Daily Archives: November 29, 2022, 9:30 am

Wall Street Whistleblowers Tip Off SEC — But Hear Nothing Back

Janice Shell likes to sniff out fraud. An art historian by training, she once spent her days digging through Renaissance archives in Italy. Now 74, retired and living in suburban Philadelphia, she pores over financial filings instead. She hunts for sketchy penny stocks, then flags them in tart commentaries on message boards such as Investorshub.com. Shell has been remarkably prescient.…

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Former CEO Of Iconix Brand Group Convicted At Trial Of Accounting Fraud | DOJ

Damian Williams, the United States Attorney for the Southern District of New York, announced earlier today that a federal jury found NEIL COLE, the former Chief Executive Officer of Iconix Brand Group, Inc. (“Iconix”), guilty of participating in a scheme to fraudulently inflate Iconix’s revenue and earnings per share, making false filings with the U.S. Securities and Exchange Commission (“SEC”),…

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BlockFi Bankruptcy Filing Shows It Owes $30 Million to US SEC – Bloomberg

The US Securities and Exchange Commission is one of the largest creditors to BlockFi, which filed for bankruptcy in the wake of a number of failures within the digital-assets space. The regulator has a $30 million unsecured claim against the crypto lender, according to a filing Monday. That makes it BlockFi’s fourth-biggest creditor, behind Ankura Trust Company, which is listed…

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SEC Awards $20 Million to Whistleblower

The Securities and Exchange Commission today announced an award of $20 million to a whistleblower who provided new and critical information that led to the success of an enforcement action. In determining the appropriate award amount, the SEC considered that the whistleblower provided significant information and continuing assistance that helped Enforcement Division staff more quickly and efficiently investigate complex issues.…

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U.S. Crypto Exchange Kraken Settles With Treasury Dept. – The New York Times

Kraken, a U.S. cryptocurrency exchange, agreed on Monday to pay more than $360,000 to the Treasury Department to settle accusations of sanctions violations involving virtual currency transactions by users in Iran. The Treasury Department’s Office of Foreign Assets Control said Kraken, the second-largest crypto exchange by volume in the United States, had agreed to a settlement for enabling nearly $1.7…

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Regulating Crypto Not a ‘One-Agency Solution,’ CFTC Commissioner Says

When the day comes, it’s unlikely crypto will be regulated by just one government agency, said Summer K. Mersinger, a commissioner at the Commodity Futures Trading Commission (CFTC). “It’s not going to be just a one-agency solution,” she said Monday on CoinDesk TV’s “All About Bitcoin” when asked about the regulatory ramifications for crypto from the bankruptcy filings of FTX…

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Criminal Insider Trading in Personal Networks by Joan MacLeod Heminway — SSRN

This Article describes and comments on criminal insider trading prosecutions brought over an eleven-year period. The core common element among these cases is that they all involve alleged tipper/tippee insider trading or misappropriation insider trading implicating information transfers between or among friends or family members (rather than merely business connections). The ultimate objectives of the Article are to explain and…

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