Google suspends $50M for ‘fraudulent activities’
Google’s search engine has suspended the purchase of $50 million worth of stock for an undisclosed amount of fraud, according to a blog post published by the search giant.
The news was first reported by VentureBeat.
The company confirmed to The Verge that it had suspended the stock purchase, but did not say when.
A search for “Google stock” on Wednesday was returned a list of results for the stock.
The search result also showed that the company’s stock was being sold by a brokerage firm called Avera.
Google had said it had stopped the purchase due to a number of concerns related to “fraud and/or unlawful activity,” including “frequent fraudulently submitting false and misleading information.”
Google had also been involved in a number other legal matters, including a $500,000 settlement with former employees who alleged they had been improperly compensated for their work.
“Google’s stock will no longer be available for sale,” a Google spokesperson told VentureBeat in a statement.
The search engine was recently fined $1.3 million for allegedly misrepresenting the number of searches performed by the popular mobile search engine. “
Our stock is subject to a comprehensive process that includes periodic monitoring of our compliance with our legal obligations, including compliance with federal and state securities laws and regulations, including our disclosure obligations.”
The search engine was recently fined $1.3 million for allegedly misrepresenting the number of searches performed by the popular mobile search engine.
Google is still able to use the stock in the future.