CEO Charged in $119 Million Fraud Targeting South Asian Americans
SEC alleges SiliconSage Builders CEO Sanjeev Acharya targeted community members in Ponzi scheme.
Regulation
SEC Lawsuit Against Ripple Could Rattle Crypto Exchanges
Creator of third-largest cryptocurrency, XRP, sued over alleged $1.4 billion unregistered offering.
DOL Finalizes Fiduciary Exemption Consistent with Best Interest Standard
Investment professionals can collect payment for a wider range of transactions, so long as they satisfy the reinstated ‘five-part test’ for fiduciaries.
Madoff Victims’ Recovery Tops 80% of Losses
Latest distribution of more than $488 million to Bernie Madoff victims hailed as ‘historic result.’
Former Asset Management Firm COO Gets 3 Years in Prison for Fraud
Richard Diver admitted that the money he stole was consumed by his ‘wild’ personal spending.
DOL Eases Overly Prescriptive Stance in Final Proxy Voting Rule
It’s unclear how the rule will be interpreted and enforced after the federal administration changes hands, experts say.
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
UK Hedge Fund Manager to Pay $170 Million to Settle SEC Charges
BlueCrest Capital Management allegedly misled investors about replacing traders with an underperforming algorithm.
Lawyer Gets Over Six Years in Prison for Ponzi Scheme
Todd Lahr took more than $2.7 million from his own law clients for purported Papua New Guinea mining operations and used it for personal expenses.
Nasdaq Proposes Board Diversity Requirements
Market operator files SEC proposal to require company boards to meet certain guidelines to be listed on the exchange.
How Carbon Pricing Could Get a Boost in Biden’s Washington
Sustainability advocates argue that financial markets are not properly pricing in climate risk. That could change as Democrats take over the executive branch.
DOL Sends Fiduciary Rule Update to OMB
Experts believe the White House will conduct a quick review of the ‘middle-of-the-way’ proposal.
UK High Court Equalization Ruling to Burden Pension Trustees
Legal experts expect court decision will add ‘significant difficulties’ for defined benefit trustees and could take years to complete.
Former CEO, COO of MiMedx Convicted of Securities Fraud
CEO Parker Petit and COO William Taylor were found guilty of falsely inflating the biopharmaceutical company’s revenue figures.
Financial Adviser Sentenced to More Than 3 Years in Prison for Ponzi Scheme
James Booth convinced an elderly widow to invest her late husband’s pension and another investor to hand over his child’s college funds.