Daily Archives: May 29, 2024, 3:47 pm

“The Five Principles of Effective Cooperation in SEC Investigations,” Remarks at Securities Enforcement Forum West 2024

Today, I’d like to answer those questions by first making clear the very real benefits of cooperating with Commission investigations, and then sharing with you five principles of effective cooperation — principles that you can use to not only guide conversations with clients making the decision to cooperate, but also as a roadmap in making the case for cooperation credit…

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SEC Charges Advisory Firm Mass Ave Global and Co-Founder and CEO Winston Feng with False Statements and Undisclosed Conflicts

The Securities and Exchange Commission today instituted settled proceedings against formerly registered investment adviser Mass Ave Global Inc. (MassAve) and its co-founder and CEO Winston M. Feng for making false and misleading statements to investors in MassAve’s flagship opportunity fund. To settle the SEC’s charges, MassAve agreed to pay a civil penalty of $350,000, and Feng agreed to pay a…

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FTX examiner’s report reveals lingering exposure for law firm Fenwick & West | Reuters

The California law firm that acted as lead outside counsel for crypto exchange FTX until just before its collapse in 2022 remains under investigation in the FTX Chapter 11 bankruptcy, according to a report issued last week by an independent court-appointed examiner. Fenwick & West was the only law firm “entrusted with a birds-eye view” of what was happening at…

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Global Crime Surge Strains Unheralded Justice Department Unit

Even in better times, the Justice Department’s international unit would work around-the-clock, only to see the piles of requests for overseas evidence and fugitives keep growing. Its pace often frustrated impatient prosecutors, who risk losing valuable information, witnesses, or arrests if they fail to seize on a time-sensitive tip, said several former DOJ attorneys. And when the Office of International…

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Ryan Salame, FTX Executive, Gets Seven and a Half Year Prison Sentence – The New York Times

Ryan Salame, a top executive at the collapsed cryptocurrency exchange FTX, was sentenced to seven and a half years in prison on Tuesday, making him the first of Sam Bankman-Fried’s circle of advisers at FTX to receive prison time. Mr. Salame, 30, a trusted lieutenant of Mr. Bankman-Fried, the exchange’s founder, pleaded guilty last year to a campaign finance law…

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Jailed Binance Executive Gabaryan Is Thought to Have Malaria, Family Says

Tigran Gambaryan, Binance’s compliance head, who remains jailed in Nigeria, is suspected of having malaria, a family spokesperson told CoinDesk. Gambaryan collapsed in a Nigerian court on May 24. He, along with the exchange, is facing charges of both tax evasion and money laundering. “Despite a court order from Justice Emeka Nwite issued on Thursday, May 23, Tigran Gabaryan has…

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GameStop

Bloomberg tells me that the average closing price of GameStop Corp. common stock for the first five and change months of this year — Jan. 1 through May 10 — was $13.76. And then on May 12, the X account of Keith Gill — the … GameStop influencer? … known as Roaring Kitty — tweeted a drawing of a guy…

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BlackRock’s IBIT Flips Grayscale to Become the Largest Spot Bitcoin ETF in the U.S.

BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale’s GBTC after a $102 million inflow on Tuesday. IBIT holds nearly $20 billion worth of bitcoin as of Wednesday morning, its product page shows. GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday, its page shows. Since going live in…

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