Adverse court decisions over the past two years have blocked the SEC from overseeing the $27 trillion private funds industry; criticized its economic justification for new share buyback disclosures; and curtailed its powers to punish bad actors. The SEC has also been affected by Supreme Court decisions curbing federal agencies’ powers to interpret ambiguous laws or issue rules of major…
By the end of 2025, more than half of the largest 30 U.S. accounting firms will have either sold an ownership stake or part of their business to private-equity investors, up from zero in 2020, said Allan Koltin, chief executive at advisory firm Koltin Consulting Group. An auditor’s objectivity, both real and perceived, is critical to the business of accounting…
Florida’s chief financial officer proposed that the funds that support retired state workers should dabble in crypto, inspired by Republican presidential candidate Donald Trump’s support for the U.S. government stockpiling bitcoin (BTC). “I believe this forethought and innovative thinking from a successful businessman like President Trump must not be taken for granted,” state CFO Jimmy Patronis said in a letter…
Nishad Singh, who was a top adviser to the disgraced cryptocurrency mogul Sam Bankman-Fried, avoided prison time for his role in the collapse of the FTX crypto exchange, after a federal judge on Wednesday lauded his cooperation with U.S. prosecutors. Mr. Singh, 29, was sentenced to three years of supervised release at a hearing in Federal District Court in Manhattan,…
Gibson Dunn today announced that Barry Berke, one of the country’s leading trial lawyers and white-collar criminal defense attorneys, has joined Gibson Dunn, where he will serve as Co-Chair of the firm’s global Litigation Practice Group. Barry joins Gibson Dunn’s New York office with an elite team of first-chair trial partners, all of whom are former federal prosecutors: Dani James,…
The founder and primary operator of “MyTrade,” a financial services firm known in the cryptocurrency industry as a “market maker,” pleaded guilty today in federal court in Boston for his role in a wide-ranging conspiracy to manipulate cryptocurrency markets on behalf of client cryptocurrency companies. Liu Zhou, 39, of China and Canada, pleaded guilty today to conspiracy to commit market…
A Mashpee man was sentenced today in federal court in Boston for his role in a scheme to artificially inflate the trading price of Getty Images Holdings, Inc. (Getty Images) and attempting to cover up the scheme. Robert Scott Murray, 61, was sentenced by U.S. District Court Judge Denise J. Casper to 10 months in prison and two years of…
Dapper Labs Inc.’s agreement to pay holders of its Top Shot nonfungible tokens $4 million is fair and reasonable, a federal court said in granting final approval to the securities class settlement. Judge Victor Marrero of the US District Court for the Southern District of New York also approved attorneys’ fees of one-third of the settlement fund, about $1.3 million,…
The Securities and Exchange Commission announced today that it filed charges against Connecticut-based publicly traded furniture retailer The Lovesac Company, Donna Dellomo, CPA, Lovesac’s former CFO, and Yoon Um, CPA, Lovesac’s former controller, for accounting violations in connection with expenses Lovesac incurred shipping its furniture to customers. Lovesac has agreed to a settlement to resolve the claims against it by,…
Crypto.com’s suit against the SEC, filed this month in Texas federal district court, represents an escalation in the industry’s battle to rein in how the agency polices digital assets. “In response to what some have called the SEC’s war on crypto, some market participants have strategically filed suits against the SEC in jurisdictions that are considered to be more receptive…