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Join the Securities Litigation and Enforcement Group on LinkedInFTX SBF Crypto Victim Card Won’t Be Easy to Play – Bloomberg
If the victim card needs to be questioned, it’s not because it would shield Bankman-Fried from the full force of fraud charges, but because it is legally self-serving for those playing it. 3AC is undergoing its own liquidation procedure, and its co-founders are clearly eyeing a chance at redemption. The liquidators’ legal team recently noted […]
Nikola’s Trevor Milton Seeks New Trial, Saying Juror Lied to Be Chosen – Bloomberg
Nikola Corp. founder Trevor Milton asked for a new trial on charges he misled investors about the electric truck maker’s prospects, arguing the jury convicted him due to bad instructions from the judge and because one juror lied to get on the panel. Milton was found guilty in October of securities and wire fraud following […]
Mazars to Pause All Work for Crypto Clients, Binance Says – Bloomberg
Mazars Group, the accounting firm used by crypto giant Binance Holdings Ltd. and other big players in the industry to vouch for their assets held in reserve, has halted all work for crypto clients, dealing a major blow to an industry seeking to shore up confidence in the wake of FTX’s collapse. The French firm […]
New York Financial Regulator Issues Crypto Guidance for Banks – WSJ
New York’s financial regulator said banks looking to enter the cryptocurrency space need to first seek approval from the regulator. The New York Department of Financial Services, in a guidance document published Thursday, said it would assess new crypto-related activities proposed by financial institutions based on potential risks they may pose to the banks and […]
Does FTX’s New CEO Have the Worst Job in Corporate America? – WSJ
There was one question that nobody in this week’s congressional hearing asked the new chief executive officer of FTX: Why would anybody want that job? “I am drawn to crisis,” John J. Ray III told me in an email. “There is something about the sheer chaos and human panic that creates an unbridled energy.” The […]
Binance CEO brushes off $2.1 billion FTX clawback concerns
“Would you be able to handle it if somebody asked you for $2.1 billion back,” Quick asked him. “We are financially OK,” Zhao said, evading a straight answer. If bankruptcy proceedings can establish that a payment was made through proceedings of fraud or that an individual should have reasonably known that a payment was fraudulent, […]
Shaq on crypto, FTX, post-collapse: ‘I was just a paid spokesperson’
Shaquille O’Neal wants to make one thing clear: He doesn’t believe in crypto, if he ever did. *** O’Neal has a long history of investing in companies he promotes, including his current enterprise, Shaq’s Fun House, an annual part-festival, part-carnival event. Those investments often pan out: O’Neal makes more off the court than he did […]
A Traditional Exchange? FTX Was Anything But. – The New York Times
Cryptocurrency trading platforms like FTX have acquired a sheen of legitimacy in recent years by billing themselves as exchanges — creating an association with staid and trusted financial institutions like the New York Stock Exchange and Nasdaq. But the implosion of FTX shows just how different crypto exchanges are from their more well known, and […]
PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History | PCAOB
For the first time in history, the PCAOB has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. And this morning the Board voted to vacate the previous determinations to the contrary. This historic and unprecedented access was only possible because of the leverage Congress created […]