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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSky Mavis Taps Robinhood Compliance Exec as New Legal Chief
Sky Mavis Inc., a non-fungible token-focused startup reeling from a massive hack earlier this year, has hired its first-ever general counsel in James Nguyen from Robinhood Markets Inc. Nguyen, who will lead legal and regulatory affairs for the Vietnamese company, most recently was general counsel and chief compliance officer for Robinhood’s cryptocurrency unit. Robinhood, which […]
NFT trading volume plunges 98% from January despite rise in adoption
According to data compiled from Dune Analytics, the weekly trading volume of nonfungible tokens, or NFTs, across the blockchain realm has plunged to $114.4 million. This represents a decrease of 98% from the $6.2 billion witnessed around the end of January. Weekly NFT trading volume rose to an all-time high of $146.3 billion in early […]
Vivek Ramaswamy: the self-styled scourge of ‘woke’ boardrooms | Financial Times
Ramaswamy last week wrote public letters to Apple telling it to halt plans for a racial equity audit and to Disney insisting that the company stop “speaking out on political issues that do not affect its business” such as gay rights. He also said he met recently with Chevron’s chief financial officer to lay out […]
California Moves Forward to Allow Vital Records to be Issued on Blockchain
Californians will have the option of a blockchain-based delivery of their vital records after a new law was approved establishing the technology as an integral part of state recordkeeping. The state has been wrestling with a number of cryptocurrency proposals, and though Gov. Gavin Newsom vetoed a crypto licensing and regulation bill this week – […]
Women on S&P 500 Bank Boards Gain Just Two New Seats in 2022 – Bloomberg
Women failed to gain any board seats at the largest US banks in August, and have picked up only two net seats this year among members of the S&P 500 Bank Index, according to data compiled by Bloomberg. After hitting 35% of seats for the first time this year, female directors have mostly kept to […]
Porsche Wins Dismissal of $5.3 Billion Case Linked to Volkswagen Saga – Bloomberg
Porsche Automobil Holding SE won the dismissal of lawsuits from hedge funds seeking about 5.4 billion euros ($5.3 billion) in damages they say they incurred during Porsche’s failed takeover of Volkswagen AG more than a decade ago. Institutional investors and private shareholders had pursued Porsche for compensation for losses they suffered in the trading of […]
Nancy Pelosi’s Congressional Stock Ban Isn’t as Strict as It Sounds | Vanity Fair
By including the spouses and dependents of federal officials in its ban, the bill addresses one of the key methods lawmakers may employ to dodge conflict of interest accusations. Still, the requirement that officials enter their assets into a blind trust could create new ethics concerns and potentially eliminate current transparency initiatives, according to Walter […]
Breaking Down the SEC and CFTC’s Autumn Wave of Enforcement Actions
“The SEC & CFTC end their fiscal year on September 30, so this is their last chance to score big wins they can highlight in their budget requests to Congress,” Jake Chervinsky, head of policy at the Blockchain Association, tweeted. (He’s made the point before.) This year is no different. Within the past 10 days […]
Bourbon insider trading – Bloomberg
This is a rule of securities law, though sort of an unwritten one: There is no specific statute banning insider trading, but there is a long tradition of treating it as a form of securities fraud. Using that secret inside information to trade stock is a form of fraud, on someone. (It’s not always clear who: The […]
SEC Charges Man for Defrauding Investors out of Millions of Dollars by Posing as Hedge Fund Billionaire
According to the SEC’s complaint, Costello portrayed himself to the public as a seasoned, licensed investment professional who was building a conglomerate in the cannabis industry. His alleged false representations included credentials as a Harvard MBA, experience managing a $1.15 billion hedge fund, and years of experience on Wall Street. As alleged in the complaint, […]