Crypto News 

SEC sets up a fake ICO to warn naive investors against cryptocurrency scams

“On May 16, the government agency announced a brand new cryptocurrency, HoweyCoin, which promises to revolutionize the luxury travel industry” writes Neer Varshney for thenextweb.com. The US Securities and Exchange Commission (SEC) has come up with a creative way to educate naive investors against fake initial coin offerings (ICOs). Source: thenextweb.com Share This:

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SEC Launches Fake Website to Educate Investors…

“The U.S. Securities and Exchange Commission (SEC) has launched a fake initial coin offering (ICO) website in a bid to educate would-be investors on the risks scam ICOs pose” writes Rebecca Campbell for livebitcoinnews.com. In an announcement from the agency, the SEC has set up a website, HoweyCoins.com, that copies a bogus coin offering designed to educate investors on the risks they should be aware of before investing their money into a possible scam.Distributed ledger technology can add efficiency to the capital raising process, but promoters and issuers need to…

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Crypto News 

SEC Creates Spoof Cryptocurrency Website To Warn Investors

“The Securities and Exchange Commission launched a spoof cryptocurrency website on Wednesday to warn investors about the risks of participating in “initial coin offerings,” or ICOs” writes Ian Wren for npr.org. In a typical ICO, inside investors are offered the first chance to buy a new cryptocurrency before it hits the market.It includes a countdown timer, promises of outsized investment returns, and even a “Meet the Team” section with SEC employees posing as cryptocurrency developers.Once lost, investor money is often extremely difficult to recover — even if the agency is…

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Crypto News 

SEC Tries to Scam ICO Investors to Show Them How Easy It Is

“A hot new initial coin offering gives investors the chance of a lifetime to make money from sun-soaked beaches and crystal-clear waters” writes Matt Robinson for bloomberg.com. The Securities and Exchange Commission is pitching a fake initial coin offering to educate investors on the pitfalls of too-good-to-be-true ventures.The SEC has previously used gimmicks to warn unsophisticated investors about the dangers of fraud.The agency has said it considers the vast majority to be securities, which require SEC registration under federal law.Earlier Wednesday, one of the lead enforcers at the SEC told…

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Brokers News 

Chinese Bank Unit to Pay Over Money-Laundering Compliance

“Photo: Reuters U.S. authorities and financial industry regulators penalized the New York-based brokerage unit of a large Chinese bank for failures in its anti-money laundering compliance program, imposing millions in fines” writes Samuel Rubenfeld for wsj.com. The brokerage also agreed to pay the SEC $860,000 without admitting or denying the commission’s findings.Industrial and Commercial Bank of China Financial Services LLC, or ICBCFS, cleared and settled billions of penny-stock shares without a sufficient compliance program, according to findings from the Securities and Exchange Commission and the self-regulator Financial Industry Regulatory Authority.The…

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Cybersecurity Whistleblowers Are Growing Corporate Challenge

“SEC guidance gives tipsters reason to believe that by flagging a cybersecurity issue, they would also be highlighting a securities violation” writes Henry Cutter for wsj.com. The securities regulator issued guidance in February on how companies should handle cybersecurity issues.That gives whistleblowers reason to believe that by telling authorities about a cybersecurity problem, or a company’s failure to disclose one, they would be reporting a securities-law violation. Source: wsj.com Share This:

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Tennessee tops SEC football programs in gross revenue, report says

“By comparison, eight of 14 SEC schools raked in more than $70 million in gross revenues” reports sportingnews.com. Over the same period, PennLive.com noted, four Big Ten schools cracked the $70 million mark in gross revenues, with Michigan at the top at some $90 million.Both Tennessee and Alabama cracked the $100 million mark in gross revenues for the fiscal year running July 1, 2016, to June 30, 2017, showing how the SEC is distancing itself even from college football’s other richest conferences. Source: sportingnews.com Share This:

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Crypto News 

Nasdaq, the SEC and the Stars: Cryptocurrency Comments this Week

“Nasdaq is the second largest currency exchange in the world, with a market capitalisation of $9 trillion” reports financemagnates.com. She said that while ICOs most resemble securities they are not necessarily so, and each must be evaluated on a case by case basis.However, ICOs for Pierce are possibly securities, or at least “look the most like securities.” Securities in the US were defined in a 1946 case (SEC vs. Source: financemagnates.com Share This:

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Yahoo Jumps In Messaging Game With Squirrel App

“The new app, called Squirrel, was first spotted by Android Police on the Google Play store” reports pymnts.com. Yahoo is testing a new app focused on group messaging.Yahoo also mentions privacy benefits in the app listing, which is something users might be concerned about, given the company’s history of data breaches.The SEC found that Yahoo filed several quarterly and annual reports after learning about the data breach but didn’t disclose it.Android Police points out that “Squirrel looks like a more consumer-friendly version of popular workplace chat app Slack.” Once launched, it will compete…

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Rapper ordered to testify in securities exchange investigation into Rocawear

“Jay-Z will have to testify in court as part of an investigation by the US Securities and Exchange Commission (SEC) into the clothing brand Rocawear, which he co-founded in 1999” writes Ben Beaumont-thomas for theguardian.com. Rocawear was founded in 1999 by Jay-Z, real name Shawn Carter, and his business partner Damon Dash, selling streetwear and accessories; in 2007, Jay-Z sold the rights to the brand to Iconix Brand Group for $204m. Source: theguardian.com Share This:

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