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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAt Bitcoin Conference, ‘No Bears Allowed’ – WSJ
Last year, crypto custody firm BitGo held a party where it served two sushi-grade tuna that chefs cut and carved up for guests, one of which clocked in at 200 pounds. This year, there was just one tuna, a 115-pounder, though the company made a joke of it, handing out stickers reading “#TunaWinter.” A satellite […]
SEC.gov | SEC Charges Internet Streaming Company for Overstating Paying Subscribers and Violating the Whistleblower Protection Provisions
The Securities and Exchange Commission today announced settled charges against Colorado-based Gaia, Inc. for overstating the number of the company’s paying subscribers, and Gaia’s CFO, Paul C. Tarell, Jr., for causing Gaia’s overstatement. The SEC also charged Gaia with retaliating against a whistleblower and impeding former employees from communicating with the Commission about potential securities […]
Why Goldman Sachs Is Wrong About Blockchain (A Blockchain Due Diligence Primer) | John Reed Stark
I can’t say it any plainer: blockchain is bunk. No doubt blockchain enthusiasts will insist that I just don’t get it. But like one famed technologist recently wrote, It really looks as if there never was an it to get. Despite its relentless hype and inexorable bluster, blockchain technology itself has extremely limited utility and is […]
Shaquille O’Neal Served FTX Suit at NBA Game, Plaintiff Firm Says
Shaquille O’Neal was served a lawsuit by FTX crypto-exchange users at the Miami Heat game Tuesday night after their multiple previous attempts failed, according to the plaintiffs’ law firm. Investors who bought crypto assets through FTX are accusing the former Los Angeles Lakers star, along with other celebrities like Tom Brady and Stephen Curry, of […]
SEC enforcement not ‘a game of gotcha,’ Grewal says | CFO Dive
Securities and Exchange Commission Enforcement Director Gurbir Grewal said Tuesday that enforcement “should not be a game of gotcha,” but a joint effort by SEC and companies under scrutiny to determine whether a violation has occurred. “This should be a collaborative process,” Grewal said in reply to a question at Securities Enforcement Forum West. “It […]
Crypto giant Binance commingled customer funds and company revenue, former insiders say
The world’s largest cryptocurrency exchange, Binance, commingled customer funds with company revenue in 2020 and 2021, in breach of U.S. financial rules that require customer money to be kept separate, three sources familiar with the matter told Reuters. One of the sources, a person with direct knowledge of Binance’s group finances, said the sums ran […]
Mountain of FTX Evidence: Emails, Chat Logs, Code and a Notebook – The New York Times
Snippets of computer code. More than six million pages of emails, Slack messages and other digital records. And a small black notebook, filled with handwritten observations. For months, federal prosecutors building the criminal case against the fallen cryptocurrency executive Sam Bankman-Fried have assembled a vast and unusually varied array of evidence. The documents include crypto […]
SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud
The Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams, who have raised more than $60 million from investors to expand their cannabis operations, but […]
Crypto Execs From Coinbase, Messari Give Washington Influence Another Go With FTX Anchor Around Necks
When Washington, D.C., lawmakers tune into their favorite Sunday morning political shows this week, they’ll also get a dose of crypto messaging, thanks to a Coinbase (COIN) campaign that’s part of the next stage in the industry’s attempt to influence U.S. policy. But the efforts from Coinbase CEO Brian Armstrong and a push from Messari […]
Florida Governor Ron DeSantis: ‘Bitcoin Represents a Threat to the Current Regime’
The latest contender for the leadership of the Republican Party said he is an advocate for crypto. “The current regime, clearly, has it out for Bitcoin,” Ron DeSantis said during a Twitter space with Elon Musk and venture capitalist David Sacks in which he officially announced his bid for U.S. president. “And if it continues […]