Daily Archives: August 24, 2023, 12:30 pm

Buyers of Bored Ape NFTs sue after digital apes turn out to be bad investment | Ars Technica

The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021. A Sotheby’s auction duped investors by giving the Bored Ape NFTs “an air of legitimacy… to generate investors’ interest and hype around the Bored…

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Sam Bankman-Fried’s Lawyers Get Greenlight for Unlimited Prison Visits

A federal judge has granted Sam Bankman-Fried’s lawyers permission to meet with their client in prison after revoking the FTX founder’s bail just weeks before his trial, an order the judge issued Wednesday shows. According to the order, Bankman-Fried’s lawyers “can take unlimited advantage of the legal visitation hours” at the Metropolitan Detention Center (MDC) in Brooklyn, New York to…

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5 Companies Fined for Masking Accounting Errors in Late Filings

Five companies have settled SEC charges that they didn’t inform investors of pending financial statement corrections as part of late filing notices. The companies agreed to pay penalties ranging from $35,000 to $60,000 for not disclosing to investors substantial shifts to the companies’ financial results as required when they informed the market they couldn’t meet filing deadlines, according to separate…

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Target Case Charts Path for ‘Go Woke, Go Broke’ Securities Suits

Conservative legal groups have launched a wave of challenges to corporate DEI initiatives, going after McDonald’s Corp., Kellogg Co., and Progressive Corp., among many others. The legal arguments in those instances have often focused on discrimination laws. AFL charted a different course by accusing Target of securities fraud. The case has serious problems, securities scholars and lawyers say. But it…

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U.S. Charges Two Alleged Founders of Crypto Platform Tornado Cash With Money Laundering – WSJ

U.S. prosecutors charged two individuals allegedly behind decentralized cryptocurrency mixer Tornado Cash, saying they conspired to launder illicit funds and to violate U.S. sanctions. The indictment, filed by the U.S. Attorney’s Office in the Southern District of New York and unsealed Wednesday, charged Roman Storm and Roman Semenov in connection with the alleged creation, operation and promotion of Tornado Cash,…

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SEC Takes On Private Equity, Hedge Funds – WSJ

The Securities and Exchange Commission voted 3-2 on Wednesday to adopt new requirements for private funds, which manage more than $25 trillion in gross assets for pension plans, university endowments and wealthy individuals. *** The SEC’s two Republican commissioners voted against the rules and questioned whether the agency has the legal authority to regulate private funds more closely. “The rule-making…

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Charles Hoskinson: U.S SEC Is Not Coming After Cardano – Times Tabloid

Charles Hoskinson, the founder of Cardano (ADA), expressed confidence that the United States Securities and Exchange Commission (SEC) would not come after ADA, stating that the agency’s actions are politically motivated and unrelated to securities laws. During a recent YouTube interview, Hoskinson emphasized that there has been no enforcement action taken against Cardano’s native token, ADA, thus far. He pointed…

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