Daily Archives: September 2, 2021, 7:46 am

Law Firms Respond to Recent Lawsuits Targeting SPACs  | Arnold & Porter

On August 30, 2021, more than 55 leading law firms, including Arnold & Porter, took the unusual step of issuing a collective Statement in response to a recent set of lawsuits that challenge the legality of special purpose acquisition companies (SPACs) and allege that SPACs should be considered investment companies under the Investment Company Act of 1940 (1940 Act). The law…

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SEC Charges Global Crypto Lending Platform and Top Executives in $2 Billion Fraud

The Securities and Exchange Commission announced today that it has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of investments into a program involving digital assets. According to…

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