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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCalifornia’s Covid surge forces trial delay of Theranos Elizabeth Holmes
A surge in coronavirus cases in California has led to a four-month delay in the criminal trial of Elizabeth Holmes, the former CEO and founder of embattled health tech company, Theranos. In a late Friday night order, U.S. District Judge Edward Davila set a new trial date of July 13, 2021 for the case. Source: […]
US Bill to Offer Rewards for Whistleblowers Exposing Money Laundering
Mary Inman, a whistleblower attorney with over two decades of experience, told OCCRP on Wednesday that this new program could potentially serve as a “real game changer in anti-money laundering enforcement.” The program, she said, resembles the one launched in 2012 by the U.S. Securities and Exchange Commission (SEC), which has since paid out over […]
Statement on the Renaming of the Office of Compliance Inspections and Examinations to the Division of Examinations
This year marks 25 years since the creation of the SEC’s Office of Compliance Inspections and Examinations (OCIE). Since its inception, OCIE has grown – in both number (over 1,000) and percentage (23%) of SEC employees – to represent the second largest office or division at the SEC, second in size only to the Division […]
Pair convicted of insider trading lose appeal – FTAdviser.com
A former UBS compliance officer and her family friend have had their appeals against insider trading convictions quashed by the court. In June last year Fabiana Abdel-Malek and Walid Choucair were each convicted of five offences of insider dealing and sentenced to three years in prison at Southwark Crown Court. The case was brought by the Financial Conduct Authority […]
Coinbase, a top cryptocurrency company, files for initial public offering – The New York Times
The cryptocurrency company Coinbase has joined the rush of start-ups looking to go public. The company said on Thursday that it had filed confidentially for an initial public offering with the Securities and Exchange Commission. It gave few other details. Source: Coinbase, a top cryptocurrency company, files for initial public offering. – The New York […]
SEC Charges Robinhood Financial With Misleading Customers About Revenue Sources and Failing to Satisfy Duty of Best Execution
The Securities and Exchange Commission today charged Robinhood Financial LLC for repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to seek the best reasonably available terms to execute customer orders. Robinhood agreed to pay $65 million […]
Perkins Coie Bolsters National Practice With 17 White Collar and Financial Services Litigation Lawyers From Richards Kibbe & Orbe | Perkins Coie
Perkins Coie announced today the addition of 17 white collar and financial services litigation attorneys from the prominent firm of Richards Kibbe & Orbe (RKO), marking the largest such practice expansion in the country in recent years. The addition of the Chambers-ranked group, which serves a range of financial institutions, significantly expands Perkins Coie’s New […]
Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges
The SEC’s complaint alleges that, from at least April 2019 through January 2020, Luckin intentionally fabricated more than $300 million in retail sales by using related parties to create false sales transactions through three separate purchasing schemes. According to the complaint, certain Luckin employees attempted to conceal the fraud by inflating the company’s expenses by […]
The four contenders to be Joe Biden’s SEC chair
According to multiple insiders, Biden and his team have identified four candidates as the most likely to be the next chairman of the Securities and Exchange Commission: former Obama administration regulator Gary Gensler, NYU law professor Robert Jackson Jr., former US Attorney Preet Bharara, and former Federal Reserve vice chairman Roger Ferguson. Nevertheless, there are […]
Citi Was Mocked by Asset Managers: ‘Take the Money and Run’ – Bloomberg
Recipients of Citigroup Inc.’s $900 million error couldn’t help but mock the bank — and that could help it get the money back. As it fights to recover funds it sent Revlon Inc. lenders in August, Citibank is working to convince a judge that the 10 asset managers it’s suing knew the payment was a […]