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‘Enforcement 40’ for 2020
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SEC Awards Approximately $18 Million to Three Whistleblowers
The Securities and Exchange Commission today announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action. The first whistleblower provided the SEC with detailed and significant information that led to the opening of an investigation into a fraudulent scheme. This whistleblower’s information and assistance saved […]
Bitzlato owner Anatoly Legkodymov arrested, charged with financial crimes – The Washington Post
U.S. law enforcement officials have arrested the Russian owner of a cryptocurrency exchange for allegedly failing to implement required anti-money-laundering safeguards, enabling criminals who used the platform to traffic drugs and steal people’s money and identities, the Justice Department said. Anatoly Legkodymov — the 40-year-old majority owner of Bitzlato — was arrested in Miami on […]
Should Agencies Disgorge Their Ill-Gotten Disgorgement Awards? – New Civil Liberties Alliance
But in 2020 the Supreme Court finally stepped in and essentially told the SEC it had no lawful basis for many (if not most) of those disgorgement awards. More specifically, the Court held in Liu v. SEC that disgorgement is an equitable remedy only when it doesn’t exceed a wrongdoer’s personal net profits and is […]
King & Spalding Adds Global Investigations Partner Olivia Radin in New York – King & Spalding
King & Spalding announced today that Olivia Radin has joined the firm as a partner on its Special Matters and Government Investigations team. She is based in the New York office. Source: King & Spalding Adds Global Investigations Partner Olivia Radin in New York – King & Spalding
Statement on Jury’s Verdict in Trial of Bernard Findley and Halitron Inc
After a seven-day trial, a jury in the United States District Court for the District of Connecticut found Bernard Findley and Halitron Inc, liable for securities fraud in connection with their false and misleading statements in press releases as part of a scheme to defraud investors. “We are pleased with the jury verdict holding Bernard Findley […]
Elon Musk Trial Opens to Debate Over Nature of Tesla Tweets – WSJ
“His lies caused regular people like Glen Littleton to lose millions and millions of dollars,” Nicholas Porritt, an attorney for Mr. Littleton, said of Mr. Musk during opening statements Wednesday. Alex Spiro, an attorney for the defendants, described Mr. Musk’s tweets as shorthand and “funding secured” as a throwaway term that, while technically inaccurate, didn’t […]
A Question for Congress: Why Didn’t the SEC Stop FTX? – WSJ
If the SEC has the authority to regulate crypto exchanges, it should have done so long before now. The SEC could have simply prohibited U.S. customer assets from being held by unregulated crypto exchanges. Instead, as we have written in these pages, the SEC’s only action made the problem worse by blocking banks and brokers […]
FTX Founder Sam Bankman-Fried Gamed Markets, Crypto Rivals Say – The New York Times
In Sam Bankman-Fried’s quest to keep his cryptocurrency empire looking profitable, the disgraced founder of FTX often promoted newfangled digital currencies that crypto aficionados came to call “Samcoins.” Mr. Bankman-Fried wooed the developers of these new coins with names like Serum and Maps, insisting that they make their trading debuts on the FTX exchange. Then […]
Delaware Supreme Court: No Coverage for Appraisal Action | The D&O Diary
One of the hotly contested issues in recent years has been whether or not there is D&O insurance coverage for shareholder appraisal actions. In a recent decision that was largely focused on choice of law issues, the Delaware Supreme Court affirmed the trial court’s dismissal of a policyholder’s action to try to obtain coverage for […]