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Join the Securities Litigation and Enforcement Group on LinkedInSEC Says Spot Bitcoin ETF Filings Are Inadequate – WSJ
The Securities and Exchange Commission said a recent wave of applications filed by asset managers to launch spot bitcoin exchange-traded funds are inadequate, according to people familiar with the matter. The agency informed exchanges Nasdaq and Cboe Global Markets, which filed the applications on behalf of asset managers including BlackRock and Fidelity Investments, that the […]
Nationally Renowned White Collar Trial Lawyer Jeffrey Coopersmith Joins Corr Cronin
Corr Cronin is pleased to announce that veteran trial lawyer Jeff Coopersmith has joined the firm as a partner. Well known for defending and trying high-profile cases (most recently, representing Sunny Balwani at trial in charges stemming from the DOJ’s Theranos investigation), Jeff’s nationally-recognized trial practice is an ideal fit for Corr Cronin’s high-stakes trial […]
Fidelity joins rush for bitcoin ETF, following BlackRock, Ark Invest
Asset management giant Fidelity Investments is again trying to launch a spot bitcoin exchange-traded fund, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the U.S. Securities and Exchange Commission. Other firms appear to have taken BlackRock’s filing as a […]
SEC Charges Stockbroker and Friend with Insider Trading
The Securities and Exchange Commission today announced insider trading charges against Jordan Meadow, a registered representative for a New York-based broker-dealer, and Steven Teixeira, the Chief Compliance Officer of an international payment processing company, in connection with their trading based on material nonpublic information that Teixeira obtained from his girlfriend’s laptop while she was working […]
Statement on Insider Trading Enforcement Actions Announced on June 29, 2023
Today, the SEC announced charges against 13 defendants in four separate insider trading schemes: Garelick/Shvartsman/Shvartsman/Rocket One Capital LLC (for illegal insider trading in the securities of Digital World Acquisition Corporation); Dagar/Bhiwapurkar (for illegal insider trading in the securities of Pfizer Inc.); Dupont/Cronin/Mendoza/Kaplan/Feldman (for illegal insider trading in the securities of Portola Pharmaceuticals Inc.); and Meadow/Teixeira […]
SEC Charges Former Pfizer Statistician with Insider Trading Ahead of COVID-19 Announcement
The Securities and Exchange Commission today announced insider trading charges against Amit Dagar, a former Pfizer Inc. employee, and his close friend and business partner, Atul Bhiwapurkar, for trading in advance of the company’s November 5, 2021, announcement that a randomized, double-blind study of its COVID-19 antiviral treatment, Paxlovid, was successful. Following that announcement in […]
SEC Charges Police Chief, Four Others in Connection with Insider Trading Before Pharmaceutical Merger
The Securities and Exchange Commission today filed insider trading charges against five individuals, including a police chief in Dighton, Massachusetts, arising from trading before the announcement of a tender offer by Alexion Pharmaceuticals Inc. to acquire Portola Pharmaceuticals Inc. in May 2020. Four of the defendants traded on nonpublic information obtained, directly or indirectly, from […]
SEC Charges Former DWAC Board Member and Others for Insider Trading in DWAC Securities
The Securities and Exchange Commission today filed insider trading charges against Bruce Garelick, a former board member of Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC); Michael Shvartsman and his firm Rocket One Capital LLC; and Gerald Shvartsman for trading in advance of DWAC’s October 2021 announcement that it had reached an […]
FTX Begins Talks on Reboot Amid Regulatory Crackdown on Crypto Exchanges – WSJ
FTX is moving ahead with plans to restart its flagship international cryptocurrency exchange, an effort that will face major challenges as regulators ratchet up their oversight of the industry and the company works its way through bankruptcy proceedings. The company “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange,” […]
42 Dropped Cases, 48 Lifted Bars, One Big ‘Disaster’: SEC Roundup | ThinkAdvisor
The SEC recently dropped 42 enforcement actions — including many against small investment advisors — as a result of the SEC’s failure to separate the enforcement and judicial functions in its administrative proceedings. *** Concannon and Wolfe explain the significance of the SEC’s breach and how the agency has not fixed the underlying problem: the fact that […]