The Securities and Exchange Commission moved to dismiss its civil fraud case against Trevor Milton, founder of Nikola Corporation, following his pardon by President Trump on March 28, 2025. Milton was convicted in October 2022 of securities fraud for misleading investors about Nikola’s …
Trevor MiltonSecurities and Exchange CommissionDonald TrumpNikola Corporationcorruptionregulatory-capturepay-to-playsecurities-fraudelite-impunity
The Securities and Exchange Commission files a federal lawsuit against Patrick Orlando, former CEO and Chairman of Digital World Acquisition Corporation, alleging securities fraud in connection with DWAC’s initial public offering and proposed merger with Trump Media. The SEC alleges Orlando …
Securities and Exchange CommissionPatrick OrlandoDigital World Acquisition CorpTrump Media & Technology Groupsec-lawsuitpatrick-orlandosecurities-frauddwactrump-media+1 more
In a 6-3 decision on June 27, 2024, the Court held the Seventh Amendment requires jury trials when the SEC seeks civil penalties for securities fraud, ending the agency’s use of in-house administrative law judge proceedings for such cases. Chief Justice Roberts’ majority opinion found …
Supreme Court of the United StatesSecurities and Exchange CommissionChief Justice John Roberts (majority opinion)Justice Neil Gorsuch (concurring)Justice Clarence Thomas (concurring)+4 moreadministrative-lawcourtsenforcementseventh-amendmentjury-trial-rights+3 more
The Securities and Exchange Commission announced settled fraud charges against Digital World Acquisition Corp (DWAC) for material misrepresentations to investors about merger discussions with Trump Media & Technology Group (TMTG). The SEC found that individuals who would later become …
Securities and Exchange CommissionDigital World Acquisition CorpTrump Media & Technology GroupSECsec-chargesdwacsecurities-fraudtrump-mediaspac-fraud+1 more
FBI and HSI agents arrested Michael Shvartsman, Gerald Shvartsman, and Bruce Garelick on June 29, 2023, for an insider trading scheme related to Digital World Acquisition Corp (DWAC), which was set to merge with Trump Media & Technology Group. The defendants allegedly made over $22 million in …
Michael ShvartsmanGerald ShvartsmanBruce GarelickFBIHSI+3 moredwacinsider-tradingfbi-arreststrust-social-investigationtruth-social+2 more
Former U.S. Representative Chris Collins (R-NY) was sentenced to 26 months in federal prison, one year of supervised release, and a $200,000 fine by Judge Vernon S. Broderick for insider trading and making false statements to the FBI. Collins, who was the first member of Congress to endorse Donald …
Chris CollinsCameron CollinsDonald TrumpVernon S. BroderickCongressional CorruptionInsider TradingRepublican PartyNew YorkSecurities Fraud+2 more
Morgan Stanley and other underwriters engaged in selective disclosure during Facebook’s initial public offering, revealing sensitive financial information only to institutional investors. Massachusetts securities regulators fined Morgan Stanley million for creating an ‘unlevel playing …
Morgan StanleyFacebookWilliam GalvinJames Gormansecurities-fraudmarket-manipulationtech-industryfinancial-regulationfacebook+1 more
On October 23, 2006, former Enron CEO Jeffrey Skilling was sentenced to 24 years and four months in federal prison for his role in the Enron fraud, representing one of the harshest sentences ever imposed on a corporate executive. U.S. District Judge Sim Lake also ordered Skilling to forfeit …
Jeffrey SkillingDepartment of JusticeSim Lakecorporate-fraudenroncriminal-prosecutionsecurities-fraudcorporate-accountability
On May 25, 2006, a federal jury convicted Enron founder Kenneth Lay on all six counts of fraud and conspiracy, and former CEO Jeffrey Skilling on 19 of 28 counts of securities fraud, wire fraud, and conspiracy. The verdicts marked a watershed moment in corporate accountability, holding top …
Kenneth LayJeffrey SkillingDepartment of Justicecorporate-fraudenroncriminal-prosecutionsecurities-fraudcorporate-accountability
On July 13, 2005, former WorldCom CEO Bernard Ebbers was sentenced to 25 years in federal prison for orchestrating the largest corporate accounting fraud in American history. The sentence, handed down by U.S. District Judge Barbara Jones in Manhattan, represented one of the harshest penalties ever …
Bernard EbbersDepartment of Justicecorporate-fraudworldcomcriminal-prosecutionsecurities-fraudcorporate-accountability
On July 7, 2004, a federal grand jury indicted Enron founder and former CEO Kenneth Lay on 11 counts of securities fraud, wire fraud, and making false statements to banks. The indictment charged that Lay repeatedly lied to investors, employees, and federal regulators about Enron’s …
Kenneth LayJeffrey SkillingDepartment of Justicecorporate-fraudenronsecurities-fraudcriminal-prosecutionwhite-collar-crime
On September 12, 2002, Manhattan District Attorney Robert Morgenthau indicted former Tyco International CEO Dennis Kozlowski, CFO Mark Swartz, and General Counsel Mark Belnick on charges of looting at least $600 million from the company through fraudulent loans and unauthorized stock sales. The …
Dennis KozlowskiMark SwartzMark Belnickcorporate-fraudtycosecurities-fraudexecutive-lootingwhite-collar-crime
On June 25, 2002, WorldCom, the second-largest telecommunications company in the United States, announced it would restate its financial statements after discovering $3.8 billion in fraudulent accounting entries. The company admitted that “certain transfers” from line cost expenses to …
Bernard EbbersCynthia CooperScott SullivanWorldComcorporate-fraudworldcomaccounting-fraudsecurities-fraudwhite-collar-crime