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Join the Securities Litigation and Enforcement Group on LinkedInSEC Accuses Utah-Based Green United of Running $18M Crypto Mining Scam
The U.S. Securities and Exchange Commission (SEC) has filed suit against Green United, alleging the Utah-based company violated federal securities laws by selling $18 million worth of phony crypto mining equipment. According to the SEC’s complaint, Green United and two individuals – the company’s founder, 46-year-old Utah resident Wright Thurston, and its main promoter, 43-year-old […]
Tether – Bloomberg
This is, in principle, a very simple and attractive business, but Tether has found it hilariously difficult as an operational matter. In principle the way you do this business is you have people wire you the dollars, and you send them their USDT (on the blockchain), and you keep the dollars in a bank account or money-market […]
Your Company Has Been Sued for Securities Fraud—Now What? | Insights | Jones Day
According to the Stanford Law School/Cornerstone Research Securities Class Action Clearinghouse, each year since 2001, with just one exception (2006), investors have filed more than 150 securities fraud class actions in the federal courts. More than 400 cases were filed each year between 2017 and 2019, and just shy of 200 were filed in 2022. […]
Risk of Widespread Bitcoin Investing at Heart of Grayscale-SEC Legal Fight – Bloomberg
Grayscale wants to convert its $14 billion Bitcoin Trust, the largest investment vehicle tied to the No. 1 cryptocurrency, into an exchange-traded fund. But the Securities and Exchange Commission rejected the plan in June, saying cryptocurrency markets are too ripe for fraud and manipulation. Grayscale sued, asking a federal appeals court to overturn a decision […]
PokerStars Owner Enters $4 Million Settlement With U.S. Over Russia Payments – WSJ
The owner of PokerStars and other popular gambling brands will pay $4 million to settle U.S. allegations that the handling of payments to Russia-based consultants violated foreign bribery law. Flutter Entertainment PLC, the Dublin-based owner of FanDuel, Paddy Power and other brands, entered into a settlement with the U.S. Securities and Exchange Commission over alleged violations by […]
U.S. Banking Watchdog: You Can’t Trust Crypto Firms Until They Get Federal Oversight
It may be difficult to trust a crypto company that isn’t federally supervised, a key bank regulator said Monday. As it stands, there’s no way for people to know which crypto firms they can rely on, said Michael Hsu, the acting head of the U.S. Office of the Comptroller of the Currency (OCC). “We won’t […]
SEC Charges Rio Tinto plc with Bribery Controls Failures
The Securities and Exchange Commission today announced charges against global mining and metals company, Rio Tinto plc, for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme involving a consultant in Guinea. The company has agreed to pay a $15 million civil penalty to settle the SEC’s charges. The SEC’s […]
FTX Bankruptcy Special Counsel, Advisers Bill $38M for January
According to court filings, Sullivan & Cromwell billed $16.8 million for January while Quinn Emanuel Urquhart & Sullivan billed $1.4 million, and Landis Rath & Cobb billed $663,995. Collectively the three firms have over 180 lawyers assigned to the case and over 50 non-lawyer staff such as paralegals. Court filings show that Sullivan & Cromwell […]
Crypto’s Coinbase Tells User Missing $96,000 After Breach Is His Problem – Bloomberg
Jared Ferguson of Staten Island, New York, claims he received a text from his mobile carrier in May describing a SIM card change request that he hadn’t made. When he restored service to his iPhone the next day with a new card, Ferguson said he learned that almost his entire life savings was gone from […]