Monthly Archives: February 2023

Close Ally of FTX Founder Sam Bankman-Fried Pleads Guilty to Fraud – WSJ

A third member of FTX founder Sam Bankman-Fried’s inner circle pleaded guilty to fraud charges and agreed to assist federal prosecutors, expanding the pool of cooperating witnesses against the former head of the failed crypto exchange. Nishad Singh, the company’s former director of engineering, pleaded guilty to six criminal counts, including conspiring to commit securities and commodities fraud, during a…

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Two shareholder firms have reaped more than $1 billion in fees. Are they overpaid? | Reuters

The study’s most provocative assertion, in my mind, is that judges may be overpaying shareholder firms in the biggest cases, awarding fees in excess of the risk the firms bear. Choi, Erickson and Pritchard found that judges award a smaller percentage of the class recovery as the size of the settlement increases. But the awards in these big cases, they…

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The Top 50 of 2022 | ISS

In this report, ISS SCAS reviews the securities-related settlements of 2022 and ranks the Top 50 plaintiffs’ securities firms by aggregate settlement amount achieved for shareholders. For the calendar year 2022, ISS Securities Class Action Services (ISS SCAS) recorded 143 approved securities class action settlements within North America. Collectively, 2022 delivered $4.87 billion in settlement funds for distribution, an increase…

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CFTC Picks Former Cybercrime Prosecutor as Enforcement Chief – WSJ

The Commodity Futures Trading Commission hired a former cybercrime prosecutor who oversaw some early federal cases involving cryptocurrencies as its enforcement chief, the latest example of regulators adapting to the risks posed by digital assets and other financial innovations. In his new post, Ian McGinley oversees a team of 120 civil-enforcement attorneys who investigate fraud and misconduct in futures markets…

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TD, other banks reach $1.35 bln settlements to end Stanford litigation | Reuters

Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier’s massive Ponzi scheme. Canada’s Toronto-Dominion Bank will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. Money will go…

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Temidayo Aganga-Williams Joins Selendy Gay Elsberg as Partner | Selendy Gay Elsberg PLLC

Temidayo Aganga-Williams has joined the firm as a partner, bringing strong government experience to his representation of clients facing complex enforcement actions, internal investigations, congressional oversight, and high-stakes civil litigation. Most recently, he served as Senior Investigative Counsel for the House Select Committee to Investigate the January 6th Attack on the United States Capitol. Before that, he was an Assistant…

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Robinhood Subpoenaed by SEC Over Brokerage’s Crypto Business – Bloomberg

Robinhood Markets Inc. said the Securities and Exchange Commission was probing its cryptocurrency business, in the latest signal that the regulator is drilling deeper into virtual asset platforms. The brokerage received an investigative subpoena in December related to its cryptocurrency listings and custody, among other topics, Menlo Park, California-based Robinhood said Monday in a filing. The SEC inquiry came shortly…

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