Daily Archives: October 5, 2022, 9:50 am

Elon’s Back – Bloomberg

Why? Why would you spend this much time and money trying to get out of the deal, and be this annoying about it, and then just unconditionally surrender two weeks before trial? One possibility is that it became increasingly obvious to Musk that he was going to lose the trial, and that didn’t seem fun, so he seized the initiative (?) by…

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Shearman & Sterling Expands Litigation Offering in the Bay Area with Addition of Patrick Hein | Shearman & Sterling

Global law firm Shearman & Sterling today announces the appointment of Patrick Hein as a partner in its Litigation practice, based in San Francisco. Patrick is an accomplished former federal prosecutor and trial lawyer, who has served in the United States Attorney’s Office for the Eastern District of New York (EDNY) for the last eight years – including most recently…

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Hidden Takeaways From the SEC Kardashian Case | John Reed Stark

Whatever the future for disgorgement and promotion bans, which certainly provide interesting fodder for debate securities law experts, that is beside the point. With the Kardashian and other celebrity crypto-enforcement cases, the SEC has sent a strong signal regarding celebrities and crypto: Securities offerings are not like Rolex watches or Nike sneakers and do not lend themselves to glitzy brand ambassadorships…

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Beware of Messaging App Crackdown on Wall Street

From a practical perspective, the actions provide a clear indication of the record-keeping and supervisory expectations of the SEC and CFTC and offer insight into how firms can improve compliance efforts. These enforcement actions against broker-dealers, swap dealers, and futures commission merchants, combined with $200 million in fines issued in December 2021, brings the total for record-keeping lapses to more…

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US Senator Introduces Crypto Bill To Limit SEC’s Reach Over Exchanges | Coin Culture

A Republican senator has introduced new legislation that would shield crypto exchange platforms from some SEC enforcement proceedings. According to a recent news release, Tennessee Representative Bill Hagerty is proposing the Digital Certainty Act of 2022 to protect cryptocurrency exchanges from SEC overreach and give legislative clarity about the classification of virtual assets. Haggerty asserts that legislative uncertainty impedes the…

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‘Defund the SEC’ Becomes a Rallying Cry on Trump’s Social Media Site – The New York Times

The Securities and Exchange Commission is corrupt. The S.E.C. is politically motivated. Defund the S.E.C. Some shareholders of Digital World Acquisition Corp. have had it with the commission, the nation’s top securities cop, and they are airing their views loudly. Last October, the blank check company agreed to merge with Trump Media and Technology Group, the parent company of Truth…

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Barclays Lost Track of Its Notes – Bloomberg

“Over the course of that day and the next, various BBPLC personnel attempted to calculate the cumulative amount of securities offered and sold from the 2019 Shelf in order to determine the amount of securities that remained available for sale. Over the course of these efforts, it became clear to all involved that there was no internal control in place…

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