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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges Red Rock Secured, Three Executives in Fraud Scheme Targeting Retirement Accounts
The Securities and Exchange Commission today announced charges against El Segundo, California-based Red Rock Secured LLC, its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in connection with a fraudulent scheme that involved convincing hundreds of investors to sell securities in their retirement accounts to buy gold […]
Elon Musk still needs ‘Twitter sitter,’ judges rule
A February letter from Musk attorney Alex Spiro said the terms of the consent decree amounted to “unconstitutional” infringement of his free-speech rights. But the U.S. Court of Appeals for the Second Circuit dismissed those claims, writing that the court saw “no evidence to support Musk’s contention that the SEC has used the consent decree […]
Former U.S. Attorney John Lausch Returns to Kirkland | Kirkland & Ellis LLP
Kirkland & Ellis is pleased to welcome back John Lausch, who recently stepped down as the U.S. Attorney for the Northern District of Illinois, following over five years of distinguished service in that position. Mr. Lausch will return to the Firm as a partner in the Government, Regulatory & Internal Investigations Practice Group. Source: Former […]
SEC Urges Judge to Reject Coinbase Demand for Rules Explanation – Bloomberg
The US Securities and Exchange Commission asked a judge to deny Coinbase Global Inc.’s request to compel the agency to respond to a rule-making petition the company submitted last year focused on how securities laws apply to cryptocurrency. Coinbase, the biggest crypto exchange in the US, sued for the order last month, claiming the commission […]
FTX founder Sam Bankman-Fried to be subject of ‘high-octane’ book by Michael Lewis | Books | The Guardian
Michael Lewis, the bestselling author of The Big Short and Flash Boys, will tell the story of the cryptocurrency exchange founder and alleged fraudster Sam Bankman-Fried in his next book. Going Infinite: the Rise and Fall of a New Tycoon by Michael Lewis will be published on 3 October, and is described by its publisher […]
Disney Hit With Securities Suit with COVID-Related Allegations | The D&O Diary
Earlier this month, the U.S. Center for Disease Control announced the end in the U.S. of the COVID-19-related public health emergency that began in March 2020. Yet even though the public health emergency has now officially ended, the pandemic’s effects still continue to affect company’s financial results, and still continue to result in COVID-19-related securities […]
Playing with House Money – IFRAH Law
… The variables that now affect JPMorgan’s decision-making are now borderline bewildering. A verdict, plea or settlement in which Javice acknowledges fraud remains quite valuable to the company. But pursuing the civil case could easily force JPMorgan to burn through millions of dollars on its own legal expenses as well as those for Javice. How […]
One Million Individual Wallets Now Hold a Whole Bitcoin
Individual wallets holding at least one bitcoin (BTC) set a milestone figure earlier this week, suggesting long-term sentiment for the tokens remains intact even as broader markets weigh down bitcoin prices. Data from the on-chain analytics tool Glassnode show bitcoin wallets holding more than one token crossed the millionth mark on Monday. This is a […]
Wells Fargo Agrees to Pay Shareholders $1 Billion to Settle Class-Action Suit – WSJ
Wells Fargo agreed to pay shareholders $1 billion to settle a class-action lawsuit that accused the bank of overstating its progress in cleaning up after its 2016 fake-accounts scandal. The bank’s shareholders alleged Wells Fargo and its past leadership misled them about how swiftly they were fixing the governance issues and risk-management systems that failed […]