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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInElon Musk Is Busy With Twitter – Bloomberg
The basic problem with Musk’s efforts to walk away from his deal to buy Twitter — beyond the transparent nonsense of his actual arguments — was that if he could walk away from this deal then no merger agreement would be binding; every buyer could change their mind and go to court and say “meh, contracts, they don’t matter.” […]
Elon Musk Ousts Twitter Board, Named Sole Director – WSJ
The board that oversaw Twitter Inc. during its tumultuous sale to Elon Musk has been dissolved, with the Tesla Inc. chief now serving as the social-media company’s sole director. Twitter said in a securities filing Monday that the nine members of its former board are no longer directors as of the consummation of the $44 […]
SEC Awards More Than $10 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $10 million to a whistleblower who provided information and assistance that significantly contributed to a successful SEC enforcement action. The whistleblower provided important documents and met twice with Enforcement staff. The charges in the covered action had a close nexus with the whistleblower’s […]
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 […]
Crypto.com Trading Volume Sinks 91% One Year After ‘Brave’ Matt Damon Ad – Decrypt
Whichever version of the Latin proverb you choose, Crypto.com’s exchange volume isn’t looking very brave, bold, or strong one year after unveiling its Matt Damon commercial. In the past year, Crypto.com’s normalized exchange volume has dropped by 91%, from $4 billion to $380 million per day, using a 7-day average, according to CoinGecko. That’s not […]
Amid recession worries, SEC whistleblower program needed now more than ever | The Hill
In the 12 years since the SEC whistleblower program was established, its impact can be clearly seen in the numbers. The SEC Office of the Whistleblower has received nearly 60,000 tips, placed monetary sanctions exceeding $5 billion on fraudsters, paid whistleblowers over $1 billion for their courageous efforts, and helped return more than $1 billion […]
Under Biden Administration, Wall Street Watchdog’s Fines Surge – WSJ
Wall Street’s top watchdog this year collected some of its highest fines ever from firms accused of wrongdoing, underscoring the Biden administration’s tougher regulatory stance. The Securities and Exchange Commission imposed 13 fines greater than $100 million on public companies during its latest fiscal year that ended Sept. 30, up from the prior year’s three […]
CFTC Commissioner Christy Goldsmith Romero, the “Crypto-Knight”
A fearless US federal securities regulator has finally emerged, willing to speak truth to power and to stand up to Big Crypto: CFTC Commissioner Christy Goldsmith Romero, who has dedicated her life to public service and investor protection. Hester Pierce may be the “Crypto-mom” and Chris Giancarlo may be the “Crypto-Dad” — But Romero is […]
Ex-OpenSea Employee’s NFT Handling Runs into DOJ’s ‘Stradivarius’
Nathaniel Chastain, who allegedly bought and sold nonfungible tokens (NFTs) on the OpenSea app with secret information, was charged in June with wire fraud. The statute, along with the related mail fraud statute, is broad, adaptable and powerful. They’re federal prosecutors’ “Stradivarius, our Colt 45, our Louisville Slugger, our Cuisinart–and our true love,” federal judge […]
NFT Prosecution Sparks Debate Over Insider-Trading Label for Digital-Token Cases – WSJ
Insider trading typically evokes the idea of a well-connected investor using secret information to profit from stock trades. Now, a federal judge has allowed the Justice Department to use the same kind of narrative in a first-ever case about the trading of digital tokens—even though prosecutors didn’t bring traditional insider-trading charges. *** U.S. District Judge […]