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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInFormer Assistant U.S. Attorney in District of New Jersey Adam Baker Joins King & Spalding in New York – King & Spalding
King & Spalding announced today that Adam Baker has joined the firm’s Special Matters and Government Investigations team as a partner in the New York office. Baker most recently served as Assistant U.S. Attorney in the U.S. Attorney’s Office (USAO) in the District of New Jersey. Source: Former Assistant U.S. Attorney in District of New […]
Message Received: How to View SEC’s Off-Channel Communications Probe
Financial firms have two options to address the regulatory requirements, according to Nick Morgan, a partner in the litigation department at law firm Paul Hastings: Implement technology to keep records on more channels, or restrict which channels are permitted. “Either you’re capturing more or you’re talking less,” said Morgan, who previously served as senior trial […]
Former SEC Chairs Stress Need for Board, Workforce Diversity
Mary Jo White, an Obama appointee who led the SEC from 2013 to 2017, offered another way to nudge companies to improve diversity: having the SEC personally meet with heads of companies to try and get them to make such disclosures. “I would go and rattle a few cages,” she said. “I would also identify, […]
Trillions at Stake as 401(k)s Become ESG Political Footballs
Enormous amounts of executive and legislative political power in Washington are being spent in the clash over a whether private-sector retirement plans can even consider environmental or social impacts in the investments they choose. Regulators are facing at least two federal lawsuits in Texas and Wisconsin challenging their authority to promulgate that kind of rule […]
Jim Cramer ETFs Arrive to Bet On, Against Mad Money Host’s Picks – Bloomberg
Whether you’re a lover or loather of Jim Cramer — and on both Wall Street and Main Street, there are plenty of each — you’re now able to express that view via the magic of ETFs. A pair of new products is launching Thursday that will help US investors bet either on or against the […]
U.S. Senators Press Binance on U.S. Users, Finances, Money-Laundering Controls
A bipartisan group of senators accused the world’s largest crypto exchange, Binance, of being “a hotbed of illegal financial activity” and asked the company to respond to a list of questions. “Binance and its related entities have purposefully evaded regulators, moved assets to criminals and sanctions evaders, and hidden basic financial information from its customers […]
SEC Chair Gensler Says Crypto Exchanges May Not Be ‘Qualified Custodians’
Speaking at an Investor Advisory Committee meeting Thursday, Gensler said a recently proposed rule directing investment advisers to look to qualified custodians for storage of assets – including cryptocurrencies – makes “important enhancements” to existing protection rules. He also said crypto exchanges should not be considered safe under those guidelines. “Based upon how crypto trading […]
FTX Says $8.9 Billion in Customer Funds Are Missing
FTX says it has identified a deficit of $8.9 billion in customer funds that it can’t account for, the first time the bankrupt cryptocurrency exchange has pinned down how much money has gone missing. In a public presentation released on Thursday, FTX said it had identified around $2.7 billion of customer assets, compared with $11.6 […]
Ericsson to pay $206 million fine, plead guilty to bribery violations
Swedish telecommunications giant Ericsson agreed to pay a $206 million penalty and pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act, U.S. prosecutors announced Thursday evening. Ericsson had already paid a $520.6 million penalty in 2019 over what New York federal prosecutors said was a “yearslong campaign of corruption,” involving the […]