In football, a cornerback is tasked with defending against pass offenses. It appears one former NFL player wasn’t doing much defending on behalf of investors off the field. Instead, the Securities and Exchange Commission alleges former New York Giants player Will Allen used his big league connections to assist in the operation of a $31 million Ponzi scheme based on making loans to cash-strapped pro athletes. [More]
Any hope founder of American Apparel Dov Charney had of returning to the company may have gone out the window this week, after it was revealed that the Securities and Exchange Commission opened an inquiry into the circumstances leading to his departure. [More]
Embattled for-profit college operator Corinthian Colleges Inc. — the company behind the Everest, WyoTech, and Heald College chains — is set to be delisted from the Nasdaq stock exchange Tuesday after it failed to meet a deadline to file quarterly earnings reports.
Could ITT Educational Services be the next large for-profit company facing collapse? Things might not be that dire for the parent company of ITT Technical Institute, but the institution recently revealed it’s under increased government examination that could result in the loss of federal funds. [More]
When a company breaks its promise of securing your personal information, that’s a problem. When the company does so for three years and used consumer trading data for its own benefit, that elicits a hefty fine from U.S. regulators. [More]
Bitcoin has recently been dominating the headlines with stories about the possible outing of the mysterious inventor, college groups handing out the virtual currency to students and some kind of new cologne. But for all the popularity the new form of payment has garnered, the Securities and Exchange Commission is warning investors of the dangers posed by the currency. [More]
The Securities and Exchange Commission wants big corporations and get out their calculators to do a little math: A new proposal unveiled today says U.S. companies will have to disclose how exactly chief executive officers’ paychecks compare to those of their regular workers. That’s something the fatcats had complained would be too difficult to do, but it appears the SEC ain’t buying it. [More]
How many acronyms can you fit in one sentence? Please see the above headline, which pertains to a settlement reached by the Securities and Exchange Commission (SEC) that will see the NASDAQ (National Association of Securities Dealers Automated Quotations — the more you know!) paying out $10 million for bungling Facebook’s IPO, or Initial Public Offering last year. Whew, try saying that sentence three times fast. Or even once. [More]
When it comes to running a big company, there are certain things the Securities and Exchange Commission will be a stickler about. Even if you’re the CEO of Netflix like Reed Hastings, the SEC won’t let you off the hook for Facebook and blog posts it says were violations of the Regulation Fair Disclosure rule. Ruh roh. [More]
The Securities and Exchange Commission isn’t done sorting through the mortgage mess, and has launched inquiries with Wells Fargo and Goldman Sachs over mortgage-backed securities they peddled to investors. [More]
According to allegations made by a Securities and Exchange Commission lawyer, released by Congressional investigators, the organization has illegally destroyed documents related to at least 9,000 preliminary inquiries over the past two decades. [More]
Treasury Secretary Henry Paulson wants to consolidate the nation’s financial regulators into a tripartite gang that can save the economy from distress and doom. The plan to give the Federal Reserve broad new regulatory powers and streamline the regulatory community has been in the works since last March, before the start of the subprime meltdown. Paulson is worried that the U.S. markets are no longer competitive with maturing world markets, some of which aren’t hampered by nuisances like regulation. After the jump we’ll explain the consumer impact of the plan and introduce you to your three new regulators.