Daily Archives: February 20, 2024, 12:11 pm

Former Federal Prosecutor Garen Marshall Joins McGuireWoods’ Government Investigations Team  | McGuireWoods

McGuireWoods continues the expansion of its nationally recognized Government Investigations & White Collar Litigation Department with the arrival of former federal prosecutor and U.S. Navy special forces combat veteran Garen S. Marshall, who joins the firm as counsel. He splits his time between the firm’s offices in Charlotte, North Carolina, and New York City. Source: Former Federal Prosecutor Garen Marshall Joins McGuireWoods’ Government…

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Sullivan & Cromwell Poised to Be Appointed as Binance’s Independent Monitor – Bloomberg

New York law firm Sullivan & Cromwell is poised to be appointed Binance Holdings Ltd.’s independent monitor following the crypto giant’s multibillion-dollar settlement with the US government. The white-shoe firm is the leading contender for the coveted monitorship, according to people familiar with the selection process, likely beating a crowded field of lawyers and consultants vying for what’s seen as…

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Hedge Funds Warn SEC Cyber Lapses Risk Exposing Trading Secrets

The Securities and Exchange Commission and the Commodity Futures Trading Commission last week adopted rules expanding what private fund advisers must confidentially report—such as details on their crypto investments and credit strategies, including litigation funding. Regulators said the additional data will help them monitor market risks and bolster oversight of the private fund industry, which has grown to managing about…

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An Executive Bought a Rival’s Stock. The SEC Says That’s Insider Trading. – WSJ

Incyte’s stock was strongly correlated with Medivation’s during the year before Panuwat’s trading, according to Daniel Taylor, a professor at the University of Pennsylvania who specializes in insider-trading research. Incyte’s stock increased 8% on the day in August 2016 that Pfizer announced it would acquire Medivation, he said. Panuwat’s case shows that “if you have information about one company, based…

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Ex-Goldman Sachs Analyst Convicted of Insider Trading

A former Goldman Sachs analyst in London was convicted of using confidential information to personally trade shares, U.K. authorities said Thursday. Mohammed Zina worked for Goldman between 2014 and 2017, including a stint in the bank’s conflicts resolution group, a unit that helps foster the company’s culture and set its strategy. *** Zina, who pleaded not guilty, was convicted of…

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Lessons from the Rescission of Elon Musk’s $55.8B Option Grant | The D&O Diary

CEO compensation can be a source of concern for shareholders, which makes it a concern for the Delaware Chancery Court. Another major concern is director independence. The decision by the Delaware Chancery Court to void Elon Musk’s 2018 compensation package demonstrates what happens when these two concerns collide. The court’s 200-page legal analysis assesses everything from director independence and what…

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SEC.gov | SEC Charges Van Eck Associates for Failing to Disclose Influencer’s Role in Connection with ETF Launch

The Securities and Exchange Commission today announced that registered investment adviser Van Eck Associates Corporation has agreed to pay a $1.75 million civil penalty to settle charges that it failed to disclose a social media influencer’s role in the launch of its new exchange-traded fund (ETF). According to the SEC’s order, in March 2021, Van Eck Associates launched the VanEck…

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SEC Charges TIAA Subsidiary for Failing to Act in the Best Interest of Retail Customers

The Securities and Exchange Commission today announced that registered broker-dealer TIAA-CREF Individual & Institutional Services LLC (TC Services), a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), will pay more than $2.2 million to settle charges that it failed to comply with Regulation Best Interest (Reg BI) in connection with recommendations to retail customers to open a TIAA…

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