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Showing posts from June, 2014

SEC brings charges against Bitcoin firms

The Securities and Exchange Commission today charged the co-owner of two Bitcoin-related websites for publicly offering shares in the two ventures without registering them.

An SEC investigation found that Erik T. Voorhees published prospectuses on the Internet and actively solicited investors to buy shares in SatoshiDICE and FeedZeBirds. However, he failed to register the offerings with the SEC as required under the federal securities laws. Investors paid for their shares using Bitcoin, a virtual currency that can be used to purchase real-world goods and services and exchanged for fiat currencies on certain online exchanges. The profits ultimately earned by Voorhees through the unregistered offerings totaled more than $15,000.

Voorhees agreed to settle the SEC’s charges by paying full disgorgement of the $15,843.98 in profits plus a $35,000 penalty for a total of more than $50,000.

“All issuers selling securities to the public must comply with the registration provisions of the secur…

Ex-Im Bank authorizes $1.1 billion in African financing

The Export-Import Bank of the United States (Ex-Im Bank) announced this morning that the Bank has authorized $1.1 billion to finance U.S. exports to sub-Saharan Africa in the first seven months of fiscal year 2014.

The announcement was made as Ex-Im Bank Chairman and President Fred P. Hochberg participated in the U.S. Africa-Energy Ministerial, June 3 – 4, 2014, in Addis Ababa, Ethiopia, with Department of Energy Secretary Dr. Ernest Moniz. The event is being attended by 350 business leaders and government officials, including more than 30 African energy ministers.

The ministerial is building upon President Barack Obama’s Power Africa initiative and will explore strategies to accelerate the development of clean-energy sources and the adoption of energy-efficient technologies. It will also review best practices in the development of oil and gas resources, policy and regulatory issues, investment opportunities and financing. Chairman Hochberg participated in a panel discussion of gover…