US Securities and Exchange Commission

Sampled claims

• Unresolved67
  The SEC said on 8 July 2004 that Kenneth Lay took part in a scheme to defraud and sold more than US$90 million of Enron stock on inside information.
  Enron CorporationRegulator statement, 8 July 20041 record citedDisclosure
• Partly supported85
  US authorities said in December 2008 that Siemens paid about US$1.4 billion in bribes to government officials around the world.
  Siemens AGRegulator statement, 15 December 20085 records citedBribery
• Supported94
  The SEC said on 17 February 2009 that Stanford International Bank ran a multi-billion dollar fraud, selling about $8 billion in certificates of deposit on false promises and fabricated return data.
  Stanford International Bank LtdRegulator statement, 17 February 20092 records citedFraud
• Supported90
  The SEC said in November 2011 that a federal court ordered Raj Rajaratnam to pay a US$92.8 million civil penalty in its insider trading case.
  Galleon Group LLCRegulator statement, 8 November 20112 records citedMarket conduct
• Partly supported74
  The SEC said the US$92.8 million penalty against Raj Rajaratnam was the largest ever assessed against an individual in an SEC insider trading case.
  Galleon Group LLCRegulator statement, 8 November 20111 record citedMarket conduct
• Contradicted93
  Theranos represented to investors that its portable blood analyzer could run a full range of blood tests from finger drops of blood.
  Theranos, Inc.Regulator statement, 14 March 20182 records citedProduct claims
• Partly supported83
  The SEC said in March 2018 that Theranos, its CEO and its former president carried out a massive fraud, and that the company was liable for it.
  Theranos, Inc.Regulator statement, 14 March 20184 records citedFraud
• Unresolved76
  The US Securities and Exchange Commission said on 11 April 2019 that Abraaj founder Arif Naqvi and Abraaj Investment Management Limited misappropriated money from the Abraaj Growth Markets Health Fund.
  Abraaj GroupRegulator statement, 11 April 20191 record citedFraud
• Supported94
  The SEC said in June 2019 that Walmart allowed subsidiaries in Brazil, China, India and Mexico to use third-party intermediaries who made payments to foreign officials without reasonable assurances of FCPA compliance.
  Walmart Inc.Regulator statement, 20 June 20193 records citedBribery
• Partly supported80
  The SEC said in July 2019 that Facebook misled investors by presenting the risk of misuse of user data as hypothetical after it had learned of actual misuse.
  Meta Platforms, Inc.Regulator statement, 24 July 20193 records citedDisclosure
• Outdated70
  The SEC announced in December 2021 that Nikola would pay US$125 million to resolve fraud charges.
  Nikola CorporationRegulator statement, 21 December 20212 records citedCorporate status
• Supported88
  The US Securities and Exchange Commission said that former Abraaj managing partner Sivendran Vettivetpillai pleaded guilty to federal criminal charges and settled SEC charges over the Abraaj conduct.
  Abraaj GroupRegulator statement, 1 March 20222 records citedFraud
• Supported86
  The SEC alleged in April 2022 that Bill Hwang entered into total return swaps with no economic purpose other than to drive up the prices of the underlying stocks.
  Archegos Capital Management LPRegulator statement, 27 April 20223 records citedMarket conduct
• Supported82
  The SEC said Archegos grew to more than US$36 billion in capital with about US$160 billion in market exposure at its peak in March 2021.
  Archegos Capital Management LPRegulator statement, 27 April 20222 records citedMarket conduct
• Partly supported72
  Vale misled investors about dam safety by relying on fraudulent stability certificates and stating that all its dams were certified stable, as the SEC charged in April 2022.
  Vale S.A.Regulator statement, 28 April 20225 records citedDisclosure
• Supported86
  The SEC found in March 2023 that a consultant working for Rio Tinto on its Simandou rights in Guinea offered an improper payment to a Guinean official and that the payments were not accurately recorded.
  Rio Tinto plcRegulator statement, 6 March 20233 records citedBribery
• Outdated89
  The SEC charged Binance, two Binance.US entities and Binance's founder in June 2023 with violating US securities laws.
  Binance Holdings LimitedRegulator statement, 5 June 20233 records citedMarket conduct
• Supported94
  The US Securities and Exchange Commission said that on 5 April 2024 a New York jury found Terraform Labs and Do Kwon liable for defrauding investors in crypto asset securities.
  Terraform Labs PTE LtdRegulator statement, 5 April 20243 records citedFraud
• Supported93
  The SEC said in September 2024 that S&P Global Ratings agreed to pay a US$20 million penalty for failures to keep electronic communications and admitted the facts in its order.
  S&P Global RatingsRegulator statement, 3 September 20242 records citedDisclosure
• Unresolved70
  The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying or promising bribes to Indian officials and that Adani Green's 2021 offering documents misled investors.
  Adani GroupRegulator statement, 20 November 20243 records citedBribery

Reports and statements sampled

• SEC Charges Kenneth L. Lay, Enron's Former Chairman and Chief Executive Officer, with Fraud and Insider TradingRegulator statement, 8 July 2004
• SEC Charges Siemens AG for Engaging in Worldwide BriberyRegulator statement, 15 December 2008
• SEC Charges R. Allen Stanford, Stanford International Bank for Multi-Billion Dollar Investment SchemeRegulator statement, 17 February 2009
• SEC Obtains Record $92.8 Million Penalty Against Raj RajaratnamRegulator statement, 8 November 2011
• Theranos, CEO Holmes, and Former President Balwani Charged With Massive FraudRegulator statement, 14 March 2018
• SEC Charges Dubai-Based Advisory Firm and Its FounderRegulator statement, 11 April 2019
• Walmart Charged With FCPA ViolationsRegulator statement, 20 June 2019
• Facebook to Pay $100 Million for Misleading Investors About the Risks It Faced From Misuse of User DataRegulator statement, 24 July 2019
• Nikola Corporation to Pay $125 Million to Resolve Fraud ChargesRegulator statement, 21 December 2021
• SEC Charges Former Abraaj Managing Partner for Assisting Abraaj's Misappropriation of Private Fund AssetsRegulator statement, 1 March 2022
• SEC Charges Archegos and its Founder with Massive Market Manipulation SchemeRegulator statement, 27 April 2022
• SEC Charges Brazilian Mining Company with Misleading Investors about Safety Prior to Deadly Dam CollapseRegulator statement, 28 April 2022
• SEC Charges Rio Tinto plc with Bribery Controls FailuresRegulator statement, 6 March 2023
• SEC Files 13 Charges Against Binance Entities and Founder Changpeng ZhaoRegulator statement, 5 June 2023
• Statement on Jury's Verdict in Trial of Terraform Labs PTE Ltd. and Do KwonRegulator statement, 5 April 2024
• SEC Charges Six Credit Rating Agencies with Significant Recordkeeping FailuresRegulator statement, 3 September 2024
• SEC Charges Three Senior Executives in Two Actions Alleging Massive Bribery Scheme Involving Indian Energy Companies Adani Green and Azure PowerRegulator statement, 20 November 2024

Responses on record

• Arif Naqvi, 4 September 2021, on this claim: He has denied all charges and maintained his innocence, refusing to plead guilty.^S6
• Vale S.A., 28 March 2023, on this claim: Vale said it settled without admitting or denying the claims and continues to remediate the Brumadinho damage.^S3
• Rio Tinto plc, 6 March 2023, on this claim: Rio Tinto described the matter as a previously self-disclosed investigation that it had resolved.^S2
• S&P Global Ratings, 3 September 2024, on this claim: S&P Global Ratings said it was pleased to have concluded this matter and noted the SEC recognised its cooperation.^S4
• Lawyers for Gautam Adani and Sagar Adani, 30 January 2026, on this claim: Both lawyers declined to comment to Reuters.^S5
• Adani Green Energy Limited, 18 May 2026, on this claim: The company said it is not a party to the criminal case and no charges were brought against it.^S6

Sources

1. S6Tier C Two Abraaj partners accepted criminal charges to help US get Arif NaqviGeo News. Press report. 4 September 2021.Reports the guilty pleas and cooperation of Abdel-Wadood and Vettivetpillai and Naqvi's denial. It relies in part on unnamed experts.
2. S3Tier B Vale announces agreement with the United States Securities and Exchange CommissionVale S.A.. Company filing. 28 March 2023.Company statement on the no admission term and the SEC's agreement not to oppose dismissal of fraud intent claims.
3. S2Tier B Notice to ASX/LSE Rio Tinto resolves legacy U.S. Securities and Exchange Commission FCPA investigationRio Tinto plc. Company filing. 6 March 2023.Company statement of the settlement terms. It says nothing on the SFO or ASIC.
4. S4Tier B S&P Global Ratings Reaches Settlement With SECS&P Global Ratings. Company statement. 3 September 2024.Company confirmation of the SEC settlement and its description of itself as a division of S&P Global. It is the company's own account.Link working, checked 25 October 2026
5. S5Tier C US SEC fraud case against Adani to proceed after procedural issue resolvedReuters, via Business Standard. Press report. 31 January 2026.Reports the service agreement and the quiet criminal docket. Does not report merits rulings.Link working, checked 25 October 2026
6. S6Tier B Update to news clarificationAdani Green Energy Limited. Company filing. 18 May 2026.Stock exchange filing that the DOJ moved to dismiss indictment No. 24-CR-433 with prejudice and that the company is not a party. It predates the court's order.