SEC charges operators of $1.2B Ponzi Scheme
The Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors in a $1.2 billion Ponzi scheme.
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Court orders $1B judgment against operators of Woodbridge Ponzi scheme
A federal court in Florida has ordered Woodbridge Group of Companies and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors.
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Commissioner Peirce: the meaningless of enforcement numbers and penalty amounts
The SEC’s Enforcement Division issued its annual report this month, highlighting the Division’s activities in fiscal year 2018 from both a qualitative and quantitative perspective. Focusing on enforcement numbers and penalty amounts alone is meaningless, SEC Commissioner Hester Peirce said in recent remarks.
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News BriefFTC orders AI firms to disclose safeguards for children and teens
AI chatbots are increasingly used by children and teens, prompting the FTC to order seven AI companies to explain how they monitor potential harms to minors.