Daily Archives: April 19, 2023, 8:10 pm

Gensler vs. crypto – Bloomberg

Third, there was pushback against Gensler for not owning or using crypto. “It is hard to understand something without using it,” writes Anthony Pompliano. “The idea that we have regulators who are actively making rules for something that they have never used seems confusing.” *** … If you start from the assumption that crypto is the future of payments, or of the…

Read More

Elizabeth Holmes launches appeal of ‘unjust’ conviction in Theranos fraud case

Elizabeth Holmes, founder of the blood-testing lab Theranos, has filed an appeal of her January 2022 conviction on four counts of fraud in connection with her time as chief executive of the company. In a 132-page filing Monday, Holmes and her lawyers argue the federal prosecutor’s case against her “parroted the public narrative” that she knowingly and intentionally misrepresented to…

Read More

Taylor Swift didn’t sign $100 million FTX sponsorship because she was the only one to ask about unregistered securities, lawyer says

Taylor Swift avoided signing a $100 million sponsorship deal with FTX because she was the only celebrity to question the crypto exchange, according to the lawyer handling a class-action lawsuit against several FTX promoters. *** The lawyer alleged that celebrities didn’t do their due diligence to check whether FTX was breaking the law. “The one person I found that did…

Read More

New York cybersecurity official joins Mayer Brown law firm | Reuters

Mayer Brown on Wednesday said it has added a cybersecurity leader from New York’s state government as a litigation partner. Justin Herring, who was executive deputy superintendent of the New York State Department of Financial Services’ (NYDFS) cybersecurity division until last week, has joined Mayer Brown’s New York office, the firm said. Source: New York cybersecurity official joins Mayer Brown…

Read More

Anthony Constantinou, Capital World Markets Boss, Missing From London Fraud Case – Bloomberg

The boss of a London foreign-exchange investment firm accused of defrauding investors out of £50 million ($62.2 million) has “voluntarily absented” himself from his London trial. Anthony Constantinou, who ran Capital World Markets Ltd., is accused of seven offenses including fraudulent trading, after prosecutors claimed he ran a Ponzi-style scheme that lured in investors with promises of eye-catching returns. “You…

Read More

Coinbase – Bloomberg

“Regulatory clarity” is largely a euphemism, though there is some literal truth to it. I think it is crystal, crystal, crystal clear that … the SEC’s answer to Coinbase’s question of “okay well how do we comply with the law and operate a US crypto exchange that is registered with the SEC?” is “hahaha you don’t, get outta here, enjoy England.” ***…

Read More

Tech Firms Try to Muzzle Workers With NDAs, SEC Tipsters Say

Some top US technology companies are forcing workers to sign allegedly illegal labor agreements, according to complaints filed with the Securities and Exchange Commission, despite years of enforcement by the agency against the practice. Firms, including an Apple Inc. subcontractor, Electronic Arts Inc. and Block Inc. improperly used non-disclosure agreements that prohibit workers from reporting bad behavior to the SEC,…

Read More

ChatGPT Can Decode Fed Statements, Predict Stock Moves From Headlines – Bloomberg

In the second study, Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models, Alejandro Lopez-Lira and Yuehua Tang at the University of Florida prompted ChatGPT to pretend to be a financial expert and interpret corporate news headlines. They used news after late 2021, a period that wasn’t covered in the chatbot’s training data. The study found that…

Read More