By Kyle Brasseur2023-07-21T15:37:00
Digital World Acquisition Corp. (DWAC) faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission (SEC) regarding fraud allegations related to its dealings with Trump Media & Technology Group (TMTG).
The special purpose acquisition company (SPAC) was accused of making material misrepresentations to its investors by not disclosing its plans to acquire the social media company formed by former President Donald Trump. The SEC also alleged DWAC “mischaracterized and omitted information about the history of its interactions with TMTG” in filings with the agency, according to a press release Thursday.
DWAC will be fined $18 million in the event it closes a merger transaction, which it is still pursuing with TMTG. The penalty will be waived should the SPAC be dissolved and money returned to investors before January 2025.
2024-12-13T19:00:00Z By Aaron Nicodemus
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
2024-01-26T18:00:00Z By Aaron Nicodemus
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
2023-09-27T18:23:00Z By Jeff Dale
Investment adviser AssetMark agreed to pay more than $18 million to settle allegations by the Securities and Exchange Commission regarding undisclosed conflicts of interest involving its affiliate’s cash sweep program and its revenue-sharing arrangements with third parties.
2025-10-21T18:11:00Z By Adrianne Appel
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
2025-10-21T17:13:00Z By Oscar Gonzalez
Canada is creating a new federal office to lead efforts against financial crime. The initiative marks the government’s most significant move yet to modernize its approach to fraud and money laundering.
2025-10-20T18:07:00Z By Adrianne Appel
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
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