Daily Archives: September 29, 2022, 2:06 pm

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 people on the other side…

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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, Costello used these fabricated accomplishments…

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Justice Department Announces Total Distribution of Over $4 Billion to Victims of Madoff Ponzi Scheme | Department of Justice

The Department of Justice announced today that the Madoff Victim Fund (MVF) began its eighth distribution of approximately $372 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. In this distribution, payments will be sent to 27,219 victims across the globe, bringing their total recovery to 88.35%. The total…

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Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said Wednesday that CFTC-led regulation could have significant benefits for the crypto industry, including a potential boost to the price of bitcoin. “Growth might occur if we have a well-regulated space,” Behnam told attendees during a fireside chat at NYU School of Law. “Bitcoin might double in price if there’s a CFTC-regulated…

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SEC Enforcement Remedies Under Microscope Amid Aggressive Push

Courts have “been more involved in the SEC and how it’s doing remedies,” said Jeremiah Williams, a partner in Ropes & Gray LLP’s litigation and enforcement practice group. “There’s been more scrutiny, more litigation in this area.” Defendants have accused the SEC of, among others, improperly seeking penalties in amounts beyond the law violator’s individual gains and pursuing injunctions that…

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Texting – Bloomberg

My point here is that when these rules were written, it would have been absurd to say that brokers had to “appropriately conduct their communications about business matters within only official channels.” Everyone understood, in 1948, that only a small sliver of business was conducted in formal letters and memoranda, and that mostly you’d talk about business face-to-face. “As technology…

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Crypto is Quietly Thriving in Sub-Saharan Africa: Chainalysis Report

Small retail payments in Sub-Saharan Africa are powering exceptional crypto adoption and usage, with the region conducting the world’s highest proportion (80%) of crypto retail payments under $1,000, according to a report by blockchain data firm Chainalysis. The report also highlights how peer-to-peer transactions are more common in Sub-Saharan Africa than anywhere else in the world. At about 6% of…

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