SEC

  • SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper

    SEC Outlines Its Reasoning For Shutting Down P2P Lender Prosper

    Last month, peer-to-peer lender Prosper stopped all new lending on its site because of scrutiny by the SEC. Prosper agreed to register under the Securities Act, a process which can take months. Yesterday, the SEC issued its formal cease-and-desist letter (embedded below or download PDF), outlining its reasoning for characterizing Prosper as a seller of investment, something prosper had… Read More

  • SEC Gives Facebook The Greenlight To Go Beyond 500 Shareholders Without Going Public

    SEC Gives Facebook The Greenlight To Go Beyond 500 Shareholders Without Going Public

    When most private companies reach 500 shareholders, they trigger an SEC rule which effectively treats them like a public company and requires them to some of the same reporting requirements. Google ran into this issue just before it went public. Now Facebook is quickly reaching that same threshold as it continues to hire and allows employees to sell shares to outside investors. But in a… Read More

  • SEC to investigate false Steve Jobs heart attack claim

    SEC to investigate false Steve Jobs heart attack claim

    Whoever made that false Steve-Jobs-had-a-heart-attack claim is going to be in a lot of trouble now that the SEC is getting involved. The independent agency is looking to see if the false report was done maliciously. That is to say, it’s trying to figure out whether or not the person who posted the claim in order to profit from the resulting drop in stock price. (Apple’s stock went… Read More

  • SEC To Recognize Corporate Blogs as Public Disclosure. Can We Now Kill the Press Release?

    For several years, Sun CEO, Jonathan Schwartz has lobbied the SEC to allow disclosure of financial information through corporate blogs. In a landmark announcement, it seems that Mr. Schwartz may indeed get his wish, and with it, a historical decision that could break the age-old shackles that bound businesses to traditional media and distribution channels in order to satisfy full disclosure. In… Read More

  • Former Apple CFO Told To Pay Up – Big Time

    Former Apple CFO Told To Pay Up – Big Time

    When the SEC is on your back and you’ve been backdating stock options, you’re kind of in a tight situation. So when former Apple Chief Financial Officer Fred Anderson was offered a deal to pay back $3.5 million bucks plus a $150,000 fine, you can bet your iPod he took it. The charges date back to 2001 when Anderson was working for Apple and was granted multiple stock options that… Read More