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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInMusk bets big on beating shareholders at ‘funding secured’ trial | Reuters
Elon Musk is set to become the rare CEO to fight a securities class action at trial next week, where he will defend his 2018 tweet announcing he had “funding secured” to take Tesla Inc private. Musk is essentially doubling down after suffering an initial setback last year, when the judge in San Francisco federal […]
MMM Hires SEC Veteran Matthew Alexander to Launch New White Collar Defense, Investigations & Compliance Practice
Morris, Manning & Martin, LLP announced today that former U.S. Securities and Exchange Commission attorney, Matthew J. Alexander, has joined the firm as a partner in the Litigation Practice and will chair the firm’s new White Collar Defense, Investigations & Compliance Practice. Source: MMM Hires SEC Veteran Matthew Alexander to Launch New White Collar Defense, […]
Two Advisor Credentialing Organizations Have Their Say on Crypto
After federal regulators including the Securities and Exchange Commission and the Department of Labor as well as Finra, the largest independent industry regulator, perhaps no one speaks louder on advisor best practices and compliance than the Certified Financial Planner Board of Standards (CFP Board) and the Chartered Financial Analyst Institute (CFA Institute). Each has recently […]
SEC Enforcement Record Stems From More Penalties, Not More Cases
The record-setting penalties that the SEC issued in 2022 will be used as precedent by commission lawyers when determining the size of penalties in 2023 and future years. The SEC may well also feel pressure to beat its 2022 results, despite cautioning in its press release that it does not expect to “set new [records] […]
Coinbase Legal, Compliance Ranks Thinned as Part of 20% Cutback
Coinbase Global Inc.’s 20% workforce cut includes at least two dozen legal and compliance staff as the largest US digital-asset exchange copes with a crypto slump. A dozen people in “risk and compliance” and eight in “legal and policy” had their names listed on an online platform Coinbase set up to help laid off employees […]
Sam Bankman-Fried Denies Stealing FTX Funds in New Online Post
Sam Bankman-Fried, the disgraced former chief of FTX, denied stashing away billions of dollars and gave his take on what happened to his bankrupt crypto exchange in a lengthy new post on Substack published Thursday. He denied stealing funds and claimed FTX and sister company Alameda Research collapsed because of the crypto market meltdown and […]
SEC Charges Los Angeles Individual with Perpetrating a $47 Million Affinity Fraud Targeting Members of the Orthodox Jewish Community
The Securities and Exchange Commission announced today that it filed charges against Yossi Engel for perpetrating a $47 million affinity fraud from December 2018 to January 2020, targeting at least 29 members of the Orthodox Jewish community. The SEC’s complaint alleges that Engel, through his company, iWitness Tech, LLC, initially induced members of the Orthodox […]
House Republicans plan crypto panel in first move to oversee troubled industry – POLITICO
Incoming Financial Services Chair Patrick McHenry (R-N.C.), who has long made a priority of financial technology issues, said in an interview Thursday that he plans to create the panel because he believes there is “a big hole in how we structure the committee” as it spends more time grappling with crypto topics. The subcommittee on […]