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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC closes probe into Burr stock trading without taking action | The Hill
Retired Sen. Richard Burr (R-N.C.) announced on Friday that the Securities and Exchange Commission (SEC) has closed a 2 1/2-year investigation of his stock trading activities without taking action against him. “This week, the SEC informed me that they have concluded their investigation with no action. I am glad to have this matter in the […]
Lawyers Advising Crypto-Firms Could Face Civil, or Even Criminal Liability | John Reed Stark, LinkedIn
Consider SBF and Fenwick & West. According to the WSJ, when Daniel Friedberg was a Fenwick & West partner (before he became FTX Chief Regulatory Officer), he may have enabled FTX’s alleged fraud: “Bankman-Fried needed ever-larger sums to keep the operation afloat. In late 2018, he promised potential lenders of cash or crypto annual returns […]
Sam Bankman-Fried Seeks to Keep Grasp on $450M in Robinhood Shares
Sam Bankman-Fried has argued he should retain control of around $450 million in shares of financial trading app Robinhood, disputing a rival claim by the estate of the company he founded and once ran, the bankrupt crypto exchange FTX. The 56 million shares, in principle owned by Bankman-Fried and co-founder Gary Wang through a holding […]
Former SEC Enforcement Veteran Frederick Block Joins Morgan Lewis in Washington, DC – News | Morgan Lewis
Morgan Lewis continues its success in attracting outstanding former high-level government officials with the addition of Frederick Block, whose 15-year career at the US Securities and Exchange Commission includes most recently managing litigation nationwide as supervisory trial counsel. Fred, who joins as a partner resident in Washington, DC, will focus on SEC enforcement, investigations, litigation, […]
Leading Canadian Lawyers Usman Sheikh and Michael Garellek Join Baker McKenzie in Toronto | Newsroom | Baker McKenzie
Global law firm Baker McKenzie announced today that Usman Sheikh, one of the top fintech lawyers in Canada, and Michael Garellek, a leading financial regulatory lawyer, have joined as Partners in the Firm’s Toronto office. They bring significant securities, banking and financial services regulatory and litigation experience, strengthening Baker McKenzie’s established transactional team in Canada […]
U.S. securities regulator probes FTX investors’ due diligence -sources | Reuters
The U.S. Securities and Exchange Commission (SEC) is seeking details about FTX investors’ due diligence, according to two sources familiar with the inquiry, as fallout from the crypto firm’s collapse spreads. The SEC has so far brought charges against three of FTX’s top executives, accusing them defrauding investors in the crypto trading platform that has […]
FTX Customers Take Enron, WorldCom Path in Legal Fight for Cash
FTX customers going outside bankruptcy court to recover losses from Sam Bankman-Fried’s failed crypto empire are using a legal path that has worked in past collapses such as WorldCom and Enron: They’re going after the supposed enablers. Laws that freeze claims against debtors in bankruptcy don’t apply to third parties. So customers have filed more […]
CoinDeal’s Bentleys Weren’t Real – Bloomberg
At the highest tier, a $100,000 investment, that’s a 56 million percent promised return, not even counting the Bentley, which I guess more than doubles your money right there. Also, I mean, imagine a world in which you put $25,000 into some investment and got back ELEVEN POINT TWO FIVE BILLION DOLLARS and they also gave […]
US Closes In on Bankman-Fried Inner Circle With Probe of FTX Chief Engineer – Bloomberg
The scrutiny of Singh, who until recently lived with Bankman-Fried in a Bahamas penthouse and was a high school friend of his younger brother, Gabe, presents the latest legal threat to Bankman-Fried as he fights a slew of criminal charges. Former close associates Caroline Ellison and Gary Wang have pleaded guilty to fraud in connection […]
Post-Madoff, SEC Successfully Partnering with Whistleblowers to Combat Ponzi Schemes – Lexology
In our experience helping whistleblowers disclose Ponzi schemes to the SEC, we have found that the SEC usually prioritizes tips about Ponzi schemes and in some cases, our courageous clients’ TCR submissions and assistance with SEC investigations have enabled the SEC to promptly halt Ponzi schemes, obtain emergency asset freezes, and appoint receivers to recover funds for harmed investors. […]