Daily Archives: September 12, 2023, 1:24 pm

SEC Charges Alternative Investment Platform YieldStreet for Misleading Investors

The Securities and Exchange Commission today announced a settled action against New York-based YieldStreet Inc. and its registered investment adviser subsidiary, YieldStreet Management LLC (together, YieldStreet), for failing to disclose critical information to investors in a $14.5 million asset-backed securities offering. According to the SEC’s order, in September 2019, YieldStreet offered securities to finance a loan a YieldStreet affiliate made…

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SEC Charges National Office Partner at Marcum for Causing Widespread Quality Control Deficiencies

The Securities and Exchange Commission today charged Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a public accounting firm, with failing to sufficiently address and remediate numerous deficiencies in Marcum’s quality control system. The SEC previously charged Marcum for these quality control deficiencies and other violations, many of which were in connection with Marcum’s audit…

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Ex-FTX GC Launches Law Firm, Says His ‘Hugely Disappointing Experience’ Will Be Asset for Clients | The American Lawyer

Ryne Miller, the former U.S. general counsel of cryptocurrency exchange FTX, has started his own New York-based firm that will advise digital asset and blockchain companies and traditional financial firms on regulation, regulatory investigations and crisis management. In an interview with Law.com, Miller said he came up with the idea for Miller Strategic Partners  after he left FTX in March.…

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Binance Says SEC’s Request for Depositions is ‘Overbroad’ and ‘Unduly Burdensome’

Binance.US (BAM) in a redacted response to the Securities and Exchange Commission (SEC), has called the commission’s motion for depositions by the exchange’s executives and further discovery “unduly burdensome” and “freewheeling” as it has yet to be presented with evidence that customer funds were wrongfully diverted. “Even after all of the discovery already produced by BAM during the expedited discovery…

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Beauty and stock market participation – ScienceDirect

This paper investigates whether beauty, an important natural endowment, affects investment decisions. Using data from the Wisconsin Longitudinal Survey (WLS), which provides a photo-based measure of facial beauty, we find that better-looking individuals are more likely to own stocks and invest a larger share of wealth in stocks. We consider a wide range of potential mediators that may drive this…

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Expertized

To what extent can plaintiffs commission an expert report based on public information and rely on it in their complaint to adequately plead securities fraud?  The Ninth Circuit recently addressed this issue in E. Ohman J:or Fonder AB v. NVIDIA Corp., 2023 WL 5496507 (9th Cir. Aug. 25, 2023).  A majority of the panel (Judge Fletcher and Judge Wallace) found…

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Defiant Gensler to Revisit Crypto Grievances in Senate, Despite XRP, Grayscale Setbacks

After decisions in the Ripple case that energized crypto advocates and the even more pronounced failure of the SEC’s Grayscale bitcoin ETF dispute, Gensler is holding the line on warning about the sector flaunting securities laws, according to written testimony set for delivery to the Senate Banking Committee on Tuesday. “Given this industry’s wide-ranging noncompliance with the securities laws, it’s…

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