue
WASHINGTON (AP) — The Supreme Court on Tuesday seemed reluctant to broadly apply whistleblower protections passed by Congress following the 2008 financial crisis, suggesting those particular protections only apply to people who report problems to the government.
Ski resort owner reaches tentative deal in $200M fraud case
BURLINGTON, Vt. (AP) — The owner of the Jay Peak ski resort has reached a tentative settlement with the U.S. Securities and Exchange Commission in a $200 million fraud case involving people from across the world who hoped their investments in the resort and other projects would lead to permanent U.S. residency.
Securities officials probing S. Carolina nuke plant fiasco
COLUMBIA, S.C. (AP) — Securities regulators are investigating a scuttled nuclear reactor construction project in South Carolina, according to a release Tuesday from one of the plant's co-owners.
Ski resort owner will litigate damages, not contest charges
MONTPELIER, Vt. (AP) — A ski resort owner accused last year of massive fraud involving foreign investors' money will not contest the U.S. Securities and Exchange Commission charges against him.
A lawyer for Ariel Quiros, the owner of the Jay Peak Resort, said Tuesday that Quiros is not admitting nor denying anything and now will only litigate damages.
"As far as Mr. Quiros is concerned he's interested in resolving everything," attorney Melissa Visconti said.
- Globe NewswireShepherd, Smith, Edwards & Kantas Investigating Claims for Customers of John Gregory SchmidtMarch 19, 2019
- Business WireStratasys Files Annual Report on Form 20-F for the Year Ended December 31, 2018March 19, 2019
- Globe NewswireSHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of Mobile TeleSystems PJSCMarch 15, 2019
Quiros will not fight SEC charges; only litigate damages
MONTPELIER, Vt. (AP) — The owner of a Vermont ski resort accused of massive fraud involving foreign investors' money will not contest the U.S. Securities and Exchange Commission charges against him.
A lawyer for Ariel Quiros, the Miami businessman who owns Jay Peak Resort, said Tuesday that Quiros is not admitting or denying any of the SEC charges and will only now litigate damages.
Utility pays bonuses to execs before nuclear project fails
COLUMBIA, S.C. (AP) — The company that led the failed effort to build two new nuclear reactors in South Carolina — and is now seeking to recoup billions more from customers — paid its executives millions in bonuses, some of it for work on the project, a review of federal records shows.
SIOUX FALLS, S.D. (AP) — The Latest on the size of a legal settlement between ABC and a South Dakota meat producer (all times local):
A lawyer for a South Dakota meat producer says the company's defamation lawsuit settlement with ABC exceeds the $177 million charge the network's parent company reported in a recent financial filing.
ORLANDO, Fla. (AP) — A newspaper is reporting that two federal agencies are demanding records from SeaWorld.
The Orlando Sentinel reported that new SEC filing disclosures released Friday show that agencies are asking for comments that executives and the company made in August 2014 about the critical "Blackfish" documentary.
NAIROBI, Kenya (AP) — Increased violence and corruption in central Africa could be the result of the recent decision by the U.S. Securities and Exchange Commission not to enforce a rule requiring American companies to report their use of conflict minerals, warn Congolese civic groups, rights groups and U.S. senators.
Tim Duncan’s former financial adviser has reached a partial settlement with the U.S. Securities and Exchange Commission, which sued the adviser over allegations of securities fraud in his handling of the retired Spurs star’s investments.
A former Stamford fund manager is paying $230,000 after a U.S. Securities and Exchange Commission investigation into client complaints that they were being charged additional fees on some $11.2 million in investments, without adequate disclosure.
Cabela’s quietly sought sale before investor push; Jim Cabela tried to keep HQ in Sidney
A New York-based hedge fund publicly pushed for Cabela’s to be sold, but in documents filed this week, the Nebraska retailer says it already had been quietly trying to sell itself months before the investor declared its big stake in 2015.
EUGENE, Ore. (AP) — Authorities say a former investment adviser who was scheduled to be tried next month on drug charges was found dead at home in Springfield, Oregon.
Lane County Chief Deputy District Attorney Erik Hasselman says a medical examiner is awaiting toxicology reports while trying to determine the cause of death for 55-year-old Stephen Alison.
Hasselman tells The Register-Guard (http://bit.ly/2qkkJQg ) there was no sign of violence.
JUNEAU, Alaska (AP) — The U.S. Securities and Exchange Commission filed a complaint last week alleging insider trading in the purchase of an Alaska communications company.
The complaint in U.S. District Court involves the purchase of General Communications Inc., Alaska Public Media reported (http://bit.ly/2pxlmqC) Monday. The insider trading charges are connected with the activity of two financial service companies that bought about $48,000 worth of GCI's stock in March.
The windswept mesas of New Mexico, one of the nation’s least populous states, is not a place where big-time financial litigation usually originates.
MONTPELIER, Vt. (AP) — A year after the owner and president of a Vermont ski resort were accused by the state and the U.S. Securities and Exchange Commission of massive fraud, a $150 million settlement has been reached with a financial institution, Republican Gov. Phil Scott announced Thursday.
PROVIDENCE, R.I. (AP) — A federal judge has approved a settlement in a lawsuit brought by the U.S. Securities and Exchange Commission over Rhode Island's failed $75 million deal with the videogame company owned by former Boston Red Sox pitcher Curt Schilling.
Under the settlement approved Monday by U.S. District Judge Jack McConnell, the state's economic development agency will pay a $50,000 penalty. It did not admit wrongdoing.
MIAMI (AP) — The Miami office of the U.S. Securities and Exchange Commission will be teaching students at South Florida high schools this month the basics about money, investing and finance.
The SEC says it's the first time the Miami office has done this kind of outreach. Regional Director Eric Bustillo says it's important for students to learn early how to manage money so they can become financially responsible adults.
PROVIDENCE, R.I. (AP) — The state's economic development agency said on Wednesday it has settled a lawsuit brought against it by the U.S. Securities and Exchange Commission over the state's failed $75 million deal with former Boston Red Sox pitcher Curt Schilling's videogame company.
The Rhode Island Commerce Corporation said it agreed to pay a civil penalty of $50,000 and in the future not violate the law it was accused of violating in the offer or sale of any securities.
Judge extends deadline in SEC suit over 38 Studios deal
PROVIDENCE, R.I. (AP) — The Rhode Island Commerce Corporation has been given more time to respond to charges in a lawsuit brought against it by the U.S. Securities and Exchange Commission over the state's failed $75 million deal with former Boston Red Sox pitcher Curt Schilling's video game company.
AUSTIN, Texas (AP) — A federal judge on Thursday dismissed claims by the U.S. government that Texas Attorney General Ken Paxton fraudulently duped wealthy investors before taking office, giving the Republican a key victory two months ahead of his criminal trial that carries a possible prison sentence.
The U.S. Securities and Exchange Commission has found shareholders for the Public Service Company of New Mexico have a right to vote on two resolutions that would require the company to present a plan to deal with climate change and to disclose all assets, including coal-fired generating capacity, that might become stranded in a shift to more reliance on renewable energy. PNM had argued it shouldn’t have to make such disclosures.
The U.S. Securities and Exchange Commission on Friday dropped the last two remaining civil fraud charges in a long-running federal case against Larry Goldstone and Clarence Simmons, former executives of Santa Fe-based Thornburg Mortgage, once one of the nation’s largest mortgage companies.
US reconsiders reporting rule on Congo ‘conflict minerals’
NAIROBI, Kenya (AP) — The U.S. Securities and Exchange Commission is reconsidering its rule requiring public companies to report their use of minerals from Congo, where multiple armed groups have stakes in the vast country's trillion-dollar mineral wealth.
A change by the SEC could either benefit the armed groups and increase the region's potential for conflict or help everyday Congolese who have felt the economic pinch as some companies stayed away, experts say.
GM to pay $1M penalty for ignition switch accounting trouble
DETROIT (AP) — General Motors will pay the federal government a $1 million civil penalty for violating accounting rules involving the company's deadly ignition switch scandal.
The penalty, announced Wednesday as a settlement with the U.S. Securities and Exchange Commission, is for failing to have accounting controls in place to determine the potential for a recall and estimate the possible loss.
GM said it consented to an SEC cease-and-desist order without admitting or denying any wrongdoing.
Vermont ski resort owner denies SEC civil fraud charges
BURLINGTON, Vt. (AP) — The owner of a Vermont ski resort is denying fraud allegations filed against him by the U.S. Securities and Exchange Commission.
In documents filed last week in federal court in Miami, Ariel Quiros (KWEHR'-ohs) denies that he was behind a $200 million fraud at Jay Peak ski resort.