Citadel Securities Wins Case Over SEC Audit Trail Funding
A federal appeals court in Atlanta on Friday declared the funding plan for the so-called Consolidated Audit Trail invalid and sent it back to the SEC for review. It placed its decision on hold so the agency has time to conduct an economic analysis and 'reconsider the allocation of historical and prospective CAT costs.'
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Mexico Kicks Off Debt Offering to Support Pemex
(Bloomberg) -- Mexico kicked off a debt offering that will raise money to support state-owned Petroleos Mexicanos, the world's most indebted oil major. Can This Bridge Ease the Troubled US-Canadian Relationship? Budapest's Most Historic Site Gets a Controversial Rebuild Trump Administration Sues NYC Over Sanctuary City Policy The offering, which is expected to price Monday, will consist of dollar-denominated debt maturing August 2030, according to a person familiar with the matter. Pricing guidance is about 175 basis points over Treasuries, down from initial price talk of 200 basis points, added the person, who requested anonymity because the information is private. The deal will be in the form of pre-capitalized securities, or P-Caps, a type of instrument used in asset-backed finance that will allow Mexico to borrow billions of dollars from debt investors to support Pemex while keeping the obligations off its books. Bloomberg News reported last week that Mexico was looking to raise as much as $10 billion with the transaction — part of a plan by President Claudia Sheinbaum's administration to shore up the struggling state oil producer, which has a debt load of almost $100 billion, according to the company's results released Monday. Pemex posted a net income of 59.52 billion pesos ($3.2 billion) for the second quarter, the first profit in more than a year. The company was boosted by currency moves as the peso straightened amid a rally in risk assets, and also benefited from a decrease in the cost of sales. P-Caps Mexico, through an entity named Eagle Funding LuxCo., will sell the so-called P-Caps and use the proceeds of the sale to buy a portfolio of US government debt including Treasuries, according to a filing last week. Pemex will then take that portfolio and use it as collateral for loans through the repurchase market, using the proceeds as it sees fit, according to an offering memorandum seen by Bloomberg. If Pemex isn't able to pay back the loans, the banks will seize the collateral and end up whole. In that scenario, the investors in P-Caps would lose their collateral, and end up with sovereign debt from Mexico, according to a presentation seen by Bloomberg. Fitch Ratings placed Pemex on Ratings Watch Positive on July 22, saying that if successful, the transaction will improve the Mexican government's track record of support for the company. The reassessment may result in a multiple notch upgrade for the driller into the BB category, Fitch said. --With assistance from Vinícius Andrade and Michael Gambale. (Updates with guidance in second paragraph and company's latest results starting in fourth paragraph) Burning Man Is Burning Through Cash It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
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26 minutes ago
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Pastor and wife charged with $1m fraud after ‘God told him' to sell crypto to his flock and spent it on vacations
A Denver pastor and his wife have been accused of running a cryptocurrency scam and using the proceeds to pay for a home renovation and vacations. Eligio 'Eli' Regalado and Kaitlyn Regalado were indicted on 40 counts of theft, securities fraud and racketeering, the Denver District Attorney's Office said last week. Prosecutors say the Regalados solicited $3.4 million from investors looking to buy their cryptocurrency, INDXCoin, but only a 'small amount of the proceeds went to the business venture.' Instead, the Regalados are accused of spending at least $1.3 million of those proceeds on personal expenses, including a home renovation that they said 'the Lord' told them to do, prosecutors said. The couple is also accused of spending it on airline tickets, motel rooms and high-end retail merchandise, among other personal expenses. The cryptocurrency has 'zero value' and 'all of the investors lost all of their money,' prosecutors said. The couple maintains INDXcoin is not a security — which is a tradable or sellable financial asset — and therefore it did not require licensing or registration, The Denver Gazette reports. Instead, they say it's a 'utility coin' — which is tradable for products or services — to give people access to online faith-based communities. The couple was arrested earlier this month, but both are now out on a $100,000 property bond, according to the Gazette. The judge ordered that they will have 'intensive pretrial supervision' and must turn over their travel documents. The Regalados did not have attorneys and told the court they don't qualify for public defenders, according to the Gazette. Their next court hearing is set for September 11. The Independent has contacted the couple for comment through the INDXcoin website. Eli Regalado said 'the Lord' brought him the idea for INDXcoin in October 2021, according to the indictment. He went on to tell his followers 'God' told him and his wife to start the cryptocurrency, prosecutors said. The couple encouraged investors 'to have faith that their investment in INDXcoin would lead to 'abundance' and 'blessings,'' according to the indictment. Between January 2022 and July 2023, the couple is accused of taking funds from about 300 investors who thought their funds would help pay for INDXcoin and the Kingdom Wealth Exchange, the cryptocurrency exchange where people could sell and trade the coin. Colorado Securities Commissioner Tung Chan brought civil charges against the couple in January 2024. Chan alleged the couple violated the anti-fraud, licensing and registration provisions of the Colorado Securities Act. The Denver District Court granted a preliminary injunction and asset freeze shortly afterward. 'The complaint alleges that Regalado targeted Christian communities in Denver and claimed that God told him directly that investors would become wealthy if they put money into INDXcoin,' the Colorado Department of Regulatory Agencies said in a statement. Chan's office is seeking a freeze on the couple's assets, a permanent injunction and $3.4 million in restitution, according to The Denver Gazette. The couple said they 'did not intend to defraud investors,' and argued they 'acted based on their religious mission and sincere belief in the project's potential,' according to court documents reviewed by the Gazette. The couple also argued the coin was not a security. Last summer, Eli Regalado posted a video denying the allegations, similarly arguing that INDXcoin was not a security. 'My plan was to let this thing play out in court, not say anything until the case was done, but the Lord told me, he goes, 'Son, you need to speak out, you need to speak out against this evil assignment on your life and be transparent with the community,'' he said. A bench trial was held in May and the couple is awaiting a ruling from the judge, according to the Gazette. Solve the daily Crossword
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26 minutes ago
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Warner Bros Discovery announces names for new companies post spin-off
(Reuters) -Warner Bros Discovery said on Monday its division that houses its film studios, HBO streaming services and gaming studios would be called "Warner Bros" when the company splits into two in mid-2026. Its other division, "Global Networks", which will include entertainment, sports and news television brands including CNN, TNT Sports and the Discovery+ streaming service will be called "Discovery Global", the company said.
