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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFTX customers file class action to lay claim to dwindling assets | Reuters
FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company’s holdings of digital assets belong to customers. *** FTX pledged to segregate customer accounts and instead allowed them to be misappropriated and therefore customers should be repaid […]
Divided appeals court rejects 4 insider trading convictions | The Seattle Times
A divided appeals court on Tuesday rejected the insider trading convictions of four men, including an ex-government employee turned consultant, prompting a sharp dissent from a judge who says the ruling may prompt insiders to sell confidential government information to the highest bidders. The decision of the 2nd U.S. Circuit Court of Appeals came in […]
U.S. SEC Enforcement 2022 Year in Review | Cleary Gottlieb
The U.S. Securities and Exchange Commission recently announced the Division of Enforcement’s results for fiscal year 2022, the first full year for the Division under the leadership of both Chair Gary Gensler and Director of Enforcement Gurbir Grewal. Results were up from the year before, with a record $4.2 billion in civil penalties reflecting the […]
Sam Bankman-Fried’s Power Was Contingent on Belief – The New York Times
Theranos, WeWork, countless early dot-coms and pre-2008 financial instruments: Almost all began as exciting business stories about people and companies that seemed poised to remake their industries in innovative ways and had the capital, growth or returns to suggest they might be on to something. Those articles continued right until the businesses imploded amid revelations […]
Crypto Exchange Kraken to End Japan Operations
Cryptocurrency exchange Kraken said it will exit Japan and de-register from the Financial Services Agency (JFSA) as of Jan. 31. The decision was prompted by “current market conditions in Japan in combination with a weak crypto market globally,” the company said in a blog post. Kraken users in the country have until the end of […]