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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCommission Statement on the Passing of Former Chairman Harvey Pitt
We mourn the passing of Harvey Pitt, the 26th Chairman of the Securities and Exchange Commission. Harvey loved this agency, dating back to his time right out of law school serving as a staff attorney in the Office of General Counsel (OGC). He continued to serve the Commission for a decade, advising former Commissioner Francis […]
Baker Donelson Adds Former DOJ Prosecutor and SEC Enforcement Division Senior Counsel Ferdose al-Taie to Government Enforcement and Investigations Group | Baker Donelson
Ferdose al-Taie, a former Department of Justice (DOJ) prosecutor and U.S. Securities and Exchange Commission (SEC) Division of Enforcement senior counsel, has joined Baker Donelson as a shareholder in the Firm’s Government Enforcement and Investigations Group. Source: Baker Donelson Adds Former DOJ Prosecutor and SEC Enforcement Division Senior Counsel Ferdose al-Taie to Government Enforcement and […]
Former Wells Fargo Senior Executive Carrie Tolstedt Agrees to Settle SEC Fraud Charges for Misleading Investors About Abusive Sales Practices to Inflate a Key Performance Metric
The Securities and Exchange Commission today announced its settlement with the former head of Wells Fargo & Co.’s Community Bank, Carrie L. Tolstedt, in which she has agreed to pay a $3 million penalty stemming from charges brought in 2020 for her role in allegedly misleading investors about the success of the Community Bank, Wells […]
SEC Queries Private Equity Firms That Yanked Cash as Silicon Valley Bank Failed – Bloomberg
A top US financial regulator is inquiring about how private equity firms steered deposits, including client funds, out of Silicon Valley Bank before its collapse. The Securities and Exchange Commission’s examinations unit has requested records of some investment firms’ money transfers and investor communications over the first three weeks of March, as well as emails […]
Company Insiders Made Billions Before SPAC Bust – WSJ
The SPAC boom cost investors billions. Insiders in the companies that went public were on the other side of the trade. Executives and early investors in companies that went public via special-purpose acquisition companies sold shares worth $22 billion through well-timed trades, profiting before share prices collapsed. Some of the biggest winners were Detroit Pistons […]
Sam Bankman-Fried Points to Law Firm Advice of Counsel as FTX Fraud Defense – Bloomberg
FTX co-founder Sam Bankman-Fried is laying the groundwork for a defense that argues he relied upon the advice of a prominent Silicon Valley law firm in taking many of the actions for which he is now facing fraud charges. Bankman-Fried’s defense lawyers on Tuesday asked the judge overseeing his criminal case to force prosecutors to […]
Former Coinbase Manager and His Brother Agree to Settle Insider Trading Charges Relating to Crypto Asset Securities
The Securities and Exchange Commission today announced that former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available for trading on the Coinbase […]
Winklevoss Twins’ Gemini Crypto Exchange Pivots After Layoffs, Losses, Earn – Bloomberg
Since going all-in on Bitcoin over a decade ago, Tyler and Cameron Winklevoss have had their share of ups and downs. But these days, issues around the billionaire twins’ Gemini crypto exchange just seem to keep piling up. The SEC is suing Gemini as regulators crack down on the industry. The exchange’s market share has shrunk versus rivals even […]
Theranos Founder Elizabeth Holmes Is Expected to Enter Prison Tuesday – WSJ
Theranos founder Elizabeth Holmes is expected to report to prison on Tuesday to start her 11-year sentence for defrauding investors, marking a closing chapter in the downfall of one of Silicon Valley’s most prominent entrepreneurs after revelations about the company’s unreliable blood-testing technology. Source: Theranos Founder Elizabeth Holmes Is Expected to Enter Prison Tuesday – […]
Defense Attorneys Question Value of Voluntary Self-Disclosure With SEC, DOJ | The Recorder
Last May, Gurbir Grewal, director of the SEC’s Division of Enforcement, told attendees of the Securities Enforcement Forum West, “Too often, we see defense counsel—sometimes even including [SEC enforcement division] alums—engage in conduct that seems to have little purpose other than to delay our investigations,” according to a transcript of the speech on the SEC […]