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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInCoinbase Ex-Manager Convicted of Insider Trading Is Crypto’s Latest Legal Hope – WSJ
Crypto has picked an unlikely ally in its battle against oversight by Wall Street’s chief regulator: a former Coinbase Global Inc. employee convicted of insider trading. Ishan Wahi, a former manager at Coinbase, pleaded guilty this year to giving his brother and a college friend trading tips that generated almost $1.5 million in illicit profits. […]
JPMorgan’s Mystery ‘Nickel’ Rocks: The Hunt for Clues Begins With a Kick
The revelation that about $2 million of “nickel” on the London Metal Exchange was actually just bags of stones has thrown a spotlight on the sprawling web of warehouses and metal stashes underpinning the billions of dollars of derivatives traded daily on the LME. Over the past week, warehouse staff from Busan in South Korea […]
SVB Collapse Threatens VC Industry With a $500 Billion Markdown
The $2 trillion venture capital industry could see portfolio markdowns of 25% to 30% — a “haircut” of possibly $500 billion — following the Silicon Valley Bank debacle, according to Bloomberg Intelligence. “After the failure of SVB, we expect greater valuation scrutiny and disclosure, especially as a large chunk of ‘fiduciary’ capital from pension funds […]
SEC Fines for Flutter and Rio Tinto Are Outside its Jurisdiction
This month the Securities and Exchange Commission announced two settlements that illustrate the agency’s largely unchecked power to shake down companies with astronomical penalties that far exceed statutory limits set by Congress. The broader scandal is that these cases are now routine rather than exceptional. The cases include the SEC’s $15 million settlement with UK-based […]
SEC’s Coinbase Fight Puts Exchange, Crypto Survival on the Line
Coinbase revealed last week that the Securities and Exchange Commission had served it with a Wells Notice, a notification that the agency is planning to recommend enforcement action for alleged securities law violations. Already reeling from its increasing exclusion from the traditional financial system, the US crypto industry sees the Coinbase action as a signal […]
Coinbase Calls for Efforts to Create Inflation-Proof Stablecoins – Bloomberg
US crypto exchange Coinbase Global Inc. encouraged developers working on its new blockchain to focus on how to create stablecoins that track the rate of inflation to preserve purchasing power. Coinbase said in a March 24 blog post that it’s particularly interested in these so-called “flatcoins,” adding that exploring the potential of stablecoins is “more […]
Do Kwon, Crypto Fugitive, Led a Very Public Life While on the Run – The New York Times
On Thursday, Mr. Kwon, 31, was arrested in Podgorica, the capital of Montenegro, as he and a travel companion tried to board a private flight to Dubai, United Arab Emirates. They were apprehended after using forged Costa Rican passports, according to the authorities, and they were also carrying travel documents from Belgium that appeared to […]
Exercise Caution with Crypto Asset Securities: Investor Alert
TLDR: The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities. Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors. The risk […]
Greenberg Traurig New Jersey Expands White Collar Defense and Litigation Capabilities with Addition of Kevin G. Walsh | Greenberg Traurig LLP
Global law firm Greenberg Traurig, LLP has expanded its White Collar Defense & Special Investigations and Litigation practices with the addition of Kevin G. Walsh as a shareholder in the New Jersey office. Walsh joins from Gibbons P.C., where he co-chaired that firm’s Government & Regulatory Affairs Group and was a member of its Executive Committee. […]
Do Kwon Charged With Fraud by US After Arrest in Montenegro – Bloomberg
Terraform Labs co-founder Do Kwon was charged by US prosecutors with orchestrating a yearslong cryptocurrency fraud that wiped out at least $40 billion in market value. His indictment Thursday evening by the US attorney’s office in Manhattan capped a dramatic day that began with the news that Kwon, already a fugitive from charges in his […]