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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInUS Asks Theranos Victims to Weigh in Ahead of Holmes Sentencing – Bloomberg
The US Justice Department is seeking input from victims of the frauds at blood-testing startup Theranos Inc. committed by Elizabeth Holmes and her second-in-command, Ramesh “Sunny” Balwani. The US Attorney’s Office in San Francisco on Thursday issued a “call for information” from victims following the separate convictions of the former executives for their roles in […]
As SEC Leans on Enforcement to Regulate, Crypto Lawyers Study Every Word
What makes a crypto token a security? It’s the central question plaguing the industry, and while the U.S. Securities and Exchange Commission isn’t volunteering an answer, the agency has showed some of its hand in enforcement documents crypto lawyers are studying like scripture. A complaint against a company selling an alleged unregistered security this week […]
Court Dismisses Opioid-Related Securities Suit | The D&O Diary
One of the more distinctive litigation phenomena over the last several years has been the series of securities lawsuits filed against companies related to the opioid crisis. Plaintiffs’ attorneys have filed securities suits against opioid manufacturers, distributors, and even retailers. While a number of these lawsuits have resulted in settlements, several of them have also […]
US Treasury’s Tornado Cash Sanctions Are ‘Unprecedented’, Warns Congressman
The U.S. Treasury Department’s sanctioning of the Tornado Cash cryptocurrency mixer was an unprecedented move threatening privacy and innovation, according to one U.S. member of Congress. And he thinks Congress should start asking questions. On CoinDesk TV’s “First Mover” program Thursday, Rep. Tom Emmer (R-Minn.) lays out his concerns with the Treasury Department’s Office of […]
SEC Disgorgement Win Bolsters Ability to Recoup Ill-Gotten Gains
A Florida federal judge’s decision that transfer agent Island Stock Transfer Inc. must pay nearly $115,000 in disgorgement gives the SEC more legal ammunition to go after ill-gotten gains. Congress last year expanded the Securities and Exchange Commission’s authority to pursue disgorgement even when victims of securities fraud won’t benefit from the payment—effectively overriding a […]
Alleged Russian Money Launderer Extradited from the Netherlands to U.S. | Department of Justice
An alleged cryptocurrency money launderer was extradited this week from the Netherlands to the United States to face charges in the District of Oregon. Denis Mihaqlovic Dubnikov, 29, a Russian citizen, made his initial appearance in federal court today in Portland. A five-day jury trial is scheduled to begin on Oct. 4. According to court […]
Nearly Half of SPACs Are Likely to Liquidate If SEC Rules Are Adopted | Institutional Investor
The Securities and Exchange Commission’s proposed new rules on special purpose acquisition companies could force almost half of the SPACs that are still searching for a merger partner into liquidation, according to a new report from SPAC Insider. Those SPACs account for $80.6 billion in capital that is now held in trust, but which would […]
Crypto Ads Starring Matt Damon, Tom Brady Vanish From Television – Bloomberg
Matt Damon’s pitch to invest in crypto has disappeared from US television sets. Same goes for glitzy commercials starring LeBron James and Tom Brady. The drop in national TV marketing by the industry in the US has coincided with the selloff in Bitcoin and other crypto assets, according to the TV-ad measurement company ISpot.tv Inc., which […]
Joe Weisenthal on Tornado Cash: Five Things You Need to Know to Start Your Day – Bloomberg
Take away the uncensorability of crypto, and all you’re left with is Ponzi schemes, dog coins, and drawings of monkeys. (Wait! That’s basically all that exists right now in the space, so ignore that thought.) Anyway, by sanctioning a piece of software and some addresses associated with it, it may show that uncensorability is just […]
Tesla Legal Head Who Led Purchasing Probe Has Left Automaker
Tesla Inc. has parted ways with the law department leader heading an internal inquiry into purchase orders at the electric vehicle maker. David Searle left his position as Tesla’s head of legal less than a month ago, according to three people familiar with the matter. Dinna Eskin, a deputy general counsel at the company, has […]