News 

Party animal venture capitalist Rothenberg accused by SEC of bilking investors

“Rothenberg agreed to be barred from working in the brokerage and investment advisory business for five years” writes Ari Levy for cnbc.com. Mike Rothenberg, a venture capitalist who gained a reputation for throwing lavish parties, has been charged by the SEC for overcharging investors and using that money for his personal endeavors. Source: cnbc.com Share This:

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Brokers News 

SEC charges unregistered brokers who sold shares in fraud to retail investors

“Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, Albert D. Klager, and their companies, sold more than $243 million of Woodbridge Group unregistered securities to more than 1,600 retail investors” writes Francine Mckenna for marketwatch.com. The Securities and Exchange Commission charged five individuals and four companies on Monday for allegedly selling shares of now-bankrupt Ponzi scheme Woodbridge Group of Companies LLC to retail investors even though they were not registered broker-dealers.Once Woodbridge filed for bankruptcy, investors stopped receiving monthly interest payments and have not received a return…

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Trump asks SEC to consider ending required quarterly reports

“Quarterly financial reports are a staple of U.S. corporate practice” writes The Associated Press for seattletimes.com. But quarterly reports on results are distinct from the so-called earnings guidance that company executives provide as a forecast.That can pressure executives to engage in reckless practices to hit quarterly targets or even to manipulate earnings reports. Source: seattletimes.com Share This:

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News Stocks 

Tesla stock dives 8% after a tearful Elon Musk interview and a report of an earlier SEC investigation

“Two years ago, Musk expected that Tesla would make 100,000 to 200,000 Model 3s in the second half of 2017” reports latimes.com. By July of last year, the company had distanced itself from that goal, anticipating a production rate of 20,000 Model 3s a month by year’s end.Then, in that July-through-September quarter, it delivered only 220 of the cars, and Musk said the company was in “production hell.” The following quarter, it delivered 1,550. Source: latimes.com Share This:

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Tesla shares slide 8% on continued fallout from SEC probe of Musk tweet

“Tesla shares are now down 0.9% in 2018, while the S&P 500 SPX, -0.05% has gained 6%” writes Ciara Linnane for marketwatch.com. Tesla Inc. shares TSLA, -7.92% sank 8% on Friday, as investors digested the news of a widening Securities and Exchange Commission probe of Chief Executive Elon Musk’s handling of a tweet disclosing his wish to take the company private.Musk told the New York Times that he had no regrets about saying “funding secured” in a tweet that said he was considering a going-private deal at $420 a share. Source:…

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Whistleblower accuses Tesla of spying on employees at Gigafactory: attorney

“Hansen alleges that he found ties between the Tesla employee and members of the cartel and urged Tesla to disclose that information to the DEA, his attorney said in the news release” writes Midwest Communications Inc for 95kqds.com. Hansen alleged that Tesla, at the direction of Musk, installed surveillance equipment at the Gigafactory outside Reno, Nevada to eavesdrop on the personal cellphones of employees while at work, according to Meissner. Source: 95kqds.com Share This:

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Tesla whistleblower alleges ‘narcotics trafficking’ and ‘unauthorized wiretapping’ in SEC complaint

“The employee in question is Karl Hansen, whom Meissner Associates is representing and says used to work in Tesla’s “internal security department and its investigations division.”” writes Jack Morse for mashable.com. The document, sent to Mashable by the law firm Meissner Associates, contains allegations made by a former Gigafactor employee that run the gauntlet from “unauthorized wiretapping and hacking,” to possible “narcotics trafficking,” with a little $37 million copper theft thrown in for good measure. Source: mashable.com Share This:

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