Displaying items by tag: fraud

(New York)

It has just been announced that New York state is opening a tax probe into the Trump family. The scope of the investigation will be extensive, digging into the president’s inheritance form decades ago. The investigation was prompted by an extensive article published by the New York Times which alleges fraud in Trump’s tax affairs. The NY state department of taxation said it was “vigorously pursuing all appropriate avenues of investigation”. The New York times alleges that Trump undertook “dubious tax schemes during the 1990s, including instances of outright fraud”.

FINSUM: Here comes another potential legal headache for Trump.

(Los Angeles)

Tesla investors got some grim news yesterday (unless you are the group hoping for Musk’s departure). That news is that the SEC is suing Elon Musk for fraud and is seeking to have him removed as the leader of Tesla. The suit seeks to have Musk banned from serving as an officer or director of a public company. The basis for the suit is the series of tweets Musk made regarding taking the company private, which the SEC says were “false and misleading statements”.

FINSUM: This is a pretty serious move from the SEC, made worse by news out today that Musk chose the price of $420 as a marijuana reference to impress his girlfriend.

(New York)

Be careful of sketchy deal solicitations that are floating around the market right now. Apparently there are fake securities firms, either posing as real ones or using aliases, who are soliciting deal interest in the advisor market. Many times the fake deals will cite endorsement from the SEC or other regulators, often fictitious ones (e.g. The Bureau of Financial & Protection Services). The SEC itself issued the warning to investors about the phony deals.

FINSUM: Any advisor will know these are fake and that the SEC does not endorse deals, but many clients could fall for these scams.

(New York)

The comment heard round the world seems to have been eating JP Morgan CEO Jamie Dimon. Several months ago Dimon made the much publicized comment that Bitcoin was “fraud”. The CEO is one of the most respected on Wall Street and the comments have been the bane of the cryptocurrency for some time. However, speaking at a conference yesterday, Dimon said about his statements that “I regret making them”.

FINSUM: The funny part of about this new statement is that it was accompanied by several more veiled expressions of dislike for bitcoin, such as saying he is “not interested in the subject at all”.