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Join the Securities Litigation and Enforcement Group on LinkedInFirst The Plane Crash, Then The Securities Lawsuit | The D&O Diary
Late last month, Lion Air Flight 610 crashed into the Java Sea shortly after its takeoff in Jakarta, killing all 189 passengers and crew members on board. As details about the doomed flight have emerged, investigators have raised questions about the possible malfunction of new flight control features on the Boeing 737 MAX 8 jet […]
SEC’s Choi Leaving After Playing Key Role in Case Against Musk – Bloomberg
The U.S. Securities and Exchange Commission official whose office played key roles in enforcement actions against Tesla Inc.’s Chief Executive Officer Elon Musk and Theranos Inc. founder Elizabeth Holmes is leaving the agency. via SEC’s Choi Leaving After Playing Key Role in Case Against Musk – Bloomberg.
Day trader denies friend at UBS leaked insider information | Financial Times
Walid Choucair, a day trader whom the UK’s Financial Conduct Authority accuses of insider trading, told the jury under cross-examination on Tuesday that there was “no connection at all” between Fabiana Abdel-Malek, at the time a compliance officer at UBS, accessing the bank’s internal systems then leaving the office shortly after, and Mr Choucair’s placement […]
SEC wants key upgrades in crypto markets before approving bitcoin ETF
Cryptocurrency enthusiasts have been eagerly awaiting the approval of what would be the first-ever bitcoin exchange-traded fund, or ETF. But the man largely behind greenlighting one — Securities and Exchange Commission Chairman Jay Clayton — has a few worries that need to be assuaged before he’s “comfortable” approving the investment vehicle. The first is a […]
Judge to SEC: This ICO Isn’t a Security Offering | The Recorder
In what appears to be the first federal decision finding that a digital asset offered in an initial coin offering is not a security, a judge in San Diego has turned back a request from the U.S. Securities and Exchange Commission for a preliminary injunction against the backers of the Blockvest ICO. U.S District Judge Gonzalo Curiel of the […]
Could There Be Internal Controls Violations in Cyber-Fraud Cases?
Companies are now on notice that they must consider cyber threats when devising and maintaining a system of internal accounting controls. A turning point came in mid-October, when the SEC issued a report on an investigation relating to nine public companies that collectively lost nearly $100 million in cyber-fraud incidents. via Could There Be Internal […]
Bitfury Adds Former SEC Commissioner to Advisory Board – CoinDesk
The Bitfury Group, a blockchain technology company, has recruited two veterans of the traditional financial world to guide its strategy and growth. Revealed exclusively to CoinDesk, Antoine Dresch, co-founder of tech investment fund Korelya Capital (which led an $80 million funding round for Bitfury) and former executive at several major investment banks, will join Bitfury’s board of […]
SEC Releases FY 2018 Whistleblower Program Annual Report | Proskauer Whistleblower Defense
On November 15, 2018, the U.S. Securities and Exchange Commission (“SEC”) published its statutorily mandated fiscal year report to Congress covering the agency’s whistleblower program. The report, which covers the period from October 1, 2017 through September 30, 2018, was prepared by the SEC’s Office of the Whistleblower (“OWB”) to summarize its whistleblower bounty program, […]
Is Not Telling the ‘Whole Truth’ Securities Fraud? –
Does complying with company disclosure procedures and consulting with legal counsel protect public-company CFOs from liability arising from statements made in press releases and during investor conferences? Based on a recent federal court jury verdict against David Johnston, the former CFO of Aveo Pharmaceuticals, the answer appears to be: It depends. via Is Not Telling […]
Crypto Law Veteran Mike Lempres Departs Coinbase for Andreessen Horowitz
Coinbase’s former chief legal officer has left the crypto company for venture capital firm Andreessen Horowitz, an early Coinbase investor. Coinbase’s chief policy officer Mike Lempres will be an executive in residence at the Menlo Park-based venture firm, helping Andreessen Horowitz evaluate crypto investment opportunities and advising portfolio companies on legal and regulatory issues. via Crypto Law Veteran Mike […]