Daily Archives: August 18, 2021, 4:50 pm

SEC Charges Netflix Insider Trading Ring

According to the SEC’s complaint, Sung Mo “Jay” Jun was at the center of a long-running scheme to illegally trade on non-public information concerning the growth in Netflix’s subscriber base, a key metric Netflix reported in its quarterly earnings announcements. The complaint alleges that Sung Mo Jun, while employed at Netflix in 2016 and 2017, repeatedly tipped this information to…

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Sanjay Wadhwa Named Deputy Director of Enforcement Division

The Securities and Exchange Commission today announced the appointment of Sanjay Wadhwa as Deputy Director of the Division of Enforcement. Mr. Wadhwa most recently served as the Senior Associate Director of the Division of Enforcement in the New York Regional Office (NYRO), where he managed more than 150 personnel in enforcing federal securities laws. His new role is effective immediately.…

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SEC Begins Reversal of Trump Era Changes to Whistleblower Program | BakerHostetler – JDSupra

The new Chairman of the Securities and Exchange Commission (“SEC”), Gary Gensler has wasted little time in revisiting some of the policies enacted under his predecessor. On August 2, 2021, Chairman Gensler issued a public statement calling on the staff of the SEC to propose potential changes to two whistleblower rules that the Commission had just amended in September 2020.[1]…

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‘Massive wake-up call’: Crypto faces growing legal crackdown – POLITICO

The enforcement actions are fueling debate about how cryptocurrency players fit into financial regulations. Federal regulators say the new digital currency platforms must adhere to existing rules, but industry players counter that it’s not that simple and that it’s time for Congress to pass new laws that are more tailored to crypto. “This regulation by enforcement that we’re seeing is…

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SEC Rattles SPAC Market With Novel Enforcement Action

In a recent aggressive and ground-breaking decision, the Securities and Exchange Commission announced enforcement actions against a special purpose acquisition company (SPAC) known as Stable Road Acquisition Corp. (SRAC); its sponsor, SRC-NI; the CEO of SRAC; the target company; and the target company’s former CEO. This represents the very first time that the SEC has sanctioned a SPAC, its sponsor,…

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