The Church of Jesus Christ of Latter-day Saints and its non-profit investment arm Ensign Peak Advisers Inc. recently agreed to pay a $5 million fine. This action settles charges by the SEC that the Mormon church hid ownership of its $32-billion stock portfolio from...
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Government Regulation
Brazen Slync CEO charged with fraud
The Securities and Exchange Commission charged the founder and former CEO of Slync, Inc., Christopher S. Kirchner, with fraud. The charges involve offering more than $67 million in securities to Slync investors. Kirchner then misappropriated over $28 million of that...
Activision pays SEC $35 million
The Securities and Exchange Commission (SEC) announced on February 3 that it brought charges against Activision Blizzard Inc. The company is responsible for such video games as Call of Duty, Tony Hawk’s, Guitar Hero, Candy Crush, and Overwatch. Among other things,...
NY Attorney General files suit against Celsius
On January 5, Attorney General Letitia James filed a lawsuit against Celsius and Alex Mashinsky, the former CEO and co-founder of the cryptocurrency lending platform Celsius Network LLC. The suit alleges that the now-bankrupt company defrauded 26,000 New Yorkers and...
Senate passes AML Whistleblower Improvement Act
The U.S. Senate voted unanimously to approve the Anti-Money Laundering Whistleblower Improvement Act (AMLA) on December 7, 2022. The bill known as S.3316/H.R. 7195 is part of the $1.7 trillion Consolidated Appropriations Act of 2023, an Omnibus spending package that...
SEC updates rules on insider trading
On December 14, 2022, the Securities and Exchange Commission (SEC) adopted amendments to rule 10b5-1 under 1934’s Securities Exchange Act. The updates include new disclosure requirements to enhance investor protections and affirmative defense against insider trading...
