Jury Finds Connecticut Investment Firm Defrauded its Clients
Westport Capital and owner Christopher McClure bilked clients with hidden fees to enrich themselves.
Regulation
Relief Measures: American Retirement Association Wants to Squeeze Pension Relief into Third Coronavirus Aid Bill
Ongoing effects of the global virus prompt the ARA to look for ways to assist pension recipients in need.
Norges Bank Draws Down Oil Revenues to Ease Coronavirus Impact
Norway’s central bank is ramping up spending amid greater calls from the government for a stimulus package.
SEC Stops Allegedly Fraudulent Hedge Fund Offering that Raised $39 Million
Manager is accused of misleading investors and using funds to buy luxury apartments.
Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency
North Korean co-conspirators allegedly hacked virtual exchange, stole $230 million in virtual currency.
What’s in a Name? Possibly Too Much, or Not Enough
SEC says today’s Names Rules may not be effective in stopping the implementation of misleading fund names.
Washington State Treasurer Says Keep Hands Off Windfall
Predicting a $1.1 billion surplus, finance chief asks lawmakers to let him channel the money to a rainy day fund.
SEC Lets Steven Seagal Know He’s Not Above the Law
Actor and ‘Zen master’ agrees to pay more than $300,000 to settle charges he unlawfully touted an ICO.
Wells Fargo to Pay $3 Billion Settlement for ‘Gaming’ Investors
Payment includes $500 million civil penalty distributed to investors by SEC.
Boston Pension Fund Files Class Action Lawsuits Against Six Flags, HP
Electrical Workers Pension Fund claims investments in Six Flags and HP tumbled 44% and 30%, respectively.
Data Encryption Startup Settles SEC Charges for Unregistered ICO
Enigma MPC raised approximately $45 million from 6,000 investors.
Rhode Island Pension Alleges Zuckerberg Overpaid 2019 Settlement to Avoid Personal Consequences
State Treasury says Facebook overpaid Cambridge Analytica settlement by $2 billion to win extra concessions from the feds.
Hedge Fund Manager Gets Nearly 12 Years in Prison for Fraud
Nicholas Genovese pleads guilty to lying about credentials and hiding a criminal background.
NJ Pension Fund Trustee Sentenced for Embezzling over $360K
Founder and trustee of a vending machine company’s pension sentenced to two and a half years in federal prison.
Stanford University Owes $43 Million Endowment Tax Bill
The university said it is actively working to repeal or limit the 1.4% tax on returns.