SEC Obtains Asset Freeze Against Offshore Fund and Its Operators
Washington, D.C.–(Newsfile Corp. – June 21, 2021) – The Securities and Exchange Commission today announced that it has filed an emergency action charging an offshore fund and two individuals with engaging in a fraudulent scheme, and obtained an asset freeze to safeguard remaining investor funds at risk of immediate dissipation.
The SEC’s complaint alleges that from at least 2018 to the present, Ofer Abarbanel of California and Victor Chilelli of Delaware and New York have engaged in a scheme to defraud investors in an offshore mutual fund they controlled, the Income Collecting 1-3 Months T-Bills Mutual Fund. According to the complaint, Abarbanel represented to investors that the fund would invest primarily in U.S. Treasury securities and also enter into certain types of reverse repurchase agreements with U.S. Treasury securities serving as collateral. As alleged, however, the fund invested only minimally in U.S. Treasuries, and did not enter into any reverse repurchase agreements along the lines described in offering documents. Instead, the complaint alleges, the fund routed nearly all investor funds to shell companies under the defendants’ control as part of uncollateralized sham lending arrangements with the fund. According to the complaint, when investors sought to redeem $106 million in investments last month, the defendants refused and instead took steps to transfer funds to an account from which no redemptions could be drawn.
“As this emergency action shows, the SEC will move quickly to protect investor funds from potential dissipation and misappropriation,” said Carolyn M. Welshhans, Associate Director in the SEC’s Division of Enforcement. “We can detect misconduct and enforce the securities laws even where, as we allege happened here, fraudsters transfer and divert funds to shell companies.”
The SEC’s complaint, which was filed in federal court in the Southern District of New York today, charges Abarbanel, Chilelli, and the fund with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, disgorgement with prejudgment interest, civil penalties, and permanent bars against participating in future securities offerings. The complaint also names as relief defendants six companies that either acted as purported counterparties with the fund or received fund assets in furtherance of the scheme: Institutional Syndication LLC, North American Liquidity Resources LLC, Institutional Secured Credit LLC, Growth Income Holdings LLC, CLO Market Neutral LLC, and Global EMEA Holdings LLC.
The SEC’s investigation was conducted by Virginia M. Rosado Desilets, Gregory C. Padgett, Alexandra M. Arango, Andrew M. Shirley, and David F. Miller, and supervised by Ms. Welshhans, Adam S. Aderton, Co-Chief of the Asset Management Unit, and David A. Becker. The litigation will be led by Paul W. Kisslinger and Sarah Heaton Concannon under the supervision of Jan M. Folena.
Pliant, a Berlin-based B2B credit card fintech, has secured over €18 million in a Series A extension, pushing the total funding for this round beyond €50 million.
PayPal Ventures led the latest investment round, with participation from existing investors Alstin Capital, SBI Investment, and Motive Ventures.
Earlier this year, Pliant raised €28 million through its initial Series A funding round. With this new injection of capital, the company is set to expand its cards-as-a-service (CaaS) product into markets outside the European Union, with a focus on the UK.
To facilitate its expansion plans, Pliant has developed multi-currency capabilities, allowing it to offer services in 11 different currencies. This enhancement enables customers to receive invoices in the same currency used for the transaction, a feature particularly beneficial for businesses dealing with significant volumes in non-EUR currencies.
Pliant attributes this funding success to its strong performance in 2023, where it doubled its annual revenues.
Additionally, the fintech has broadened its reach by extending its Electronic Money Institution (EMI) license to cover 25 countries across the European Economic Area (EEA). This expansion allows Pliant to offer financial services beyond card issuance in the region.
Source: fintechfutures.com
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“inGain Raises €650,000 to Enhance No-Code SaaS Loan Management Solution”
Latvian fintech startup inGain has secured €650,000 in funding from investors including Trind VC, Fiedler Capital, the Latvian Business Angels network, and several individual business angels.
inGain specializes in providing a lending solution tailored for traditional and fintech lenders, SME lenders, crowdfunding platforms, and businesses outside the finance sector seeking to introduce and expand their lending and financial products.
Their no-code SaaS loan management system allows businesses to streamline operations without the need for extensive IT management. It caters to various loan types, including secured and unsecured installment and credit line loans, subscription services, rent-to-own options, and other fintech products. These services are accessible to consumers and businesses across different industries, both online and offline, with payment options available in cash or via transfer.
Armands Liseks, co-founder and CEO of inGain, shared an example of how their solution benefits businesses, citing a store chain in Switzerland that specializes in selling high-value musical instruments, particularly pianos. Liseks highlighted the flexibility of their platform, illustrating how businesses can offer leasing options to customers, providing them with greater choice and flexibility in payment methods.
With the newly acquired funds, inGain plans to finalize the development of a no-code self-service platform. This platform will empower any interested company to create a customized lending tool tailored to their products and specific requirements.
Reima Linnanvirta, a partner at lead investor Trind VC, expressed confidence in inGain’s product and team, emphasizing the comprehensive nature of their solution and the transformative potential of their no-code approach. Linnanvirta believes that inGain is well-positioned to disrupt the market and secure a significant share due to the outdated nature of existing solutions in the industry.
Source: tech.eu
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Gotion High-tech’s operating profit up 391% in 2023, nearly RMB 2.8 billion invested in R&D for the year
HEFEI, China, April 20, 2024 /PRNewswire/ — On the evening of 19 April, Gotion High-tech (002074) released its 2023 annual report. The company achieved operating revenue of RMB 31.605 billion, an increase of 37.11% YoY; operating profit of RMB 975 million, an increase of 390.92% YoY; and net profit attributable to the owner of the listed company of RMB 939 million, an increase of 201.28% YoY. The company’s net cash flows from operating activities was RMB 2.419 billion, up 201.86% YoY.
On the same day, Gotion High-tech also released its 2024 quarterly report. The company achieved revenue of RMB 7.508 billion, a YoY increase of 4.61%, and net profit attributable to the owner of the listed company after deducting non-recurring profits and losses increased by 195.26% YoY.
The report shows that Gotion High-tech’s product delivery exceeded 40GWh in 2023, with a YoY growth of more than 40%, and sales revenue including tax increased by more than 50% YoY under the situation of continuous decline in battery prices. Power battery sales revenue of RMB 23.051 billion, a YoY growth of 24.72%. Energy storage business revenue was RMB 6.932 billion, up 97.61% YoY, with the revenue share rising to 21.93%.
Gotion High-tech adheres to innovation drive, increases R&D investment, and accelerates product technology iteration. In 2023, the company’s R&D investment reached RMB 2.768 billion, a YoY increase of 14.57%. The company’s Unified Cell, 4695 cylinder cell, semi-solid punch cell and third-generation battery cell products such as L300, M600 and N300 have been recognized by the market for their excellent performance in terms of safety, energy density, power performance and service life. Among them, Gotion has been designated by Volkswagen Unified Cell globally; the energy density of the in-house developed Astroinno battery pack reaches 190Wh/kg.
In addition, Gotion High-tech continues to deepen the strategic layout of globalization. With four Pack plants in Germany, Indonesia, Thailand and Silicon Valley of the U.S. launching their products, and production bases such as in Vietnam, Chicago of the U.S., Michigan of the U.S., Slovakia, Argentina, and Indonesia progressing step by step, Gotion High-tech initially formed the layout of ten overseas bases covering materials, cells, and Pack, and realized localization of production and R&D. In 2023, Gotion achieved overseas revenue of RMB 6.428 billion, a YoY growth of 115.69%.
View original content:https://www.prnewswire.co.uk/news-releases/gotion-high-techs-operating-profit-up-391-in-2023–nearly-rmb-2-8-billion-invested-in-rd-for-the-year-302122659.html
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