News 

Rio Tinto and its former CEO Tom Albanese have been charged with fraud

“Rio Tinto plc, Rio Tinto Limited, Albanese, and Elliott are charged with violating the antifraud, reporting, books and records and internal controls provisions of the federal securities laws” writes Chris Pash for businessinsider.com. Rio Tinto, the world’s second largest mining company behind BHP, faces permanent injunctions, return of allegedly “ill-gotten gains” plus interest, and civil penalties. Source: businessinsider.com Share This:

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News Stocks 

Two former Rio Tinto executives charged with fraud

“Two former top executives from mining conglomerate Rio Tinto PLC RIO, -0.46% have been charged with fraud, according to a Securities and Exchange Commission announcement Tuesday” writes Tech Reporter for marketwatch.com. Rio Tinto stock is down less than 1% to $49.50 after hours. Rio Tinto stock is up 29.5% this year, with the S&P 500 index SPX, +0.07% up 14.2%. Source: marketwatch.com Share This:

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News 

SEC invites comments on CBOE plans to offer electronic-only order type

“For that matter, an electronic order type is simply creating a convenient way for market participants to indicate they want a specific order to avoid manual handling” reports financefeeds.com. CBOE insists that the “electronic-only” will act as an order routing designation and does not substantially change how orders can be handled or processed today.If an order is routed to a PAR or OMT and the TPH who entered the order prefers the order not be handled manually, they are free to resubmit the order electronically or cancel the order.At present,…

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News 

Former exec charged in elaborate insider trading scheme that involved a kickback of 10 pounds of marijuana

“A former executive on Friday was charged with orchestrating an elaborate insider-trading scheme that involved a kickback of over ten pounds of marijuana, the Securities and Exchange Commission said” writes Jeremy Berke for businessinsider.com.au. Bonvissuto and Kourtis shared a portion of their profits with Beshey, who gave around $US10,000 in cash to Fleming, the complaint said.He informed his friend, Bret J. Bershey, who enlisted two friends, Christopher M. Bonvissuto and Peter A. Kourtis, to use the information of the merger and split the profits, the SEC alleges.Kourtis then tipped off…

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Crypto News 

SEC charges two initial coin offerings with fraud

“The Securities and Exchange Commission charged a businessman and two of his companies for defrauding investors in an alleged initial coin offering scheme, the agency said late Friday” writes Wallace Witkowski for marketwatch.com. The SEC said it charged Maksim Zaslavskiy along with REcoin Group Foundation and DRC World with selling unregistered cryptocurrency securities reputedly backed by investments in real estate and diamonds, when it found no such investments had taken place. Source: marketwatch.com Share This:

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Crypto News 

Bitcoin blow as fund drops U.S. exchange application

“FILE PHOTO: A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017” writes Min Read for reuters.com. REUTERS/Benoit Tessier/Illustration/File Photo (Reuters) – An effort to allow investors to trade digital currencies as easily as stocks in the United States stumbled when the backer of a bitcoin fund said an application to list on an exchange had been withdrawn.A proposal to list a product based on ether, a rival digital currency, was pulled earlier this month.Regulators have not…

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News 

SEC staff forced to tell chairman about hack when stolen data used by inside trader

“Then SEC staff crossed their fingers and hoped that the thieves would never use the non-public Edgar filing information for illegal insider trading” writes Francine Mckenna for marketwatch.com. In an unexpected 4,000-word statement on general cybersecurity issues published Sept. 20, Clayton buried the news of the 2016 hack at the halfway point.His testimony calls for “more and better disclosure,” and he says the SEC plans to investigate companies that mislead investors about material cybersecurity risks or data breaches. Source: marketwatch.com Share This:

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Brokers News 

SEC announces fifth distribution of funds to former clients of ConvergEx brokerage firms

“In a separate action, the United States Department of Justice has announced criminal charges against ConvergEx Group, a brokerage subsidiary, and the two former employees” reports financefeeds.com. The ConvergEx brokerage firms claimed to customers that they charge explicit commissions to execute equity trading orders. Source: financefeeds.com Share This:

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Crypto News 

SEC Committee Meeting Will Decide the Fate of Cryptocurrency ICOs

“This committee meeting will provide the world with more insights as to how ICOs may be regulated in the future” writes Jp Buntinx for livebitcoinnews.com. It appears the institution will hold an investor advisory committee meeting in just over two weeks from today. Rest assured this is not the last we hear about these steps by the SEC. Initial coin offerings are a very unique way of raising money, that much is certain.It is evident they are not a fan of initial coin offerings whatsoever.It will be interesting to see…

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