Tuesday, May 22, 2018

SEC News - Asset Freeze, Fraud Violation, Failure to Disclose

SEC Shuts Down $85 Million Ponzi Scheme and Obtains Asset Freeze
The SEC announced the unsealing of fraud charges against a Mississippi company and its principal who allegedly bilked at least 150 investors in an $85 million Ponzi scheme. The defendants agreed to permanent injunctions, an asset freeze, and expedited discovery.

Panasonic Charged With FCPA and Accounting Fraud Violations
Japan-based Panasonic Corp. will pay more than $143 million to resolve charges of Foreign Corrupt Practices Act (FCPA) and accounting fraud violations involving its global avionics business.

Altaba, Formerly Known as Yahoo!, Charged With Failing to Disclose Massive Cybersecurity Breac
The entity formerly known as Yahoo! Inc. has agreed to pay a $35 million penalty to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts.

SEC Charges Additional Defendant in Fraudulent ICO Scheme
The SEC announced additional fraud charges stemming from an investigation of Centra Tech Inc.’s $32 million initial coin offering.
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