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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCrypto CEOs Like Coinbase’s Brian Armstrong Need to Accept That Existing Regulations Also Apply to Them
The problem is the pernicious concept in crypto that goes under the name “regulation by enforcement.” We need to excise this phrase from crypto, not just because it is imprecise but because it simply is not a thing. Regulators in the U.S. are not creating new rules; they are enforcing existing rules. Perhaps crypto executives […]
Securities Litigator Mark R.S. Foster Joins Skadden as a Partner in Palo Alto | Skadden, Arps, Slate, Meagher & Flom LLP
Skadden is pleased to announce that Mark R.S. Foster has rejoined the firm, as a partner in the Litigation Group in our Palo Alto office. Mr. Foster was previously a co-chair of the securities litigation, enforcement and white collar defense group and co-head of the San Francisco litigation department at another global law firm. His practice […]
SEC Chair Gensler’s new proposal tightens crypto custody restrictions
Securities and Exchange Commission chairman Gary Gensler on Wednesday proposed sweeping changes to federal regulations that would expand custody rules to include assets like crypto and require companies to gain or maintain registration in order to hold those customer assets. The proposed amendments to federal custody rules would “expand the scope” to include any client assets under […]
Motley Fool Hacker Gets 28 Months for Trading on Stolen Picks
An Idaho man who hacked the Motley Fool site and made millions of dollars trading on its stock recommendations before they were made public was sentenced to more than two years in prison. David Stone, a freelance web developer, pleaded guilty in September to securities fraud. He was sentenced to 28 months on Tuesday by […]
Russian businessman found guilty in hacking, insider trading scheme – CBS News
A Russian millionaire with ties to the Kremlin was convicted Tuesday of participating in an elaborate $90 million insider trading scheme using secret earnings information from companies such as Microsoft that was stolen from U.S. computer networks. Vladislav Klyushin, 42, who ran a Moscow-based information technology company associated with the Russian government, was found guilty […]
SEC demand for client names is an ‘assault,’ law firm Covington says | Reuters
Law firm Covington & Burling fired back at a lawsuit from the U.S. Securities and Exchange Commission on Tuesday, arguing the agency overstepped by asking it to identify clients affected by a 2020 cyberattack on the firm. Covington said an SEC subpoena for the names of nearly 300 publicly traded companies whose information was accessed […]
FTX Class-Action Investor Suit Targets Sequoia Capital, Thoma Bravo, Paradigm – Bloomberg
Venture capital and private equity firms including Sequoia Capital, Thoma Bravo and Paradigm were accused in a lawsuit of hyping the legitimacy of FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses. The firms participated in a marketing campaign in 2021 to tout their own investments of hundreds of millions of dollars […]
Musk & Tesla Win Rare Securities Class Action Trial
A shareholder class action making its way to trial is an incredibly rare feat. Of the thousands of cases filed against public companies since the passage of the Private Securities Litigation Reform Act in 1995, it is believed that only 16 have resulted in trial verdicts, including Mr. Musk’s recent win. A majority of cases are […]
Oh Elon – Bloomberg
Remember last year when Elon Musk was going around pretending that Twitter Inc. was doing a whole assortment of fraud, hoping that some of it would stick so that he could get out of his deal to buy Twitter? That was annoying. It did not go well, for him, and he eventually dropped it and […]