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theblotmag · 7 years

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(via 'Drained' SEC Lawyer DEREK BENTSEN Found in Chinatown 'Swamp')

FRAUD, LIES, SEC LAWYER DEREK BENTSEN ‘DRAINED’ IN CHINATOWN MARKET MANIPULATION ‘SWAMP’?

#MELISSA HODGMAN #CHERYL CRUMPTON #DEREK BENTSEN #STEVEN SUSSWEIN #WILLIAM UCHIMOTO #BILL UCHIMOTO #JOSHUA BRAUNSTEIN #STEVE SUSSWEIN #WENDY WYTE SUSSWEIN #GARY SUSSWEIN

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mondonews · 2 years

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Robinhood ordered to face ‘meme stock’ manipulation claims

US District Court Judge Cecilia Altonaga in Miami said in the ruling that investors in GameStop, AMC Entertainment Holdings and seven other stocks can proceed with a proposed class-action lawsuit alleging the restrictions artificially increased the stocks’ supply. In a statement, Robinhood’s associate general counsel of litigation and regulatory enforcement, Cheryl Crumpton, said the company…

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theblotmag · 7 years

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(via Dune Lawrence, Roddy Boyd, Dating Drama of Two Tabloid Writers)

DUNE LAWRENCE, RODDY BOYD, THE DATING DRAMA OF TWO TABLOID WRITERS

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mikemortgage · 5 years

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Elon Musk, SEC told to meet for at least 1 hour about tweets

DETROIT — A federal judge in New York has ordered Tesla CEO Elon Musk and U.S. securities regulators to meet for at least an hour to try and settle a dispute over Musk’s tweets.

Judge Alison Nathan also told both sides Friday to send her a letter by April 18 saying whether they have reached a deal. If they don’t, Nathan will decide on the Securities and Exchange Commission’s motion to find Musk in contempt.

The SEC wants Nathan to fine Musk for allegedly violating a court-approved settlement requiring his tweets to be approved by a lawyer if they disclose important company facts. Musk’s lawyers say he didn’t violate the settlement.

The judge also wrote that if Musk is found in contempt, both sides will write legal briefs about his punishment.

The order comes after Nathan urged both sides to agree at a hearing on Thursday in New York that Musk attended.

SEC attorney Cheryl Crumpton recommended fines for Musk if Nathan finds him in contempt of the October settlement. The SEC alleges that Musk blatantly violated the settlement with a Feb. 19 tweet about Tesla vehicle production that wasn’t approved by the company’s “disclosure counsel.” The agency contends that Musk hasn’t sought the lawyer’s approval for a single tweet.

But Musk attorney John Hueston told the judge that the SEC had failed to show his client had violated the deal. He said Musk does what he is told and is “somebody trying his best to comply.”

Musk’s lawyers say his tweet that Tesla would produce around 500,000 vehicles this year didn’t need pre-approval because it wasn’t new information that would be meaningful to investors. His attorneys said the SEC was violating his First Amendment rights to free speech.

In a statement after the hearing, Musk signalled he is willing to work out a deal.

“We have always felt that we should be able to work through any disagreements directly with the SEC, rather than prematurely rushing to court,” he said.

The issue over Musk’s tweets goes back to a settlement reached last year after Musk tweeted that he had secured the funding to take Tesla private at $420 a share — a substantial premium over the price at the time — when he did not. That tweet, last August, sent the company’s stock on a wild ride. The SEC says it hurt investors who bought Tesla stock after the tweet but before they had accurate information.

Musk later backed off the idea of taking the company private, but regulators concluded he had not lined up the money to pull off the deal.

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republicanationnews · 5 years

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SEC Official Says Tesla CEO Elon Musk Should Face Substantial Fines

NEW YORK (AP) — The Latest on Tesla CEO Elon Musk’s legal problems (all times local): 3:10 p.m. A lawyer for the U.S. Securities and Exchange Commission has told a judge that Tesla CEO Elon Musk should face substantial escalating fines if he keeps violating a deal with the SEC. Attorney Cheryl Crumpton urged the…

The post SEC Official Says Tesla CEO Elon Musk Should Face Substantial Finesappeared…

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primascriptura · 7 years

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SEC Files Charges in Trading Scheme Involving Confidential Government Information

The Securities and Exchange Commission today announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates, which affected the stock prices of certain publicly traded medical providers or suppliers.

The SEC’s complaint alleges that David Blaszczak, a former government employee turned political intelligence consultant, obtained key confidential details about upcoming decisions by the Centers for Medicare and Medicaid Services (CMS) from his close friend and former colleague at the agency, Christopher Worrall. According to the SEC’s complaint, Worrall serves as a health insurance specialist in the Center for Medicare and tipped Blaszczak about at least three pending CMS decisions that affected the amount of money that companies receive from Medicare to provide services or products related to cancer treatments or kidney dialysis.

Blaszczak allegedly tipped two analysts at a hedge fund advisory firm that paid him as a consultant. The analysts, Theodore Huber and Jordan Fogel, allegedly used the nonpublic information to recommend that the firm trade in the stocks of four health care companies whose stock prices would likely be affected by the decisions once CMS announced them publicly. The alleged scheme resulted in more than $3.9 million in illicit profits.

“As alleged in our complaint, a federal employee breached his duty to protect confidential information by tipping a political consultant who then passed along those illegal tips,” said Stephanie Avakian, Acting Director of the SEC Enforcement Division. “There’s no place on Wall Street or in our government for such blatant misuse of highly confidential information.”

According to the SEC’s complaint, Blaszczak’s firms were paid at least $193,000 in a 19-month period by the hedge fund where the analysts worked.

“We remain committed to using all resources available to detect sophisticated schemes and stop those who try to create a revenue stream by tipping or trading on material, nonpublic information,” said Robert A. Cohen, Co-Chief of the SEC Enforcement Division’s Market Abuse Unit.

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charges Blaszczak, Worrall, Huber, and Fogel with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 as well as Section 17(a) of the Securities Act of 1933. The complaint seeks disgorgement of ill-gotten gains plus interest, penalties, and permanent injunctions.

In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced related criminal charges.

The SEC’s investigation, which is continuing, has been conducted by Ann Rosenfield, Patrick McCluskey, and Carolyn Welshhans in the Market Abuse Unit. The case has been supervised by Mr. Cohen. The litigation will be led by Gregory Bockin and A. Kristina Littman and supervised by Cheryl Crumpton. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, and the Department of Health and Human Services Office of Inspector General.

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mikemortgage · 5 years

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The Latest: SEC says Tesla CEO should face substantial fines

NEW YORK — The Latest on Tesla CEO Elon Musk’s legal problems (all times local):

3:10 p.m.

A lawyer for the U.S. Securities and Exchange Commission has told a judge that Tesla CEO Elon Musk should face substantial escalating fines if he keeps violating a deal with the SEC.

Attorney Cheryl Crumpton urged the fines when a judge at a hearing Thursday asked what she wanted the court to do.

The SEC says Musk violated a settlement by tweeting about Tesla’s vehicle production in February without a lawyer’s approval. His lawyer says Musk didn’t.

Musk watched from the defence table after saying outside court he has great respect for the justice system.

The proceeding came as Tesla’s stock price fell after it said 77,000 cars were built in the first quarter, putting it seemingly behind in a bid to produce 500,000 cars this year.

2 p.m.

Elon Musk and his lawyers were appearing before a federal judge in New York who will decide whether the Tesla CEO should be held in contempt of court for violating an agreement with the U.S. Securities and Exchange Commission.

Musk said Thursday as he entered a courthouse in Manhattan that he has great respect for the justice system and thinks judges in the American system are outstanding.

The judge began hearing arguments at around 2 p.m.

The SEC says Musk violated a settlement with the SEC when he tweeted about Tesla’s vehicle production in February without a lawyer’s approval.

A previous tweet about a possible plan to take the company private led to the original round of problems with the SEC.

As of Wednesday’s close, Tesla shares were down 12.3% so far this year.

——

9:40 a.m.

A federal judge will hear oral arguments Thursday about whether Tesla CEO Elon Musk should be held in contempt of court for violating an agreement with the U.S. Securities and Exchange Commission.

The SEC says Musk violated the settlement when he tweeted about Tesla’s vehicle production in February without a lawyer’s approval.

It’s unclear if Musk plans to attend the hearing.

Meanwhile, Tesla’s shares are falling nearly 10% in early trading after the company said it churned out 77,100 vehicles in the first quarter, well behind the pace it must sustain to fulfil Musk’s pledge to manufacture 500,000 cars annually.

Tesla also said it only delivered 63,000 vehicles in the quarter, down 31% from 2018’s fourth quarter.

As of Wednesday’s close, Tesla shares were down 12.3% so far this year.

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theblotmag · 7 years

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