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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInJames Howells Lost $181M Bitcoin in Dump: the $11M Plan to Get It Back
James Howells’ life changed when he threw out a hard drive about the size of an iPhone 6. Howells, from the city of Newport in southern Wales, had two identical laptop hard drives squirreled away in a drawer in 2013. One was blank; he says the other contained 8,000 bitcoins — now worth about $181 […]
Self-Proclaimed Bitcoin Creator Awarded £1 in U.K. Suit
Craig S. Wright, who has for years claimed he is Satoshi Nakamoto, as the creator of bitcoin is known, won a defamation case in the U.K. against blogger Peter McCormack. It was a minor victory, however: The suit did not weigh in on whether Mr. Wright actually is Nakamoto. And it awarded him all of […]
SEC Charges Eleven Individuals in $300 Million Crypto Pyramid Scheme
The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States…. According to the SEC’s complaint, in January 2020, Vladimir Okhotnikov, Jane Doe a/k/a Lola […]
West Virginia Punishes Banks That It Says Don’t Support Coal – The New York Times
West Virginia on Thursday morning announced that five major financial institutions, including Goldman Sachs and JPMorgan, would be barred from doing business with the state because they have stopped supporting the coal industry. The announcement, made by West Virginia’s treasurer, Riley Moore, is the first time a state has moved to sever banking relationships with […]
SEC: Statement in Honor of National Whistleblower Day
Over the past decade, the SEC’s whistleblower program has played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice. Since issuing its first award in 2012, the SEC has awarded more than $1.3 billion to 278 individuals. With the help of […]
Voyager Digital’s Clash With US Regulators Followed by Broader FDIC Warning
The day after demanding Voyager Digital erase its claims that customers’ funds would get government protections, the U.S. Federal Deposit Insurance Corporation has issued a broader warning to bankers that they need to keep their crypto partners in line. The agency, which maintains an insurance fund to pay back depositors if their banks fail, doesn’t […]
UK Crypto Investors Should Limit Holdings, Financial Regulator Says
Investment in crypto assets should be capped, with consumers warned that they could lose all their money, the U.K. Financial Conduct Authority said in a policy document published Monday. There will be a ban on offering bonuses to clients who refer friends, the financial-services regulator said as it prepares for new laws that will extend […]
Mike Tyson, Tom Brady: Celebrity Crypto Endorsements Are Disasters For Fans
Matt Damon started touting crypto investing when Bitcoin was worth twice as much as it is now. Mike Tyson’s NFTs have plunged more than 90% since he introduced his collection. And investors who allege they lost millions on a pump-and-dump scheme are suing Paul Pierce. Months into a rout for crypto assets, the full extent […]