Business News

SEC files Administrative Proceeding against Michael Schneider, CPA

Washington, DC (STL.News) The US Securities and Exchange Commission issued an Administrative Proceeding and Cease-and-Desist Proceeding against Michael Schneider, CPA pursuant to Section *A of the Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the commission’s rules of practice, making findings, and imposing remedial sanctions.CLICK to VIEW FILING – PDF Source link

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US DOL awards additional funding to Rhode Island for Grant responding to Opioid Crisis

WASHINGTON, DC (STL.News) The U.S. Department of Labor today announced additional funding for an opioid-crisis National Health Emergency Dislocated Worker Grant (DWG) for the Rhode Island Department of Labor and Training.  The award of $1,329,657 will provide continued employment and training services to eligible individuals in communities across five counties, which are affected significantly by the health and economic effects of widespread opioid use, addiction and overdose.The project provides eligible grant participants with disaster-relief employment in jobs addressing the impacts of the opioid crisis, such as peer recovery specialists.  The project also provides employment and training services to individuals affected by the opioid crisis and to individuals seeking careers in healthc

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Mesothelioma Compensation Center Appeals to a Public Utility or Waterworks Worker with Mesothelioma

Mesothelioma Compensation Center Appeals to a Public Utility or Waterworks Worker with Mesothelioma to Call Attorney Erik Karst of Karst von Oiste-Start the Compensation Process ASAP-For Better ResultsHOUSTON, TX (STL.News) The Mesothelioma Compensation Center says, “We are appealing to a public utility or waterworks worker who has just been diagnosed with mesothelioma or their family members to please call attorney Erik Karst the founding partner of the law firm of Karst von Oiste at 800-714-0303.  Erik Karst is one of the nation’s leading mesothelioma attorneys and he will know how to maximize compensation results for a person like this.  Financial compensation for a person like this might exceed a million dollars-provided the attorney they hire know what they are doing.“Attorney Erik Ka

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Marathon Oil Announces Early Tender Results Of Tender Offer For Up To $500,000,000 Of Its 2.800% Senior Notes Due 2022

HOUSTON, TX (STL.News) Marathon Oil Corporation (NYSE:MRO) announced today the early tender results for its previously announced cash tender offer (the “Offer”) for up to an aggregate principal amount of $500,000,000 (the “Aggregate Maximum Tender Amount”) of its outstanding $1,000,000,000 aggregate principal amount of 2.800% Senior Notes due 2022 (the “Notes”).  The terms and conditions of the Offer are set forth in the Offer to Purchase, dated September 16, 2020 (as the same may be amended or supplemented, the “Offer to Purchase”).  The Offer will expire at 11:59 p.m., New York City time, on October 14, 2020, unless extended or earlier terminated by the Company.As of 5:00 p.m., New York City time, on September 29, 2020 (such time and date, the “Early Tender Time”), according to informati

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Morgan Stanley Agrees to Pay $5 Million for Reg SHO Violations in Prime Brokerage Swaps Business

Washington, DC (STL.News) The Securities and Exchange Commission today announced settled charges against Morgan Stanley & Co. LLC for violations of Regulation SHO, the regulatory framework governing short sales.According to the SEC’s order, the structure of Morgan Stanley’s prime brokerage swaps business resulted in violations of Reg SHO.  As set forth in the order, Morgan Stanley hedged synthetic exposure to swaps by purchasing or selling the securities referenced in the swaps, and it separated its hedges into two aggregation units – one holding only long positions, and the other holding only short positions.  According to the order, Morgan Stanley was able to sell its hedges on the long swaps and mark them as “long” sales without concern for Reg SHO’s short sale requirements.The orde

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SEC Charges Texas-Based Company and Founders with Defrauding Dozens of Investors

Securities and Exchange Commission, SEC charges Christian Kranenberg, Sebastian Silea, and their company, KS Cartel with fraud involving $1.1 million(STL.News) The Securities and Exchange Commission (SEC) charged Texas residents Christian Kranenberg and Sebastian Silea, and their company KS Cartel, with defrauding dozens of investors out of $1.1 million through a fraudulent and unregistered securities offering.The SEC’s complaint alleges that Kranenberg and Silea falsely held themselves out to prospective investors as highly qualified business and industry professionals with a history of successful trading.  According to the complaint, KS Cartel, Kranenberg, and Silea falsely guaranteed that investors would lose no more than 50 percent of their initial investment, and claimed, without any

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Aegion Corporation Awarded $5 Million Wastewater Rehabilitation Contract in Western Canada

ST. LOUIS, MO (STL.News) Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, has been awarded a two-year, $5 million (USD) contract to rehabilitate aging wastewater pipelines in Western Canada.Insituform will rehabilitate more than 80,000 linear feet—the equivalent of more than 15 miles—of sanitary wastewater lines utilizing trenchless technology—also known as “no-dig”—rehabilitation that reduces overall project costs and minimizes disruptions to residents.  The project will consist of installation of a mix of small-, medium- and large-diameter cured-in-place pipe (CIPP) on wastewater pipelines, including full bypass.Charles R. Gordon, Aegion’s President and CEO, said, “This latest project in Western Canada is a result of our leading market positi

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CFTC Orders Chicago Prop Firm and 3 Traders to Pay $745,000 for Spoofing in Agricultural and Metals Futures

Washington, DC (STL.News) The Commodity Futures Trading Commission issued four orders today filing and settling charges against Brendan Delovitch and Wesley Johnson both of Canada, Rajeev Kansal of India, and ARB Trading Group LP, a proprietary trading firm headquartered in Chicago, for spoofing across four exchanges in various agricultural and metals futures contracts.Specifically, the orders find that the respondents spoofed—the bidding or offering with the intent to cancel the bid or offer before execution—in the lean hogs and live cattle futures contracts traded on the Chicago Mercantile Exchange (CME); silver and copper futures contracts traded on the Commodity Exchange (COMEX); soybean futures contracts traded on the Chicago Board of Trade (CBOT); and cotton, canola, and sugar future

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SEC Charges Louisiana Man with Defrauding Investors in Foreign Currency Trading Scheme

Securities and Exchange Commission, SEC, has charged Baton Rouge, Louisiana resident, Todd W. Mixon for defrauding investors in foreign currency trading scheme(STL.News) The Securities and Exchange Commission (SEC) yesterday announced charges against a Louisiana man for orchestrating a foreign currency trading scheme that defrauded at least 28 investors, most of whom are from the Baton Rouge, Louisiana area.The SEC alleges that Todd W. Mixon, a Baton Rouge resident with no known financial industry experience, raised at least $576,000 by misrepresenting to investors that he had learned how to successfully trade foreign currencies and by promising investors that he would use their funds to trade foreign currencies.  The SEC’s complaint further alleges that Mixon provided investors with forge

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Bernstein Liebhard LLP Reminds Investors of the Deadline in a Securities Class Action Lawsuit Against Coty Inc.

COTY SHAREHOLDER ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Coty Inc.NEW YORK (STL.News) Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Coty Inc. (“Coty” or the “Company”) (NYSE: COTY) between October 3, 2016 and May 28, 2020 (the “Class Period”).  The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.If you purchased COTY securities, and/or would like to discuss your legal rights and options pleas

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SEC Awards Almost $30 Million to Two Insider Whistleblowers

Washington, DC (STL.News) The Securities and Exchange Commission today announced an award of almost $30 million to two insider whistleblowers whose tips led SEC staff to open an investigation.  The first whistleblower, who was the first to alert SEC staff of potential wrongdoing and provided substantial, ongoing assistance, received an award of approximately $22 million.  The second whistleblower provided additional valuable information, and received an award of approximately $7 million.“The information and assistance provided by today’s whistleblowers helped the agency return tens of millions of dollars to harmed retail investors,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “We hope that awards like the ones issued by the Commission today will continue to incentiv

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Newmont Sells Royalty Portfolio for $90 Million

DENVER, CO (STL.News) Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) announced today that it has entered into a definitive agreement with Maverix Metals Inc. (NYSE American & TSX: MMX) (Maverix) to sell a portfolio of eleven royalties (the Transaction). Newmont will receive total consideration of approximately $90 million from Maverix, consisting of $15 million in cash, 12 million Maverix common shares, and up to $15 million in contingent cash payments payable upon completion of certain milestones.The royalties provide exposure to five flagship gold assets owned and operated by growth-oriented mining companies.  The portfolio includes royalties on Camino Rojo and Ana Paula in Mexico, Cerro Blanco in Guatemala, and Mother Lode and Imperial in the United States.The Transa

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Entergy’s Louisiana Utilities Preparing for Potential Impacts of Two Tropical Systems

New Orleans, LA (STL.News) Entergy’s Louisiana companies are continuing to monitor and plan for the potential impacts of two tropical storm systems.  While the paths and intensity of Hurricane Marco and Tropical Storm Laura could change, the companies are preparing for multiple scenarios as well as the enhanced risks of severe thunderstorms, strong winds, heavy rains, high tides and coastal flooding in portions of Louisiana.Though it may be too soon to determine the exact location, timing and magnitude of these storms, customers are encouraged to continue monitoring local weather alerts, have a plan in place and be storm ready.  Due to additional measures that must be taken because of the COVID-19 pandemic as well as the potential for impact from back-to-back storms, customers should prepa

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