Daily Archives: February 2, 2024, 2:56 pm

SEC Charges Founder of American Bitcoin Academy Online Crypto Course with Fraud Targeting Students

The Securities and Exchange Commission today announced that Brian Sewell and his company, Rockwell Capital Management, agreed to settle fraud charges in connection with a scheme that targeted students taking Sewell’s online crypto trading course known as the American Bitcoin Academy. The SEC alleges that the fraudulent scheme cost 15 students $1.2 million. According to the SEC’s complaint, from at…

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Thompson Coburn Doubles Down on White Collar/Litigation Growth With Addition of Thomas Rea, Second Former Federal Prosecutor to Join in 2024

In a move fueling the strategic growth of its national White Collar Defense and Business Litigation practice, Thompson Coburn LLP welcomes former Assistant United States Attorney for the Eastern District of Missouri Thomas Rea as a partner in St. Louis. This quickly follows the firm’s Washington, D.C. office addition earlier in January of partner and former U.S. Attorney for the…

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STATEMENT OF ADMINISTRATION POLICY on S.J. Res. 50

The Administration strongly opposes passage of S.J. Res. 50, a joint resolution to disapprove of the SEC rule relating to informing investors about cybersecurity incidents and establishing uniform standards for corporate disclosures for oversight and governance of cyber risks. Ransomware attacks are up 45 percent year over year. The lack of transparency by public companies about cyber incidents impacting their…

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The Same Old Song: Securities Enforcement Cases Against Executives | Woodruff Sawyer – JDSupra

Following the financial crisis of 2008, the federal government faced harsh criticism for not bringing enough cases against individuals. Since then, government lawyers have consistently crooned the same tune. It doesn’t change much from year to year: A Department of Justice (DOJ) or Securities and Exchange Commission (SEC) leader says individual accountability is extremely important, makes some policy tweaks, and…

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Statement on the Denial of a Rulemaking Petition Regarding the Commission’s No-Admit/No-Deny Policy — SEC Chair Gary Gensler

As the Commission under then-Chair Bill Casey said at the time of the adoption: “a refusal to admit the allegations is equivalent to a denial, unless the defendant or respondent states that he neither admits nor denies the allegations.” Entering into a settlement is a consequential choice for both the SEC and the defendant. The Commission, in agreeing to settle…

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Larry David on Super Bowl Ad for Sam Bankman-Fried’s FTX: ‘Like an Idiot, I Did It’

Comedian Larry David was self-effacing when asked this week about his infamous Super Bowl commercial for Sam Bankman-Fried’s cryptocurrency exchange FTX, which collapsed months after the ad. “I asked people, friends of mine who were well-versed in this stuff, ‘Should I do this ad?’” he told the Associated Press in an interview this week. “They said, ‘Yeah, this is totally…

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FTX Hack Mystery Possibly Solved: U.S. Charges Trio With Theft, Including Infamous Attack on Crypto Exchange

The U.S. federal government on Wednesday charged three people with a yearslong phone hacking conspiracy that culminated in the infamous theft of $400 million from FTX as Sam Bankman-Fried’s crypto exchange was collapsing. In an 18-page indictment filed in D.C. court, prosecutors accused Robert Powell, Carter Rohn and Emily Hernandez with conspiracy to commit wire fraud and identity theft in…

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