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firesale.com

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Founded Year

1997

Stage

Growth Equity | Dead

Total Raised

$6M

Last Raised

$6M

About Firesale.com

Developer of software and services that outsource the return process for manufacturers and distributors of computer related equipment. The company serves as a clearinghouse for distributors and original equipment manufacturers for their over-stocked, factory refurbished, and customer-returned inventory. The company offers name brand products at below wholesale prices.

Firesale.com Headquarter Location

4835 Centennial Boulevard

Colorado Springs, Colorado, 80919,

United States

(719)785-3401

Latest Firesale.com News

SEC Reportedly Probing Archegos For Potential Market Manipulation Before $30 Billion Firesale ​​

Oct 8, 2021

Topline The Securities and Exchange Commission is investigating Archegos Capital Management for market manipulation that may have occurred before the now-defunct family office defaulted on debt-laced investments this March, Bloomberg reported Friday, signaling regulators are doubling down on oversight of risky investments after a saga that roiled global markets and sparked $30 billion in sudden losses. In 2012, Bill Hwang pleaded guilty to a wire fraud charge and agreed to forfeit $16.3 million in an ... [+] insider-trading case. © 2012 Bloomberg Finance LP Key Facts After opening an investigation into the firm in March, the SEC has homed in on Archegos' trading activity and whether it concealed the size of its investments in public companies to avoid regulatory disclosures, Bloomberg reported, citing unnamed sources familiar with the matter. Archegos' founder, former hedge fund trader Bill Hwang, has not been accused of wrongdoing, according to the report, which noted the regulatory review is in preliminary stages and may not lead to an enforcement action. Hwang previously settled with the SEC in a 2012 insider trading and market manipulation case, and his former firm, Tiger Asia Management, pleaded guilty to the charges. Representatives for Hwang and the SEC didn't immediately respond to requests for comment. Key Background Archegos defaulted on highly leveraged margin calls in late March, triggering a fire sale of some $30 billion in stocks including ViacomCBS, Baidu, Tencent Music Entertainment and Discovery Communications as banks rushed to unwind their positions. Credit Suisse and Nomura—two of the firm’s brokers— posted staggering losses of $5.5 billion and $2.3 billion, respectively, as a result of the defaults, while Goldman Sachs and Morgan Stanley were also forced to liquidate smaller positions they held for Archegos. Meanwhile, shares of ViacomCBS and Discovery Communications are still down about 60% each since the turmoil, reflecting more than $40 billion in market value that's been wiped out for nearly seven months. What To Watch For Regulator scrutiny has piled onto family office reporting requirements after Archegos' sudden collapse. Despite Archegos holding public-company investments worth tens of billions of dollars, it made almost no financial disclosures thanks to its status as a family office, which aren't subject to SEC reporting requirements. Earlier this month, SEC Chair Gary Gensler teased the agency would begin mandating at least some disclosures in an effort to curb excessive market risk. Further Reading

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