Jonathan Stempel News

31.08 / 14:49
COST UPS Citizens UBS US insurers brace for Idalia claims, UBS estimates $9.36 billion cost in Florida
By Noor Zainab Hussain, Chibuike Oguh and Jonathan Stempel
02.05 / 09:09
supply asset Capital Demand Put SEC looks down on UpToken, imposes crypto fines
asset called UpToken. Friday's settlement resolves claims that Coinme's Up Global unit and Neil Bergquist, who led both entities, misled investors in a late 2017 initial coin offering for UpToken, which was issued on the Ethereum blockchain. The SEC said investors were led to believe Up Global would limit the supply of UpToken, while Coinme would create constant demand for UpToken to fund a bitcoin automated teller machine rewards program, helping boost UpToken's price. According to the regulator, the claims were misleading because Up Global had quietly conducted transactions that reduced Coinme's need for UpToken.

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