Daily Archives: March 29, 2023, 2:25 pm

SEC Charges Private Fund Auditor and Audit Engagement Partner with Improper Professional Conduct

The Securities and Exchange Commission today announced settled charges against Spicer Jeffries LLP, an audit firm based in Denver, and audit engagement partner Sean P. Tafaro, for their improper professional conduct in connection with audits of two private funds. According to the SEC’s order, during the audit planning stages, Spicer Jeffries and Tafaro assessed that valuation of investments was a…

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SEC Charges Crypto Trading Platform Beaxy and its Executives for Operating an Unregistered Exchange, Broker, and Clearing Agency

The Securities and Exchange Commission today charged the crypto asset trading platform beaxy.com (the Beaxy Platform) and its executives for failing to register as a national securities exchange, broker, and clearing agency. The SEC also charged the founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., with raising $8 million in an unregistered offering of…

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Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father

Sam Bankman-Fried, founder of fallen cryptocurrency exchange FTX who claimed to have just $100,000 in his bank account last November, is preparing for trial in October backed by a roster of powerful attorneys. But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that Bankman-Fried has been paying legal fees from…

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Morrison Cohen Hires White Collar Partners Eric Creizman and Melissa Madrigal and Furthers Ties to Miami | Morrison Cohen LLP

Morrison Cohen announced that Eric Creizman and Melissa Madrigal have joined the firm as partners in the white collar group, bolstering the firm’s leading position in white collar defense. The firm will also leverage the South Florida ties of Melissa, a Miami native, to further its work with clients and officially establish a presence in the region. Both Eric and…

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Law professors mine ‘Succession’ for legal lessons | Reuters

“Succession,” the HBO drama chronicling a media mogul and his children’s battles for control of the family company, returned this week for its fourth and final season. Few are watching more intently than a group of U.S. law professors dissecting the show’s juicy legal issues. A dozen professors and lawyers formed a weekly online discussion group cheekily named the Waystar/Royco…

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Brazilian Mining Company to Pay $55.9 Million to Settle Charges Related to Misleading Disclosures Prior to Deadly Dam Collapse

The Securities and Exchange Commission today announced that Vale S.A., a publicly traded Brazilian mining company and one of the largest iron ore producers in the world, agreed to pay $55.9 million to settle charges brought last April stemming from the company’s allegedly false and misleading disclosures about the safety of its dams prior to the January 2019 collapse of…

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How U.S. Regulators Are Choking Crypto – WSJ

A decade ago, in an effort called Operation Choke Point, the Justice Department, the Comptroller of the Currency and the FDIC tried to circumvent Congress using similar tactics—pressuring banks to cease business with specific industries, citing fraud prevention. Today, we are again seeing backroom tactics as a substitute for legislation, process and public regulation. Regardless of one’s position on the…

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Has the SEC Made 10b5-1 Trading Plans More Hassle Than They’re Worth? | Tarter Krinsky & Drogin LLP

The bigger question may be whether the SEC’s amendments have just made 10b5-1 trading plans more hassle than they are worth. For example, prior to the amendments the SEC did not require a cooling off period between adopting and trading pursuant to a 10b5-1 plan. Instead, companies and brokerages developed their own policies, typically requiring 30-60 to days. By allowing…

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