Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInU.S. Attorney Announces Historic $3.36 Billion Cryptocurrency Seizure And Conviction In Connection With Silk Road Dark Web Fraud | DOJ
U.S. Attorney Damian Williams said: “James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road. For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery. Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law […]
SEC wins suit against LBRY in major blow to crypto token issuance
The Securities and Exchange Commission has prevailed in a courtroom battle with decentralized publishing platform LBRY after arguing that its token was subject to regulatory oversight. The court found that LBRY’s LBC token was an investment contract, even though the project did not sell it via an initial coin offering, or ICO. The project began […]
Former CEOs of MoviePass and Parent Company Charged in Securities Fraud Scheme | DOJ
The indictment alleges Farnsworth and Lowe falsely claimed that MoviePass’s $9.95 “unlimited” plan – in which new subscribers could see “unlimited” movies in theaters with no blackout dates for a flat monthly fee of $9.95 – was tested, sustainable, and would be profitable or break even on subscription fees alone. Farnsworth and Lowe allegedly knew […]
Less Trust, More Truth: Polkadot’s Native Token (DOT) Has Morphed and Is Not a Security. It Is Software | Web3 Foundation
Three years ago, in November 2019, Web3 Foundation made a decision that changed its trajectory and led to a transformation in business processes, people management and communications to the general public. We chose to take the U.S. Securities and Exchange Commission (the “SEC”) up on its offer to “come in and talk to us.” Today, […]
Saying ‘not financial advice’ won’t keep you out of jail — Crypto lawyers
Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips. According to several digital asset lawyers, the popular disclaimer “This is not financial advice” may not actually protect them in the eyes of the law. United States-based securities lawyer Matthew Nielsen from Bracewell […]
SEC Charges Trade Coin Club Founding Members With Operating a $295 Million Ponzi Scheme
The Securities and Exchange Commission (SEC) said Friday that it’s charging the founding members of a multi-level marketing organization with operating a $295 million crypto Ponzi scheme. The SEC is charging Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor and Jonathan Tetreault for their involvement in Trade Coin Club, which raised over 80,000 bitcoin (BTC) […]
ESG Cases Remain Enforcement Priority at SEC, Top Official Says
The SEC remains committed to rooting out wrongdoing by companies and investment funds that mislead investors about environmental, social and governance issues, a senior agency official said Friday. The Securities and Exchange Commission will continue to file enforcement lawsuits while it works to issue tougher rules to police climate disclosures and other ESG reporting, said […]
Public Companies Should Bet on Whistleblowers to Lower Fines
The Securities and Exchange Commission’s whistleblower rewards program has prompted over 50,000 tip-offs in the last decade that have led to public companies paying almost $5 billion in fines and penalties. This is an embarrassing and costly state of affairs for some of the world’s most innovative companies, and something needs to change. If public […]
SEC, FTC Risk New Curbs as Supreme Court Eyes Regulators’ Reach
The US Supreme Court is turning its anti-regulatory campaign toward the federal agencies that are scrutinizing Wall Street banks and seeking to break up Meta Platforms Inc., taking up cases that could defang two powerful market regulators. The justices on Monday will consider whether those facing complaints from the Securities and Exchange Commission or the […]