SEC clamps down on Facebook traders
Wednesday 14 March 2012
The Securities and Exchange Commission (SEC), the US watchdog, is set to assert its authority over private company share trading, with enforcement actions against two firms that facilitated investment in Facebook and other start-ups.
SharesPost, which runs a stock market for trading in private company shares, should immediately have registered as a broker-dealer, the SEC has decided. It was trading activity on SharesPost which gave potential investors a glimpse at the likely value of Facebook last year, even though the popular social network is only now planning to go public.
Investors have clamoured to be able to buy into hot tech companies such as Facebook, before they floated on the public stock market. The SEC has been looking into whether they were put at risk by trading in the absence of public information on firms' financial health.
The SEC also plans enforcement action against executives at Felix Investments, which created pools of Facebook shares for sale to the public.
- 1 'The Fappening': Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how the internet reacted
- 4 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
'The Fappening': Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Scotland could still declare independence – even without referendum, says Alex Salmond
The Fappening: Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Britain First picture: Photographer 'horrified' after first Afghan policewoman killed by Taliban used for 'ban the burka' campaign
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...