Monthly Archives: August 2021

Robinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow – WSJ

Shares of Robinhood Markets Inc. tumbled on Monday after the head of the Securities and Exchange Commission signaled that he was open to banning payment for order flow, a practice that accounts for most of the online brokerage’s revenues. Robinhood shares closed 6.9% lower after Barron’s published an interview with SEC Chairman Gary Gensler in which he said a full…

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Jury Selection Begins in Theranos Founder Elizabeth Holmes’s Trial – WSJ

Theranos Inc. founder Elizabeth Holmes heads to court Tuesday, as her legal team seeks to help assemble a group of impartial jurors to weigh the criminal-fraud charges filed against her, a task her lawyers say is challenging, given her case’s notoriety. Ms. Holmes’s legal team and prosecutors with the U.S. attorney’s office for the Northern District of California have been…

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Madoff Victims Get Second Crack at Citigroup’s $343 Million – Bloomberg

Victims of Bernard Madoff will get another chance at recovering $343 million from Citigroup Inc. after a federal appeals court overturned a ruling dismissing a claim against the bank. The U.S. Court of Appeals in New York on Monday reinstated a suit against Citi by Irving Picard, the trustee charged with recovering money for Madoff’s victims, over funds transferred to…

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Elizabeth Holmes claims ex-boyfriend Ramesh Balwani abused her

Alleged fraudster Elizabeth Holmes, the founder of Theranos, claims she suffered a “decade-long campaign of psychological abuse” from her former boyfriend and business partner Ramesh “Sunny” Balwani. Holmes’ attorneys said in a court filings unsealed over the weekend that they plan to introduce evidence in her trial this week that Balwani “controlled what [Holmes] ate, how she dressed, and how…

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SEC Announces Three Actions Charging Deficient Cybersecurity Procedures

The Securities and Exchange Commission today sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm. The eight firms, which have agreed to settle the charges, are: Cetera Advisor Networks LLC, Cetera Investment Services LLC, Cetera Financial…

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Wilson Sonsini Adds Former Assistant U.S. Attorney Jessica Lonergan to Litigation Department | Wilson Sonsini

Most recently, Lonergan spent more than 10 years as an Assistant United States Attorney in the Criminal Division of the U.S. Attorney’s Office for the Southern District of New York. While in this position, she led more than 175 grand jury investigations and prosecutions involving bribery, Foreign Corrupt Practices Act violations, bank and wire fraud, frauds against the government, tax…

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UK’s FCA says it is ‘not capable’ of supervising crypto exchange Binance | Financial Times

The UK financial regulator has conceded it is “not capable” of properly supervising Binance despite the “significant risk” posed by the cryptocurrency exchange’s products, which allow consumers to take supercharged bets. In a supervisory notice two months after starting a crackdown on the exchange, the Financial Conduct Authority — one of the most influential financial watchdogs in the world —…

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Coinbase slammed for terrible customer service after hackers drain user accounts

After CNBC inquired about what happened to the couple, Coinbase sent Tanja an email on Aug. 20 that said the company “does not have the ability to reverse crypto transfers sent off our platform. Unlike traditional banks or credit card companies, once crypto currency transfers are confirmed on the blockchain, they are permanent.” “Because this attack was not the result…

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