Daily Archives: April 4, 2024, 7:35 pm

British Billionaire Joe Lewis Avoids Prison Time in U.S. Insider-Trading Case – WSJ

Lewis, 87 years old, pleaded guilty in January to securities-fraud charges for tipping off a romantic partner, a poker buddy and the pilots of his private jet to confidential information about companies he was invested in. Federal prosecutors said while Lewis—one of the 500 richest people in the world—didn’t profit from the scheme, his associates collectively made millions of dollars…

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Former SEC Assistant Director Sarah Mallett Joins Kirkland | Kirkland & Ellis LLP

Kirkland & Ellis is pleased to announce that Sarah Mallett has joined the Firm as a partner in the Government, Regulatory & Internal Investigations Practice Group. Ms. Mallett most recently served as an Assistant Director in the Enforcement Division at the U.S. Securities and Exchange Commission’s (SEC) Fort Worth Regional Office. She has experience representing public companies, private equity firms,…

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OneCoin Executive Irina Dilkinska Sentenced to 4 Years Over Crypto Scam – Bloomberg

The former head of legal and compliance for the phony cryptocurrency OneCoin was sentenced to four years in prison after admitting she helped launder hundreds of millions of dollars in proceeds from the scam. Irina Dilkinska, 42, pleaded guilty in November to wire fraud and money-laundering conspiracy charges. US District Judge Edgardo Ramos on Wednesday declined her request to avoid…

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Remarks at SEC Speaks 2024 — Gurbir Grewal

At the same time, we’ve been accused of picking winners and losers, stifling innovation, and driving crypto businesses to more favorable, foreign jurisdictions, wherever they may be. A decade’s worth of verbal gymnastics that are just a backhanded way of saying, “we want a different set of rules than those that apply to everyone else.” A decade’s worth of arguments…

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Remarks at SEC Speaks 2024 — Sanjay Wadhwa

Since December 2021, the Commission has charged nearly 60 firms – investment advisers, broker-dealers, and credit ratings agencies – with recordkeeping violations, resulting in combined penalties of just over $1.7 billion. This initiative has received a great deal of attention, much of it focused on penalties, which were as high as $125 million for some of the firms, while, on…

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2 Brothers in Trump Media Insider-Trading Scheme Plead Guilty – The New York Times

Two brothers from Miami pleaded guilty on Wednesday in federal court in Manhattan for their role in a nearly $23 million insider-trading scheme surrounding the 2021 announcement that former President Donald J. Trump’s social media company planned to merge with a cash-rich shell company. Michael and Gerald Shvartsman, who had pleaded not guilty to securities fraud charges last summer, were…

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For Crypto, the Global Regulatory ‘Olympics’ Has Already Begun

Among financial jurisdictions there’s a similar sort of multidisciplinary competition already underway. In this race, however, jurisdictions are competing for the prize of becoming capital to the next generation of financial services: tokenized finance operating in open and decentralized systems. Like the pentathlon, the winners will demonstrate an ideal blend of strength, agility and speed. Contestants include established financial hubs…

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Binance Executive’s Nigeria Case Is Adjourned Until April 19 – Bloomberg

A Binance Holdings Ltd. executive detained for more than a month in Nigeria on tax evasion charges had his case adjourned until April 19 after his first appearance in court. Tigran Gambaryan, head of financial crime compliance at Binance, was accused alongside the company of charges including non-payment of value-added-tax and company income tax, and complicity in aiding customers to…

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