Reported by Song Jung-a A top executive at Kakao has been arrested for alleged stock price manipulation during the South Korean internet giant’s heated acquisition battle for K-pop agency SM Entertainment this year. The Seoul Southern District Court issued an arrest warrant for Kakao’s chief investment officer Bae Jae-hyun on Thursday. Financial regulators have accused […]
Reported by Katherine Doty Hanniford, Paul Monnin, and Albert Stieglitz, Jr. On September 29, 2023, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for what the SEC described as “widespread and longstanding failures to maintain and preserve electronic […]
Reported by Joseph Winters Across the United States, more and more companies are pledging to zero out their greenhouse gas emissions using “voluntary carbon offsets” — credits that represent some amount of climate pollution that’s either prevented or removed from the atmosphere. These credits, bought and sold on unregulated markets that are expected to be […]
Reported by: Andy Mukherjee | Bloomberg Accusations of stock-market manipulation by the Adani Group, strenuously denied by the conglomerate, have shone the spotlight on a festering global problem loosely estimated to amount to between 2% to 5% of the world’s output: Money-laundering. Obscure funds based in Cyprus and Mauritius, one of whom is linked to an intermediary that’s also alleged to have played a […]
Reported by: Mithil Aggarwal Gautam Adani rose from college dropout to become Asia’s richest man — but now he’s seen his empire rocked by a week of turmoil. The Indian tycoon has lost his title, and tens of billions in personal wealth, in a matter of days after a U.S.-based short-selling firm accused him of “the largest con […]
Reported by: Thomas Barrabi A fugitive charged over an alleged market manipulation scheme in which a small New Jersey deli mysteriously drew a $100 million valuation was arrested last week in Thailand, the feds confirmed Thursday. Peter Coker Jr., 54, had been on the lam since last September, when prosecutors slapped him, his father, Peter Coker Sr., […]
Reported by: FINRA FINRA published today its 2023 Report on FINRA’s Examination and Risk Monitoring Program to provide member firms with key insights and observations to use in strengthening their compliance programs. New Topics Covered in the Report: Additionally, the report introduces a newFinancial Crimes section, consisting of three topics — Cybersecurity and Technological Governance; […]
Reported by: Michael DeSantis Lawrence Isen, 69, of San Diego, California, conspired with a boiler room operation based in Melville to cost elderly investors millions of dollars, the DOJ said. From 2014 to 2016, Isen, Chartier and others working with the Melville boiler room artificially inflated the price and trading volume of stock in struggling […]
Reported by: Eric Ball, Kimberly Culp Brands and influencers alike should proceed with caution as regulators continue to scrutinize how influencers market information to their followers and how brands deploy influencer marketing. Recent enforcement actions have made one thing clear: disclose, disclose, disclose. On December 14, 2022, the SEC announced charges against eight individuals for their roles […]
Reported by: SEBASTIAN SINCLAIR&DAVID CANELLIS The US Securities and Exchange Commission (SEC) has long been a thorn in the side of the crypto ecosystem — and chairman Gary Gensler represents the very tip. Gensler’s SEC has been more prolific in its crypto cases this year. In January, Gensler directed staff to figure out how to get “these […]
Financial Crime News Briefs 