If Nikola goes up in flames, GM might only get singed, analysts say
DETROIT — General Motors’ pending partnership with electric vehicle maker Nikola Corp. could result in a dream team or a deal with the devil.Either way, GM CEO Mary Barra is not backing down from it despite rumblings on Wall Street that perhaps GM failed at its due diligence.Last week, Hindenburg Research published a 67-page report accusing Nikola of being an “intricate fraud.” Nikola has disputed the claim.Now the U.S. Securities and Exchange Commission and Department of Justice are examining the allegations against Nikola, according to media reports. The news has crushed Nikola’s stock price...
Detroit Free Press
SEC requires Seattle e-sports platform Unikrn to repay funds raised in crypto deal
Seattle e-sports platform Unikrn has agreed to pay more than $6 million to settle a complaint by the Securities and Exchange Commission alleging that the gambling site, initially backed by celebrities including Ashton Kutcher and Mark Cuban, raised $31 million by selling unregistered securities.The $6.1 million, substantially all of the company’s current assets, will go to investors who purchased the cryptocurrency UnikoinGold, issued by Unikrn in June 2017.The company promised investors UnikoinGold would become more valuable as Unikrn developed cryptocurrency-enabled gambling features for its...
The Seattle Times
Rapper T.I. settles with SEC over fraudulent initial coin offerings
ATLANTA — Rapper T.I. has settled charges with the Securities and Exchange Commission related to his promotion of one of two unregistered and fraudulent initial coin offerings.T.I. is required to pay a $75,000 civil monetary penalty and “not participate in offerings or sales of digital-asset securities for at least five years,” according to the SEC release.The SEC said it found T.I. promoted film producer Ryan Felton’s company FLiK, according to the news release.The rapper, whose real name is Clifford Harris, was among five individuals who promoted one of Felton’s companies. Felton’s other com...
The Atlanta Journal-Constitution