Stock Market Archives - Investor News https://investornews.io/category/stock-market/ Investor News brings the investment and financial world to a new breed of active investors. We also strive to bring the top political and social news that our readers demand in English and Spanish. Tue, 25 Aug 2026 00:00:36 +0000 en-US hourly 1 https://wordpress.org/?v=7.1 https://investornews.io/wp-content/uploads/2024/04/investorsnews-sq-512-150x150.png Stock Market Archives - Investor News https://investornews.io/category/stock-market/ 32 32 10 Best Gold IRA Companies 2023 https://investornews.io/10-best-gold-ira-companies-2023/ Mon, 06 Mar 2023 02:33:15 +0000 https://investornews.io/?p=5336 Which Gold IRA companies offer you the best value for your dollar in 2023. If you are considering rolling over your 401K into a Gold IRA you should ensure your retirement saving are in the right hands. Not all Gold IRA companies offer the same services for all levels of investments. Some Gold IRA companies […]

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]]> Which Gold IRA companies offer you the best value for your dollar in 2023.

If you are considering rolling over your 401K into a Gold IRA you should ensure your retirement saving are in the right hands.

Not all Gold IRA companies offer the same services for all levels of investments. Some Gold IRA companies have high minimum investment criteria.

Here are some things you should consider before you contact a company and trust your hard earned savings or diversify your investment portfolio.

  • Which Gold Company can you trust?
  • Which Precious Metals Company has the most experience with these types of accounts, and the best service to their clients?
  • What are the minimum requirements for a Gold IRA at each company ?

That’s why we have thoroughly researched this industry and found the few companies meet our strict requirements for excellence

Gold IRA Review delivers the the best companies we have found through our research and feedback from our readers that have invested with these companies based on our recommendation. We will also point out the pitfalls and which Gold IRA companies your should avoid with your retirement saving

10 Best Gold IRA Companies to Invest with

augusta precious metals review
4.9/5
Read Full Review

Premium Gold IRA

 

Augusta Precious Metals

August Precious Metals are an Award-winning “Best Gold IRA Company,” singled out by Money magazine and others notable industry Magazines

☑ Exceptional level of customer service:

✅ 1000s of top ratings

✅ 100s of customer reviews, and endorsements by conservative talk show hosts and hall of fame quarterback Joe Montana.

✅ Known for one-on-one educational web conference designed by on-staff, Harvard-trained economic analyst.

98
% Positive
Visit SIte
allegiance gold IRA

gold ira award

4.8/5

Read Full Review

Allegiance Gold 

Allegiance Gold is our Gold Winner for 2023

☑ Company has been experiencing massive growth 

✅ Dedicated “Learning Center” available on company website

✅ Over a decade of precious metals industry experience

✅ Customer services is top in the industry

✅ Partners with top-rated IRA service providers for retirement investors

97% Positive
Visit SIte
Gold-Co-IRA
4.5/5
Read Full Review

Goldco

Goldco is our Silver Winner for 2023

☑ Best Gold and Silver Deal Prices 

✅ 100% FREE IRA Rollover

✅ A+ Better Business Bureau, AAA rating from Business Consumer Alliance

✅ No high pressure sales tactics

✅ Extensive Educational Resources

95
% Positive
Visit SIte
Hartford Gold IRA
4.6/5
Read Full Review

American Hartford Gold

☑ Lowest minimum Gold IRAs

✅ Buyback Commitment

✅ Customized Plans

✅ Top customer review

91% Positive
Visit SIte
birch gold ira
3.8/5
Read Full Review

 

Birch Gold Group

☑ Best Gold and Silver Deal Prices 

✅ 100% FREE IRA Rollover

✅ A+ Better Business Bureau, AAA rating from Business Consumer Alliance

✅ No high pressure sales tactics

✅ Extensive Educational Resources

89 % Positive
Visit SIte
Oxford Gold IRA
3.6/5
Read Full Review

 

Oxford Gold Group

☑ Best For beginners in Gold IRAs

✅ Site has resource library for investors

✅ Information geared towards educating novice investors

✅ Customers can access their account online

88% Positive
Visit SIte
Patriot Gold Group IRA
4/5
Read Full Review

 

Patriot Gold Group

☑ Minimum Investment: $10,000

✅ Most IRA’s Qualify for “No Fee For Life” IRA

✅ Diamond Sponsored A+ BBB Rated

✅ Low-Cost Bullion, IRA Eligible, and Numismatic Coins Available

88% Positive
Visit SIte
lear capital review
2.7/5
Read Full Review

 

Lear Capital

☑ Free IRA set-up and storage + no fees on buy-backs.

✅ Exclusive 24-hour no-risk purchase guarantee

✅ Price Match Guarantee + no-fees on buy backs

✅ $3 billion in transactions & over 90,000 satisfied customers

88% Positive
Visit SIte

Rosland Capital

2.8/5
Read Full Review

 

☑ Best For beginners in Gold IRAs

✅ Site has resource library for investors

✅ Information geared towards educating novice investors

✅ Customers can access their account online

88% Positive
Visit SIte
0.4/5
Read Full Review

 

Regal Assets

We placed Regal Assets here to warn customers of many complaints against the company.

  • Bankrupt
  • Fraud
  • Not reliable
7% Positive
Visit SIte

Disclaimer: We are reader supported.  We may be compensated from the links in this post, if you use products or services based on our expert recommendations. Please read our Advertising Disclosure.

Gold IRA Review

A gold IRA is a niche investment product. This specialized IRA can help diversify a portfolio because precious metals, including gold, are often considered an investment to beat inflation. But make sure to do your due diligence when researching whether a precious metals IRA account makes sense for part of your retirement funds.

Many of these companies allow investors to buy precious metals that include silver, platinum and palladium in their IRAs in addition to gold. A gold IRA is distinctive because the account holder owns the actual precious metals, as opposed to stocks or shares of funds in mining companies.

What is a gold IRA?

Like a traditional IRA where you might hold stocks, bonds or mutual funds, a gold IRA is a tax-preferred investment vehicle — and the only option for holding precious metals in an IRA. You might also come across the term “precious metals IRA” used instead of gold IRA. Although the former is technically accurate, the phrase “gold IRA” is the one that tends to stick in the public imagination.

Gold IRAs are classified by the Internal Revenue Service as self-directed IRAs. According to IRS regulations, self-directed IRAs can hold alternative investments such as precious metals. (In their tax treatment, a gold IRA is different from a Roth IRA, which is an after-tax savings vehicle.

How does a gold IRA work?

The process of setting up a gold IRA involves several parties. First, you open up the account and buy precious metals from a company like the ones highlighted here. If you elect to fund the account with assets currently in another IRA, the gold IRA company will help you manage the rollover (more on that process below).

The gold IRA company also coordinates the involvement of the financial firm tasked with being the account custodian, as well as the depository institution where the precious metals you purchase are held. (You are not allowed, per IRS rules, to keep IRA gold at home.)

Gold IRA companies differ in that some let you choose between multiple custodial firms and depositories, while others require you to use a custodian and depository of their choosing.

Gold IRA rollover

A number of different kinds of retirement accounts can be used to fund a gold IRA via a rollover. You can roll over money held in a 401(k), 403(b), 457, pension or Thrift Savings Plan account without triggering a tax liability or penalties.

Is a 401(k) to gold IRA rollover right for me?

A gold IRA is a product best suited for sophisticated investors. If you have questions, consult with a financial advisor who is a fiduciary to decide whether gold makes sense in the context of your existing retirement investment portfolio. Gold IRA companies are not investment companies that have a fiduciary duty to act in your best interest. Their sales representatives should not be relied on for financial advice.

If you rollover a 401(k) to a gold IRA — as in, sell the entire balance of a conventional account containing stocks, bonds and/or mutual funds in order to invest in gold — you’re making a very big change to your investment profile. Doing so should be extensively researched beforehand. If you’re unsure, take some time to learn the difference between an IRA vs. 401(k).

A conventional retirement account gives you the opportunity to be exposed to a variety of assets. This confers some important benefits, allowing you to:

Generate income via dividends
Establish a diversified investment mix to mitigate market risk

Use market liquidity to adjust your allocation to your investing goals

Some gold IRA companies refer to their offerings as “diverse” because you can hold more than one kind of precious metal in it. From an investing perspective, this is not diverse, because precious metals — even different ones — are part of the same asset class. Gold also does not generate income, unlike dividend-earning assets.

Be sure to factor in the costs of cashing out as well: When you reach the age of 72 and must begin taking RMDs from your retirement accounts, you need to have your gold coins and gold bullion sent to you. That entails paying for shipping and insurance, or liquidating some of your gold.

Most gold IRA companies will buy back gold they sold you initially, but buybacks are generally at the wholesale price, which often is around 30% lower than the prevailing retail price.

Before opening a gold IRA, consider the context of your broader wealth-management strategy, and set realistic expectations about how much you anticipate your investments growing, and how long you should plan to hold those assets.

How does a 401(k) to gold IRA rollover work?

If you’ve decided a gold IRA is right for you, you can contact your retirement plan administrator to initiate the rollover or have the gold IRA company perform a direct rollover between the two companies. This kind of institution-to-institution transfer is recommended because you never take control of the funds yourself, which spares you the risk of a potential tax penalty.

If you do choose to handle that distribution yourself, the IRS has strict rules you have to follow: You have a 60-day window from the date you receive the funds to roll that money over into another qualified retirement account, or the IRS will treat that distribution as a withdrawal and charge you taxes plus an early withdrawal penalty if you are younger than 59 ½ years old.

You can roll over just part of the balance of another retirement account to fund a gold IRA — although keep in mind that some gold IRA companies have minimum order sizes of $50,000, which might limit your ability to retain enough funds in your old account to maintain a portfolio allocation that will sustain you in retirement.

Invest in a gold IRA

The precious metals in a gold IRA are generally coins and bars, some of which carry higher mark-ups than others. You can choose a mix of gold and silver, and some gold IRA companies also have platinum and palladium available that you can buy and hold in your IRA. When you must begin taking required minimum distributions, you can choose to liquidate the gold or have it shipped to you. In most cases, you will pay for shipping, so make sure to factor in that expense.

Most gold IRA companies will buy back gold or other precious metals they sold you, but buybacks are generally conducted at the wholesale price, which is about a third cheaper than the retail price.

How do you hold physical gold in an IRA?

Unlike a gold ETF, an exchange-traded fund that tracks the performance of gold, a gold IRA lets you hold the physical precious metals in an IRS-approved depository institution. If you want more flexibility with your precious metals, you might want to learn how to buy gold outside an IRA. If you don’t want the complications of investing in physical gold, you can research how to buy a gold ETF.

Gold IRA cost

Gold IRA expenses are generally higher than the expenses associated with conventional retirement accounts like 401(k)s. If you have a gold IRA, you will incur costs to manage and maintain the account, as well as to store and insure your gold. Precious metals prices can also be volatile over time.

IRA-eligible gold

There are a number of types and forms of precious metals the IRS has approved as IRA-eligible. Certain coins and bars manufactured by the U.S. Mint, the corresponding agency of certain other countries, or designated private minting companies, can be held in a gold IRA.

 

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]]> How Does Gold IRA Work? https://investornews.io/how-does-gold-ira-work/ Mon, 06 Mar 2023 02:01:03 +0000 https://investornews.io/?p=5332 How Does a Gold IRA Work? A Gold IRA works exactly like any retirement account with the added benefit that it provides you more control over your investment to include physical gold coins and bars and other IRS approved silver, platinum and palladium metals. Similar to any retirement account, with your Gold IRA or Custom […]

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]]> How Does a Gold IRA Work?

A Gold IRA works exactly like any retirement account with the added benefit that it provides you more control over your investment to include physical gold coins and bars and other IRS approved silver, platinum and palladium metals.

Similar to any retirement account, with your Gold IRA or Custom Precious Metals IRA, you will be investing your retirement funds based on specific tax treatment (pre-tax or after-tax) and then take distributions in future. With your Gold IRA or Custom Precious Metals IRA, you will continue to have beneficiary (ies), receive quarterly statements and be able to log in online to check your balancesgold ira coins

How Does a Gold IRA Work?

A Gold IRA works exactly like any retirement account with the added benefit that it provides you more control over your investment to include physical gold coins and bars and other IRS approved silver, platinum and palladium metals.

Similar to any retirement account, with your Gold IRA or Custom Precious Metals IRA, you will be investing your retirement funds based on specific tax treatment (pre-tax or after-tax) and then take distributions in future. With your Gold IRA or Custom Precious Metals IRA, you will continue to have beneficiary (ies), receive quarterly statements and be able to log in online to check your balances.

Types of Gold IRA Accounts

As with conventional retirement accounts, there are few types of accounts that each provide distinct tax benefits. The following are the three types of Gold IRA Accounts:

Traditional Gold IRA:

A traditional gold IRA is a tax-deferred retirement savings account and works just like pre-tax traditional IRAs when it comes to taxes. Your contributions and any gains will not be taxed and, in most cases, contributions are tax deductible as well. The IRS sets annual contribution limits of $5,500 if you are under 50 and $6,500 if you are above 50. With a pre-tax IRA you will have to pay taxes on your distributions during retirement.

Roth Gold IRA:

A Roth Gold IRA is an after-tax retirement savings account and works just like any Roth IRA. While there is not any upfront tax deduction with Roth IRA contributions, the main advantage of a Roth IRA is that you won’t have to pay any taxes down the line when you start to take distribution during retirement.

SEP Gold IRA:

SEP gold IRAs are available to business owners and self-employed individuals. The SEP Gold IRA works similarly to a pre-tax traditional IRA, in that your contributions are not taxed, but it offers higher contribution limits. Instead of the $5,500 limit, you can contribute up to 25% of your income or $53,000, whichever is less.

Gold IRA Review can help you navigate regulatory requirements, avoid tax pitfalls and diversify with physical precious metals to stabilize your retirement portfolio.

Does My Account Qualify?

Majority types of retirement accounts are qualified to be transferred all or portion, on a tax-deferred, penalty-free basis, into a Gold IRA or a custom precious metals IRA.

While traditional IRA, Roth IRA, Simplified Employee Pension (SEP) IRA, and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) are free of any rollover restrictions, others such 401k, 403b, 457b and Thrift Savings Plan (TSP), are qualified to be transferred if the individual is over 59 ½ years old or no longer works with prior employer.

Most accounts can be transferred on a tax-deferred, penalty-free basis with the exception of annuities which could, depending on the contract, have a surrender charge. However, an experienced IRA specialist will help you uncover if there are any surrender charges.

A verified Gold IRA Company we make the process of protecting your investment with precious metals easy. A team of an IRA specialist and a Senior Portfolio Managers will help you throughout the process and handle all the paper works.

Setting Up a Gold IRA Account

Setting up a Gold IRA is very simple. Opening your account can be either completed online by clicking the following link or through a physical application.

Your Gold IRA representatives are there to assist you every step of the way.

Fund Your Gold IRA

With your application completed and your self-directed IRA open, funding your Gold IRA cannot get easier. Funding the account is simple and can be completed by one of the three methods:

IRA Transfer:

The new IRA can be funded through an IRA to IRA transfer by simply completing a Transfer Request Form. This will ensure that the transfer is completed on a tax-deferred and penalty-free basis.

IRA Rollover:

A direct rollover from a 401(k) or other qualified retirement plan is another way to fund your self-directed IRA on a tax-deferred basis.

Cash Contributions:

To fund the account with cash, the self-directed custodian will accept either a check or wire. The taxable treatment depends on the type of the IRA account either pre-tax (traditional) or after-tax (Roth) basis.

One of the few limitations on funding your account is that you can’t legally fund it with gold coin or bullion you already own, in part because the U.S. government only allows certain coins and bullion to be held in IRAs.

Once the funds are received by the new self-directed IRA custodian, your Gold IRA representative will help you select the IRS approved coins and the depository to store your precious metals. Most designated Gold IRA associates, both an IRA specialist and a Senior Portfolio Manager, will manage the entire process of setting up and funding your Gold IRA or custom precious metals IRA.

IRA Approved Coins

A gold IRA or a custom precious metals IRA cannot hold just any type of physical gold or precious metals. With the Taxpayer Relief Act of 1997, the IRS approved the following four main precious metals to be invested into an IRA: gold, silver, platinum and palladium. With each type of metal, the IRS only allowed a select few forms of bullion, coins, rounds and bars. In an effort to focus on investment grade liquid products and limit collectibles older types of coins, the IRS issued requirements of fineness for the precious metals products. One reason for being selective is to ensure that the gold and other precious metal products meet minimum requirements likely to ensure better long-term value.

The following coins and bars are among those that meet IRA investment requirements. Gold coins and bullion must be 99.5% finess or higher.

  • American Eagle and
  • American Eagle Proof coins
  • American Buffalo coins
  • Canadian Maple Leaf coins
  • Canadian Polar Bear & Cub
  • Canadian Polar Bear
  • Canadian Arctic Fox
  • Austrian Philharmonic coins
  • Australian Kangaroo coins
  • British Britannia (2013 and newer)
  • Chinese Panda coins
  • Credit Suisse bars and other bars and rounds produced by an NYMEX or COMEX-approved refinery
  • Silver coins and bullion must be .999 fineness or higher.

This list is not all-inclusive, and we know determining whether precious metals are appropriate for IRA investments can be tough, which is why our Allegiance Gold account executives are always ready to provide assistance.

Depository Storage

If you are interested in rolling the funds in your traditional IRA into physical precious metals, you must decide how you wish to store them before funding a Self Directed IRA. Your Allegiance Gold account executive will answer any questions you may have and help you determine which type of storage will work best for your retirement savings needs.

Depository Storage Facility for IRA

A Depository Storage Facility is a third party storage facility where all precious metals in storage are insured. With depository storage, your precious metals are stored in a high-security facility that’s 100 percent insured against all loss, damage, theft or other liability These Depository Storage facilities have highly advanced security mechanisms and tools such as timed locks, 24 hours monitoring system, automatic relocking, and vibration, motion, and sound detectors. All depositories provide all risk insurance and maintain a $1 billion insurance coverage through Lloyd’s of London.

According to the IRS, gold and other precious metals in a retirement account are required to be stored in the custody of an IRS-approved custodian at a third party storage facility until the funds are withdrawn on reaching the predefined retirement age. Putting your precious metals in depository storage ensures that they are fully protected

There is an added layer of security with any depository. When a depository receives any products, it will first inspect, audit, confirm, key in the product annotating the type, quantity and weight and then securely store the precious metals products.

Top Three Depository Storage Facilities:

  • Delaware Depository (Wilmington, Delaware)
  • International Depository Services
  • Brinks (Los Angeles, CA or Salt Lake City UT)
Commingled Vs. Segregated Storage

Precious metals stored in a commingled storage option are held in a communal area along with other people’s products. Precious metals kept in segregated storage will be separated from all other precious metals at the depository in a storage compartment reserved for private use. Both segregated and non-segregated storage provide an equally strong degree of protection.

There are two options of storage:

Commingled:

A commingled storage in a Gold IRA or a Custom Precious Metals IRA simply means that your precious metals will be held in a segregated storage area based on the custodian but will be commingled with other customers within the storage area. When you later decide to sell, exchange or take an in-kind distribution of your precious metals, you will receive “like” precious metals and not the exact metals that you initially purchased.

Segregated:

A segregated storage in a Gold IRA or a Custom Precious Metals IRA ensures that your precious metals will be held in a separate storage area and will be segregated, marked and stored with your name and IRA account number. When you later decide to sell, exchange or take an in-kind distribution of your precious metals, you will receive the exact metals that you initially purchased.

 

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]]> La economía, a examen. ¿A las puertas de una nueva recesión? https://investornews.io/la-economia-a-examen-a-las-puertas-de-una-nueva-recesion/ Sun, 12 Feb 2023 19:43:54 +0000 https://investornews.io/?p=5275 Los Ángeles (CA) – La pandemia más letal desde la mal llamada gripe española de 1918, no solo ha dejado una estela de muertes a lo largo y ancho del planeta. También ha puesto de manifiesto la vulnerabilidad de los sistemas sociales, ha desafiado la capacidad de respuesta del aparato sanitario ante una emergencia de […]

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]]> Los Ángeles (CA) – La pandemia más letal desde la mal llamada gripe española de 1918, no solo ha dejado una estela de muertes a lo largo y ancho del planeta. También ha puesto de manifiesto la vulnerabilidad de los sistemas sociales, ha desafiado la capacidad de respuesta del aparato sanitario ante una emergencia de gran magnitud y ha sembrado el temor a que una nueva crisis financiera sacuda los mercados y las bolsas de los principales motores económicos del mundo, incluyendo EEUU.

El ciclo de la pandemia se va cerrando y, con ello, están desapareciendo las medidas a nivel federal, estatal y local que protegían a los más vulnerables. Con la emergencia sanitaria contenida, se ha puesto fin a los programas de ayudas para los autónomos ––como PUA––, se están levantando las moratorias y los Gobiernos son menos propensos a tenderle una mano a quienes viven endeudados, carecen de un empleo estable o permanecen al borde del colapso financiero. Mientras la inflación sigue disparándose y el precio de la vida encareciéndose, los expertos valoran los retos económicos y los factores que podrían desatar una recesión este año.

“Todavía no estamos fuera de peligro”, aseguró Rakeen Mabud, economista jefe de Groundwork y directora gerente de Policy Research, durante un panel organizado por Ethnic Media Services (EMS) el 20 de enero.

Vea aquí el vídeo completo.

La experta señaló que, sólo el año pasado, la Reserva Federal subió los tipos de interés siete veces y que, lo más probable, es que este escenario vuelva a repetirse. Se refirió, además, a las palabras de Jerome Powell –al frente de la institución–, quien ha admitido que todavía no se ha sentido el impacto completo de estas medidas.

Mabud recalcó que el “motivo real” que está alimentando la inflación en el periodo actual “no es porque la gente tenga más dinero en el bolsillo, o porque esté gastando demasiado”, sino porque vivimos en “un sistema construido por las grandes corporaciones que ha fracasado a la hora de satisfacer las necesidades de la gente en momentos de crisis”.

El bolsillo del consumidor, el mejor termómetro de la avaricia corporativa

La economista denunció, a la vez, la avaricia corporativa y las prácticas especulativas que se originaron en la pandemia, que continúan hasta la fecha, y que están asfixiando al consumidor. “Cualquiera que ha ido a comprar una docena de huevos al supermercado, ha visto la subida de precios”, aseveró.

Mabud descartó que estas subidas estuvieran causadas por gastos más elevados de producción, y lo achacó a las estrategias corporativas dirigidas a maximizar beneficios.

Entre las medidas para frenar y poner fin a este tipo de prácticas, Mabud sugirió que el Congreso introduzca regulación a nivel legislativo, y que el Departamento de Justicia (DOJ) y la Comisión Federal de Mercado (FTC) persigan a los especuladores.

Por último, advirtió que, fruto de las subidas de los tipos interés, la Reserva Federal puede ser la catalizadora de una recesión que deje a millones de personas sin trabajo. Pero también indicó que el paquete de medidas de austeridad promulgado por los republicanos, así como su política tributaria favorable a las grandes fortunas, suponen una segunda amenaza de cara una posible recesión.

¿Se sabe con certeza si habrá una recesión económica?

La sombra de una recesión es también una de las preocupaciones del economista George Fenton, analista sénior de políticas en el Centro para Presupuestos y Prioridades Políticas (CBPP). En su intervención, insistió en que no es posible predecir si habrá una recesión, y agregó que, de haberla, se desconoce su duración y su magnitud.

“El consenso es que, si tenemos una recesión, será corta y superficial. Pero podría ser corta y profunda, o larga y superficial. Realmente no sabemos con seguridad qué va a pasar”, aseveró.

Para evaluar el riesgo de recesión en EEUU, Fenton se apoyó en datos de Moody’s Analytics, que sitúan la probabilidad en un 50%. También citó una encuesta de Bloomberg a 40 economistas, la cual dibuja un escenario menos alentador, con una probabilidad del 70%.

El economista, además, señaló que en época de incertidumbre, medidas como los créditos tributarios por hijos son herramientas “muy importantes” para luchar contra la pobreza, y abogó por la continuación y creación de políticas similares que generen una mayor “seguridad económica”.

El crecimiento del mercado laboral “es insostenible”

Durante su turno de palabra, Wendy Edelberg, ex economista jefe de la Oficina Presupuestaria del Congreso y ahora directora del Proyecto Hamilton en la Institución Brookings, admitió estar “preocupada” por los “desafíos” que se avecinan este año.

Sugiere dar un paso atrás para evaluar con ojo crítico indicadores que, a priori, pueden parecer favorables. Entre ellos, la creación de 250.000 puestos de trabajo en diciembre de 2022. Asegura que este crecimiento laboral es tan potente que “es insostenible”, y recalca que, para evitar el descalabro económico, se tiene que producir una ralentización sistémica.

Para redondear su argumento, Edelberg sostiene que EEUU probablemente arrastraría al mundo a una recesión global si no logra sanear su deuda, y advierte de que los síntomas ya están ahí: Desde la caída de la bolsa en enero de este año, a la bajada de 275 puntos que experimentó el DOW.

Mientras tanto, hace una llamado a la reflexión para trabajadores y consumidores, ya que una de las tendencias que más preocupación le generan es que “estamos gastando (en la esfera del hogar y en la del trabajo) como si no hubiera una pandemia”.

Do you have any tips? Contact the reporter at aitana_investigations@protonmail.com.

Featured image: by David Paul Ohmer is marked with CC BY 2.0.

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]]> UBS to Pay $25 Million to Settle Fraud Charges https://investornews.io/ubs-to-pay-25-million-to-settle-fraud-charges/ Thu, 30 Jun 2022 22:04:27 +0000 https://investornews.io/?p=4732 Washington D.C. — The Securities and Exchange Commission has announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy. According to the SEC’s order, UBS marketed and sold YES to approximately 600 investors through […]

The post UBS to Pay $25 Million to Settle Fraud Charges appeared first on Investor News.

]]> Washington D.C. — The Securities and Exchange Commission has announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy.

According to the SEC’s order, UBS marketed and sold YES to approximately 600 investors through its platform of domestic financial advisors from February 2016 through February 2017. The order finds that, during this time, UBS did not provide its financial advisors with adequate training and oversight in the strategy, and although UBS recognized and documented the possibility of significant risk in YES investments, it failed to share this data with advisors or clients. As a result, the order finds, some of UBS’s advisors did not understand the risks and were unable to form a reasonable belief that the advice they provided was in the best interest of their clients. When investors suffered losses, many of them, along with their financial advisors, expressed surprise and closed their YES accounts.

“Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present,” said Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit. “As fiduciaries, advisers also must make suitable recommendations to their clients. Complex products can present unique risks, and the SEC will remain vigilant and continue to take action to protect those who invest in these products from misconduct.”

UBS consented to the entry of the SEC’s order finding that it violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7. Without admitting or denying the SEC’s findings, UBS agreed to a cease-and-desist order, a censure, and to pay disgorgement of $5.8 million and prejudgment interest of $1.4 million, which is deemed satisfied by payments made to investors in related arbitration proceedings. UBS also agreed to pay a civil penalty of $17.4 million, which it will undertake to distribute to harmed investors pursuant to the fair fund provisions of the Sarbanes-Oxley Act of 2002.

The SEC’s investigation was conducted by James F. Murtha, Jonathan C. Shapiro and Brent S. Mitchell, and was supervised by Reid A. Muoio of the Complex Instruments Unit with assistance from Timothy K. Halloran of the Trial Unit.

Press release distributed by the SEC.

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]]> SEC Adopts Rules to Require Electronic Filing for Investment Advisers and Institutional Investment Managers https://investornews.io/sec-adopts-rules-to-require-electronic-filing-for-investment-advisers-and-institutional-investment-managers/ Fri, 24 Jun 2022 20:11:28 +0000 https://investornews.io/?p=4660 Washington D.C. — The Securities and Exchange Commission has adopted amendments to require certain documents filed by investment advisers, institutional investment managers, and certain other entities to be filed or submitted electronically. The amendments also make technical amendments to modernize Form 13F and enhance the information provided. The amendments are intended to promote efficiency, transparency, […]

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]]> Washington D.C. — The Securities and Exchange Commission has adopted amendments to require certain documents filed by investment advisers, institutional investment managers, and certain other entities to be filed or submitted electronically. The amendments also make technical amendments to modernize Form 13F and enhance the information provided. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing how information is filed or submitted to the Commission and disclosed to the public. Electronic filings will be more readily accessible to the public and available on websites in easily searchable formats.

“In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” said SEC Chair Gary Gensler. “Electronic filing, as opposed to paper filing, makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.”

Electronic filing capabilities have helped address logistical and operational issues raised by the spread of COVID-19. Expanding electronic submission will allow the Commission and filers to navigate more effectively any future disruptive events that make the paper submission process unnecessarily burdensome, impractical, or unavailable.

With the exception of the amendments to Form 13F, the new rules and form amendments will be effective 60 days after publication in the Federal Register. The amendments to Form 13F will be effective on January 3, 2023. The Commission is providing a six-month transition period to provide filers with adequate time to prepare to submit these documents electronically.

Press release distributed by the SEC.

Featured image: by Ecole polytechnique / Paris / France is marked with CC BY-SA 2.0.

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]]> Former employee at Penn Interactive Ventures charged with insider trading https://investornews.io/former-employee-at-penn-interactive-ventures-charged-with-insider-trading/ Thu, 16 Jun 2022 13:06:47 +0000 https://investornews.io/?p=4623 Software Engineer Traded, Tipped Friend of Company’s Acquisition Plans Washington D.C. — The Securities and Exchange Commission today announced insider trading charges against David Roda, a former software engineer at Penn National Gaming’s subsidiary Penn Interactive Ventures, in connection with the parent company’s $2 billion acquisition of Toronto-based Score Media and Gaming, Inc. The SEC’s […]

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]]> Software Engineer Traded, Tipped Friend of Company’s Acquisition Plans

Washington D.C. — The Securities and Exchange Commission today announced insider trading charges against David Roda, a former software engineer at Penn National Gaming’s subsidiary Penn Interactive Ventures, in connection with the parent company’s $2 billion acquisition of Toronto-based Score Media and Gaming, Inc.

The SEC’s complaint, filed in federal district court in Philadelphia, alleges that, while employed at Penn Interactive, which provides online and mobile gambling experiences for Penn National, Roda was given confidential information about Penn National’s interest in acquiring Score Media along with admonitions not to trade on that information. In breach of his duties, Roda purchased 500 out-of-the-money call options on Score Media in the weeks and days leading up to the announcement of the acquisition. Additionally, Roda tipped his longtime friend, Andrew Larkin, also charged by the SEC, who then purchased 375 Score Media shares. According to the SEC’s complaint, Score Media’s stock price increased nearly 80 percent after Penn National and Score Media publicly announced their deal, following which Roda and Larkin sold their holdings for unlawful profits of $560,762 and $5,602, respectively.

“As we allege in our complaint, Roda was entrusted by his employer with critical, market-moving information, and he betrayed that trust by using the information to trade and also tip his friend so they could both profit,” said Scott A. Thompson, Co-Acting Regional Director of the SEC’s Philadelphia Regional Office. “When employees like Roda misappropriate and trade on confidential information, it erodes market confidence. The SEC remains committed to finding, investigating, and charging those who engage in insider trading.”

The SEC’s complaint charges Roda and Larkin, both of Philadelphia, with violating the antifraud provisions of the securities laws. Roda has agreed to be permanently enjoined from violating those provisions and has agreed to pay disgorgement, prejudgment interest, and a civil penalty to be determined by the Court at a later date. Without admitting or denying the allegations in the SEC’s complaint, Larkin has agreed to be permanently enjoined from violating the antifraud provisions of the securities laws and to pay more than $11,000 in disgorgement and penalties. The settlements are subject to Court approval.

In a parallel action, the U.S. Attorney’s Office for the Eastern District of Pennsylvania today announced criminal charges against Roda.

The SEC’s investigation was conducted by Norman P. Ostrove with assistance from John S. Rymas of the Market Abuse Unit’s Analysis and Detection Center. It was supervised by Scott A. Thompson of the Philadelphia Regional Office and Julia C. Green and Joseph G. Sansone of the Market Abuse Unit. The litigation will be led by Gregory Bockin. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the Eastern District of Pennsylvania.

Press release distributed by the SEC.

Featured image: by Images_of_Money is marked with CC BY 2.0.

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]]> Synchronoss Technologies and senior employees charged with accounting-related misconduct https://investornews.io/synchronoss-technologies-and-senior-employees-charged-with-accounting-related-misconduct/ Tue, 07 Jun 2022 20:24:32 +0000 https://investornews.io/?p=4615 SEC Charges New Jersey Software Company and Senior Employees with Accounting-Related Misconduct Synchronoss Technologies to Pay $12.5 Million to Settle Charges, Former CEO to Reimburse Company Washington D.C. — The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related […]

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]]> SEC Charges New Jersey Software Company and Senior Employees with Accounting-Related Misconduct

Synchronoss Technologies to Pay $12.5 Million to Settle Charges, Former CEO to Reimburse Company

Washington D.C. — The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related to long-running accounting improprieties that ran from 2013 to 2017. In addition, the company’s founder and former CEO, Stephen Waldis, while not charged with misconduct, agreed to reimburse the company for more than $1.3 million in stock sale profits and bonuses as well as to return previously granted shares of company stock pursuant to Section 304 of the Sarbanes-Oxley Act (SOX).

The SEC filed a complaint in federal district court in Manhattan against former CFO Karen Rosenberger and former Controller Joanna Lanni. Among other things, the SEC’s complaint alleges that Rosenberger engaged in fraud through her role in improperly recognizing revenue on multiple transactions and that she also misled Synchronoss’s auditor about multiple transactions. The SEC alleges Lanni was involved in improper accounting for one transaction.

“Investors are entitled to rely on financial statements that are free of accounting improprieties, and when an issuer and its executives and employees engage in accounting gimmicks, we will use every available tool, including significant corporate penalties and individual accountability, to address such misconduct,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “Today’s action should also put public company executives on notice that even when they are not charged with having a role in the misconduct at issue, we will still pursue clawbacks of compensation under SOX 304 to ensure they do not financially benefit from their company’s improper accounting.”

In a July 2018 SEC filing, Synchronoss, a technology company that primarily provides products, software, and services to telecommunications companies, announced a restatement of its audited financial statements for the fiscal years ended December 31, 2015 and 2016 and restated selected financial data for the fiscal years ended 2013 and 2014 totaling approximately $190 million in revenues. Synchronoss acknowledged that during this period it had accounted for numerous transactions improperly and thus filed with the Commission materially misleading financial statements along with having material weaknesses in its internal controls over financial reporting.

As alleged in the various charging documents filed today, Synchronoss’s improper accounting primarily concerned three categories of transactions: (1) transactions for which there was not persuasive evidence of an arrangement; (2) acquisitions/divestitures in which Synchronoss recognized revenue on license agreements rather than netting those purported amounts against the purchase prices; and (3) license/hosting transactions, in which it improperly recognized revenue upfront, instead of ratably over the term of the multi-year arrangement. In addition, the SEC alleged that certain Synchronoss employees entered into “side letter” arrangements, concealing facts indicating that the revenue that Synchronoss recognized upfront was in fact contingent on future events. The impact of the improper accounting was material and in many instances allowed the company to meet earnings targets.

Without admitting or denying the SEC’s findings, Synchronoss agreed to cease and desist from violating Section 10(b) of the Securities Exchange Act of 1934 and other provisions of the securities laws, and to pay a civil penalty of $12.5 million. The following parties also agreed to settle:

  • Ronald Prague, the company’s former general counsel, settled charges stemming from his involvement, along with others, in misleading the company’s auditors regarding two transactions and to pay a civil penalty of $25,000 and to be suspended from appearing and practicing before the SEC as an attorney for 18 months; and
  • Clayton “Charlie” Thomas, Marc Bandini, Daniel Ives, former senior employees of the company, along with current employee, John Murdock, settled charges from their participation in at least one side letter agreement that concealed the revenue that Synchronoss recognized upfront was in fact contingent on future events and to pay civil penalties ranging from $15,000 to $90,000.

The SEC’s investigation was conducted by James Burt IV, Kenneth Gottlieb, Theresa Gue, Desiree Marmita, Lindsay S. Moilanen, and Richard Primoff, and supervised by Lara S. Mehraban and Sheldon Pollock. The investigative team appreciates the assistance of Eduardo Martinez of the Office of Market Intelligence. The litigation against Rosenberger and Lanni will be led by Ms. Gue, Ms. Moilanen, and Mr. Primoff under the supervision of Mr. Pollock. The SEC appreciates the assistance of the Public Company Accounting Oversight Board.

Press release distributed by the SEC.

Featured image: by PeterThoeny is marked with CC BY-NC-SA 2.0.

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]]> Nominan la serie de investigación de Aitana Vargas sobre el presunto entramado fraudulento de Hadari Oshri https://investornews.io/nominan-la-serie-de-investigacion-de-aitana-vargas-sobre-el-presunto-entramado-fraudulento-de-hadari-oshri/ Sun, 05 Jun 2022 14:09:43 +0000 https://investornews.io/?p=4605 Nominan la serie de investigación de Aitana Vargas que destapa el presunto entramado fraudulento de Hadari Oshri Los Ángeles (CA) – En junio de 2021, la empresaria israelí Hadari Oshri pidió una orden de alejamiento contra la corresponsal española Aitana Vargas. Su objetivo era frenar en seco e impedir cualquier cobertura mediática de la periodista, […]

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]]> Nominan la serie de investigación de Aitana Vargas que destapa el presunto entramado fraudulento de Hadari Oshri

Los Ángeles (CA) – En junio de 2021, la empresaria israelí Hadari Oshri pidió una orden de alejamiento contra la corresponsal española Aitana Vargas. Su objetivo era frenar en seco e impedir cualquier cobertura mediática de la periodista, cuya serie de investigación distribuida en este medio destapa un presunto entramado corporativo fraudulento en el que Oshri y Marc Lubaszka estarían implicados y a través del cual habrían tratado de vender equipamiento de protección personal (PPE en inglés) por más de 370 millones de dólares y del cual carecían.

El día que Oshri presentó la querella mordaza, no debió medir bien sus acciones y, en septiembre de 2021, acabó sucumbiendo al sistema judicial californiano, que protege celosamente la Primera Enmienda de la Constitución Estadounidense y custodia la libertad de expresión, incluyendo el ejercicio periodístico, en particular toda información difundida en “interés público” (anti-SLAPP en inglés).

La guinda al pastel la colocó hace unos días el Club de Prensa de Los Ángeles, que nominó el trabajo de la reportera a un premio y reconfirmó por qué la serie de Vargas merece estar en la palestra pública.

Hadari Oshri y el Efecto Streisand

En 2021, la jugada judicial le salió tan mal a Oshri que, además de ser desestimada, la empresaria está obligada a pagar todos los gastos legales de la periodista madrileña. La factura, según documentos judiciales, asciende a más de 23.000 dólares.

Pero las acciones de Oshri acarrean implicaciones de mayor envergadura. Aunque la israelí lograra posponer la publicación de la cobertura mediática durante tres meses (que ya de por sí no debiera haber ocurrido), su modus operandi es un ejemplo idílico del llamado Efecto Streisand: Cuando un individuo trata de silenciar o encubrir un hecho, logra el objetivo contrario, no sólo generar mayor interés sino también una mayor cobertura mediática.

La vergonzosa denuncia de Hadari Oshri con acusaciones incomprensibles, indemostrables y bochornosas contra la periodista

Durante la vista, la jueza recalcó que la declaración jurada que Oshri presentó el 22 de junio de 2021 contra la periodista “no era clara”. De hecho, la magistrada le recriminó a los abogados de la empresaria que ni siquiera habían “incluído pruebas” y que, de haberlo hecho, éstas “carecían de fundamento” y eran inadmisibles.

En su denuncia escrita, Oshri se cubrió de gloria y le dedicó todo tipo de perlas a la galardonada periodista, incluyendo calificativos como “Mis Vergas” y “Señorita Vergas”. También la acusó de ser una “mujer muy peligrosa”, “desesperada” y una “reportera corrupta” sin ninguna prueba, e incluso identificó a Vargas como un miembro de la inexistente raza “española”. Pero las acusaciones de Oshri también incluyeron otras declaraciones incomprensibles y memorables como:

“(Vargas) está cavando en lugares que no están aquí ¡¡ no es AUTÉNTICA, NO ES EL FBI NI LA CIA, que puede perseguirme así por todas mis cuentas en las redes sociales, perseguir mis artículos en las redes sociales, y contactar con todos los implicados ¡¡¡”

“Mis Vergas es tan peligrosa, que está hablando de la situación públicamente en aquí su FB, diciendo que ella es un SLAPP y que la ley la protege, Mis Vargas no es el FBI y no es la CIA, sus historias sobre mí son mentira, y no tiene motivo para contactar con nadie en mi red”.

“Aitaina Vergas es una periodista corrupta, no es auténtica, HAY QUE PARARLA YA!!!”

“Un vistazo rápido a su post reciente en su página de Facebook es una evasión para aquí proceso de pensamiento y aquí urgencia”.

“Mi abogado le envió una sesión de espiritismo y desistir, y ella siguió”.

“¡Deja de escribir sobre mí y contactar con mi red! ¡Suspensión de su licencia de periodista para que no pueda hacerle esto a nadie más!”

Hadari Oshri pidió medidas cautelares contra la periodista porque ésta se negó a retirar su serie de investigación

Court documents show that Hadari Oshri instructed her attorney, John Tamborelli, to silence news reporter Aitana Vargas.

Documentos judiciales –entre otros– demuestran que, desde febrero de 2021, la periodista ha estado sometida a constantes presiones legales dirigidas a impedir la publicación de su serie de investigación, cuya primera entrega se difundió el 30 de mayo de 2021.

Vargas estaba a punto de publicar la segunda parte de su serie de investigación –en la que lleva meses trabajando y que implica a Oshri en un entramado dedicado a la venta de equipamiento de protección médico (PPE en inglés) junto a Marc Lubaszka– cuando Oshri emprendió acciones legales contra la periodista a finales de junio de 2021.

El exabogado de Hadari Oshri, John Tamborelli, presionó a la periodista para que cesara cualquier cobertura mediática

Antes de que Oshri solicitara medidas cautelares ante un juzgado de Los Ángeles, Vargas ya había reiterado en las redes sociales que no renunciaría a su investigación como resultado de la presión que Oshri y su anterior abogado, John Tamborelli, estaban ejerciendo sobre ella.

La periodista se negó a acatar las exigencias legales de Tamborelli, las cuales éste también incorporó en un acuerdo extrajudicial que mencionaba a Vargas y del que ésta ni formaba parte ni había firmado. En dicho acuerdo, el abogado de Oshri exigía a una de las fuentes de la periodista que ésta retirara cualquier artículo que mencionara al letrado (Tamborelli), a Oshri o a Lubaszka.

Hadari Oshri’s former attorney, John Tamborelli, tried to silence reporter Aitana Vargas’s media coverage and online complaints about the legal pressure she was enduring.

A finales de junio de 2021, el Sindicato Nacional de Escritores (NWU en inglés) le envió una carta a Tamborelli exigiéndole que cesara todo intento de intimidación hacia la corresponsal.

“El NWU se toma cualquier intento por silenciar o amenazar a un periodista, especialmente a una mujer, de forma muy seria”, decía la carta. “También nos gustaría recalcar que, aunque cualquier fuente confidencial pueda retractarse en cualquier momento, incluso bajo coacción, ésta no tiene un derecho legal para exigir la retirada de un artículo. Te pedimos que ceses cualquier acto de intimidación contra nuestro miembro”.

Hadari Oshri cuenta con varias querellas legales

La empresaria israelí se ha enfrentado a varios procesos legales en el pasado, y algunos exsocios o antiguos trabajadores que han obtenido sentencias contra ella aún están tratando de recaudar sus respectivas indemnizaciones.

En 2020, Oshri y Tamborelli se enfrentaron a una querella vinculada a un accidente de tráfico ocurrido en Los Ángeles. En la audiencia contra Vargas, los abogados de Oshri negaron la existencia de dicha querella a pesar de estar judicialmente documentada.

En la actualidad, Oshri es la directora ejecutiva de Trade Safe Pro y de A1A Management. Al frente de esta última compañía también está el exmodelo Patrick Seller. Hasta 2019, Oshri fue la directora ejecutiva de Xehar, Inc., una compañía de modelos de talla grande (o “hadas de la moda”) que naufragó y se fue a pique en 2018.

Screenshot of a promotional video of Xehar University, one of Hadari Oshri’s many defunct business projects.

Al inicio de la pandemia, Oshri se asoció con Marc Lubaszka, un empresario que está acusado de estafar dos millones de dólares a decenas de personas que invirtieron en sus planes de pensión y que ha sido investigado por el FBI. Lubaszka es el presidente de la compañía de jets privados Fly Private X, cuya página web se encuentra “en construcción” desde que Vargas publicó la primera entrega de su serie de investigación. En los últimos meses, Lubaszka ha reanudado la venta de oro a través de Buy Gold Brightly.

La corresponsal española está representada por Michael Creamer, con oficinas en el condado de Orange.

Desde julio de 2021, Oshri está representada por Veronica Barton y Paul Adkins, con oficinas en los condados de Los Ángeles y Orange.

**Esta historia se va actualizando conforme se recibe información adicional. Last update: March 20, 2022.

***Investor News provides on demand Spanish-language content to readers. Please contact the newsroom if you’d like to read specific stories in Spanish, and we’ll do our best to accomodate your needs promptly. 

Have you been SLAPPED? Contact the newsroom at info@investornews.io and share your story with us.

Send your news tips to: aitana_investigations@protonmail.com. All emails are checked for legitimacy, malware and malicious scripts and reported to law enforcement if necessary.

RELATED COVERAGE

Read Aitana Vargas’s exposé on Hadari Oshri nominated for journalism award.

Read 2019 court case against Hadari Oshri exposes her dodgy, aggressive legal maneuvers.

Read Hadari Oshri sued for copyright infringement in 2017.

Read Hadari Oshri’s losses mount up as she fails again to silence her victims.

Read The Legal Bullies Club – The SLAPPers: Featuring Hadari Oshri.

Read Hadari Oshri loses anti-SLAPP court battle against journalist Aitana Vargas.

Read Hadari Oshri deactivates LinkedIn account following PPE exposé.

Read “A Special Report: The Harrowing Impunity of White-Collar Crime (Part I): Marc Lubaszka, the ultimate white-collar conman on the run: From a Hollywood Hills mansion to Venezuela’s illegal gold mines and back.” 

Read “A Special Report: The Harrowing Impunity of White-Collar Crime (Part II): Marc Lubaszka’s nonexistent private jets failed to deliver PPE amid the COVID-19 pandemic.”

Read “A Special Report: The Harrowing Impunity of White-Collar Crime (Part III): Pursuing flash money, rapper Dylan Raw partners with conman Marc Lubaszka and becomes his patsy.”

Read “A Special Report: The Harrowing Impunity of White-Collar Crime (Part IV): Hadari Oshri allegedly linked to attempted $370M nonexistent PPE COVID-19 scheme.”

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]]> SCWorx Corp. and former CEO misled investors about COVID-19 test kits https://investornews.io/scworx-corp-and-former-ceo-misled-investors-about-covid-19-test-kits/ Sun, 05 Jun 2022 11:46:28 +0000 https://investornews.io/?p=4602 Washington D.C. — The Securities and Exchange Commission has charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx’s plans to distribute COVID-19 rapid test kits in April 2020. SCWorx has agreed to settle the SEC’s charges and […]

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]]> Washington D.C. — The Securities and Exchange Commission has charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx’s plans to distribute COVID-19 rapid test kits in April 2020. SCWorx has agreed to settle the SEC’s charges and will pay a $125,000 civil penalty.

The SEC’s complaint alleges that, with SCWorx struggling financially, Schessel and SCWorx issued a press release on April 13, 2020, falsely stating that SCWorx had a “committed purchase order” from a purported buyer to purchase two million COVID-19 rapid test kits. The press release further stated that the purchase order included a “provision for additional weekly orders of 2 million units for 23 weeks, valued at $35M [million] per week.” Following the issuance of the press release, SCWorx’s stock price surged 425% from the prior trading day on volume of 96.2 million shares, which was more than 900 times the prior three-month average daily volume.

The SEC alleges that Schessel and SCWorx issued this press release despite having neither a legitimate supplier of COVID-19 test kits nor an executed purchase agreement with a buyer. The complaint further alleges that Schessel and SCWorx publicly repeated the false and misleading statements about the distribution of COVID-19 rapid test kits over the course of April 2020.

At the time, the SEC ordered that trading be suspended temporarily in the securities of SCWorx between April 21, 2020, and May 5, 2020, because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning SCWorx.

“We allege that the defendants engaged in an age-old fraud—lying about their business prospects—to capitalize opportunistically on the COVID pandemic,” said SEC Chair Gary Gensler. “As the challenges from the pandemic continue, investors should be vigilant about COVID-related claims. The SEC will continue to root out fraud and prosecute those who attempt to use the surge of uncertainty from the pandemic to defraud the investing public.”

“As alleged in our complaint, Schessel and SCWorx repeatedly made false representations to the investing public about the distribution of COVID-19 rapid test kits at a time when the need for truthful disclosures was especially critical,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “Today’s filing is a testament to the resilience and dedication of the SEC staff who during the height of the pandemic uncovered the alleged fraud and expeditiously suspended trading in the securities of SCWorx soon after the first alleged misstatement.”

The SEC’s complaint, filed in federal district court in New Jersey, charges Schessel and SCWorx with violating the antifraud provisions of the federal securities laws. The SEC’s complaint seeks from both defendants permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties. The complaint also seeks an officer and director bar against Schessel. Without admitting or denying the allegations, SCWorx has agreed to a settlement, subject to court approval, that includes permanent injunctions, the payment of a $125,000 penalty, and disgorgement of $471,000 with prejudgment interest of $32,761.56. SCWorx is expected to satisfy its obligation to pay the disgorgement and prejudgment interest by contributing stock, valued at $600,000 at the time of issuance, to harmed investors in a private class action settlement in Yannes v. SCWorx Corp., et al., 1:20-cv-03349 (S.D.N.Y.).

In a parallel action, the U.S. Attorney’s Office for the District of New Jersey and the Fraud Section of the U.S. Department of Justice’s Criminal Division today announced criminal charges against Schessel.

The SEC’s investigation was conducted by Michael Brennan, with assistance from Robert Nesbitt, Howard Kaplan, Sachin Verma, and Peter Rosario, and supervised by Kevin Guerrero and Jennifer S. Leete. The litigation will be led by James Connor under the supervision of Olivia Choe. The SEC appreciates the assistance of Nasdaq’s Enforcement Department.

The SEC’s Office of Investor Education and Advocacy issued an alert urging investors to look out for false and misleading claims about purported COVID-19 related products.

To learn more about how the SEC can help you avoid scams, please visit: https://www.sec.gov/Protecting-You.

Press release distributed by the SEC.

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]]> SEC Proposes Rule Changes to Prevent Misleading or Deceptive Fund Names https://investornews.io/sec-proposes-rule-changes-to-prevent-misleading-or-deceptive-fund-names/ Thu, 26 May 2022 19:51:24 +0000 https://investornews.io/?p=4591 Washington D.C. — The Securities and Exchange Commission this week proposed amendments to enhance and modernize the Investment Company Act “Names Rule” to address changes in the fund industry and compliance practices that have developed in the approximately 20 years since the rule was adopted. A fund’s name is an important marketing tool and can […]

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]]> Washington D.C. — The Securities and Exchange Commission this week proposed amendments to enhance and modernize the Investment Company Act “Names Rule” to address changes in the fund industry and compliance practices that have developed in the approximately 20 years since the rule was adopted. A fund’s name is an important marketing tool and can have a significant impact on investors’ decisions when selecting investments, and the Names Rule addresses fund names that are likely to mislead investors about a fund’s investments and risks. The proposal follows a request for comment the SEC issued to gather public feedback on potential reforms to the rule in March 2020.

“A lot has happened in our capital markets in the past two decades. As the fund industry has developed, gaps in the current Names Rule may undermine investor protection,” said SEC Chair Gary Gensler. “In particular, some funds have claimed that the rule does not apply to them — even though their name suggests that investments are selected based on specific criteria or characteristics. Today’s proposal would modernize the Names Rule for today’s markets.”

The Names Rule currently requires registered investment companies whose names suggest a focus in a particular type of investment (among other areas) to adopt a policy to invest at least 80 percent of the value of their assets in those investments (an “80 percent investment policy”). The proposed amendments would enhance the rule’s protections by requiring more funds to adopt an 80 percent investment policy. Specifically, the proposed amendments would extend the requirement to any fund name with terms suggesting that the fund focuses in investments that have (or whose issuers have) particular characteristics. This would include fund names with terms such as “growth” or “value” or terms indicating that the fund’s investment decisions incorporate one or more environmental, social, or governance factors. The amendments also would limit temporary departures from the 80 percent investment requirement and clarify the rule’s treatment of derivative investments.

The proposing release will be published in the Federal Register. The comment period will remain open for 60 days after publication in the Federal Register.

Press release distributed by the SEC.

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