Daily Archives: January 3, 2024, 6:32 pm

SEC Charges Florida Real Estate Developer Rishi Kapoor with Perpetuating $93 Million Fraud Scheme and Obtains Emergency Relief

The Securities and Exchange Commission today announced that it obtained an asset freeze and other emergency relief concerning an alleged $93 million real estate investment fraud perpetrated by Miami-based developer Rishi Kapoor. The SEC also charged Location Ventures LLC, Urbin LLC, and 20 other related entities in connection with the fraud scheme. According to the SEC’s complaint, from approximately January…

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How the Misappropriation Theory Affects the Amount of Insider Trading | CLS Blue Sky Blog

Few types of behavior attract as much attention in corporate and securities law as insider trading – that is, securities transactions based on material non-public information (MNPI).[1]  Yet there is very limited empirical evidence on whether the law effectively deters insider trading, and particularly whether the adoption of the main doctrine behind its prohibition – the “misappropriation theory” – has…

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Matrixport: SEC to Reject Spot Bitcoin ETF Proposals in January

Crypto investment services provider Matrixport expects the U.S. Securities and Exchange Commission (SEC) to reject all applications to list a spot bitcoin exchange-traded fund (ETF) this month. “The current five-person voting Commissioners leadership critical for the ETF approval of the SEC is dominated by Democrats,” wrote the firm in a note on Wednesday. “SEC Chair Gensler is not embracing crypto…

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Gap In Time | The 10b-5 Daily

To establish loss causation in a securities class action does the company’s stock price have to decline immediately after the alleged corrective disclosure that revealed the truth to the market?  In Shash v. Biogen, Inc., 84 F.4th 1 (1st Cir. 2023), the court considered this question in a case involving a drug study and the FDA approval process. *** … The First Circuit,…

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CBOE Digital Sees Bitcoin Spot ETFs Drawing Pension Funds, RIAs

A host of new institutional investors including pension funds and registered investment adviser-based vehicles will flock to Bitcoin assets if US regulators approve the first-ever spot exchange-traded fund for the cryptocurrency, according to CBOE Digital’s president. “Seeing that approval is going to pave the way for pension funds and RIA-based funds to be able invest in assets in a spot…

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U.S. Prosecutors Can Charge Foreign Officials With Bribery Under New Provision – WSJ

U.S. authorities can now prosecute foreign officials who demand or accept bribes from Americans trying to secure business, new legal firepower granted in the recently signed annual defense legislation. For the first time, a provision of the National Defense Authorization Act has made it a crime for a foreign official to ask for or take a bribe from an American person,…

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