Daily Archives: December 7, 2022, 6:49 pm

Theranos Ex-President Sunny Balwani Sentenced to Almost 13 Years in Prison – WSJ

Theranos Inc.’s former No. 2 executive, Ramesh “Sunny” Balwani, was sentenced to 155 months, just under 13 years, in prison for his involvement in an elaborate fraud scheme at the blood-testing company, marking the capstone of a yearslong saga that is a blemish in Silicon Valley history. *** Theranos founder Elizabeth Holmes, Mr. Balwani’s former business partner and ex-girlfriend, was…

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McDermott Adds Former Assistant US Attorney in Chicago – McDermott Will & Emery

International law firm McDermott Will & Emery is pleased to announce the addition of Chicago-based partner James Durkin to its Litigation Practice Group. James is a former assistant US attorney in the Northern District of Illinois, where he led high-stakes investigations and prosecutions within the National Security and Cybercrimes Section and into public corruption. James will draw upon his first-hand…

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Bankman-Fried, Ellison tap attorneys as FTX probes ramp up | Reuters

FTX founder and former chief executive Sam Bankman-Fried and Caroline Ellison, head of its now-defunct trading affiliate, have tapped defense attorneys as U.S. authorities probe the crypto exchange’s collapse, according to a spokesperson for Bankman-Fried and a source familiar with Ellison’s selection. Bankman-Fried has retained Mark S. Cohen, of Cohen & Gresser, Bankman-Fried’s spokesperson Mark Botnick said in an emailed…

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Investors Gain Traction Overseas in Securities Fraud Litigation

Investors suing multinational companies for securities fraud are finding their footing in the Netherlands and other courts outside the US. US courts are the epicenter of securities fraud litigation. But legal procedures in other countries’ courts are maturing, and litigation funders are flowing money into these jurisdictions, helping to remove obstacles. Source: Investors Gain Traction Overseas in Securities Fraud Litigation

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More Crypto Exchanges Verify Reserves, But Questions About Assets Remain – WSJ

Cryptocurrency exchanges are setting up systems to verify certain assets and liabilities intended to reassure investors and customers in the wake of FTX’s collapse last month, but these measures give limited insight into the companies’ finances. Several crypto exchanges, including Binance Holdings Ltd. and Crypto.com, in recent months have hired outside auditors to provide a proof of reserves report, an…

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Psychos in the C-Suite – WSJ

A peculiarity of subtle psychopaths is that while they don’t seem to feel shame, they are preoccupied with being thought of as highly moral. Ms. Holmes was simply trying to help sick people get their blood tested more easily. This was part of her origin myth—a relative’s illness made her sensitive to the needs of the suffering. Mr. Bankman-Fried gave…

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Theranos Founder’s Former Deputy and Boyfriend to Be Sentenced – WSJ

Ramesh “Sunny” Balwani will be sentenced in federal court in San Jose, Calif., starting at 1 p.m. ET, after being convicted of 12 counts of wire fraud and conspiracy. He denied all the charges and his lawyers are asking for probation or home confinement. Mr. Balwani’s former business partner and ex-girlfriend, Theranos founder Elizabeth Holmes, was sentenced last month to…

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Elizabeth Warren’s tough-on-crypto bill is taking shape | Semafor

Sen. Elizabeth Warren, D-Mass. is working on a sweeping cryptocurrency bill that would hand the Securities and Exchange Commission most regulatory authority over the market, according to two people familiar with her efforts. While discussions are still early and details could change, Warren’s office is looking at a range of crypto-related issues, including regulations, taxation, climate, and national security. The…

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