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SEC Files Complaint Against Elon Musk for Fraud

"Am considering taking Tesla private at $420. Funding secured."

These 10 words by Elon Musk on Twitter have sparked a fraud lawsuit by the SEC. Read the full complaint below.

Remember that time you thought you bought some weed from that shady kid in high school, but it turned out to be oregano? Or scored some dank nugs late night on Haight Street, but got home to find out it was just balled up pieces of the yellow pages rubbed in the grass? This is just like that, only with more money.

Michael Cone's Greenview Investment Partners took in $3.3 million "to purportedly finance cannabis-related businesses and promising investors massive returns." Only there were no cannabiz investments -- just Rolex watches, a 2017 Bentley Flying Spur, and a 2015 Rolls Royce Wraith, according to a criminal complaint alleging Cone and Greenview of multiple violations of federal securities laws. You can see the complaint below:

Way back in 2011, Benchmark Capital was one of Uber's early and prominent investors. And according to court filings, Benchmark currently holds approximately 13 percent of Uber's stock, equating to 20 percent of Uber's voting power. Unfortunately for Uber and its deposed CEO Travis Kalanick, that court filing is a fraud lawsuit, filed by Benchmark in Delaware state court yesterday.

The lawsuit involves that voting power, centering on Kalanick's alleged misrepresentations in stacking Uber's board of directors in order to solidify his position, possibly with an eye on a return to the company. You can see the full lawsuit below.

Notorious pharmaceutical price manipulator Martin Shkreli and co-conspiring corporate attorney Even Greebel were arrested in New York this morning on federal securities fraud charges.

Shkreli gained worldwide infamy when his current pharmaceutical company jacked up the prices of life-saving AIDS medication by some 5,000 percent. The grand jury indictment, which you can read below, accuses Shkreli of using a former company he owned as a personal piggy bank to repay debts from other business ventures.

In an explanation that may have seemed self-evident, the U.S. Supreme Court has clarified that dumping undersized red grouper overboard in an attempt to deceive fish and game officials is not the same as shredding financial documents to mislead auditors, regulators, and shareholders.

The Court reversed a ruling from the 11th U.S. Circuit Court of Appeals that held the Sarbanes-Oxley Act's prohibition on destruction or concealment of "any record, document, or tangible object" applied to commercial fishermen who threw undersized fish back in the Gulf of Mexico after inspection by National Marine Fisheries officers.

SAC Capital, one of Wall Street’s biggest hedge funds founded by billionaire Steven A. Cohen, has been indicted for insider training.

The 41-page federal indictment (attached below) is one of the most high-profile insider trading cases in U.S. history.

SAC Capital (the firm bears Cohen’s initials) engaged in a decade-long scheme of profiting from non-public information from employees of publicly-traded companies and other sources, the indictment alleges.

The scheme “was substantial, pervasive and on a scale without known precedent in the hedge fund industry,” according to the indictment, blaming “institutional indifference” to unlawful conduct.

This could mean the end for Cohen’s legendary Wall Street career. He is one of the highest-profile figures in U.S. finance with a net worth of $8.8 billion, according to Forbes. Ranked the No. 40 richest American, he is among an elite group of hedge fund managers to personally earn at least $1 billion a year.

Along with the criminal charges, federal prosecutors filed a civil forfeiture complaint seeking to recover millions of dollars in gains from insider trading offenses.

Facebook Shareholders File Class Action Lawsuit Over IPO

A group of Facebook shareholders has filed a lawsuit on behalf of all those who bought Facebook stock during the company's initial public offering.  The suit accuses Facebook, Mark Zuckerberg, and other officers of the company of making false statements in the IPO prospectus that misrepresented the company's potential loss of revenue.
The California State Teachers' Retirement System (CalSTRS), one of the largest public pension funds in the country, has filed a derivative lawsuit against Wal-Mart over the reports of widespread bribery by the retailer's Mexico division that have enveloped the company in scandal in recent weeks.  CalSTRS claims that Wal-Mart directors, both past and present, violated their fiduciary duties to shareholders by engaging in the Mexican bribery schemes, failing to investigate the allegations once they surfaced, and failing to inform shareholders of the alleged wrongdoing of Wal-Mart officers.

Facebook Files for IPO

Facebook has filed its long-anticipated S-1 form in preparation for an initial public offering of stock.  While the filing does not list the specifics of the offering, it does contain details of the inner workings of the social networking company that were previously unavailable to the public.

The Securities and Exchange Commission has charged six former Fannie Mae and Freddie Mac executives with securities fraud alleging that the executives knew and approved of untrue or misleading statements regarding the companies' exposure to risky investments such as subprime loans.  As part of the indictments, Fannie Mae and Freddie Mac have signed Non-Prosecution Agreements with the SEC whereby the companies agreed to accept responsibility for their actions.