Experimental Bitcoin Stock Market Gets Fined by SEC
Sand Hill, an experimental stock market using bitcoin, has been fined $20,000 by the Securities and Exchange Commission (SEC) for alleged violations of the US Security Law. The company is a Boost VC graduate which allows investors to purchase synthetic shares in unlisted Silicon Valley companies, similar to a fantasy sports version of the stock market. "An SEC investigation found that Silicon Valley-based Sand Hill Exchange was offering and selling security-based swaps contracts to retail investors outside the regulatory framework of a national securities exchange and without the required....
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This report has been updated with a response to the SEC settlement from Sand Hill creator Gerrit Hall. The US Securities and Exchange Commission (SEC) has settled with Sand Hill Exchange, an experimental stock market that used bitcoin. Sand Hill, a Boost VC graduate that began operating late last year, agreed to pay a $20,000 settlement for alleged violations of US securities law, according to an SEC release. The founders of the site, the statement claims, did not admit to or deny the allegations but agreed to the SEC's cease-and-desist order. Sand Hill had pitched itself as an experiment,....
Robinhood has been fined by FINRA and the finance company will have to pay roughly $70 million in penalties. The company was fined for causing what was described as “widespread and significant” harm to customers. FINRA announced that it had fined Robinhood $57 million. And ordered the company to pay $12.6 million in damages to […]
The year-long investigation into BTC Trading, Corp has finally come to an end. BTC Trading, Corp was the company behind BTCT.co and litecoinglobal.com. Both sites offered . The SEC has fined BTC Trading, Corp. (BTCT.co) and Ethan Burnside for violating the Securities Act of 1933, the Securities and Exchange Act of 1934, and the Investment Company Act of 1940. Burnside is being fined $58,387 for the profits and interest that he generated as well as a penalty of $10,000. Like Satoshi Dice's founder Erik Voorhees, who was also fined by the SEC, Burnside is neither admitting nor denying the....
None of the banks fined admitted to these charges, but they all agreed to pay the fines. The year 2016 will not end on a high for Wells Fargo, by the look of things. FINRA has fined the bank, as well as a few other institutions, for a combined US$14.4 million. Apparently, all of these banks suffer from record-keeping problems that could have lead to company and customer documents to be altered. Although electronic document-keeping should have improved overall transparency and accuracy, that has not been the case so far. Various financial institutions have failed to protect this....
Being part of the stock market is not as fun right now as it was a few years ago. Every day, a new financial disaster seems to be waiting just around the corner. After the trouble started brewing in China a few months ago, the Japanese stock market is the next one to plunge. The reason for this is simple: government bonds are going negative for the first time. At the same time, Bitcoin is looking more and more appealing as a way to diversify portfolios. Japanese Stock Market Takes A Big Hit. In this day and age, being involved in the financial sector with one’s money doesn’t make for a....