Monthly Archives: January 2019

Shamoil Shipchandler resigns as SEC regional director – Dallas Business Journal

Shamoil Shipchandler, the director of the U.S. Securities and Exchange Commission’s Fort Worth regional office, has resigned his position as the federal government’s top corporate cop effective today. The Texas Lawbook has learned from multiple sources that Shipchandler, who became SEC regional director in August 2015, informed senior officials and staff of his decision over the past week weeks. via Shamoil…

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Sandra Moser Joins Quinn Emanuel

Sandra Moser has joined Quinn Emanuel in Washington, D.C. Moser, a 12-year veteran of the U.S. Department of Justice, has been for the last two years at the helm of the Criminal Division’s Fraud Section – a job she left earlier this month. In the chief role and in prior roles at the Fraud Section, Moser oversaw the Department’s enforcement…

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Are ICO Tokens Securities? Startup Wants a Judge to Decide – WSJ

Social-media startup Kik Interactive Inc. of Waterloo, Ontario, plans to fight an expected enforcement action from the Securities and Exchange Commission over a 2017 initial coin online offering, Chief Executive Ted Livingston told The Wall Street Journal, setting the stage for a legal battle that could have broad ramifications for the digital-currency market. The SEC’s enforcement division believes Kik issued…

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Billion-Dollar Retirement Scam: Who Ya Gonna Call? SEC, CFTC?

As a former SEC attorney with more than a little experience in whistleblower matters, I suspect I will soon learn, in connection with filing a whistleblower complaint on the above mentioned billion-dollar retirement scam, whether or not the SEC is truly monitoring tips that pose imminent harm to investors. But the larger point is, for the moment—until the so-called partial government…

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The SEC’s Market Abuse Enforcement Priorities

Since January 2017, the SEC has quietly racked up at least half a dozen major enforcement actions charging a wide range of equity market structure violations. In these cases, dark pools, exchanges and broker-dealers have collectively paid more than $100 million in civil penalties and several of them have involved admissions of liability. Although the Division of Enforcement issued press…

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No-loss hedge fund got sued by the SEC, then the shutdown hit – Pensions & Investments

The Meyer enforcement action highlights that in ways both big and small, the longest-ever government shutdown is making it difficult for federal agencies to do their jobs. At the SEC, a crucial responsibility is protecting investors from fraud. With the regulator’s staff shrinking to about 300 from more than 4,500, it’s all but stopped opening investigations. via No-loss hedge fund…

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2018 Data Show No Slowdown in Corporate Prosecutions at DOJ | White-Collar Criminal Law

With the change of presidential administrations in January 2017, it was expected that the priorities of the U. S. Department of Justice (DOJ) would shift away from white-collar crime enforcement and towards immigration, violent crime, and narcotics enforcement.  But recent data actually show a significant uptick in both prosecutions and convictions of individuals by the DOJ Criminal Division’s Fraud Section in 2018…

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‘Bitcoin will go to zero’: Davos talks up the future of blockchain

“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,” Jeff Schumacher, founder of BCG Digital Ventures, said during a CNBC-hosted panel in Davos, Switzerland. Schumacher is a big investor in blockchain-focused companies. During the debate, Glenn Hutchins, co-founder of Silver Lake Partners, said…

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Silicon Valley’s Unbridled Optimism Gets Fresh Reality Check – WSJ

Yet a worrying sign is the shrinking of so-called seed deals, essentially the earliest investments in startups. The number of these deals has fallen steadily, dropping to 882 in the fourth quarter from more than 1,500 three years earlier, PitchBook says. Venture capitalists typically follow the trajectory of tech stocks, as they did in early 2016 when they abruptly pulled…

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