Daily Archives: July 24, 2019, 12:23 pm

Bernard Madoff asks Trump to reduce prison sentence for Ponzi scheme

Notorious Ponzi schemer Bernard Madoff has filed a petition with the Justice Department asking that President Donald Trump reduce his 150-year prison sentence. Madoff, 81, currently is serving that sentence in a federal prison in Butner, North Carolina, for orchestrating the largest Ponzi scheme in history. His decades-long scam conducted while he headed Bernard L. Madoff Investment Securities swindled thousands…

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Proskauer Launches Private Equity SEC Enforcement Database | Proskauer – Private Equity Litigation – JDSupra

Today, we are launching a proprietary database tracking all SEC enforcement actions involving private equity advisers.  The database contains key information from the actions, including summaries of key issues, settlement terms, and relevant statutory provisions.  The database will be an important resource for us and our clients, providing us with quick access to comparable cases and allowing us to identify…

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Taking Insider Trading Too Far: What’s Left of the ‘Personal Benefit’ Requirement After ‘U.S. v. Martoma’? | New York Law Journal

When the Supreme Court declined to hear Martoma’s appeal last month, it missed an opportunity to clarify the law going forward in the Second Circuit. In a world where corporate insiders can share information outside the company for many legitimate reasons, those insiders—and the recipients of information from them—risk unfair prosecution absent a narrow, objectively defined personal benefit requirement. via Taking…

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Facebook to Pay $100 Million for Misleading Investors About the Risks It Faced From Misuse of User Data

Facebook has agreed to pay $100 million to settle the charges. According to the SEC’s complaint, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a company he controlled, to collect and transfer data from Facebook to create personality scores for approximately 30 million Americans.  In addition to the personality scores,…

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