John Berry, a partner at Munger, Tolles & Olson LLP, a former SEC attorney that served on the enforcement staff from its Los Angeles office, has provided some perspective on Kik’s settlement with the SEC. While at the Commission, Berry supervised over 100 investigations that led to more than 40 litigated or settled cases so he is well versed in the machinations of the SEC.
We asked Berry, where Kik went wrong as it had enlisted top legal advisors in its battle. Berry said that it wasn’t Kik’s legal counsel, it was that they did a sale of tokens and SAFTs that the SEC viewed as a securities offering.
‘Enforcement 40’ for 2020
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