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US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit

Livemint

Livemint · 1y ago

US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit

The US SEC has filed a lawsuit against a Texas man for a fraudulent $200 million offer to rescue Virgin Orbit. Matthew Brown falsely presented himself as an experienced venture capitalist and claimed to have investments in over 13 space companies. He made a bogus offer to buy Virgin Orbit stock and even fabricated a bank account balance to make it seem legitimate. Virgin Orbit's stock price initially rose following the offer but eventually fell. The SEC is seeking penalties against Brown, including a ban on offering securities. Virgin Orbit filed for Chapter 11 bankruptcy in April 2023.

Related News

Virgin Galactic hits financial turbulence as Richard Branson halts funding

Gizmodo

Gizmodo · 1y ago

Virgin Galactic hits financial turbulence as Richard Branson halts funding

Virgin Galactic's stock price dropped over 17% after Richard Branson announced that he is halting further financial contributions to the company. Branson cited post-pandemic financial constraints as the reason, stating that Virgin Galactic should have sufficient funds to operate independently. This decision comes amidst recent layoffs and the suspension of commercial flights. Despite divesting over $1 billion in shares, Virgin Group continues to be the second-largest stakeholder in Virgin Galactic. The future of the company in the emerging space tourism market appears challenging.

US SEC drops claims against two Ripple Labs executives

Economic Times

Economic Times · 1y ago

US SEC drops claims against two Ripple Labs executives

The US Securities and Exchange Commission (SEC) has dropped claims against Ripple Labs CEO Brad Garlinghouse and co-founder Chris Larsen in its lawsuit accusing the company of violating US securities law. The SEC had alleged that Ripple illegally raised over $1.3 billion through unregistered sales of its cryptocurrency XRP. A judge had previously ruled that sales of XRP on public exchanges were not unregistered securities offerings. The SEC's claims against Garlinghouse and Larsen were set to be tried before a jury. Both executives have criticised the SEC for its actions.

US SEC sues crypto exchange Kraken over failure to register

Economic Times

Economic Times · 1y ago

US SEC sues crypto exchange Kraken over failure to register

The US Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken for failing to register as a national securities exchange. The SEC alleges that Kraken has been facilitating digital asset transactions that qualify as securities without obtaining the necessary approval. The lawsuit could potentially have significant implications for the cryptocurrency industry as it raises questions about the regulatory compliance of exchanges.

Binance hiring 1,000 as compliance spending tops $200 million

Economic Times

Economic Times · 1y ago

Binance hiring 1,000 as compliance spending tops $200 million

Binance Holdings is looking to hire 1,000 employees this year, with a focus on compliance roles. The crypto exchange is spending over $200 million annually to meet regulatory requirements, including oversight by US authorities following a plea deal. Binance CEO Richard Teng emphasized the importance of government agencies and declined to comment on meetings with the Securities and Exchange Commission (SEC) during his US visit. Binance plans to have a 700-strong compliance workforce by the end of 2024, up from 500 currently. The company has faced increased requests from law enforcement agencies and is under monitoring by US agencies.

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

Startup News FYI

Startup News FYI · 1y ago

Binance Is Like a Grocery Store Selling Oranges and SEC Should Leave It Alone, Says Crypto Lobby Group

The US Chamber of Digital Commerce is supporting Binance in its legal battle against the US Securities and Exchange Commission (SEC). The Chamber filed an amicus brief arguing that the SEC's lawsuit against Binance is misguided and the regulator is stifling innovation and driving crypto startups out of the US. The group claims that tokens are not securities and the platforms where they are traded are not securities exchanges. The SEC has been cracking down on various digital asset companies, including Binance, Coinbase, and Kraken, for alleged securities violations.

US lawmakers urge SEC to delist Alibaba and Chinese companies: Report

Economic Times

Economic Times · 3m ago

US lawmakers urge SEC to delist Alibaba and Chinese companies: Report

Two Republican lawmakers have urged the US Securities and Exchange Commission (SEC) to delist Chinese companies, including Alibaba, claiming they pose national security risks due to alleged ties to military objectives. They believe these companies benefit unfairly from US investments while supporting the Chinese Communist Party's strategic aims. The lawmakers highlighted risks to American investors and asserted that the SEC has the authority to act against these entities under the Holding Foreign Companies Accountable Act.

Crypto.com sues US SEC after receiving legal threat from regulator

Economic Times

Economic Times · 10m ago

Crypto.com sues US SEC after receiving legal threat from regulator

- Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), claiming the agency is overstepping its jurisdiction in regulating the cryptocurrency industry. - The lawsuit comes after Crypto.com received a Wells notice from the SEC, indicating that the regulator's staff intend to recommend an enforcement action, as tokens traded on its platform are deemed securities. - Several crypto companies, including Robinhood, Coinbase, and OpenSea, have also received similar notices from the SEC, leading to accusations of overreach from the industry. - The lawsuit argues that the SEC has expanded its jurisdiction beyond statutory limits and imposed an unlawful rule that considers nearly all crypto assets as securities. - Additionally, Crypto.com has filed a petition with the Commodity Futures Trading Commission (CFTC) and the SEC, seeking clarification that certain cryptocurrency derivative products fall under the exclusive regulation of the CFTC.

Binance CEO Richard Teng braced for uphill battle in post-Zhao era

Economic Times

Economic Times · 1y ago

Binance CEO Richard Teng braced for uphill battle in post-Zhao era

Binance's new CEO, Richard Teng, faces significant challenges in restoring the reputation and dominance of the world's largest cryptocurrency exchange. Following Binance founder Changpeng Zhao's guilty plea to breaking US anti-money laundering laws, Teng must address years of US financial monitoring, an ongoing lawsuit by the SEC, and potential loss of market share. Teng aims to reassure users about Binance's financial strength and collaborate with regulators. However, transforming Binance's culture and overcoming its past challenges will be a massive undertaking. The reaction to Zhao's departure already led to significant outflows from the exchange.

Tesla directors to return $735 million to settle shareholder lawsuit

Startup News FYI

Startup News FYI · 2y ago

Tesla directors to return $735 million to settle shareholder lawsuit

Tesla's directors have agreed to return $735 million to settle a shareholder lawsuit. The lawsuit alleged that the company's acquisition of SolarCity in 2016 was a bailout of the struggling solar energy firm, and that Tesla's directors breached their fiduciary duty to shareholders. As part of the settlement, the directors will not admit any wrongdoing.

Even Trump may not be able to save Elon Musk from his old tweets

Arstechnica

Arstechnica · 5m ago

Even Trump may not be able to save Elon Musk from his old tweets

Elon Musk is embroiled in a legal battle with the SEC over his acquisition of Twitter, accused of misleading investors. Tweets from Musk allegedly misled the public about his intentions, with claims of a deceptive scheme to acquire Twitter shares at lower prices. A court recently supported investor claims of Musk's alleged fraud, complicating his efforts to avoid SEC scrutiny. The legal outcome could lead to significant financial repercussions for Musk.

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