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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInRegulating crypto might end it. And that’s just fine. – The Washington Post
Crypto is a near-useless commodity that not only enables people to gamble their savings but also helps criminals launder money and evade detection. Even in its best-case scenarios, crypto serves no glaring need. Bitcoin has become a store of value to the point that many refer to it as digital gold; that means it might […]
Cryptocurrencies were always just a solution in search of a problem – The Washington Post
During jury selection in the ongoing federal fraud trial of the dethroned crypto kingpin Sam Bankman-Fried, one prospective juror worried out loud about his lack of knowledge of cryptocurrencies, despite his son’s efforts to explain them to him. “I still don’t understand how it works,” the would-be juror said. Lewis A. Kaplan, the sharp-tongued U.S. […]
Fake Goldman Insider Gets 16 Years for Alibaba IPO Share Scam – Bloomberg
An “expert conman” who told investors a Goldman Sachs Group Inc. connection could get them in on Alibaba Group Holding’s 2014 initial public offering was ordered to spend nearly 16 years in prison. Frank Harold Rosenthal was sentenced Thursday to 188 months in prison by US District Judge Fernando L. Aenlle-Rocha in Los Angeles. That […]
FTX Adds a Complex Chapter to the Financial-Fraud History Books – Bloomberg
He added that the speed at which Bankman-Fried’s rags-to-riches-to-rags tale unfolded makes the case difficult to compare with fraudsters like Madoff, the financier who was sentenced to 150 years in prison in 2009 for stealing $65 billion from thousands of investors. Madoff executed his Ponzi scheme over the course of more than 20 years. Holmes, […]
Sam Bankman-Fried’s Parents Are Still His Most Ardent Supporters – WSJ
Their unwavering support isn’t all that unusual. But Bankman, 68 years old, and Fried, 72, aren’t like most parents. The luster of their careers as beloved Stanford Law professors helped pave the way for the stunning rise of their son’s crypto exchange, FTX. And their direct dealings with that company, and the perks they received from […]
How Bad is the Cyber Attack on Allen & Overy? | Law.com
If LockBit has asked for a figure, there are a range of perspectives on what that could look like. One partner at a top U.K. firm commented that, typically, with a firm of A&O’s size, hackers would identify between 2% and 3% of global turnover as a “starting point”. In A&O’s case, that could mean […]
SPAC-Related Suit Shows How Geopolitical Risk Can Translate into Securities Litigation | The D&O Diary
One factor that contributed significantly to the total number of securities class action lawsuits filed in 2021 and 2022 was the proliferation of SPAC-related securities suit filings. Although diminished in number this year relative to the two prior years, and while the filing pace has declined as the year has progressed, SPAC-related securities suits continue […]