#cheryl crumpton

[theblotmag]

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

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

[mondonews]

Robinhood ordered to face ‘meme stock’ manipulation claims

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…

[theblotmag]

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

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

[primascriptura]

SEC Brings Charges in Edgar Hacking Case

The Securities and Exchange Commission today announced charges against nine defendants for participating in a previously disclosed scheme to hack into the SEC’s EDGAR system and extract nonpublic information to use for illegal trading. The SEC charged a Ukrainian hacker, six individual traders in California, Ukraine, and Russia, and two entities. The hacker and some of the traders were also involved in a similar scheme to hack into newswire services and trade on information that had not yet been released to the public. The SEC charged the hacker and other traders for that conduct in 2015 (see here, here and here).

The SEC’s complaint alleges that after hacking the newswire services, Ukrainian hacker Oleksandr Ieremenko turned his attention to EDGAR and, using deceptive hacking techniques, gained access in 2016. Ieremenko extracted EDGAR files containing nonpublic earnings results. The information was passed to individuals who used it to trade in the narrow window between when the files were extracted from SEC systems and when the companies released the information to the public. In total, the traders traded before at least 157 earnings releases from May to October 2016 and generated at least $4.1 million in illegal profits.

“International computer hacking schemes like the one we charged today pose an ever-present risk to organizations that possess valuable information,” said Enforcement Division Co-Director Stephanie Avakian. “Today’s action shows the SEC’s commitment and ability to unravel these schemes and identify the perpetrators even when they operate from outside our borders.”

“The trader defendants charged today are alleged to have taken multiple steps to conceal their fraud, including using an offshore entity and nominee accounts to place trades,” said Enforcement Division Co-Director Steven Peikin. “Our staff’s sophisticated analysis of the defendants’ trading exposed the common element behind their success, providing overwhelming evidence that each of them traded based on information hacked from EDGAR.”

The SEC’s complaint alleges that Ieremenko circumvented EDGAR controls that require user authentication and then navigated within the EDGAR system. Ieremenko obtained nonpublic “test files,” which issuers can elect to submit in advance of making their official filings to help make sure EDGAR will process the filings as intended. Issuers sometimes elected to include nonpublic information in test filings, such as actual quarterly earnings results not yet released to the public. Ieremenko extracted nonpublic test files from SEC servers, and then passed the information to different groups of traders.

The SEC’s complaint alleges that the following traders received and traded on the basis of the hacked EDGAR information:

• Sungjin Cho, Los Angeles, California • David Kwon, Los Angeles, California • Igor Sabodakha, Ukraine • Victoria Vorochek, Ukraine • Ivan Olefir, Ukraine • Andrey Sarafanov, Russia • Capyield Systems, Ltd. (owned by Olefir) • Spirit Trade Ltd.

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

The SEC’s complaint charges each of the defendants with violating the federal securities antifraud laws and related SEC antifraud rules and seeks a final judgment ordering the defendants to pay penalties, return their ill-gotten gains with prejudgment interest, and enjoining them from committing future violations of the antifraud laws. The SEC also named and is seeking relief from four relief defendants who profited from the scheme when defendants used the relief defendants’ brokerage accounts to place illicit trades.

The SEC’s investigation, which is ongoing, was conducted by Market Abuse Unit and Cyber Unit staff David Bennett, Arsen Ablaev, Michael Baker, Jason Burt, Laura D’Allaird, Adam Gottlieb, James Scoggins, David Snyder, Jonathan Warner, Darren Boerner, and John Rymas, and IT Forensics staff Ken Zavos, Douglas Bond, Stephen Haupt, Gi Nguyen, and Jennifer Ross. The Division of Economic and Risk Analysis and the Office of Information Technology provided substantial assistance. The investigation was supervised by Robert Cohen, Joseph Sansone, and Carolyn Welshhans. Cheryl Crumpton and Stephan Schlegelmilch are leading the SEC’s litigation. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of New Jersey, the Federal Bureau of Investigation, and the U.S. Secret Service.

[mikemortgage]

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.

from Financial Post http://bit.ly/2Ujni95 via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[republicanationnews]

SEC Official Says Tesla CEO Elon Musk Should Face Substantial Fines

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…

[investmart007]

SEC News: SEC Charges U.S. Congressman, Christopher Collins and Others With Insider Trading

New Post has been published on https://is.gd/Ip6a5d

SEC News: SEC Charges U.S. Congressman, Christopher Collins and Others With Insider Trading

WASHINGTON, D.C. – The Securities and Exchange Commission Wednesday announced the filing of insider trading charges against Congressman Christopher Collins, the U.S. Representative for New York’s 27th Congressional District, his son, Cameron Collins, and a third individual, Stephen Zarsky.  In a parallel action, the U.S. Attorney’s Office for the Southern District of New York Wednesday announced related criminal charges.

Christopher Collins, who served as an independent director of an Australian biotech company, Innate Immunotherapeutics Ltd., is charged with tipping Cameron Collins after receiving confidential information about negative clinical trial results for Innate’s multiple sclerosis drug.  Cameron Collins and his girlfriend’s father, Stephen Zarsky, are charged with trading and tipping others on the basis of the material, nonpublic information.

The SEC’s complaint alleges that Christopher Collins learned of the negative clinical trial results on the evening of June 22, 2017 in an email from Innate’s CEO to the board of directors, which stated that the CEO had “extremely bad news” indicating that drug trial results “pretty clearly indicate ‘clinical failure’.”  The SEC alleges that Christopher Collins replied to the CEO’s email within minutes, expressing his surprise at the results, and then called and spoke to his son minutes later.

According to the SEC’s complaint, later that same evening, Cameron Collins drove to Stephen Zarsky’s home and tipped him.  The next morning, almost two hours prior to the market opening, Cameron Collins and Zarsky allegedly entered orders to sell Innate shares, which were executed just after the market opened.  Over the next two trading days, Cameron Collins allegedly sold a total of nearly 1.4 million Innate shares.  According to the complaint, a few hours after the last of these sales, Innate publicly announced the negative results of the clinical trial.  The company’s stock price then plummeted by more than 92 percent.  Through their sales, Cameron Collins and Zarsky avoided losses of more than $700,000.  The complaint also alleges that they contacted other friends and family members who also sold Innate shares in advance of the negative announcement.

“We allege that Christopher Collins breached his duty of confidentiality to Innate’s shareholders, exploiting his access to nonpublic information about the company’s clinical trial results so that his son could avoid significant financial losses,” said Stephanie Avakian, Co-Director of the SEC Enforcement Division.  “Our laws are designed to prevent and punish such misconduct, which undermines investors’ trust in the fairness and integrity of our markets.”

“In the hours and days after learning of the drug trial results, Christopher Collins, his son, and their associates exchanged a flurry of calls,” said Steven Peikin, Co-Director of the Enforcement Division.  “The investigation yielded a detailed footprint left by the defendants, revealing their frantic efforts to sell shares and warn others before Innate announced bad news.”

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charges Christopher Collins, Cameron Collins, and Stephen Zarsky 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.  It also seeks an officer and director bar against Christopher Collins.

The SEC also announced settled charges against Lauren Zarsky, Cameron Collins’ girlfriend, and her mother, Dorothy Zarsky, for trading on the basis of material, nonpublic information. Lauren Zarsky and Dorothy Zarsky consented to the entry of final judgments without admitting or denying the charges that they sold their shares of Innate based on tips they received from Cameron Collins.  Lauren Zarsky agreed to disgorge her ill-gotten gains of $19,440, plus prejudgment interest of $839, and pay a civil penalty of $19,440. Dorothy Zarsky agreed to disgorge her ill-gotten gains of $22,600, plus prejudgment interest of $975, and pay a civil penalty of $22,600.  The final judgments, which require court approval, would enjoin Lauren Zarsky and Dorothy Zarsky from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Section 17(a) of the Securities Act of 1933.  Lauren Zarsky, a CPA, has also agreed to be suspended from appearing or practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies.  The SEC’s order permits Zarsky to apply for reinstatement after five years.

The SEC’s investigation has been conducted by William Max Hathaway, Colby A. Steele, Patrick McCluskey, and Carolyn M. Welshhans in the Enforcement Division’s Market Abuse Unit.  The case has been supervised by Joseph G. Sansone, Chief of the Market Abuse Unit, and Robert A. Cohen.  The litigation will be led by Melissa Armstrong and Cheryl Crumpton.  The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the Federal Bureau of Investigation.

______

SOURCE: news provided by SEC.GOV on August 8, 2018

[theblotmag]

(via FRAUD, How Nasdaq's William Slattery, FINRA's Robert Colby Dupe FBI)

INVESTIGATIONS: HOW NASDAQ’S WILLIAM SLATTERY, FINRA’S ROBERT COLBY LIED TO THE FBI, DUPED THE GOVERNMENT

[primascriptura]

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.  

[mikemortgage]

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.

from Financial Post https://ift.tt/2VodgA6 via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[theblotmag]

(via Corruption, SEC Staff Cheryl Crumpton, Derek Bentsen Nasdaq 'Kool-Aid')

CORRUPTION, LIES, HOW SEC ENFORCEMENT STAFF CHERYL CRUMPTON, DEREK BENTSEN DRINK THE NASDAQ ‘POISON KOOL-AID’

[theblotmag]

(via When Prosecutors Lie, Cheat, Steal, American Hero DAVID GANEK Wins for All Americans)

WHEN PROSECUTORS LIE, CHEAT, STEAL, AMERICAN HERO DAVID GANEK FIGHTS BACK FOR ALL AMERICANS

[theblotmag]

(via BREAKING: NICOLE GUERON, Chris Brummer Won Readers Award)

BREAKING: NICOLE GUERON, CHRIS BRUMMER WON THE 2017 THEBLOT MAGAZINE AVID READERS AWARD

[theblotmag]

(via Corruption, SEC Staff Cheryl Crumpton, Derek Bentsen Nasdaq 'Kool-Aid')

CORRUPTION, LIES, HOW SEC ENFORCEMENT STAFF CHERYL CRUMPTON, DEREK BENTSEN DRINK THE NASDAQ ‘POISON KOOL-AID’

[theblotmag]

(via Corruption, SEC Staff Cheryl Crumpton, Derek Bentsen Nasdaq 'Kool-Aid')

CORRUPTION, LIES, HOW SEC ENFORCEMENT STAFF CHERYL CRUMPTON, DEREK BENTSEN DRINK THE NASDAQ ‘POISON KOOL-AID’

[theblotmag]

(via Corruption, SEC Staff Cheryl Crumpton, Derek Bentsen Nasdaq 'Kool-Aid')

CORRUPTION, LIES, HOW SEC ENFORCEMENT STAFF CHERYL CRUMPTON, DEREK BENTSEN DRINK THE NASDAQ ‘POISON KOOL-AID’