Officials Balked at a Drug Company’s Tax Shelter. Auditors Approved It Anyway.

Court documents show the potential conflicts of interest when accounting firms simultaneously help clients avoid taxes and audit their finances.

#accounting-and-accountants, #bdo-international, #conflicts-of-interest, #corporate-taxes, #ernstyoung, #federal-taxes-us, #internal-revenue-service, #perrigo-company, #securities-and-commodities-violations, #suits-and-litigation-civil, #tax-evasion, #tax-shelters, #taxation

Even Among Corporate Raiders, Elon Musk Is a Pirate

The world of deal making has always been rough and tumble. But Mr. Musk blows any predecessors away.

#boards-of-directors, #computers-and-the-internet, #mergers-acquisitions-and-divestitures, #musk-elon, #private-equity, #securities-and-commodities-violations, #social-media, #twitter

How Elon Musk Winged It With Twitter, and Everything Else

To a degree unseen in any other mogul, the world’s richest man acts on impulse and the belief that he is absolutely right.

#appointments-and-executive-changes, #computers-and-the-internet, #content-type-personal-profile, #driverless-and-semiautonomous-vehicles, #electric-and-hybrid-vehicles, #engineering-and-engineers, #entrepreneurship, #musk-elon, #musk-kimbal, #private-spaceflight, #securities-and-commodities-violations, #social-media, #space-exploration-technologies-corp, #start-ups, #suits-and-litigation-civil, #taylor-bret, #tesla-motors-inc, #twitter

Archegos Owner Bill Hwang Arrested by Federal Agents

Manhattan federal prosecutors arrested and criminally charged the owner, Bill Hwang, and his former top lieutenant in one of the highest-profile Wall Street prosecutions in years.

#archegos-capital-management-llc, #banking-and-financial-institutions, #hwang-bill, #securities-and-commodities-violations, #securities-and-exchange-commission

Reality Intrudes on a Utopian Crypto Vision

The cryptocurrency boom has spawned enterprises democratically governed by a community of users. Or that’s the theory. Making it work has been much messier.

#andreessen-horowitz, #peirce-hester, #securities-and-commodities-violations, #securities-and-exchange-commission, #virtual-currency

Libor, Long the Most Important Number in Finance, Dies at 52

Bankers used it until the end. Regulators say good riddance after its infamous fall.

#banking-and-financial-institutions, #interest-rates, #libor-london-interbank-offered-rate, #quarles-randal-k, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations

The Elizabeth Holmes Verdict Will Teach Silicon Valley Nothing

What the Theranos trial says about the blurred lines between visionaries and frauds.

#enron-corp, #frauds-and-swindling, #holmes-elizabeth-1984, #securities-and-commodities-violations, #theranos-inc

Jurors Set to Deliberate for Seventh Day in Elizabeth Holmes Trial

Ms. Holmes, the founder of the blood-testing start-up Theranos, is accused of deceiving investors, patients and advertisers.

#frauds-and-swindling, #holmes-elizabeth-1984, #securities-and-commodities-violations, #start-ups, #theranos-inc, #venture-capital

The Elizabeth Holmes Trial Meanders to a Finish

Other high-profile trials around the country have started and ended while Ms. Holmes’s case has stretched for four months into the new year.

#balwani-ramesh, #coronavirus-2019-ncov, #holmes-elizabeth-1984, #jury-system, #new-year, #securities-and-commodities-violations, #theranos-inc

Before Trump’s SPAC Deal, a Strange Surge in Trading

Trading in the merger partner’s warrants, which allow holders to buy shares later, spiked several times before the Trump Media agreement was made public.

#digital-world-acquisition-corp, #initial-public-offerings, #mergers-acquisitions-and-divestitures, #securities-and-commodities-violations, #special-purpose-acquisition-companies-spac, #trump-mediatechnology-group, #trump-donald-j

Trump’s Media Company Investigated Over SPAC Deal

A financing company told investors that it wasn’t in deal talks, weeks after its C.E.O. held a private videoconference about a possible deal with Donald Trump.

#digital-world-acquisition-corp, #orlando-patrick-f, #securities-and-commodities-violations, #securities-and-exchange-commission, #special-purpose-acquisition-companies-spac, #trump-mediatechnology-group, #trump-donald-j

California Businessman Is Sentenced to 30 Years in $1 Billion Ponzi Scheme

Jeff Carpoff, 50, ran a Ponzi scheme with his wife that sold nonexistent solar generators to investors, prosecutors said.

#california, #frauds-and-swindling, #jeff-carpoff, #money-laundering, #paulette-carpoff, #ponzi-and-pyramid-schemes, #securities-and-commodities-violations, #securities-and-exchange-commission

Ozy Media Faces Federal Investigations

The Justice Department and the S.E.C. have contacted companies that discussed investing in the Silicon Valley media business.

#justice-department, #ozy-media-inc, #securities-and-commodities-violations, #securities-and-exchange-commission, #watson-carlos-1969

Manuel Chang Will Face Corruption Charges in U.S.

A judge overturned the South African government’s decision to send the minister back to Mozambique, where civil society groups say his political clout will protect him.

#bribery-and-kickbacks, #corruption-institutional, #credit-suisse-group-ag, #extradition, #manuel-chang, #mozambique, #securities-and-commodities-violations

Trump’s $300 Million SPAC Deal May Have Skirted Securities Laws

The former president began discussing a deal with a ‘blank check’ company early this year. Investors weren’t told.

#initial-public-offerings, #media, #mergers-acquisitions-and-divestitures, #securities-and-commodities-violations, #special-purpose-acquisition-companies-spac, #trump-donald-j

Will the SEC Add to Facebook’s Woes?

One of the most pressing questions is whether the Securities and Exchange Commission will significantly add to the company’s woes.

#corporate-social-responsibility, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #facebook-papers, #haugen-frances, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations, #securities-and-exchange-commission, #social-media, #whistle-blowers, #zuckerberg-mark-e

Federal Reserve Announces New Trading Restrictions on Central Bank Officials

The Federal Reserve faced scrutiny after two regional bank presidents disclosed questionable 2020 trading. Now it’s revamping the rules.

#banking-and-financial-institutions, #ethics-and-official-misconduct, #federal-reserve-system, #kaplan-robert-s, #powell-jerome-h, #rosengren-eric-s, #securities-and-commodities-violations, #stocks-and-bonds, #warren-elizabeth

Lifestyles of the Rich and Gullible: Theranos and Ozy Edition

Average investors were not able to get in on the last decade’s start-up boom in private markets. Once that seemed unfair. Now it looks lucky.

#frauds-and-swindling, #headspin-inc, #high-net-worth-individuals, #holmes-elizabeth-1984, #ozy-media-inc, #securities-and-commodities-violations, #start-ups, #theranos-inc, #ubiome-inc, #venture-capital, #wework-companies-inc

Ozy Media is accused in a lawsuit of ‘fraudulent conduct.’

A fund manager in Beverly Hills, Calif., said in the lawsuit that it had invested $2 million in Ozy after receiving assurances that the company had a “strong business performance.”

#ozy-media-inc, #rao-samir, #securities-and-commodities-violations, #suits-and-litigation-civil, #watson-carlos-1969

Elizabeth Warren Calls for an Insider Trading Inquiry at the Fed

The Democratic Senator called for an investigation after news that the Fed’s vice chair shifted toward stocks shortly before a policy announcement last year.

#banking-and-financial-institutions, #clarida-richard-h-1957, #ethics-and-official-misconduct, #federal-reserve-bank-of-boston, #federal-reserve-bank-of-dallas, #federal-reserve-system, #gensler-gary-s, #insider-trading, #powell-jerome-h, #rosengren-eric-s, #securities-and-commodities-violations, #securities-and-exchange-commission, #warren-elizabeth

Goldman Sachs, Ozy Media and a $40 Million Conference Call Gone Wrong

The digital media company has raised eyebrows for its claims about its audience size for years. Then came the strange voice on the phone.

#emerson-collective, #federal-bureau-of-investigation, #ford-foundation, #goldman-sachs-group-inc, #lasry-marc, #millennial-generation, #news-and-news-media, #securities-and-commodities-violations, #springer-axel-verlag-ag, #venture-capital, #watson-carlos-1969

No, Walmart and Litecoin Are Not Partnering

Litecoin and other digital currencies jumped by as much as 30 percent after the announcement, which was republished as legitimate by media companies.

#businesswire, #hoaxes-and-pranks, #securities-and-commodities-violations, #securities-and-exchange-commission, #shopping-and-retail, #thomson-reuters-corporation, #twitter, #virtual-currency, #walmart-stores-inc

Google Could Be Violating Labor Laws With Pay for Temp Workers

The company realized months ago that it could be running afoul of pay laws in a number of countries but has been slow to fix the problem, according to internal documents.

#adecco-sa, #alphabet-inc, #australia, #brazil, #canada, #computers-and-the-internet, #europe, #far-east-south-and-southeast-asia-and-pacific-areas, #google-inc, #labor-and-jobs, #mexico, #outsourcing, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations, #securities-and-exchange-commission, #temporary-employment, #wages-and-salaries

Schemer or Naïf? The Trial of Elizabeth Holmes

The trial for the founder of Theranos, the once high-flying blood testing start-up, will cap a saga of Silicon Valley hubris, ambition and deception.

#balwani-sunny, #boards-of-directors, #computers-and-the-internet, #entrepreneurship, #ethics-and-official-misconduct, #holmes-elizabeth-1984, #legal-profession, #medical-devices, #securities-and-commodities-violations, #start-ups, #tests-medical, #theranos-inc

A Skeptical Stock Analyst Wins Big by Seeking Out Frauds

The activist short-seller behind Hindenburg Research has become known for research that sends companies’ stock sinking. He says he’s not in it just to move share prices.

#block-carson-c, #citron-research, #draftkings-inc, #electric-and-hybrid-vehicles, #hedge-funds, #hindenburg-research, #left-andrew-e-1970, #lordstown-ohio, #lordstown-motors-corp, #manhattan-nyc, #muddy-waters-research, #nikola-motor-co, #ponzi-and-pyramid-schemes, #securities-and-commodities-violations, #securities-and-exchange-commission, #short-selling, #special-purpose-acquisition-companies-spac, #stocks-and-bonds, #university-of-connecticut, #whistle-blowers

U.S. Sells One-of-a-Kind Wu-Tang Album to Cover Martin Shkreli’s Debt

Prosecutors did not announce who purchased the album, or for how much, but a lawyer for Mr. Shkreli said the sale price appeared to be at least $2.2 million.

#msmb-capital-management-llc, #msmb-healthcare-ltd, #once-upon-a-time-in-shaolin-album, #rap-and-hip-hop, #securities-and-commodities-violations, #shkreli-martin-1983, #turing-pharmaceuticals-ag, #wu-tang-clan

Emergent BioSolutions Faces Investor Revolt Over Botched Vaccines

In the latest shareholder lawsuit, a pension fund accused executives at Emergent BioSolutions of insider trading. The company, under investigation by Congress, has halted manufacturing of Covid-19 vaccines at its Baltimore factory at regulators’ request.

#baltimore-md, #coronavirus-2019-ncov, #drugs-pharmaceuticals, #el-hibri-fuad, #emergent-biosolutions-inc, #factories-and-manufacturing, #johnsonjohnson, #maryland, #securities-and-commodities-violations, #shareholder-rights-and-activism, #stocks-and-bonds, #suits-and-litigation-civil, #vaccination-and-immunization

Biotech Company That Botched Vaccines Faces Investor Revolt

In the latest shareholder lawsuit, a pension fund accused executives at Emergent BioSolutions of insider trading. The company, under investigation by Congress, has halted manufacturing of Covid-19 vaccines at its Baltimore factory at regulators’ request.

#baltimore-md, #coronavirus-2019-ncov, #drugs-pharmaceuticals, #el-hibri-fuad, #emergent-biosolutions-inc, #factories-and-manufacturing, #johnsonjohnson, #maryland, #securities-and-commodities-violations, #shareholder-rights-and-activism, #stocks-and-bonds, #suits-and-litigation-civil, #vaccination-and-immunization

Supreme Court Gives Goldman Sachs a Do-Over in Securities Fraud Suit

The justices said the bank may renew its arguments that its statements about honesty and integrity were too generic to support a class action for billions of dollars.

#appeals-courts-us, #banking-and-financial-institutions, #barrett-amy-coney, #conflicts-of-interest, #goldman-sachs-group-inc, #securities-and-commodities-violations, #stocks-and-bonds, #subprime-mortgage-crisis, #suits-and-litigation-civil, #supreme-court-us

Elon Musk Impostors Scammed $2 Million in Cryptocurrency, U.S. Says

Overall, nearly 7,000 investors lost $80 million in assorted cryptocurrency scams from October through March, according to a Federal Trade Commission report.

#bitcoin-currency, #dogecoin-project, #federal-trade-commission, #impostors-criminal, #musk-elon, #securities-and-commodities-violations, #virtual-currency

S.E.C. Chair Gensler Emphasizes Transparency in Markets

In a hearing focused on the frenzied trading of GameStop stock, the new S.E.C. chairman suggests more disclosure is needed.

#archegos-capital-management-llc, #banking-and-financial-institutions, #gamestop-corporation, #gensler-gary-s, #house-committee-on-financial-services, #house-financial-services-committee, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-commodities-violations, #securities-and-exchange-commission, #stocks-and-bonds

Hollywood Actor Charged With Running Film-Distribution Ponzi Scheme

Zach Avery convinced clients, to the tune of $227 million, that he had a deal with HBO and Netflix that would help net them speedy 35 percent returns, the S.E.C. said.

#movies, #ponzi-and-pyramid-schemes, #securities-and-commodities-violations

Penny Stocks Are Booming, Which Is Good News for Swindlers

Retail investors see the tiny companies as the next big opportunity after meme stocks and cryptocurrency. But shares are an easy target for fraud.

#financial-industry-regulatory-authority, #penny-stocks, #securities-and-commodities-violations, #stocks-and-bonds

Wall Street’s Most Reviled Investors Worry About Their Fate

Short sellers — self-described financial detectives who make money when companies fail — were already worried about their success and safety. Then GameStop happened.

#enron-corp, #gamestop-corporation, #hedge-funds, #point72-asset-management-lp, #reddit-inc, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations, #securities-and-exchange-commission, #short-selling, #social-media, #stocks-and-bonds

Jeff Immelt Oversaw the Downfall of G.E. Now He’d Like You to Read His Book.

The C.E.O. who followed Jack Welch tried, and failed, to revive the company’s stock price. He’s owning up to some of his mistakes now — and assigning some blame.

#bolze-stephen-r-1963, #executive-compensation, #executives-and-management-theory, #general-electric-company, #immelt-jeffrey-r, #securities-and-commodities-violations, #welch-john-f-jr

Lev Parnas, Giuliani Associate, Faces New Fraud Accusations

The Securities and Exchange Commission claimed in a lawsuit that Mr. Parnas and a business partner duped investors in a start-up called Fraud Guarantee.

#campaign-finance, #correia-david-p-1975, #frauds-and-swindling, #giuliani-rudolph-w, #impeachment, #parnas-lev, #securities-and-commodities-violations, #trump-ukraine-whistle-blower-complaint-and-impeachment-inquiry, #trump-donald-j, #united-states-politics-and-government

A GameStop Evangelist’s Videos Draw a Regulator’s Attention

Keith Gill was an early endorser of GameStop on his YouTube channel. But a regulator in Massachusetts wants to know about his day job.

#gamestop-corporation, #gill-keith-1986, #massachusetts-mutual-life-insurance-co, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations, #stocks-and-bonds

A GameStop Ringleader’s Videos Draw a Regulator’s Attention

Keith Gill was an early endorser of GameStop on his YouTube channel. But a regulator in Massachusetts wants to know about his day job.

#gamestop-corporation, #gill-keith-1986, #massachusetts-mutual-life-insurance-co, #regulation-and-deregulation-of-industry, #securities-and-commodities-violations, #stocks-and-bonds

GameStop Stock Soars as Reddit Investors Take On Wall St.

GameStop shares have soared 1,700 percent as millions of small investors, egged on by social media, employ a classic Wall Street tactic to put the squeeze — on Wall Street.

#financial-brokers, #gamestop-corporation, #hedge-funds, #reddit-inc, #securities-and-commodities-violations, #short-selling, #social-media, #stocks-and-bonds

Deutsche Bank Said to Pay $100 Million Over Bribery Charges

The German lender will enter a deferred prosecution agreement to resolve charges stemming from its attempts to win business in places like China, according to a person familiar with the matter.

#bribery-and-kickbacks, #deutsche-bank-ag, #justice-department, #securities-and-commodities-violations

Cryptocurrency Company Ripple Facing an S.E.C. Lawsuit

Ripple, the company behind the third most valuable digital token, is expecting to be sued by regulators as cryptocurrency values skyrocket.

#larsen-chris-1960, #ripple-labs-inc, #securities-and-commodities-violations, #securities-and-exchange-commission, #virtual-currency

Robinhood Settles S.E.C. Charges Over Misleading Customers

Millions of investors have turned to Robinhood in recent years, lured by a sales pitch of no trading fees. The charges announced on Thursday apply to Robinhood’s disclosures from 2015 to late 2018, the regulator said.

#customer-relations, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-commodities-violations, #securities-and-exchange-commission, #stocks-and-bonds

Ponzi Scheme Suspect Uses Underwater Scooter to Flee F.B.I.

After a chase, Matthew Piercey disappeared underwater using a submersible scooter, the authorities said. When he surfaced, agents were waiting with dry clothes his wife had provided.

#california, #crime-and-criminals, #diving-and-divers, #piercey-matthew, #ponzi-and-pyramid-schemes, #securities-and-commodities-violations, #submarines-and-submersibles, #winton-kenneth

Goldman Sachs Unit Pleads Guilty Over Fraud Scheme

All told, Goldman will pay billions in penalties and disgorgement in Malaysia, the United States and Hong Kong for its role in the looting of the 1Malaysia Development Berhad fund.

#1malaysia-development-berhad-1mdb, #banking-and-financial-institutions, #blankfein-lloyd-c, #bribery-and-kickbacks, #department-of-financial-services-nys, #goldman-sachs-group-inc, #justice-department, #leissner-tim, #low-jho-1981, #ng-roger, #politics-and-government, #securities-and-commodities-violations, #securities-and-exchange-commission

Samsung’s J.Y. Lee Faces New Charges

Lee Jae-yong stands accused of stock price manipulation and other offenses as he sought to tighten his control over the major corporate empire.

#decisions-and-verdicts, #lee-jae-yong-1968, #mergers-acquisitions-and-divestitures, #samsung-electronics-co, #samsung-group, #securities-and-commodities-violations, #stocks-and-bonds

Wirecard’s Ex-C.E.O., Markus Braun, Is Arrested in Germany

The payment company is ensnared in an accounting scandal after it admitted that $2 billion in its accounts probably did not exist.

#accounting-and-accountants, #braun-markus-1969, #germany, #securities-and-commodities-violations, #wirecard-ag

Supreme Court Limits S.E.C.’s Power to Recoup Ill-Gotten Gains

But the justices rejected a request that they rule the agency can never sue for disgorgement of profits obtained by fraud.

#foreign-investments, #securities-and-commodities-violations, #securities-and-exchange-commission, #sotomayor-sonia, #supreme-court-us, #thomas-clarence

Volkswagen Settles Emissions Charges Against Two Managers

The German carmaker will pay a relatively modest fine to resolve criminal cases involving the chairman and chief executive. They were accused of not warning shareholders about a looming scandal.

#bayerische-motorenwerke-ag, #diess-herbert, #environmental-protection-agency, #fines-penalties, #frauds-and-swindling, #fuel-emissions-transportation, #germany, #potsch-hans-dieter-1951, #securities-and-commodities-violations, #volkswagen-ag

Chinese Coffee Chain’s Scandal Renews U.S. Calls for Oversight

The implosion of a Chinese competitor to Starbucks has bolstered the cause of American politicians aiming to stop opaque Chinese companies from raising money in the U.S.

#accounting-and-accountants, #china, #coffeehouses, #communist-party-of-china, #company-reports, #frauds-and-swindling, #international-trade-and-world-market, #law-and-legislation, #luckin-coffee, #nasdaq-stock-market, #pensions-and-retirement-plans, #rubio-marco, #securities-and-commodities-violations, #stocks-and-bonds, #united-states-economy, #united-states-politics-and-government, #venture-capital