‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInIn the World of Cryptocurrency, Even Good Projects Can Go Bad – The New York Times
The Envion experience is the latest reminder of how the sudden rise of virtual currencies has allowed entrepreneurs to have direct access to investors without regulatory oversight — often with financially disastrous consequences for the people who put money into the projects. via In the World of Cryptocurrency, Even Good Projects Can Go Bad – […]
SEC Charges Investment Banker in Insider Trading Scheme
The Securities and Exchange Commission today charged an employee of a prominent investment bank with repeatedly using his access to highly confidential information in order to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services. According to the SEC’s complaint, Woojae “Steve” Jung, a Vice […]
SEC to Review Allegations That Aflac Misled Investors – Bloomberg
The complaint filed with the SEC on behalf of former workers accuses the Columbus, Georgia-based insurer of inflating a measurement of how many associates were making sales and suggests the firm possibly manipulated earnings by shifting the timing of when it booked revenue, according to one of the people and the document, which was reviewed […]
Eric A. Kuwana Joins Cooley in Washington, D.C. and New York
Securities and commercial litigator Eric A. Kuwana has joined Cooley as a partner. Based in Washington, DC, and New York, Kuwana joins from Katten Muchin Rosenman, where he was partner and co-chair of the firm’s securities litigation and enforcement practice. via Cooley Adds Prominent Securities and Commercial Litigator.
SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme
The Securities and Exchange Commission today announced it has obtained a court order halting an ongoing fraud involving an initial coin offering (ICO) that raised as much as $21 million from investors in and outside the U.S. The court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain Infrastructure […]
Claudius Modesti, Director of Enforcement and Investigations, to Leave PCAOB
The Public Company Accounting Oversight Board announced today that Claudius B. Modesti will leave the PCAOB this month after 14 years as the director of the Division of Enforcement and Investigations. Mr. Modesti joined the Board in May 2004 as the PCAOB’s first enforcement director and led the team that built the enforcement group from […]
A View from Virginia: Is It Ethical for Lawyers to Accept Bitcoins and Other Cryptocurrencies? – Slaw
Unless some serious security measures are built into Bitcoin, we wouldn’t recommend that you invest any serious wealth with the virtual currency. Certainly, some of the other virtual currencies are better protected than others, but you still might want to think long and hard about accepting Bitcoins or other cryptocurrency as lawyers. The bulk of […]
Crypto Exchanges’ Search for Regulatory Certainty – New York Takes First Mover Advantage – Lexology
The New York State Department of Financial Services (DFS) last week announced that it had authorized Paxos Trust Co. LLC (formerly itBit Trust Co.) to offer a permissioned, blockchain-based post-trade platform settlement service, and has granted a virtual currency license to Genesis Global Trading Inc. With these authorizations, DFS has now approved seven firms for […]
Barclays fraud charge setback a ‘punch in the gut’ for Serious Fraud Office
The Serious Fraud Office (SFO) is under fire over its handling of a five-year investigation into Barclays, after fraud charges against the lender were thrown out last week. Southwark Crown Court dismissed all charges against Barclays over an £11.8bn emergency cash call backed by Qatar at the height of the financial crisis, allowing the bank […]
White Collar Prosecutions Fall to Lowest in 20 Years
Examining trends over the first seven months of FY 2018, the government reported a total of 3,249 new white collar crime prosecutions. If this level of activity continues at the same pace, the annual total of prosecutions will be 5,570 for this fiscal year – down from last year. These recent trends continue a long […]