Daily Archives: January 30, 2024, 9:11 am

Private-Fund Lobbyists Get Set for High-Stakes SEC Court Fight – WSJ

Regulators and the private-equity industry are gearing up for a trial that could determine the government’s ability to set rules for buyout funds, with some business interests hoping the case could loosen regulators’ hold on Wall Street. On Feb. 5, a three-judge panel for the Fifth Circuit Court of Appeals is set to hear oral arguments in a challenge private-fund lobbyists mounted…

Read More

SEC Charges Founder of $1.7 Billion “HyperFund” Crypto Pyramid Scheme and Top Promoter with Fraud

The Securities and Exchange Commission today charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1.7 billion from investors worldwide. According to the SEC’s complaint, from June 2020 through early 2022, Lee and Chunga promoted HyperFund “membership” packages, which they…

Read More

Insider Abstention and Rule 10b5-1 Plans by David Rosenfeld – SSRN

The issue of “insider abstention”—insiders who decide not to trade based on MNPI—has long bedeviled insider trading law and policy. Insider abstention is typically undetectable and unknowable, raising insurmountable issues of proof, while the general requirement that fraud be “in connection with the purchase or sale of a security” imposes a rigid legal barrier. But Rule 10b5-1 plans stand on…

Read More

2023 Silicon Valley 150: Corporate Governance Report

Our 2023 Silicon Valley 150 Corporate Governance Report reviews the corporate governance practices and disclosures of the Valley’s largest public companies. This report uses the Lonergan SV150, which ranks the top 150 public companies with headquarters in Silicon Valley by annual sales. We noted the following key conclusions from our survey of SV150 corporate governance: Virtual meetings are here to…

Read More

UK: The Economic Crime and Corporate Transparency Act 2023 — A Questionable Christmas Present | The D&O Diary

On 26th December 2023, the attribution rules relating to corporate criminal responsibility for economic crimes were extended to senior managers under The Economic Crime and Corporate Transparency Act 2023 (ECTA). So, who are senior managers for this purpose, and should they be worried? ECTA also introduces a new corporate offence of failure to prevent fraud which will come into force…

Read More