RadioShack Revival Leads to Charges of Fraud by SEC

Reviving RadioShack Online Turned Into Ponzi Scheme, SEC Claims

A company that snatched up distressed brick-and-mortar brands including RadioShack and Pier 1 Imports and promised investors big returns in a pivot to e-commerce operated as a Ponzi-like scheme, the US Securities and Exchange Commission alleged.

When the pandemic sparked a wave of retail bankruptcies, Retail Ecommerce Ventures picked up a slew of iconic brands on the cheap, with the aim to revive them as online-first businesses. Its portfolio also includes Dress Barn, Modell’s Sporting Goods and Stein Mart.

To attract investors, REV bragged in promotional videos that its portfolio companies were “on fire,” the regulator alleged in a lawsuit filed Monday in federal court in the Southern District of Florida.

Madoff trustee tells NYC power couple to divvy up swanky Manhattan condo to compensate fraudster’s victims

The hard-charging trustee of Bernie Madoff’s estate is pushing a New York City power couple to break up their super-sized Manhattan apartment — and sell two-thirds of its square footage to compensate the late Ponzi schemer’s victims, The Post has learned.

Irving Picard — the attorney who has clawed back nearly $15 billion for Madoff customers burned in the fund’s 2008 collapse — is going to unusual lengths to enforce an April 2022 court ruling that found New York lawyer Malcolm Sage was a rare “net winner” in the Madoff mess.

SEC Chief Proposes Year-End Rule Exemption to Boost Crypto Trading

Wall Street’s top regulator said he wants by the end of the year a new “innovation exemption” to let crypto firms immediately launch products — the latest example of the US Securities and Exchange Commission’s more friendly approach to digital assets.

SEC Chairman Paul Atkins also said on Tuesday that the agency would be working to write new rules for crypto in the coming months. In July, Atkins floated the idea of an exemption to let some businesses quickly enter the market with new technologies without having “to comply with incompatible or burdensome prescriptive regulatory requirements.”