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Crypto Conversation: Facing U.S. Probe, BitMEX Sees $818M Exit

October 7, 2020

What’s hot in crypto this week?

BitMEX — it’s a peer-to-peer cryptocurrency exchange and derivatives trading website dealing in bitcoin. It was founded in 2014 in Hong Kong, but is currently based in the Seychelles. BitMEX offers a variety of trading services, including margin trading with up to 100-times leverage. That means a deposit of $1,000 will result in a trader having the ability to trade $100,000 worth of BTC and futures trading, allowing investors to bet on the future prices of BTC.

The platform only handles prices in bitcoin, rather than fiat currencies, meaning that all gains and losses are in BTC. In 2016, BitMEX became the first Bitcoin denominated futures contract on a Chinese A Share index.

Why?

On Oct. 1, the U.S. Attorney’s Office for the Southern District of New York unsealed a criminal indictment against several BitMEX executives, including the chief technology officers, alleging they failed

General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

October 7, 2020

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General Electric shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

a sign on the side of a building: General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

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The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order

General Electric Gets SEC Wells Notice Amid Accounting Probe

October 7, 2020

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General Electric (GE) – Get Report shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with

GE Warns of Likely SEC Action in Probe of Insurance Reserves

October 7, 2020

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(Bloomberg) — General Electric Co. warned that it’s likely to face U.S. Securities and Exchange Commission allegations of accounting misdeeds, setting back Chief Executive Officer Larry Culp’s effort to put the company’s rocky past behind it.

a close up of a sign: A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

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A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

GE received a Wells notice Sept. 30 advising that the SEC may pursue a civil enforcement action over possible securities violations tied to an old insurance business, according to a company regulatory filing Tuesday. The agency has yet to decide whether to recommend action on issues related to GE’s power-equipment business that are also under investigation.

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The Wells notice reopens old wounds from a previously disclosed

Rochester Mayor Lovely Warren indicted in campaign finance probe

October 2, 2020

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Rochester Mayor Lovely Warren was indicted Friday on charges she broke campaign finance rules and committed fraud during her reelection campaign three years ago, adding another layer of crisis in a city that has been reeling over its handling over a police killing. Monroe County District Attorney Sandra Doorley also announced charges against Warren’s campaign treasurer, Albert Jones Jr., and the treasurer of her political action committee, Rosalind Brooks-Harris.

The indictment dramatically increases political peril for Warren, who was already facing calls to resign for the city’s handling of the suffocation of Daniel Prude. The Democrat is midway through her second term as the first female and second Black mayor of Rochester, a city of more than 200,000 by Lake Ontario.

State Board of Elections investigators had previously concluded there was “considerable evidence” that Warren, her associates and a political action committee supporting her campaign took steps to intentionally

Rochester mayor indicted in campaign finance probe

October 2, 2020

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Rochester Mayor Lovely Warren was indicted Friday on charges she broke campaign finance rules and committed fraud during her reelection campaign three years ago, adding another layer of crisis in a city that has been reeling over its handling over a police killing.

Monroe County District Attorney Sandra Doorley also announced charges against Warren’s campaign treasurer, Albert Jones Jr., and the treasurer of her political action committee, Rosalind Brooks-Harris.

The indictment dramatically increases political peril for Warren, who was already facing calls to resign for the city’s handling of the suffocation of Daniel Prude. The Democrat is midway through her second term as the first female and second Black mayor of Rochester, a city of more than 200,000 by Lake Ontario.

State Board of Elections investigators had previously concluded there was “considerable evidence” that Warren, her associates and a political action committee supporting her campaign took steps to intentionally evade

BP Sacks Crude Oil Staff Amid Probe Into China Dealings | Investing News

October 1, 2020

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SINGAPORE (Reuters) – BP

has terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore’s Hontop Energy, three people familiar with the matter said.

The decision was made this week, the people said. The staff had been placed on leave in early July while BP conducted its probe.

The staff worked in crude trading and operations roles in Singapore and Shanghai, they said.

The improper use of the WeChat messaging platform as a tool for commercial discussions with counterparties was cited as a factor behind the terminations, one person said.

BP said the company does not comment on personnel matters or on its WeChat usage policy.

BP trading staff, including some of those terminated this week, were named in a court document filed by Malaysian lender CIMB as part of the bank’s request to the Singapore High

Fiat Chrysler to pay $9.5M in SEC probe related to diesel emissions cheating scandal

September 29, 2020

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Fiat Chrysler Automobiles is set to pay a $9.5 million civil penalty related to allegations that it misled investors about its diesel emissions scandal, according to the U.S. Securities and Exchange Commission.

a close up of a sign: Fiat Chrysler Automobiles will merge with Paris-based PSA Groupe, maker of Peugeot automobiles, according to media sources.

© Kimberly P. Mitchell, Detroit Fr
Fiat Chrysler Automobiles will merge with Paris-based PSA Groupe, maker of Peugeot automobiles, according to media sources.

The settlement, announced Monday, is just one piece in FCA’s diesel case, which, like Volkswagen’s Dieselgate, focused on claims the company installed so-called defeat devices to cheat emissions testing.

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Defeat devices would let a vehicle perform differently during testing than on the road, leading to excessive pollution. In addition to FCA and VW, numerous auto companies and the auto supplier Bosch have been accused of or agreed to settle claims of diesel emissions cheating.

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Fiat Chrysler to pay $9.5M in SEC probe related to diesel scandal

September 29, 2020

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Fiat Chrysler Automobiles is set to pay a $9.5 million civil penalty related to allegations that it misled investors about its diesel emissions scandal, according to the U.S. Securities and Exchange Commission.

The settlement, announced Monday, is just one piece in FCA’s diesel case, which, like Volkswagen’s Dieselgate, focused on claims the company installed so-called defeat devices to cheat emissions testing.

Defeat devices would let a vehicle perform differently during testing than on the road, leading to excessive pollution. In addition to FCA and VW, numerous auto companies and the auto supplier Bosch have been accused of or agreed to settle claims of diesel emissions cheating.

The FCA case involved approximately 100,000 2014-16 Eco-diesel Ram 1500 pickups and Jeep Grand Cherokees. An earlier estimate put the expected cost to FCA for a class-action settlement, various penalties and other costs at more than $790 million. FCA has acknowledged that it’s

BMW to Pay $18 Million U.S. Fine to Resolve Inflated Sales Probe | Investing News

September 26, 2020

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By David Shepardson and Mohammad Zargham

WASHINGTON (Reuters) – BMW AG

and two U.S. subsidiaries agreed Thursday to pay an $18 million U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker’s retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings.

The U.S. Securities and Exchange Commission said from 2015 to 2019, BMW inflated reported U.S. retail sales, which helped BMW close the gap between actual retail sales volume and internal targets and “publicly maintain a leading retail sales position relative to other premium automotive companies.”

It added BMW of North America “maintained a reserve of unreported retail vehicle sales — referred to internally as the ‘bank’ — that it used to meet internal monthly sales targets without regard to when the underlying sales occurred.”

The SEC probe started in late 2019, BMW said.

“There is