Daily Archives: February 23, 2024, 10:38 am

Has Gensler’s SEC pushed Wall Street too far?

Undeterred, Gensler is pushing ahead with the biggest regulatory blitz since the financial crisis, setting the stage for the latest in a long line of battles between Wall Street and its main regulator. The question now is whether he can see through his ambitious agenda in the face of an industry fightback, sceptical judges and the possibility of a new…

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Sheppard Mullin Expands White Collar and Investigations Capabilities with Partner John Marston | Sheppard Mullin

Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that John Marston has joined the firm as a partner in the Governmental Practice, based in the Washington, D.C office. Marston joins from Foley Hoag LLP. A former federal prosecutor, Marston has led numerous investigations and tried more than 50 civil and criminal cases to verdict. Marston also brings specialized…

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Singapore Resident Pleads Guilty In Manhattan Federal Court To Soliciting Millions Of Dollars In Pre-IPO Stock Scheme | DOJ-SDNY Press Release

Damian Williams, the United States Attorney for the Southern District of New York, announced the guilty plea today of SHAMOON RAFIQ, a/k/a “Shamoon Omer Rafiq,” a/k/a “Omar Rafiq,” a/k/a “Omer Rafiq,” a resident of Singapore, for engaging in a scheme in which RAFIQ solicited millions of dollars of investors’ money by falsely representing that he was offering investments in shares…

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US DOJ unit’s penalties fall in 2023 as trial backlog bites, data shows | Reuters

The U.S. Justice Department team tasked with rooting out corporate crime secured $690 million in penalties in 2023, its lowest tally in at least eight years, according to new DOJ data released Thursday. The department’s Washington D.C. Fraud Section, which focuses on corporate wrongdoing related to healthcare, securities, and foreign bribery, last year brought eight resolutions to settle probes into…

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First AI-Related Securities Suit Filed | The D&O Diary

In any discussion these days of emerging directors’ and officers’ risks, the conversation inevitably turns to the topic of Artificial Intelligence (AI). There is a general perception that while AI presents significant opportunities, it also involves significant liability risks. The contours of the risk that AI represents have yet to develop, largely because the claims have yet to emerge. That…

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Everything is seating charts – Bloomberg

And there are very fine-grained forms of jealousy here. If you are the co-head of some important business, and you are not on a committee, and the other co-head of that business is on that committee, that is a mortal insult. The Financial Times reports: “Two of Goldman Sachs’ top investment bankers have threatened to quit after being excluded from…

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ETF approval for bitcoin – the naked emperor’s new clothes

On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle…

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