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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInHot Off The Presses: SEC/Covington and Burling Hearing Transcript | John Reed Stark
During a roughly hour-long hearing yesterday, U.S. District Judge Amit P. Mehta questioned both the SEC’s contention that it has the authority to force Covington to hand over a list of 298 clients affected by the 2020 cyberattack and Covington’s claim that attorney-client privilege prohibits it from disclosing that list. The SEC has requested client […]
Elon Musk’s bid to end tweet pre-approval faces skeptical court | Reuters
A federal appeals court on Thursday questioned Elon Musk’s bid to end an agreement that he made to get a Tesla Inc (TSLA.O) lawyer’s preapproval of some of his tweets, with judges pointing out that he agreed to it as part of a 2018 deal with the U.S. Securities and Exchange Commission. Musk’s attorney Ellyde […]
Crypto Winter 2022 Cost Bitcoin Holders More Than Cash
For George, apologizing to me wasn’t the hardest part. He’d persuaded his Chinese immigrant parents to refinance their mortgage and lend him $50,000 to invest in Bitcoin. He stored the funds on Celsius, a sort of crypto bank where they could accrue interest. The company collapsed into bankruptcy, and now the money was frozen, much […]
Fake Billionaire Fund Manager Phillip Galles Charged With Running Ponzi Scheme – Bloomberg
A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%. Phillip Galles, 57, was charged in a criminal complaint unsealed Thursday with a single count of wire fraud for allegedly stealing more than $2 […]
House Republicans Eye SEC Regulatory, Enforcement Budget
Lastly, McHenry requested a freeze on the SEC’s enforcement budget and said it does not need the more than 50 additional personnel that have been requested. The SEC’s budget request provides for 53 net hires for its Enforcement Division alone. McHenry added that the SEC’s aggressive enforcement actions against cryptocurrency have brought “further uncertainty to […]
Coinbase’s SEC Complaint Draws U.S. Chamber, Paradigm to Depict Regulator as Crypto Bully
The filings – a means by which outside parties can offer support for legal arguments – are piling support on Coinbase’s request more than two weeks ago to force the SEC to respond to an earlier 2022 petition that the agency provide rules clarifying crypto’s place in securities regulation. While SEC Chair Gary Gensler has […]
Rep. Patrick McHenry to U.S. SEC: Which Crypto Exchanges Have Tried to Register?
Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee that oversees the SEC, sent a letter this week to SEC Chair Gary Gensler complaining that an earlier April 26 request had been rebuffed. The letters, also signed by Rep. Bill Huizenga (R-Mich.), coincided with recent hearings – including one on May 10 […]
Autonomy founder Mike Lynch extradited to the US to face fraud charges
British tech entrepreneur Mike Lynch has been extradited to the U.S. to face fraud charges in relation to the sale of his software company Autonomy to Hewlett Packard. Lynch arrived in the U.S. on Thursday afternoon and is currently detained in San Francisco until bail conditions are met, his spokesperson confirmed to CNBC. He face […]