News in brief

State joins securities

trading settlement

The Arkansas Securities Department has joined a multistate securities settlement with TradeStation Crypto Inc. to resolve its investigation into the corporation's cryptocurrency interest-earning program.

Florida-based TradeStation offered the program to Arkansas investors from August 2020 to June 2022, according to a news release. Investors earned interest on cryptocurrency by loaning them to TradeStation, which maintained discretion over revenue-generating activities used for investors' returns.

Eight state securities regulators found that TradeStation engaged in unregistered securities offers and sales through the program, though, affecting 85 Arkansas accounts valued at more than $92,544. Arkansas and 50 other U.S. jurisdictions are part of a $1.5 million settlement, and TradeStation is going to pay a $29,411.76 fine to the Arkansas Securities Department.

-- Aaron Gettinger

Canoo president out,

now will advise CEO

Electric vehicle-maker Canoo Inc. said Wednesday its president is stepping down and will now serve as an advisor to the company's CEO.

The company with manufacturing operations in Oklahoma said Wednesday in a release that its President Josette Sheeran and Rainer Schmueckle both resigned from Canoo's board of directors. Sheeran was named president in July 2021.

"I look forward to continuing working with Josette in her new role as strategic advisor to the CEO. Josette was instrumental in the re-founding of Canoo, our government partnerships such as with the State of Oklahoma, and our selection by NASA to provide the Crew Transportation Vehicles for the Artemis launches," Canoo's Chief Executive Officer and Executive Chairman Tony Aquila said in a release.

Deborah Diaz, former chief technology officer at NASA and chief information officer for science and technology at the U.S. Department of Homeland Security will join the board, along with James Chena, shareholder at the law firm of Babst, Calland, Clements and Zomnir in the firm's transportation technology and energy practice, according to a release.

Canoo has yet to post a profitable quarter or meaningful revenue as it tries to bring its vehicles to market at scale.

-- John Magsam

Arkansas Index rises

5.33, ends at 928.73

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 928.73, up 5.33 points.

"Stocks closed higher with investors shrugging off fears over commercial real estate risk at regional banks as the S&P 500 Index neared the 5,000 level led by the information technology sector," said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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