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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Climate Rules Face Bipartisan Heat Over Farming Emissions
The SEC faces pressure from Congress to curtail its plans for big companies to disclose their suppliers’ greenhouse gas emissions amid mounting bipartisan concern that the reporting burden would ultimately fall on small and independent farmers. Dozens of Republican and Democratic lawmakers have asked the Securities and Exchange Commission to give large companies clearer legal […]
In the Bahamas, a Lingering Sympathy for Sam Bankman-Fried – The New York Times
Yet in interviews across the island Mr. Bankman-Fried called home for just over a year, residents almost universally said that while the white-collar nature of his crimes was troublesome, they were hardly comparable to the gang violence that pervades some corners of the island. They expressed fears of economic fallout for the island if he […]
Bankman-Fried’s $250M Bail Bond Isn’t What It Appears
Sam Bankman-Fried walked out of federal court on Thursday essentially a free man. News outlets all around the globe reported that Bankman-Fried got out of jail by posting a gargantuan, unprecedented “$250 million bond.” In court, Assistant U.S. Attorney Nicholas Roos described it as the “largest ever” pretrial bond. But, as it turns out, there […]
Sam Bankman-Fried, Crypto Face Reckoning After FTX Failure – Bloomberg
Even if you don’t know much about crypto, the flameout of FTX and the subsequent arrest of founder Sam Bankman-Fried, accused of orchestrating a years-long fraud that diverted billions in customer funds from FTX to Alameda, is juicy stuff. Last week, SBF was extradited to the US after spending time in jail in the Bahamas; two […]
SPAC Boom Ends in Frenzy of Liquidation – WSJ
During the boom in blank-check companies, their creators couldn’t launch them fast enough. Now they are rushing to liquidate their creations before the end of the year, marking an ugly conclusion to the SPAC frenzy. With few prospects for deals soon and a surprise tax bill looming next year, special-purpose acquisition companies are closing at […]
PCAOB’s Ballooning Budget
The Public Company Accounting Oversight Board (“PCAOB”) is requesting $349.5 million for its 2023 budget and a $329.4 million accounting support fee to fund it. Sarbanes-Oxley gave the Securities and Exchange Commission (“SEC”) responsibility for approving the PCAOB’s budget, and the associated accounting support fee levied on companies and SEC-registered broker-dealers to fund the budget. […]
Jury Convicts Fremont Man Of Insider Trading Scheme That Generated $7 Million In Illicit Profits | DOJ Press Release
According to evidence presented at trial, Barama formerly worked as a contractor at Palo Alto Networks. During that time he met an employee who worked in the company’s information technology department. From at least October 2016 through September 2017, the employee learned confidential inside information about the company’s quarterly revenue and financial performance through his […]
Sam Bankman-Fried’s Blame Alameda’s Ellison Defense Halted by FTX’s Gary Wang – Bloomberg
Sam Bankman-Fried for weeks seemed to be trying to get ahead of former Alameda Research CEO Caroline Ellison’s widely expected cooperation deal with prosecutors, subtly casting blame on her for FTX’s collapse. But when Manhattan US Attorney Damian Williams finally announced Ellison’s plea agreement Wednesday night, it came with a brutal stinger for Bankman-Fried: federal […]
JPMorgan’s Gross Says Crypto About Non-Existent for Institutions – Bloomberg
“As an asset class, crypto is effectively nonexistent for most large institutional investors,” Jared Gross, head of institutional portfolio strategy at the bank, said on this week’s episode of Bloomberg’s “What Goes Up” podcast. “The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging. ”In […]
Caroline Ellison Apologizes for Misconduct in FTX Collapse – WSJ
FTX executives had enacted special settings that granted Alameda access to an unlimited line of credit without having to post collateral, pay interest on negative balances or be subject to margin calls, she said. “I also understood that many FTX customers invested in crypto derivatives and that most FTX customers did not expect that FTX […]