Daily Archives: November 3, 2023, 8:41 am

Will “expert” allegations become the next big thing in securities litigation? | Reuters

Over 25 years ago, Congress enacted heightened pleading standards for securities fraud claims to deter strike suits. A recent opinion from a divided 9th U.S. Circuit Court of Appeals panel held that plaintiffs satisfied those standards by relying on a retained expert who provided a post-hoc review of allegedly misleading statements. The decision, E. Ohman J:Or Fonder AB v. NVIDIA…

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After Sam Bankman-Fried Guilty Verdict, What’s Next for Caroline Ellison, Others – Bloomberg

Ellison, Wang and Singh will likely get no or very little prison time for their testimony, several criminal defense lawyers who’ve followed the case said. That compares to the decades in prison Bankman-Fried possibly faces when he’s sentenced in March. *** If they do get some jail time, it will likely be relatively short, and there’s a good chance they’ll…

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WhatsApp-ening? The SEC’s “Off-Channel” Communications Sweep | Woodruff Sawyer – JDSupra

One recent enforcement trend has been especially impactful to the bottom line, resulting in the SEC and the Commodity Futures Trading Commission (CFTC) penalizing registered entities more than $2 billion in less than two years for a common practice. What is this deeply troubling behavior? Securities or commodities fraud? Try again. Deceptive practices that harm customers or their investments? Nope.…

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Statement Of U.S. Attorney Damian Williams On The Conviction Of Samuel Bankman-Fried | United States Department of Justice

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time.  This case has always been about lying, cheating, and…

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Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy – The New York Times

Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry. Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as…

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Sam Bankman-Fried Was a Grown Up Criminal, Not an Impulsive Man-Child – The New York Times

From the outset, the decision to have Mr. Bankman-Fried testify in the federal trial that charged him with some of the most grievous acts of financial fraud in the country’s history, seemed like a self-defeating proposition. Ostentatiously unfazed by physical beauty, art, novels, fashion, religion and heated food, he was also an avowed hater of Shakespeare (“one-dimensional” characters, “illogical plots,”…

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SafeMoon – Bloomberg

Anyway SafeMoon’s trick was that if you sold your SafeMoon tokens, the SafeMoon protocol would take a 10% “tax.” Thus buying was good and selling was bad, which kept a floor on the price. (For a while.) Half of the 10% tax was used to pay the yield on the other tokens: If you sell your tokens, you pay 10%;…

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