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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInUK government plans to make businesses liable for workers’ fraud | Reuters
Britain plans to make it easier to prosecute a large organisation if an employee commits fraud for the benefit of a business, the government said on Tuesday. The interior ministry said businesses which fail to deter fraud will face enforcement action under the new plans and prosecutors will not have to prove that company bosses […]
Former Executives of Outcome Health Convicted in $1B Corporate Fraud Scheme | Department of Justice
Outcome installed television screens and tablets in doctors’ offices around the United States and then sold advertising space on those devices to clients, most of whom were pharmaceutical companies. According to evidence presented at trial, Shah, Agarwal, and Purdy sold advertising inventory the company did not have to Outcome’s clients, then under-delivered on its advertising […]
Credit Suisse Probed by SEC Eight Months Before Its Collapse
When Credit Suisse Group AG delayed publishing its annual report in March, the Swiss bank said it was because of a “late call” the evening before from the US Securities and Exchange Commission asking questions about its previous accounting errors. The regulator had actually been probing the bank for eight months, asking questions about its […]
Murdochs, Fox Board Face Investor Lawsuit Over Election Lies
A Fox Corp. investor sued Rupert and Lachlan Murdoch on Tuesday, blaming them for letting Fox News spread lies about the 2020 election that led to defamation cases seeking up to $4 billion. The lawsuit in Delaware’s Chancery Court accuses the Murdochs and three other board members of “knowingly” letting the conservative news network’s hosts […]
Ex-Deutsche Bank Investment Banker Charged With Crypto Fraud – Bloomberg
A former Deutsche Bank investment banker was charged with engaging in a Ponzi-like cryptocurrency fraud in which he falsely promised investors “guaranteed” returns and used some of their money to pay off others. Rashawn Russell, 27, was arrested on Monday and accused by US prosecutors of defrauding multiple investors by telling them their funds would […]
SEC Announces $55.9 Million Settlement in First Action Brought by its Climate and ESG Task Force | Sidley Austin LLP
The Vale action was the first brought by the SEC’s 22-person Climate and ESG Task Force, which continues to bring additional enforcement actions for ESG-related disclosure issues. The SEC’s current focus on ESG-related disclosures likely will lead to more ESG-related enforcement actions. The Vale action illustrates the types of ESG-related disclosure cases the SEC may […]
IAC Views on Crypto Assets
We believe that virtually all, if not all, crypto tokens are securities and that they, as well as the platforms and custodians dealing with them, are subject to regulation under the federal securities laws to protect investors. Accordingly, the offering of crypto asset securities and the platforms trading them should comply with the registration, disclosure, […]
Coinbase Awarded Nearly $470,000 in First Crypto Insider Trading Case
A crypto trader accused of using illicit tips from his brother, who worked at exchange operator Coinbase Global, was ordered to pay $469,525 in restitution as part of a plea agreement approved by a Manhattan federal court. Nikhil Wahi must pay that amount to Coinbase, which was “the victim of the offenses,” U.S. District Judge […]
SEC Is Adding Attorneys to Crypto Enforcement Unit
The U.S. Securities and Exchange Commission is hiring general attorneys for its crypto enforcement division in New York, Washington, D.C., and San Francisco, according to a job posting. The call for attorneys to join the regulator’s Crypto Asset and Cyber Unit, or CACU, comes after the agency said in March that it was “planning to […]
Theranos fraudster Elizabeth Holmes must begin prison stint during appeal
“Contrary to her suggestion that accuracy and reliability were central issues to her convictions, Ms. Holmes’ misrepresentations to Theranos investors involved more than just whether Theranos technology ‘work[ed] as promised.’” Davila wrote. Davila’s ruling capped a lengthy dispute between the feds and Holmes’ legal team, which had argued she should remain free because her appeal […]