Daily Archives: February 9, 2024, 10:23 am

Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures

The Securities and Exchange Commission today announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of…

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Crypto ransom attack payments hit record $1 billion in 2023 – Chainalysis | Reuters

Payments from crypto-related ransom attacks nearly doubled to a record $1 billion in 2023, blockchain analytics firm Chainalysis said on Wednesday. Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022. Source: Crypto ransom attack payments hit record $1 billion in 2023 – Chainalysis | Reuters

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Bankrupt Genesis Global settles NY Attorney General’s lawsuit | Reuters

Crypto lender Genesis Global has settled a lawsuit that the New York Attorney General brought against it last year, eliminating a major legal burden as it wades through its bankruptcy proceedings. Attorney General Letitia James had sued the company, its parent Digital Currency Group (DCG) and cryptocurrency firm Gemini Trust Co in October for allegedly “defrauding” investors of more than…

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Voyager Investor Suit Against Firm Shows Risk of Crypto Advice

A lawsuit targeting McCarter & English over failed exchange Voyager Digital Holdings Inc. shows the risk firms face when giving advice in the fast-changing—and sometimes dizzying—world of crypto. *** Lawyers found themselves in “uncharted territory” as crypto’s popularity led corporate firms to launch practices, said James Cox, a Duke University law professor. Opinions on whether a crypto asset is an…

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U.S. Senators Berate SEC’s Gensler for Agency’s ‘Unethical’ Handling of Crypto Case

The U.S. Securities and Exchange Commission’s admission that it misrepresented evidence in a lawsuit against the blockchain project DEBT Box casts doubt on its wider enforcement practices, several Republican senators argued in a letter to Chair Gary Gensler. *** “Regardless of whether commission staff deliberately misrepresented evidence or unknowingly presented false information, this case suggests other enforcement cases brought by…

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Commercial Real Estate Woes Weigh on Bank, Lead to New Securities Suit | The D&O Diary

…As the Wall Street Journal put it in an article late last week, “Investors have wondered when the pain from the downturn in commercial property would hit banks.” As the Journal noted in the same article, the commercial property-related pain has now arrived for some banks. Several banks, including New York Community Bancorp (NYCB), suffered significant stock price drops after…

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