Securities and Exchange Commission News

SEC Hackers Took Advantage of Firms Using Authentic Data for Testing: Reuters Exclusive

Hackers breached the U.S. Securities and Exchange Commission’s computer system last year by taking advantage of companies that used authentic financial data when they were testing the agency’s corporate filing system, according to sources familiar with the matter. The Federal …

SEC Hacking Latest in Series of Government Agency Cyber Breaches

A major computer hack at America’s top stock market regulator is the latest sign that data stored in the highest reaches of the U.S. government remains vulnerable to cyber attacks, despite efforts across multiple presidencies to limit high-profile breaches that …

$150M Settlement Gets Final Approval in Vermont Ski Resort Fraud Case

Contractors and vendors owed millions of dollars after the owner and president of a Vermont ski resort were accused of massive fraud will soon see their bills paid. The Caledonian Record reports the federal receiver overseeing Jay Peak ski resort …

Ex-CFO of Bankrupt Enron Offers D&O Lessons from Accounting’s ‘Gray’ Areas

Andrew Fastow, former chief financial officer (CFO) of Enron Corp., a now-defunct energy trading company swept up in a massive fraud scandal in the early 2000s, warned a room full of directors and officers (D&O) underwriters that some companies today …

Vermont Ski Resort Owner Suing Insurer to Fund Defense in Fraud Case

A Vermont ski resort owner is suing his insurer in federal court for more than $2 million to fund his legal defense against fraud accusations brought by the Securities and Exchange Commission. Jay Peak owner Ariel Quiros and former president …

Vermont Ski Resort to Open with $6.5M Shortfall After Fraud Case

A ski resort whose owner and president were accused by the Securities and Exchange Commission of massive fraud months ago is set to open for the season on Saturday with what a federal receiver overseeing it says is a $6.5 …

Texas Energy Exec Charged with Defrauding Investors

A Texas energy company CEO dubbed the “frack master” is charged with defrauding investors of about $80 million, including misappropriating at least $30 million for personal expenses, including private jets and gentlemen’s clubs, to “maintain a lifestyle of decadence and …

Texas Orders Waco Insurer to Pay Nearly $47M

A Texas-based provider of so-called “life settlements” has been fined nearly $47 million for misleading investors about life insurance policies of terminally ill patients. The Securities and Exchange Commission alleged Life Partners Holdings Inc. of Waco misrepresented revenues and public …

‘Bond King’ Bill Gross Resigns From PIMCO, Joins Janus

Bill Gross, the bond market’s most renowned investor, quit PIMCO for distant rival Janus Capital Group Inc on Friday, the day before he was expected to be fired from the huge investment firm he co-founded more than 40 years ago. …

Insurance Tech Firm Ebix Reportedly Under U.S. Review for Possible Money Laundering

Federal investigators are reviewing Ebix Inc.’s cross-border financial transactions to see whether the Atlanta-based software company engaged in money laundering, according to three people with knowledge of the matter. Ebix fell $2.50 to $9.29 or 21 percent, at 1:43 p.m. …